Failure to Supervise - Page 4 of 46 - Law Offices of Robert Wayne Pearce

459 search results found for “Failure to Supervise”

Jun 23, 2014

Carolina Financial Securities Fined For Failure to Supervise the Sale of Private Placements

Brevard, North Carolina-based Carolina Financial Securities, LLC (Carolina Financial) consented to, but did not admit to or deny, the described sanctions and to the entry of the Financial Industry Regulatory Authority’s (FINRA) findings that it failed to supervise the sale of an unregistered private placement offering to investors with investments of approximately $1.1 million. FINRAs findings stated that Carolina Financial neglected to follow its procedures with regard to the review and verification of statements made in private placement offering documents. Furthermore, FINRA found that the brokerage firm failed to conduct adequate due diligence prior to the approval of the offering for sale to its investors.

Dec 19, 2013

Oppenheimer Fined By FINRA for Excessive Markups and Failure to Supervise

Oppenheimer & Co., Inc. (Oppenheimer) was fined $675,000 by the Financial Industry Regulatory Authority (FINRA) and ordered to pay over $246,000 in restitution to customers for charging unfair prices in municipal securities transactions and for failing to have an adequate supervisory system. FINRA also fined Oppenheimer’s head municipal securities trader, David Sirianni, $100,000 for his role in the excessive markups.

Jan 21, 2021

Point Pleasant Beach, New Jersey Failure to Diversify Securities Account Attorney

Did Douglas Finlay Jr. Cause You Investment Losses? Douglas Finlay Jr. of Point Pleasant Beach, New Jersey submitted a Letter of Acceptance, Waiver and Consent (AWC) to FINRA under the allegations that he recommended and effected an unsuitable transaction in a customer’s account. FINRA alleged that Finlay recommended and executed an unsuitable transaction in the account of a Cadaret Grant customer by over-concentrating the client’s assets in an illiquid real estate investment trust (REIT) and failed to adequately disclose information to the customer in regard to the REIT. In 2009 Finlay allegedly recommended to a client that she invest 100% of her retirement funds in a REIT. The client was 55 years old, had an investment objective of “growth and income” and had a moderate risk tolerance. FINRA alleged that Finlay failed to disclose information in regard to the REIT, including that the investment was illiquid and highly speculative. At the time, procedure at Cadaret Grant limited the amount of a customer’s assets that could be invested in REITS to “10% of the investor’s net worth”. The customer invested nearly $116,625 which constituted 100% of the client’s retirement funds and nearly 100% of her liquid net worth, in the REIT. Finlay received $6,639.23 in commissions from the customer’s investment. FINRA further alleged that Finlay falsified the clients account form. FINRA claimed that Finlay handwrote on the account form that the client’s net worth was $1,355,000 and that her annual income was $150,000. However, the client’s actual net worth was approximately $135,000 with an approximate annual income of $70,000. FINRA found that Finlay’s recommendation to invest her retirement savings in a single REIT was unsuitable for her moderate risk tolerance and investment objectives. For his alleged violations, Finlay was ordered to pay a fine of $15,000, pay disgorgement in the amount of $6,639.23 and suspended from association with any FINRA member in any and all capacities for a period of 18 months. Do You Need A New Jersey Failure to Diversify Securities Account Attorney? New Jersey has hundreds of stock brokerage firms and investment advisory