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Recent Posts in Excessive Trading Category

Law Offices of Jonathan W. Evans & Associates Investigating Dennis Albert Mehringer for Suitability, Overconcentration into Risky Bonds

The Law Offices of Jonathan W. Evans & Associates is investigating FINRA broker Dennis Albert Mehringer Jr., formerly of Western International Securities in Pasadena, California, for ...
Continue reading "Law Offices of Jonathan W. Evans & Associates Investigating Dennis Albert Mehringer for Suitability, Overconcentration into Risky Bonds" »

Sean J. Waters Barred for Churning Senior Citizen's Retirement Accounts, Racking Up Fees and Losses

FINRA barred former Financial West Group (Los Angeles, CA) broker Sean J Waters for excessive trading in his elderly client's individual and IRA accounts with reckless disregard for his senior ...
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NEXT Financial to Pay $750,000 in Latest Disciplinary Action Concerning Habitual Deficiencies and Systematic VA Failures

FINRA fined NEXT Financial Group, Inc. $750,000 for inadequate oversight and supervisory deficiencies related to excessive trading detection, failure to perform reviews, and additional compliance ...
Continue reading "NEXT Financial to Pay $750,000 in Latest Disciplinary Action Concerning Habitual Deficiencies and Systematic VA Failures" »

Accused of Elder Fraud in Trying to Generate Commissions, FINRA Bars Hank Werner for Churning and Excessive Trading

A FINRA hearing panel barred broker Henry "Hank" Mark Werner for fraudulently churning an account held by a 77-year-old blind widow, resulting in hundreds of thousands of dollars of ...
Continue reading "Accused of Elder Fraud in Trying to Generate Commissions, FINRA Bars Hank Werner for Churning and Excessive Trading" »

Lisa J. Lowi Barred During Investigation into Unsuitable Trading, Unauthorized Transactions Complaints

FINRA barred former RBC Capital Markets and Janey Montgomery Scott representative Lisa Jacqueline Lowi (Lisa Vineberg) after she failed to cooperate with an investigation concerning customer ...
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Morgan Stanley Ordered to Pay Over $13 Million for Unit Investment Trust (UIT) Supervisory Failures

FINRA sanctioned Morgan Stanley Smith Barney and ordered the firm to pay over $13 million—$3.25 million in fines and an additional $9.78 million in restitution to over 3,000 customers—for ...
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Facing Allegations of Fraud and Churning, Frederick Houck Suspended for Unauthorized Use of Discretion

FINRA suspended former Freedom Investment Corp. broker Frederick David Houck for improperly exercising discretion to effect nearly 500 transactions without firm authorization or permission and for ...
Continue reading "Facing Allegations of Fraud and Churning, Frederick Houck Suspended for Unauthorized Use of Discretion" »

FINRA Investigating Joseph Farah for Churning, Suitability, Undisclosed Outside Business Activities, Misrepresentations

FINRA charged Gold Coast Securities (Irvine, CA) broker Joseph C Farah with churning, excessive trading, suitability, undisclosed outside business activities, material misrepresentations, and ...
Continue reading "FINRA Investigating Joseph Farah for Churning, Suitability, Undisclosed Outside Business Activities, Misrepresentations" »

Ex-Raymond James Broker Scott Sibley Barred for 900 Unauthorized Transactions, Unsuitable Recommendations to 10+ Seniors

FINRA barred former Raymond James & Associates broker Scott Allen Sibley for effecting approximately 900 securities transactions in the account of a 62-year-old client unable to work for medical ...
Continue reading "Ex-Raymond James Broker Scott Sibley Barred for 900 Unauthorized Transactions, Unsuitable Recommendations to 10+ Seniors" »

Craig Dima Barred for $15 Million of Unauthorized & Unsuitable Trades in Elderly Client's Retirement Account

FINRA barred former KC Ward Financial broker Craig David Dima for making unauthorized and unsuitable trades totaling $15 million in a 73-year-old client's retirement account, and for making ...
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Excessive REIT, BDC Sales Charges Caused by Conflict-of-Interest Fraud Nets Purshe Kaplan Sterling Investments $3.4 Million Restitution Order, $750,000 Fine

FINRA ordered Purshe Kaplan Sterling Investments to pay $3.4 million in restitution to a Native American tribe that paid excessive sales charges on fraudulent non-traded real estate investment trust ...
Continue reading "Excessive REIT, BDC Sales Charges Caused by Conflict-of-Interest Fraud Nets Purshe Kaplan Sterling Investments $3.4 Million Restitution Order, $750,000 Fine" »

Ex-Financial West Group Broker Kelly Clayton Althar Barred for Unsuitably Risky and Excessive Trading in Elder Client's Account that Resulted in $187,000 in Losses

One month and four days after filing a complaint alleging that Kelly Clayton Althar made unsuitable recommendations and excessively traded an elderly client's account at Financial West Group in ...
Continue reading "Ex-Financial West Group Broker Kelly Clayton Althar Barred for Unsuitably Risky and Excessive Trading in Elder Client's Account that Resulted in $187,000 in Losses" »

Matthew Maczko Barred for Churning in 93-Year-Old Client's Account, Resulting in Loss; Misleading Testimony

FINRA barred former Wells Fargo Advisors representative Matthew Christopher Maczko for excessive trading in four accounts belonging to a 93-year-old client. The alleged misconduct began in 2009 and ...
Continue reading "Matthew Maczko Barred for Churning in 93-Year-Old Client's Account, Resulting in Loss; Misleading Testimony" »

