unauthorized trading

Former Merrill Lynch Broker in Beverly Hills, Ryan Raskin, Barred by FINRA

Published on: January 14, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has barred financial advisor Ryan Ashley Raskin from the securities industry. Ryan Raskin was registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch”) in Beverly Hills, California, from May 2016 until May 2020. Merrill Lynch terminated Mr. Raskin’s employment on March 4, 2020, alleging that his business practices were inconsistent with Merrill Lynch’s standards. The business practices purportedly included inappropriate investment recommendations involving mutual funds.

According to public records, shortly after Mr. Raskin’s termination, a customer complained that Mr. Raskin engaged in unauthorized trading and churning of mutual funds and money funds from January 2018 until January 2020. Peculiarly, Merrill Lynch denied this customer’s complaint.

Investors should be aware that filing a complaint directly with a financial institution, like Merrill Lynch, is not the same as filing a securities arbitration complaint. If an investor is seeking monetary compensation, the investor must initiate a securities arbitration through FINRA Dispute Resolution Services.

Boulder, Colorado Financial Advisor, Formerly of LPL Financial LLC, Suspended by FINRA

Published on: January 13, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Arthur Obermeier from the securities industry for 60 days and fined him $5,000. Mr. Obermeier’s sanctions arise from his execution of trades without his customers’ authorization or consent.

Arthur Obermeier was registered with LPL Financial LLC in Boulder, Colorado, from June 2002 until his employment was terminated in May 2019. LPL Financial LLC fired Mr. Obermeier, alleging that he exercised discretion in clients’ accounts without authorization.

If you have suffered financial losses investing with Arthur Obermeier or suspect that Mr. Obermeier executed trades in your account without authorization, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation.

Former Morgan Stanley Financial Advisor John Griner Suspended by FINRA – Athens, Georgia

Published on: January 11, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor John Frederick Griner from the securities industry for 15-business days and fined him $15,000. Mr. Griner’s sanctions arise from his improper use of discretion without written authorization.

John Griner was registered with Morgan Stanley in Athens, Georgia from March 2011, until his employment was terminated in October 2019. Morgan Stanley allowed Mr. Griner to voluntarily resign after allegations arose concerning whether certain options trades were properly confirmed with the client before they were placed.

If you have suffered financial losses investing with John Griner or suspect that Ms. Griner did not have your best interest in mind when recommending investments, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account.

Former Ameriprise Broker Angel Bardeche Suspended by FINRA – Cincinnati, Ohio

Published on: January 8, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Angel Wynette Bardeche (CRD# 4698117) from the securities industry for nine months and fined her $10,000. Ms. Bardeche was also ordered to return $5,000 worth of commissions to customers. Angel Bardeche was registered with Ameriprise Financial Services, LLC in Cincinnati, Ohio, from August 2012 until May 2019. At that time, Ameriprise terminated her employment.

Ms. Bardeche has also received at least three customer complaints alleging that she did not disclose the surrender charges or annual fees associated with variable annuities purchases between 2013 and 2015.

If you have suffered financial losses investing with Angel Bardeche or suspect that Ms. Bardeche did not have your best interest in mind when recommending investments, mutual funds, mutual fund switches, annuities, or annuity switches, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account or annuity contract.

New Year’s Resolutions for Investors in 2021

Published on: December 31, 2020 | by Iorio Altamirano

Investing your money is a great way to grow your wealth, save for retirement, and reach your financial goals. If you invest in the appropriate products, you can also receive income from investments, build on-pre-tax dollars, or reduce taxable income.

If you do not invest, you miss out on opportunities to increase your wealth. However, all investments carry risk, and when you invest, you have the potential to lose money.

There are many different types of investments. Some common types of investments include stocks, bonds, certificates of deposit, mutual funds, money market funds, exchange-traded funds, and annuities. There are also more complex investment vehicles, such as real estate investment trusts (REITs), unit investment trusts (UITs), hedge funds, commodities, and private placements.

R.F. Lafferty & Co., Inc. and Financial Advisor Jay Clint Tomlinson Sanctioned by FINRA – New York, NY

Published on: December 15, 2020 | by Iorio Altamirano

FINRA has suspended financial advisor Jay Clint Tomlinson from the securities industry for three months and fined him $7,500. Mr. Tomlinson’s sanctions arise from his improper use of discretion without written authorization when placing 379 trades in three customers’ accounts.

