Stockbrokers In The News - Law Offices of Robert Wayne Pearce

Jul 8, 2020

Former Lincoln Financial Broker Imran Razvi Suspended for Private Securities Transactions

Imran Nazir Razvi of Frederick Maryland submitted a Letter of Acceptance, Waiver, and Consent (AWC) in which he was fined and suspended by the Financial Industry Regulatory Authority (FINRA) for allegedly engaging in private securities transactions, a type of stockbroker misconduct known as selling away. Between April 2017 and December 2017, while employed by Lincoln Financial Securities Corporation, Imran Razvi was denied approval to use a company he formed to refer investors to a supposed real-estate investment fund called Woodbridge Group of Companies LLC (Woodbridge). Despite being denied by his member firm, Imran Razvi, through his ownership of the company, received portions of commissions received by agents under his supervision. Subsequently, Woodbridge filed for bankruptcy and the U.S. District Court for the Southern District of Florida issued judgments against Woodbridge and its former owner, Robert Shapiro, who were required to disgorge the ill-gotten gains and pay a civil penalty.

Jul 6, 2020

Former PHX Financial Stockbroker Halil Kozi Suspended for Excessive Trading

In an Offer of Settlement, Halil Kozi, of North Middletown, New Jersey has been suspended for two years by the Financial Industry Regulatory Authority (FINRA) for excessive trading, known as churning, and unsuitable options recommendations and trades. From June 2013 through February 2015, Halil Kozi was associated with PHX Financial, Inc. (PHX). According to FINRA, Mr. Kozi recommended transactions in a customer’s account that were quantitatively unsuitable and excessive and inconsistent with the customer’s risk profile or financial situation. FINRA found that Mr. Kozi recommended risky, speculative equity and options transactions that generated commissions of more than $135,000 while causing the customer to incur losses of $72,000. By recommending quantitatively unsuitable excessive trading for the customer’s account, Mr. Kozi allegedly violated FINRA Rules 2111 and 2010. Without admitting or denying FINRA’s findings, Halil Kozi consented to the sanctions and was suspended from association with any FINRA member for two years. The suspension is in effect from April 6, 2020 through April 5, 2022. No monetary sanctions were issued due to Mr. Kozi’s financial status.

Jul 3, 2020

Former Sagepoint Financial Broker Frederic O’Hara Suspended for Private Securities Transactions

Frederic Thomas O’Hara of Stuart, Florida submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was suspended for nine months and assessed a deferred fine of $10,000 for allegedly engaging in private securities transactions, a type of broker misconduct known as selling away. Between February 2010 and August 2015, while registered with Sagepoint Financial, Inc., Frederic O’Hara allegedly engaged in private securities transactions without written notice or approval from his member firm. According to FINRA, Mr. O’Hara engaged in outside business activity by serving as a director of a private company without providing the required written notice to his member firm. Mr. O’Hara also participated in five undisclosed private securities transactions in that same company’s shares totaling $63,000, which included his own $10,000 purchase. The outside business activity and private securities transactions were violations of NASD Rule 3030, FINRA Rule 3270, NASD Rule 3040, and FINRA Rule 2010.

Jul 1, 2020

Former Wells Fargo Stockbroker Demaurio Clark Barred for Theft

Demaurio Cortez Clark, of Acworth, Georgia submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was barred for converting an elderly customer’s funds for his personal use. Demaurio Clark was registered with Wells Fargo Clearing Services, LLC (Wells Fargo) as an investment company and variable contracts product representative. From July 2018 to July 2019, FINRA found that Mr. Clark converted $16,560 from an elderly customer and used the money for his personal use. According to FINRA, Mr. Clark opened a brokerage account for his customer without the customer’s knowledge or consent and transferred the $16,560 into his own personal checking account. These transfers were made without the customer’s knowledge or consent. FINRA Rule 2150(a) provides that no “person associated with a member [firm] shall make improper use of a customer’s securities or funds.” Conversion of customer funds is a violation of FINRA Rule 2150(a) and FINRA Rule 2010, which requires associated persons to “observe high standards of commercial honor and just and equitable principles of trade.” By converting customer funds for his personal use, Mr. Clark allegedly violated FINRA Rules 2150(a) and 2010. Without admitting or denying FINRA’s findings, Demaurio Cortez Clark consented to the sanctions and has been barred from association with any FINRA member in all capacities.

Jun 29, 2020

Former Cape Securities and Oakbridge Financial Services Broker Dana Vietor Barred for Engaging in Private Securities Transactions

Dana Bruce Vietor of Dallas, Texas submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) and agreed to be barred for allegedly engaging in private securities transactions, also known as selling away. Between January 1, 2014 and November 11, 2018, while registered with Cape Securities and Oakbridge Financial Services, Dana Vietor is alleged by FINRA to have engaged in private securities transactions totaling more than $3 million without written notice or approval from his member firms. The FINRA findings state that Mr. Vietor sold promissory notes to at least 40 customers. The promissory notes, called Deposit Agreements, were part of a start-up business venture for which Mr. Vietor was a member of the management team and, therefore, received indirect compensation for his involvement in the sale of the promissory notes, in violation of FINRA Rules 3280 and 2010.