Ameriprise Financial Failed to Supervise Michael Halla's Unsuitable Closed End Fund Short-Term Trading, Fined $100,000

FINRA fined Ameriprise Financial Services $100,000 for failing to supervise ex-broker Michael Edward Halla's unsuitable short-term trading of IPO closed end funds (CEFs). The investigation notes ...
Continue reading "Ameriprise Financial Failed to Supervise Michael Halla's Unsuitable Closed End Fund Short-Term Trading, Fined $100,000" »

Equinox Securities, Stephen Oliveira & Chris Palkowitsh Barred for Excessive Trading & Churning in Customer Accounts, IRAs

FINRA sanctioned Equinox Securities of Redlands, California, and barred brokers Stephen Michael Oliveira and Chris Blain Palkowitsh for misconduct related to Palkowitsh's excessive trading and ...
Continue reading "Equinox Securities, Stephen Oliveira & Chris Palkowitsh Barred for Excessive Trading & Churning in Customer Accounts, IRAs" »

Merrill Lynch Settles 23 Complaints Against Barred Broker Thomas J. Buck for $4.1 Million

Merrill Lynch settled 23 complaints of fraud levied against former broker Thomas Joseph Buck for $4.1 million, including one for $719,000. The settlements follow an earlier FINRA investigation and ...
Continue reading "Merrill Lynch Settles 23 Complaints Against Barred Broker Thomas J. Buck for $4.1 Million" »

SEC to Fight Financial Elder Abuse and Fraud by Upping Broker and Advisor Oversight in Retirement Accounts

The SEC is increasing scrutiny in its reviews of retirement account and investments targeted to seniors, releasing a "National Exam Program Risk Alert" vowing to focus on brokers and ...
Continue reading "SEC to Fight Financial Elder Abuse and Fraud by Upping Broker and Advisor Oversight in Retirement Accounts" »

Oppenheimer & Co. to Pay $3.75 Million in Fines & Restitution for Failing to Supervise Thieving Broker Mark Hotton

FINRA sanctioned brokerage firm Oppenheimer & Co. Inc. a total of $3.75 million—which includes a $2.5m fine and $1.25m in restitution—for failing to supervise former broker Mark ...
Continue reading "Oppenheimer & Co. to Pay $3.75 Million in Fines & Restitution for Failing to Supervise Thieving Broker Mark Hotton" »

Sagepoint's Daryl R. Lemon Barred for Margin Abuse, Excess Fees After 1,000+ Transactions in Elderly Client's Discount Brokerage Account

FINRA barred former Sagepoint Financial, Inc. broker Daryl Richard Lemon of Los Angeles, California for inappropriately "managing" an elderly investor's discount brokerage account and ...
Continue reading "Sagepoint's Daryl R. Lemon Barred for Margin Abuse, Excess Fees After 1,000+ Transactions in Elderly Client's Discount Brokerage Account" »

NSM Securities, Bhasin, Bhagwani & Balchandani Disciplined for Supervisory, Suitability and Compliance Failures, Churning and Unauthorized Trading Activity

FINRA permanently barred NSM Securities, Inc. broker Shondeep S. Balchandani for multiple violations of FINRA, NASD and SEC rules and laws, naming NSM's President and CEO Niyukt R. Bhasin and ...
Continue reading "NSM Securities, Bhasin, Bhagwani & Balchandani Disciplined for Supervisory, Suitability and Compliance Failures, Churning and Unauthorized Trading Activity" »

NASAA Calls Out New Scams, Rotates Five of Top 10 Investor Threats

The North American Securities Administrators Association (NASAA) added five new schemes to its list of top threats to investors. Leading the pack of new threats are proxy trading accounts, in which ...
Continue reading "NASAA Calls Out New Scams, Rotates Five of Top 10 Investor Threats" »

SEC: Small Violations Can Lead to Strong Enforcement, Sanctions, and Fines

The Securities and Exchange Commission is turning to a new Enforcement strategy: zero in on minor infractions in order to stop large violations from occurring later on. SEC Chairman Mary Jo ...
Continue reading "SEC: Small Violations Can Lead to Strong Enforcement, Sanctions, and Fines" »

Karl Edward Hahn Ordered to Pay $11 Million to Customer for Investment Fraud & Misrepresentation

FINRA ordered former Merrill Lynch, Pierce, Fenner & Smith Inc., Deutsche Bank Securities Inc., and Oppenheimer & Co., Inc. broker Karl Edward Hahn to pay former clients over $11 million in ...
Continue reading "Karl Edward Hahn Ordered to Pay $11 Million to Customer for Investment Fraud & Misrepresentation" »

Richard Grant Cody Fined & Suspended For Unsuitable and Excess Trading

FINRA fined broker Richard Grant Cody $27,500 and suspended him through January 6, 2014 after Cody was found to have engaged in unsuitable and excessive trading in customer accounts. The sanctions ...
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FINRA Complaint Alleges Harry Ward Hunt Engaged in Excessive and Unsuitable Trading, Resulting in Commissions Paid to Broker

The Financial Industry Regulatory Authority (FINRA) filed a complaint against broker Harry Ward Hunt, alleging that between June 2009 and May 2010, Hunt engaged in excessive and quantitatively ...
Continue reading "FINRA Complaint Alleges Harry Ward Hunt Engaged in Excessive and Unsuitable Trading, Resulting in Commissions Paid to Broker" »
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