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Articles Posted in Stockbrokers In The News

Ronald Walter Hannes of Spokane, Washington submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was barred for allegedly failing to produce documents and information requested by FINRA in violation of FINRA Rules 8210 and 2010.

From September 1986 to December 2019, Ronald Walter Hannes was registered as an Investment Company and Variable Contracts Products Representative (IR) with Woodbury Financial Services (Woodbury). According to the FINRA findings, Ronald Walter Hannes allegedly refused to provide documents and information to FINRA during their investigation regarding the allegations that he converted customer funds. The FINRA findings stated that Woodbury terminated Hannes after receiving notice from a client that funds were paid to Hannes for the purchase of life insurance that were not sent to the company. Without admitting or denying FINRA’s findings, Ronald Walter Hannes consented to the sanctions and has been barred from association with any FINRA member in all capacities. Continue Reading

Peter Douglas Monson of Blaine, Minnesota submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he allegedly exercised discretion and engaged in excessive and unsuitable trading in violation of NASD Conduct Rule 2510(b) and FINRA Rules 2111 and 2010.

In February 2014, Peter Douglas Monson joined Van Clemens & Co. as a General Securities Representative and General Securities Principal. According to the FINRA findings, Monson actively traded risky microcap stocks in a customer’s account without required authorization. The FINRA findings found that when Monson took control over the customer’s account, it had declined by 60% from investment losses, commissions charged for trades, and also from more than $138,000 in withdrawals that the customer used to help finance a family business. After the customer informed Monson of her cancer diagnosis he continued his frequent trading of microcap securities and did not curtail the amount of trading in her account or seek to reduce her risk exposure. In addition, FINRA stated that Monson allegedly had little contact with the customer and exercised discretion to decide what to trade, when to trade it, and what prices on more than 100 occasions during the same period. Continue Reading

Jody Ethan Thompson of Seaford, New York submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he allegedly exercised discretionary trading and made unsuitable recommendations in violation of NASD Rule 2510 and FINRA Rules 2111 and 2010.

From July 2015 to February 2019, Jody Ethan Thompson was registered with Alexander Capital as a General Securities Representative. According to the FINRA findings, Thompson made unsuitable recommendations to three different customers without understanding the potential risks and rewards of the various offerings. The findings stated that Thompson did not understand the restrictions on transfer and withdrawal of the investments, how the interest payments would be made to investors or the fee structure of the investments because he did not perform reasonable diligence. The FINRA findings also stated that Thompson allegedly exercised discretion by placing 40 trades in a customer’s account without written authorization from the customer or from Alexander Capital. Continue Reading

Jeffrey Scott Nimmow of Merrimac, Wisconsin submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was barred for allegedly engaging in unapproved private transactions and for not possessing the proper registration in violation of NASD Rule 1031 and FINRA Rules 3280 and 2010.

From August 2015 to March 2018, Jeffrey Scott Nimmow was registered as an Investment Company Products/Variable Contracts Representative with Forest Securities Inc. (FSI). According to the FINRA findings, he engaged in the sale of promissory notes of more than $3 million to 18 different investors without the proper registration. The findings stated that Nimmow submitted a request to FSI to add sales of promissory notes to his outside business activities but failed to provide notice of each proposed transaction. In addition, FINRA stated that Nimmow sold $3,365,000 in the promissory notes and received approximately $177,937 in commissions without being qualified or registered to offer or sell promissory notes to his customers. Without admitting or denying FINRA’s findings, Nimmow consented to the sanctions and has been barred from association with any FINRA member in all capacities. Continue Reading

David Francis Dalton of Chestnut Hill, Massachusetts submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was fined and suspended for allegedly exercising discretion and causing his firm to create and maintain inaccurate books and records in violation of NASD Rules 2510(b) and 3110 and FINRA Rules 4511 and 2010.