offices. With so many stock brokerage firms and investment advisory offices, comes the potential for their stockbrokers, financial advisors, and other representatives to mismanage securities and other investment accounts by failing to employ sound asset allocation and diversification investment principles and engage in all sorts of misconduct which violates Federal and New Jersey securities laws and Financial Industry Regulatory Authority (FINRA) rules and stock brokerage firms policies and procedures. Experienced Lawyers Who Handle Over-Concentration Of Securities Claims In FINRA Arbitrations Throughout New Jersey and Nationwide. Are you a New Jersey investor who has suffered significant losses in your stock brokerage and investment accounts? Did your New Jersey stockbroker or investment advisor over-concentrate your securities account investments in a single asset class of only equities, fixed income or real estate investments like REITs? Did your stockbroker or investment advisor only recommend that you invest in one sector like the oil and gas or one geographic area like Puerto Rico? The failure to diversify and over-concentration of accounts in any single asset class or one type of investment sector or geographic area can lead to a disaster if the one asset class, sector or area collapses. If so, you will need to have representation from an experienced, highly rated and nationally recognized FINRA arbitration securities law attorney—an attorney who knows FINRA rules and procedures inside and out and how to handle these FINRA arbitration cases involving the failure to diversify and over-concentration of accounts in one asset class, sector or geographic area and other complex legal issues. By hiring a top rated attorney like Robert Wayne Pearce with over 40 years of experience practicing securities law on both sides of the table in FINRA arbitration proceedings, you will clearly see that Attorney Pearce doesn’t just handle over-concentration of securities in accounts and other investment mismanagement cases—he aggressively represents investors and is one of the best lawyers to recover your investment losses for the failure to diversify investments in your account and all types of stockbroker misconduct in FINRA arbitration proceedings! At The Law Offices of Robert Wayne Pearce, P.A., we represent investors not only in securities over-concentration cases but all kinds of securities law and investment disputes in FINRA arbitration and mediation proceedings. We handle a wide range of practice areas such as fraud and misrepresentation, breach of fiduciary duty, failure to supervise, and unsuitable recommendations. Attorney Pearce and his staff represent investors throughout New Jersey, and across the United States on a CONTINGENCY FEE basis, which means you pay nothing – NO FEES-NO COSTS – unless we put money in your pocket after receiving a settlement or FINRA arbitration award. Se habla español Free Initial Consultation With An Attorney Experienced In Failure to Diversify Investment Claims Serving New Jersey Residents In FINRA Arbitration Proceedings The Law Offices of Robert Wayne Pearce, P.A. are highly experienced lawyers who successfully handle claims against stockbrokers for failure to diversify securities accounts and over-concentration of any investment in any account but other securities account mismanagement cases in FINRA arbitration proceedings, and who work tirelessly to secure the best possible result for you and your case. For dedicated representation by an attorney with over 40 years of experience and success in all kinds of securities law and investment disputes in FINRA arbitrations serving New Jersey citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.