Jun 24, 2020

Former First Standard Financial Stockbroker Michael Leahy Barred for Misconduct

Michael Leahy of Red Bank, New Jersey submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he has been barred for allegedly failing to reasonably supervise another representative in violation of FINRA Rules 3110 and 2010. In July 2017, Michael Leahy joined First Standard Financial General Securities Representative and General Securities Principal. According to FINRA, Michael Leahy failed to supervise a former registered representative with First Standard, who engaged in a pattern of unauthorized trading, used margin without authorization, recommended unsuitable transactions, and charged excessive commissions in dozens of customer accounts. The FINRA findings stated the Leahy was allegedly aware of the multiple red flags and failed to investigate or take action against the representatives misconduct. Due to Leahy’s failure to supervise, the representative’s misconduct continued until the New Jersey Bureau of Securities revoked the representative’s registration.

Jun 22, 2020

Did Eric Weschke of Kalos Capital Sell You Any GPB Fund?

Let Us Help You Recover Your GPB Investment Losses! Eric Peter Weschke has been employed by Kalos Capital, Inc. and Weschke Wealth Management in Setauket, New York since 2011. During his illustrious securities industry career as a salesperson he has managed to be the subject of two regulatory complaints and fourteen customer complaints. Ohio denied him registration in the state because it “determined that Weschke was not of good business repute.” Nine of those arbitrations were settled in the investors’ favor, two were denied and three remain pending. We believe all of the pending complaints relate to Mr. Weschke’s private offer and sale of GPB Capital Holdings sponsored limited partnership interests. We are attorneys offering to help GPB investors who made private placement investments in the following limited partnerships offered and sold by Mr. Weschke during his employment with Kalos Capital, Inc.; that is, help them to rescind their GPB investment and/or recover their GPB investment losses: GPB Automotive Portfolio, LP GPB Cold Storage LP GPB Holdings, LP GPB Holdings II, LP GPB Holdings III, LP GPB Holdings Qualified, LP GPB NYC Development, LP GPB Waste Management Fund, LP

Jun 22, 2020

FINRA Complaint Filed Against Former Huntington Investment Company Stockbroker William Joseph Kielczewski

William Joseph Kielczewski was named a respondent in a FINRA complaint alleging that he falsely attested to his firm compliance questionnaires, participated in private securities transactions and caused his firm to file five misleading form U4’s all in violation of NASD Rule 3040, Article V, Section 2 of FINRA’s By-Laws and FINRA Rules 3280, 2010 and 1122. In January 2014, William Joseph Kielczewski joined Huntington Investment Company (Huntington) as a general securities representative until his involuntary termination on April 26, 2017. According to the FINRA findings, Kielczewski was involved in an outside business activity, a hedge fund called Mariemont, promoting it to potential investors and participated in multiple private transactions through which four Firm customers invested over $10 million. The findings also stated that Kielczewski allegedly caused his member firm to submit five false U4 forms stating he was a silent minority partner, had a passive position with the company and described himself as a passive investor in which he was not. William Joseph Kielczewski is no longer registered or associated with a FINRA member and remains subject to FINRA’s jurisdiction.

Jun 21, 2020

Did Former Triad Advisors Broker Michael Sievert Sell You Any GPB Fund?

Let Us Help You Recover Your GPB Investment Losses! Michael Sievert is currently employed by Arkadios Capital in Jacksonville, Florida. But during the period 2012 though 2018 he was registered with Triad Advisors, LLC in the same city. His securities industry career as a salesperson is not unblemished; he has been the subject of two customer complaints, both of which are still pending. We believe both of these complaints relate to Mr. Sievert’s private offer and sale of GPB Capital Holdings sponsored limited partnership interests. We are attorneys offering to help GPB investors who made private placement investments in the following limited partnerships offered and sold by Mr. Sievert during his employment with Triad Advisors; that is, help them to rescind their GPB investment and/or recover their GPB investment losses: GPB Automotive Portfolio, LP GPB Cold Storage LP GPB Holdings, LP GPB Holdings II, LP GPB Holdings III, LP GPB Holdings Qualified, LP GPB NYC Development, LP GPB Waste Management Fund, LP

Jun 20, 2020

Did Dustin Shafer of Newbridge Securities and formerly with Money Concepts Capital Sell You Any GPB Fund?

Let Us Help You Recover Your GPB Investment Losses! Dustin Shafer is currently employed by Newbridge Securities Corporation in Springfield, Illinois. During the period 2008 through 2019 he was registered with Money Concepts Capital Corp. in the same city. During Mr. Shafer’s securities industry career as a salesperson he has been the subject of seven customer complaints. His BrokerCheck Report also discloses six Judgement/Liens. We believe the two pending complaints relate to Mr. Shafer’s private offer and sale of GPB Capital Holdings sponsored limited partnership interests while his was associated with Money Concepts Capital. We are attorneys offering to help GPB investors who made private placement investments in the following limited partnerships offered and sold by Mr. Shafer during his employment with Money Concepts Capital Corp. ; that is, help them to rescind their GPB investment and/or recover their GPB investment losses: GPB Automotive Portfolio, LP GPB Cold Storage LP GPB Holdings, LP GPB Holdings II, LP GPB Holdings III, LP GPB Holdings Qualified, LP GPB NYC Development, LP GPB Waste Management Fund, LP