Unsuitable

GPB Capital Investor Recovers Full Investment Through FINRA Arbitration Award

Published on: August 16, 2021 | by Iorio Altamirano

On August 13, 2021, a FINRA arbitration panel in New York, New York, ruled in favor of a brokerage customer that invested in GPB Automotive Portfolio LP and GPB Waste Management LP at the recommendation of his financial advisor at Hightower Securities, LLC.

The arbitration panel ordered Hightower Securities, LLC to refund $163,201 to the customer in exchange for a return of the limited partnership interests, essentially making the customer whole. The customer had purchased the limited partnership interests for $170,000 and had previously received $6,799 from the investments as a return of capital.

Iorio Altamirano LLP is investigating claims on behalf of defrauded investors who were victims in the GPB funds scheme. The GPB funds were marketed to independent broker-dealers and investment advisers who would, in turn, sell the GPB funds to their retail investors.

Jason Seale of American Wealth Management, Inc. Suspended by FINRA – Novato, California

Published on: August 16, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Jason Seale from the securities industry for 15 business days. Mr. Seale consented to the suspension after FINRA alleged that, while associated with American Wealth Management, Inc. in Novato, CA, he engaged in discretionary trading without written authorization in four customer accounts between February 2016 and December 2018. FINRA also fined Mr. Seale $5,000.

Customers of Mr. Seale or American Wealth Management, Inc. who have suffered financial losses, or suspect that Mr. Seale did not have their best interest in mind when recommending investments or making account transactions, can contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of their legal rights.

Iorio Altamirano LLP represents investors that have disputes with their financial advisors or brokerage firms, such as American Wealth Management, Inc.

Former Worden Capital Management LLC Broker, John Cangialosi, Suspended by FINRA for Excessively Trading 3 Accounts

Published on: August 13, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor John Cangialosi from the securities industry for nine months. Mr. Cangialosi consented to the suspension after FINRA alleged that from October 2014 through December 2014, while associated with Legend Securities, Inc., and then Worden Capital Management LLC, Mr. Cangialosi excessively traded three customers’ accounts in violation of FINRA Rules 2111 and 2010. In addition to the suspension, Mr. Cangialosi is also subject to a $7,500 fine and an order to pay $271,622 in restitution to clients. However, it is unclear whether Mr. Cangialosi will be able to satisfy the restitution order.

Customers of Mr. Cangialosi or Worden Capital Management LLC, including customers that have been notified that they may be receiving restitution, should consult with a securities arbitration law firm. If you or a loved one were a customer of John Cangialosi or Worden Capital Management LLC, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of your legal rights.

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as Worden Capital Management LLC.

Former Worden Capital Management LLC Principal, Henry Bones II, Suspended by FINRA – New York, NY

Published on: August 12, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has suspended former Worden Capital Management LLC supervisor Henry Bones II. Mr. Bones consented to a two-month suspension from associating with any FINRA member in all principal capacities after FINRA alleged that he failed to reasonably supervise a former broker, Christopher Orlando, that excessively traded ten customer accounts.

Earlier this year, FINRA has barred Christopher Orlando from the securities industry for excessively trading his customers’ accounts. In December 2020, Worden Capital Management LLC was sanctioned more than $1.5 million by FINRA for, among other things, failing to establish, maintain and enforce a supervisory system, including written supervisory procedures, reasonably designed to achieve compliance with FINRA’s suitability rule as it pertains to excessive trading.

Mr. Bones, who was associated with Worden Capital Management LLC from November 2016 to December 2019, has a history of associations with firms that have been expelled by FINRA. He is currently registered with SW Financial in New York, NY.

FINRA Arbitration Award: San Francisco Financial Advisor Amy Blodgett and Firm Ameritas Advisory Services Ordered to Pay $20,000 to Customers

Published on: August 11, 2021 | by Iorio Altamirano

In an arbitration award published by FINRA on August 5, 2021, San Francisco, CA financial advisor Amy Rogers Blodgett and brokerage firm Ameritas Advisory Services was ordered to pay over $20,000 in damages to customers that alleged “gross mismanagement of investments” in their joint account maintained at Ameritas Advisory Services.

Iorio Altamirano LLP, an investor advocate law firm, is investigating claims on behalf of customers of Amy Blodgett and Ameritas Advisory Services. Customers of Ms. Blodgett or Ameritas can contact Iorio Altamirano LLP for a free and confidential consultation and review of their legal rights.

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as Ameritas Advisory Services.