Jan 7, 2021

Sudbury, Massachusetts Failure to Diversify Securities Account Attorney

Did Robert Stein Cause You Investment Losses? Robert Stein, a registered representative with Capitol Securities Management, Inc., submitted an AWC to FINRA for making unsuitable reverse convertible note (RCN) recommendations and purchases in the accounts of eight customers. FINRA found that Robert Gerald Stein of Sudbury, MA, recommended and effected 24 purchases of RCNs in 8 customer accounts. The customers were primarily over 60 years old and had conservative investment objectives. According to FINRA, Mr. Stein’s recommendations and purchases totaled approximately $4 million in the 8 customers’ accounts. Moreover, all of the accounts were heavily concentrated in RCNs, constituting a substantial portion of their net worth. Mr. Stein’s recommendations were unsuitable for his customers in light of their investment goals, ages, and net worth. Consequently, he was fined $5,000 and suspended from association with any FINRA member in any capacity for three months. Do You Need a Failure to Diversify Securities Attorney? Massachusetts has thousands of stock brokerage firms and investment advisory offices. With so many stock brokerage firms and investment advisory offices, comes the potential for their stockbrokers, financial advisors, and other representatives to mismanage securities and other investment accounts by failing to employ sound asset allocation and diversification investment principles and engage in all sorts of misconduct which violates Federal and Massachusetts securities laws and Financial Industry Regulatory Authority (FINRA) rules and stock brokerage firms policies and procedures. Experienced Lawyers Who Handle Over-Concentration Of Securities Claims In FINRA Arbitrations Throughout Massachusetts and Nationwide. Are you a Massachusetts investor who has suffered significant losses in your stock brokerage and investment accounts? Did your Massachusetts stockbroker or investment advisor over-concentrate your securities account investments in a single asset class of only equities, fixed income or real estate investments like REITs? Did your stockbroker or investment advisor only recommend that you invest in one sector like the oil and gas or one geographic area like Puerto Rico? The failure to diversify and over-concentration of accounts in any single asset class or one type of investment sector or geographic area can lead to a disaster if the one asset class, sector or area collapses. If so, you will need to have representation from an experienced, highly rated and nationally recognized FINRA arbitration securities law attorney—an attorney who knows FINRA rules and procedures inside and out and how to handle these FINRA arbitration cases involving the failure to diversify and over-concentration of accounts in one asset class, sector or geographic area and other complex legal issues. By hiring a top rated attorney like Robert Wayne Pearce with over 40 years of experience practicing securities law on both sides of the table in FINRA arbitration proceedings, you will clearly see that Attorney Pearce doesn’t just handle over-concentration of securities in accounts and other investment mismanagement cases—he aggressively represents investors and is one of the best lawyers to recover your investment losses for the failure to diversify investments in your account and all types of stockbroker misconduct in FINRA arbitration proceedings! At The Law Offices of Robert Wayne Pearce, P.A., we represent investors not only in securities over-concentration cases but all kinds of securities law and investment disputes in FINRA arbitration and mediation proceedings. We handle a wide range of practice areassuch asfraud and misrepresentation, breach of fiduciary duty, failure to supervise, and unsuitable recommendations. Attorney Pearce and his staff represent investors throughout Massachusetts, and across the United States on a CONTINGENCY FEE basis, which means you pay nothing – NO FEES-NO COSTS – unless we put money in your pocket after receiving a settlement or FINRA arbitration award. Se habla español Free Initial Consultation With An Attorney Experienced In Failure to Diversify Investment Claims Serving Massachusetts Residents In FINRA Arbitration Proceedings The Law Offices of Robert Wayne Pearce, P.A. are highly experienced lawyers who successfully handle claims against stockbrokers for failure to diversify securities accounts and over-concentration of any investment in any account but other securities account mismanagement cases in FINRA arbitration proceedings, and who work tirelessly to secure the best possible result for you and your case. For dedicated representation by an attorney with over 40 years of experience and success in all kinds of securities law and investment disputes in FINRA arbitrations serving Massachusetts citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.