FINRA has also censured Tomlinson’s employer, New York financial services firm R.F. Lafferty & Co., Inc., and ordered the firm to pay a fine of $55,000. R.F. Lafferty & Co., Inc. (“R.F. Lafferty”) failed to maintain order memoranda that accurately reflected whether trades were solicited or unsolicited for more than 56,000 trades in customer accounts. R.F. Lafferty also failed to establish and maintain a supervisory system, and failed to enforce written supervisory procedures, reasonably designed to achieve compliance with applicable recordkeeping laws, regulations, and rules pertaining to review and retention of order memoranda.

This is not the first time Mr. Tomlinson and R.F. Lafferty have been sanctioned by FINRA. In November 2012, Mr. Tomlinson was suspended for 30 days and fined $7,500 for failing to timely provide documents and information to FINRA. At the time, Mr. Tomlinson was the Chief Compliance Officer at Brimberg & Co. Brimberg & Co. was expelled from the securities industry by FINRA for failing to pay its monetary fines.

Former Ameriprise and Edward Jones Broker Drew R. Mantel Suspended by FINRA for Exercising Discretion Without Written Authorization In Customers’ Accounts – Ohio

Published on: December 15, 2020 | by Iorio Altamirano

FINRA has suspended financial advisor Drew R. Mantel from the securities industry for three months and fined him $5,000. Drew Mantel was registered with Ameriprise Financial Services, LLC in Miamisburg, Ohio, from March 2018 until November 2018. At that time, Ameriprise terminated his employment. Previously, he was registered with Edward Jones in Franklin, Ohio, from August 2003 until April 2018.

If you have lost money with Drew R. Mantel, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account.

Drew R. Mantel and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on December 15, 2020, over allegations related to Mr. Mantel’s conduct between June 2017 to September 2019, specifically that he:

Former Merrill Lynch Broker Douglas Stopkey Suspended by FINRA for 30 Days Over Unauthorized Trading and Mismarked Orders in Senior Customer Accounts

Published on: November 19, 2020 | by Iorio Altamirano

FINRA has suspended financial advisor Douglas William Stopkey from the securities industry for a 30-day period, which began on November 16, 2020, and runs through December 15, 2020. Douglas Stopkey was registered with Merrill Lynch, Pierce, Fenner & Smith in Richmond, VA, from March 1992 until September 2018, when he was terminated. Since then, he has been registered with Davenport & Company LLC in Richmond, VA.

If you have lost money with Douglas Stopkey, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Douglas Stopkey and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on October 26, 2020, over allegations related to Stopkey’s conduct between January 2016 and June 2018. Specifically, FINRA alleged:

Coastal Equities, Inc. Censured by FINRA and Ordered to Pay Over $280,000 in Restitution and Interest to Customers – Dublin, Ohio

Published on: November 13, 2020 | by Iorio Altamirano

FINRA has sanctioned Coastal Equities, Inc. for its failure to reasonably supervise a stockbroker who recommended excessive and unsuitable trades in the accounts of customers. Coastal Equities, Inc. was censured and ordered to pay $270,320 in restitution to clients, plus $9,589 in interest.

FINRA alleged that between October 2016 and July 2018, Coastal Equities, Inc. failed to reasonably supervise a financial advisor that recommended excessive and unsuitable trading in accounts of four customers. FINRA also alleged that the financial advisor was making unsuitable recommendations to purchase securities using margin in two of those accounts. According to the allegations, the financial advisor’s supervisor became aware of multiple instances of unsuitable trading but failed to respond reasonably.

Based on public records, it is believed that the financial advisor at issue is Sam Aziz. Mr. Aziz worked at Coastal Equities in the Dublin, Ohio branch from September 2015 through July 2018. In 2019, Mr. Aziz was barred by FINRA from the securities industry. He has also been the subject of numerous customer complaints.

Financial Advisor Donatas B. Vildzius (CRD# 2202883) SUSPENDED for a Third Time by FINRA for Excessive Trading – Danbury, CT

Published on: October 23, 2020 | by Iorio Altamirano

On October 9, 2020, FINRA suspended Donatas B. Vildzius from the securities industry for six months and fined him $5,000. This sanction is the third time Mr. Vildzius has been suspended by FINRA, with previous suspensions in 2006 and 2014. Donatas Vildzius is a stockbroker and registered representative at Network 1 Financial Securities Inc. in Danbury, CT.

The latest suspension is the result of a FINRA investigation alleging that between August 2015 and April 2017, while employed by Network 1 Financial Services Inc., Vildzius excessively traded the accounts of two customers.

Excessive trading occurs when a financial advisor makes many trades in a customer’s account, not to benefit the customer but to generate commissions for the broker. Excessive trading is wrong.