Former Joseph Stone Capital L.L.C. Broker, Eugene McAdams, BARRED by FINRA

Published on: August 10, 2021 | by Iorio Altamirano

On August 3, 2021, the Financial Industry Regulatory Authority (“FINRA”) and former Joseph Stone Capital L.L.C. stockbroker Eugene McAdams entered into a Letter of Acceptance, Waiver, and Consent No. 2020066887801 whereby Mr. McAdams consented to a bar from the securities industry. Mr. McAdams consented to the expulsion after refusing to cooperate with a FINRA investigation into whether he made suitable investment recommendations to customers while registered with Joseph Stone Capital.

Mr. McAdams, associated with Joseph Stone Capital from September 2015 to June 2020, has also been the subject of at least two customer complaints. The causes of action of the two complaints, which resulted in monetary compensation to the customers, included excessive trading on margin, elder abuse, false and misleading statements, fraud, negligent misrepresentation, breach of fiduciary duty, and unauthorized trading.

If you have suffered financial losses investing with Eugene McAdams or Joseph Stone Capital L.L.C., or suspect that Mr. McAdams did not have your best interest in mind when recommending investments or making account transactions, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your legal rights.

Iorio Altamirano LLP Investigates L Bonds offered by GWG Holdings (GWGH)

Published on: July 28, 2021 | by Iorio Altamirano

Iorio Altamirano LLP is investigating potential claims involving investments in L Bonds offered by GWG Holdings (Nasdaq: GWGH).

On July 26, 2021, GWG Holdings canceled its Combined 2020/2021 Annual Meeting of Stockholders originally convened and adjourned on May 28, 2021.

Prior to this cancellation, on July 7, 2021, Nasdaq warned GWG Holdings that it risked the potential delisting of its stock over the company’s failure to hold an annual meeting of shareholders and file its most recent Forms 10-K and 10-Q on time.

StockCross Financial Services, Inc. (now Muriel Siebert & Co., Inc.) Sanctioned by FINRA for Failing to Properly Supervise Solicited Transactions for Excessive Trading

Published on: July 20, 2021 | by Iorio Altamirano

StockCross Financial Services, Inc. (“StockCross Financial”), which was acquired by Muriel Siebert & Co., Inc. (“Muriel Siebert”), consented to a censure and $250,000 fine in connection with FINRA’s findings that between July 2009 and December 2019, StockCross Financial had no reasonable surveillance system to review solicited transactions for excessive trading and suitability.

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as StockCross Financial Services, Inc.

If you have lost money with StockCross Financial Services, Inc., contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential consultation and review of your legal rights.

Another Aegis Capital Corp. Broker (Douglas Szempruch) Suspended for Excessive Trading and Unauthorized Trading

Published on: July 12, 2021 | by Iorio Altamirano

**Update: November 11, 2021** On November 8, 2021, Aegis Capital Corp agreed to pay nearly $2.7 million in sanctions for supervisory failures related to excessive and unsuitable trading by its brokers from July 2014 through December 2018. Click on the following link to read more: Aegis Capital Corp. Ordered to Pay Nearly $2.7 Million for Supervisory Failures Related to Rampant Excessive and Unsuitable Trading

Customers of Aegis Capital, including customers that have been notified that they may be receiving restitution, should consult with a securities arbitration law firm. If you or a loved one were a customer of Aegis Capital, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of your legal rights.

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Iorio Altamirano LLP Investigates Sanctuary Securities, Inc. (Formerly David A. Noyes & Company) Over Inverse and Leveraged Exchange-Traded Funds Supervisory Failures

Published on: July 7, 2021 | by Iorio Altamirano

Iorio Altamirano LLP is investigating claims on behalf of Sanctuary Securities, Inc. (formerly David A. Noyes & Company) customers who invested in inverse and leveraged exchanged-traded funds.

On July 1, 2021, Sanctuary Securities, Inc. and the Financial Industry Regulatory Authority (“FINRA”) entered into a Letter of Acceptance, Waiver, and Consent No. 20190606942201 (“AWC”) over allegations that between January 2014 and December 2018, Sanctuary Securities, Inc. failed to establish and maintain a supervisory system reasonably designed to achieve compliance with FINRA Rule 2111 in relation to the solicited sales of inverse and leveraged exchange-traded funds (collectively “Non-Traditional ETFs”) in that the firm’s supervisory system was not sufficiently tailored to address the unique features and risks of these products.

Relatedly, on July 2, 2021, FINRA suspended former Sanctuary Securities, Inc. financial advisor Stuart Pearl from the securities industry for three months. Click on the following link to read more: Stu Pearl, Former David A. Noyes & Company Broker, Suspended for Making Unsuitable Non-Traditional ETF Investment Recommendations – Indianapolis, IN