Jan 4, 2021

Anaheim, California Failure to Diversify Securities Account Attorney

Did Charles Frieda Cause You Investment Losses? Charles Frieda, a former registered representative with Wells Fargo Clearing Services, LLC (f/k/a Wells Fargo Advisors, LLC), submitted a Letter of Acceptance, Waiver and Consent (AWC) in which he was prohibited by the Financial Industry Regulatory Authority (FINRA) for making recommendations in an investment strategy which was over-concentrated in energy-sector securities and not suitable for his clients. FINRA determined that Mr. Frieda’s unsuitable recommendations resulted in millions of dollars in losses to his clients. According to FINRA, Charles Henry Frieda (and another Wells Fargo representative) recommended to more than 50 customers an over-concentration of energy-sector securities, some of which were speculative. Due to the speculative nature of the energy-sector securities, the volatility of the energy market, and the highly over-concentrated levels in the clients’ accounts, Mr. Frieda exposed his customers to significant losses. FINRA found, Mr. Frieda did not properly consider his customers’ investment profiles, which includes their investment experience, risk tolerance, investment time horizon, net worth, and liquidity needs. Even when the energy market downturned, Mr. Frieda continued to make unsuitable recommendations that his clients adhere to his investment strategy. As a result, Mr. Frieda’s customers suffered millions of dollars in aggregate losses. Without admitting FINRA’s findings, Charles H. Frieda of Anaheim, California was barred from association with any FINRA member in all capacities. California has thousands of stock brokerage firms and investment advisory offices. With so many stock brokerage firms and investment advisory offices, comes the potential for their stockbrokers, financial advisors, and other representatives to mismanage securities and other investment accounts by failing to employ sound asset allocation and diversification investment principles and engage in all sorts of misconduct which violates Federal and California securities laws and Financial Industry Regulatory Authority (FINRA) rules and stock brokerage firms policies and procedures. Experienced Lawyers Who Handle Over-Concentration Of Securities Claims In FINRA Arbitrations Throughout California and Nationwide. Are you a California investor who has suffered significant losses in your stock brokerage and investment accounts? Did your California stockbroker or investment advisor over-concentrate your securities account investments in a single asset class of only equities, fixed income or real estate investments like REITs? Did your stockbroker or investment advisor only recommend that you invest in one sector like the oil and gas or one geographic area like Puerto Rico? The failure to diversify and over-concentration of accounts in any single asset class or one type of investment sector or geographic area can lead to a disaster if the one asset class, sector or area collapses. If so, you will need to have representation from an experienced, highly rated and nationally recognized FINRA arbitration securities law attorney—an attorney who knows FINRA rules and procedures inside and out and how to handle these FINRA arbitration cases involving the failure to diversify and over-concentration of accounts in one asset class, sector or geographic area and other complex legal issues. Do You Need A California Failure to Diversify Securities Account Attorney? By hiring a top rated attorney like Robert Wayne Pearce with over 40 years of experience practicing securities law on both sides of the table in FINRA arbitration proceedings, you will clearly see that Attorney Pearce doesn’t just handle over-concentration of securities in accounts and other investment mismanagement cases—he aggressively represents investors and is one of the best lawyers to recover your investment losses for the failure to diversify investments in your account and all types of stockbroker misconduct in FINRA arbitration proceedings! At The Law Offices of Robert Wayne Pearce, P.A., we represent investors not only in securities over-concentration cases but all kinds of securities law and investment disputes in FINRA arbitration and mediation proceedings. We handle a wide range of practice areas such as fraud and misrepresentation, breach of fiduciary duty, failure to supervise, and unsuitable recommendations. Attorney Pearce and his staff represent investors throughout California, and across the United States on a CONTINGENCY FEE basis, which means you pay nothing – NO FEES-NO COSTS – unless we put money in your pocket after receiving a settlement or FINRA arbitration award. Se habla español Free Initial Consultation With An Attorney Experienced In Failure to Diversify Investment Claims Serving California Residents In FINRA Arbitration Proceedings The Law Offices of Robert Wayne Pearce, P.A. are highly experienced lawyers who successfully handle claims against stockbrokers for failure to diversify securities accounts and over-concentration of any investment in any account but other securities account mismanagement cases in FINRA arbitration proceedings, and who work tirelessly to secure the best possible result for you and your case. For dedicated representation by an attorney with over 40 years of experience and success in all kinds of securities law and investment disputes in FINRA arbitrations serving California citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.

Oct 17, 2017

G.F. Investment Services Representative Suspended for Failing to Supervise Unsuitable ETF Recommendations

Daniel Hushek, a Registered Principal with G.F. Investment Services, LLC, submitted a Letter of Acceptance, Waiver and Consent (AWC) in which he was fined and suspended by the Financial Industry Regulatory Authority (FINRA) for failing to adequately supervise the unsuitable exchange traded fund (ETF) recommendations and transactions of a registered representative under his supervision. As a result, the representative’s recommendations and trades caused losses of more than $2.4 million in customers’ accounts. According to FINRA, Daniel Joseph Hushek III, of Bradenton, Florida, failed to adequately supervise or respond to red flags in connection with a registered representative of his member firm who recommended and engaged in unsuitable trading in 44 customer accounts (belonging to 41 customers). FINRA found that from March 2011 through July 2015, the registered representative under Mr. Hushek’s supervision recommended his customers invest almost exclusively in and hold for lengthy time periods non-traditional ETFs, despite the “enormous risks” associated with holding these complex products. FINRA stated that as a result of this employee’s misconduct, customers incurred realized and unrealized losses of over $2.4 million.

