Recent Posts

Oct 14, 2015

Former Morgan Stanley and UBS Financial Broker Barred by FINRA for Financial Abuse of an Elderly Customer

Former Morgan Stanley Smith Barney (Morgan Stanley) and UBS Financial Services, Inc. (UBS) broker John Anthony Waszolek, of Scottsdale, Arizona, submitted an Offer of Settlement in which he consented to, but did not admit to or deny, the Financial Industry Regulatory Authority’s (FINRA) findings that he took unfair financial advantage of an 81-year-old customer who had twice been diagnosed with Alzheimer’s disease and suffered from dementia and memory loss. According to FINRA, John Waszolek (Waszolek) was informed by an estate planning attorney that she would not amend the elderly client’s trust to make Waszolek a beneficiary because it had been determined that the client lacked sufficient testamentary capacity. However, through a separate attorney, Maszolek gained appointment as successor trustee and residual beneficiary of the client’s trust. Upon the elderly client’s death, FINRA found that Waszolek attempted to inherit more than $1.8 million from the estate.

Continue Reading

Oct 12, 2015

Former Wunderlich Securities Representative Suspended for Unauthorized Securities Transactions

Joseph Charles Schroeder, a former broker with the Plano, Texas branch of Wunderlich Securities, Inc. (Wunderlich Securities), submitted a letter of acceptance, waiver, and consent in which he consented to, but did not admit to or deny, the Financial Industry Regulatory Authority’s (FINRA) findings that he participated in private securities transactions without the necessary written approval from the FINRA member firm. FINRA found that Mr. Schroeder recommended and sold $300,000 of convertible promissory notes in Titan Energy to several investors, 12 of whom were firm customers. Mr. Schroeder recommended these notes to investors and wired the funds from their Wunderlich Securities accounts to Titan Energy. He then allegedly received compensation from Titan Energy for the sales. Mr. Schroeder neglected to give prior written notice or to obtain prior written approval from Wunderlich Securities to engage in these private securities transactions

Continue Reading

Oct 9, 2015

Fort Myers, Florida Raymond James Representative Barred

Mark Bullivant of Fort Myers, Florida submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Department of Enforcement of the Financial Industry Regulatory Authority for allegedly failing to provide information and an on-the-record testimony in connection to an ongoing FINRA investigation. Bullivant entered the securities industry in 2001 when he became associated with a FINRA member firm. Between April 2012 and December 2013, Bullivant was associated with Raymond James and Associates, Inc. (Raymond James) as a General Securities Representative.

Continue Reading

Oct 7, 2015

Boca Raton Florida Morgan Stanley Representative Fined and Suspended

Ronald Cohen of Boca Raton, Florida submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) for allegedly engaging in outside business activities without providing prior written notice to his firm. Cohen entered the securities industry in July 1992. Between 2009 through September 2014, Cohen was a General Securities Representative with Morgan Stanley. Cohen voluntarily left Morgan Stanley in September 2014 while under investigation for failing to disclose outside business arrangements.

Continue Reading

Oct 5, 2015

Atlas One Financial Group Fined for Failing to Report Trades

Atlas One Financial Group, LLC (Atlas One) submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) for allegedly failing to report transactions to the Trade Reporting and Compliance Engine (TRACE) within the time required by FINRA rules. Atlas One has been a member of FINRA since April 24, 2003. On three occasions between 2011 and 2014, Atlas Once has faced FINRA disciplinary actions due to late reporting in TRACE-eligible securities.

Continue Reading

Oct 2, 2015

Raymond James Sunny Isles Beach, Florida Associate Suspended

The Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) submitted a complaint against Mayumy Stevenson of Sunny Isles Beach, Florida for allegedly falsifying an email causing her firm to maintain inaccurate books and records. Stevenson entered the securities industry in September 2012. On February 13, 2013, Stevenson’s employment was transferred to Raymond James & Associates (Raymond James) who had acquired her previous firm. Stevenson worked as a sales assistant and remained with the firm until her termination on October 8, 2014.

Continue Reading

Sep 30, 2015

Port Richey, Florida Transamerica and Invest Financial Representative Fined and Suspended

Garyn Angel of Port Richey, Florida submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) for allegedly engaging in private securities transactions without his firm’s written approval. From February 1999 through March 2009 Angel was registered through FINRA member Transamerica Financial Advisors, Inc. (Transamerica). On March 21, 2009, Invest Financial Corporation (Invest Financial) filed a Form U4 for Angel to commence his association with Invest Financial. In February 2013, Invest filed a Form U5 terminating Angel due to a customer complaint filed in January 2013.

Continue Reading

Sep 25, 2015

Hollywood, Florida Wells Fargo Representative Barred for Converting Client Funds

Alejandro Torres of Hollywood, Florida submitted a Letter of Acceptance Waiver and Consent (AWC) to The Department of Enforcement of the Financial Industry Regulatory Authority for allegedly converting client funds, engaging in unapproved outside business activities and submitting material false information on a questionnaire to his broker dealer. Torres entered the securities industry in 2009 and has been associated with several FINRA-regulated broker-dealers since. In January 2013, Torres became associated with FINRA-regulated broker-dealer Wells Fargo Advisors, LLC (Wells Fargo) as a registered representative.  On January 17, 2014 Torres was terminated as Wells Fargo filed a Uniform Termination notice for Securities Industry Registration (Form U5).

Continue Reading

Sep 23, 2015

Huntington Investment Representative Barred for Misappropriating Client Funds

Bryan Carnahan of Gahanna, Ohio submitted a Letter of Acceptance, Waiver and Consent (AWC) to The Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) for allegedly misappropriating and converting client funds for which he later used for his own personal use. Carnahan first became registered in the securities industry as an Investment Company Products/Variable Contracts Representative through a FINRA-registered firm in August 1998. In December 1998, Carnahan became registered though The Huntington Investment Company (Huntington) and remained there until his termination in March 2015.

Continue Reading

Sep 21, 2015

B.B. Graham & Company General Sales Representative Barred by FINRA

Thomas Hogle of Houston, Texas submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) for allegedly failing to provide documents and information requested by FINRA in connection to an investigation claiming unsuitable investment recommendations. Hogle entered the securities when he became associated with a FINRA member in 1988 as a General Sales Representative. In October 2011, Hogle joined B.B. Graham & Company, Inc. (B.B. Graham) and became registered as a General Sales Representative.

Continue Reading