In February 2002, David Francis Dalton joined Moors & Cabot as a General Securities Representative. According to the FINRA findings, Dalton exercised discretion 221 times in his firm’s customer accounts without first obtaining written approval. The findings stated that when Dalton transmitted the order information for those trades, he allegedly failed to disclose that he used his discretion, causing the firm to create and maintain inaccurate order memoranda. In addition to the FINRA findings, Dalton allegedly made false statements regarding his exercise of discretion for the transactions on three of his annual compliance questionnaires. Continue Reading

Thomas S. Martin of Glorieta, New Mexico submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was fined and suspended for allegedly engaging in unauthorized transaction in violation of NASD Rule 2510 and FINRA Rule 2010.

In 2002, Thomas S. Martin joined Edward Jones as a General Securities Representative and General Securities Principle. According to the FINRA findings, Mr. Martin exercised discretion in four accounts held by four separate customers. The FINRA findings stated that although the customers knew Mr. Martin placed 19 discretionary trades in the accounts and the trades did not result in any losses, he did not have written authorization to do so. In addition to the findings, Mr. Martin allegedly failed to request or obtained approval from Edward Jones and had previously received written reprimands from the firm for exercising discretion without written authority. Continue Reading

Robert James D’Andria of Manasquan, New Jersey submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was fined and suspended for unsuitable recommendations in violation of FINRA Rule 2111 and 2010.

In July 2010, Robert James D’Andria joined International Assets Advisory (“IAA”) as a General Securities Representative. According to the FINRA findings, Mr. D’Andria recommended 21 non-traditional exchange traded products (NT-ETPs) to five IAA customers without having a sufficient understanding of the risks and features associated with these products. The FINRA findings stated that the average holding period was 327 days and the customers held them for periods ranging from 30 to 758 days. Due to the extended holding periods, the customers incurred approximately $93,000 in losses. In addition to the findings, IAA agreed to supervision charges and agreed to a fine and order of restitution to be paid to the affected customers in relation to the unsuitable recommendations. Continue Reading

How Do You Recover Your “UBS-YES” Investment Losses?

If you are reading this Blog, William Word Huthnance probably recommended that you invest in the UBS Yield Enhanced Strategy (“UBS-YES”) in what was supposed to be a “market neutral” investment strategy. Despite your UBS Financial Services, Inc. (“UBS”) stockbroker’s representations about the UBS-YES managers ability to “manage risk” and “minimize losses” through its “iron condor” option strategy you probably realized substantial losses. You are not alone because that is just what many other UBS-YES investors have told us about the pitch made to them to invest in the UBS-YES program and their recent experience.

In fact, according to FINRA’s BrokerCheck website one investor has filed an arbitration claim against UBS for its own misrepresentations about and/or mismanagement of the program and/or Mr. Huthnance’s UBS-YES investment recommendations.

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Robert Frank Spiegel of Staten Island, New York submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was fined and suspended for allegedly engaging in excessive and unsuitable trading in violation of FINRA Rules 2111 and 2010.

From October 2014 through November 2018, Robert Frank Spiegel was registered with First Standard Financial as a General Securities Representative. According to the FINRA findings, Robert Frank Spiegel allegedly engaged in quantitatively unsuitable trading in the account of a 70-year-old customer. The FINRA findings stated that the customer followed Mr. Spiegel’s recommendations, giving him de facto authority over the account and while doing so resulted in a high turnover rate of 34 and an annualized cost-to-equity ratio of 113%. In addition to the FINRA findings, the customer paid $18,047 in commissions and fees to Mr. Spiegel and incurred losses of $77,334. Continue Reading

How Do You Recover Your “UBS-YES” Investment Losses?

If you are reading this Blog, Todd M. Michael Perry probably recommended that you invest in the UBS Yield Enhanced Strategy (“UBS-YES”) in what was supposed to be a “market neutral” investment strategy. Despite your UBS Financial Services, Inc. (“UBS”) stockbroker’s representations about the UBS-YES managers ability to “manage risk” and “minimize losses” through its “iron condor” option strategy you probably realized substantial losses. You are not alone because that is just what many other UBS-YES investors have told us about the pitch made to them to invest in the UBS-YES program and their recent experience.

In fact, according to FINRA’s BrokerCheck website one investor has filed an arbitration claim against UBS for its own misrepresentations about and/or mismanagement of the program and/or Mr. Perry’s UBS-YES investment recommendations.

Continue Reading

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