Aug 2, 2017

Summit Equities Fined for Variable Annuity Supervisory Failures

Summit Equities, Inc., submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which it was fined $325,000 for failing to adequately supervise its registered representatives’ recommendations and sales of multi-share-class variable annuities. Registered with FINRA since 1982 and headquartered in Parsippany, New Jersey, Summit Equities has approximately 132 registered representatives. FINRA found that from October 2011 to December 2015 (the relevant time period), Summit Equities sold 1,037 individual variable annuity contracts to its customers. Approximately 45% of those contracts were L-share contracts. FINRA found that Summit Equities failed to provide its registered representatives with proper training and guidance on suitability considerations for these variable annuities, which provide a shorter surrender period than B-share contracts, but have a higher fee in exchange for the increased liquidity. Without admitting or denying the FINRA findings, Summit Equities was censured and assessed a $325,000 fine.

Feb 1, 2017

1st Discount Brokerage Fined by FINRA for ETF Supervisory Failures

1st Discount Brokerage, Inc., of Lake Worth, Florida, submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) for failing to supervise the sales of non-traditional exchange-traded funds (ETFs). 1st Discount Brokerage was subject to similar FINRA disciplinary actions in 2012 and 2015 for the firm’s failure to supervise a registered representative who operated a Ponzi scheme and for failure to supervise its compliance with Section 5 of the Securities Act of 1933, respectively. Registered with FINRA since 1995, 1st Discount Brokerage currently has approximately 27 registered representatives and 20 branch offices. FINRA found that 1st Discount Brokerage failed to establish, maintain, and enforce a supervisory system regarding non-traditional ETFs. Further, FINRA found that 1st Discount Brokerage failed to provide its registered representatives with adequate training and guidance on suitability considerations for these complex, speculative investment products.

Dec 7, 2016

Ameriprise Financial Fined $850,000 for Wire Transfer Supervisory Failures

Ameriprise Financial Services, Inc. (Ameriprise) submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) for alleged supervisory failures in connection with wire transfers from customer brokerage accounts and the resulting conversion of over $370,000 by one of its registered representatives. Ameriprise is headquartered in Minneapolis, Minnesota and employs nearly 14,000 registered representatives in approximately 3,800 branch offices. FINRA found that from October 2011 to September 2013, a registered representative, working as an office manager, converted more than $370,000 from five Ameriprise customers. The customers happened to also be the registered representative’s family members, including his mother, step-father, grandparents and domestic partner. FINRA’s findings state that the Ameriprise employee’s conversion, which occurred via nine wire transfers, went undetected for two years by Ameriprise.

Dec 1, 2016

Merrill Lynch Hit with $7 Million Fine for Failing to Supervise Securities-Backed Leveraged Accounts

The Financial Industry Regulatory Authority (FINRA) has hit Merrill Lynch, Pierce, Fenner & Smith, Inc. (Merrill Lynch) with a fine of more than $7 million for failing to properly supervise its customers’ use of leverage in loan management accounts and for improper supervision regarding unsuitable and highly overconcentrated accounts invested in Puerto Rican municipal bonds and closed-end bond funds. Without admitting or denying the charges, Merrill Lynch consented to FINRA’s findings that it failed to adequately educate its representatives about its loan management accounts (LMAs) or train them on the differences between purpose and non-purpose LMAs. LMAs are lines of credit that enable customers to borrow money from, in this case, Bank of America (the owner of Merrill Lynch) using the securities in their accounts as collateral. FINRA notes that Merrill Lynch brokers earned compensation if the customers used the line of credit. Merrill Lynch must pay $6.25 million for its failure to supervise these LMAs.

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459 search results found for “Failure to Supervise”