#investorsrights - Law Offices of Robert Wayne Pearce

Nov 17, 2020

Mount Dora Florida Securities Arbitration Attorneys Who Represent Investors

Benjamin Abbott of Mount Dora Florida was sanctioned by FINRA for allegedly overstating his personal net worth and annual income on new account forms. According to FINRA, Mr. Abbott maintained personal margin accounts at his member firm. He allegedly met initial margin accounts by liquidating the position that created the margin call because he did not have sufficient equity in the account to pay for the securities purchased on margin. FINRA alleged that Mr. Abbott also placed a short sell order of a company’s stock at a total cost of $90,331.71 in a customer’s account without the client’s authorization. The client claimed he gave no authorization and the firm canceled the transaction resulting in a market loss of $20,000 that the firm absorbed. Mr. Abbott agreed to settle the FINRA’s allegations without admitting or denying them and was suspended from any association with any FINRA member for a period of one year and ordered to pay a fine of $5,000. We are top rated securities arbitration attorneys and highly ranked lawyers by our peers in Martindale Hubble and Thomson Reuters SuperLawyers who represent investors in securities arbitrations conducted by the Financial Industry Authority (FINRA), American Arbitration Association (AAA) and JAMS alternative dispute resolution forums serving Mount Dora Florida investors. This state has a number of stock brokerage firms and investment advisory offices. With so many stock brokerage firms and investment advisor offices, comes the potential for their stockbrokers, financial advisors, and other representatives to engage in all kinds of stockbroker misconduct which violates Federal and Florida securities laws and Financial Industry Regulatory Authority (FINRA) rules and stock brokerage firms’ policies and procedures. Experienced Securities Arbitration Lawyers Who Handle FINRA, AAA Or JAMS Arbitrations Throughout Mount Dora Florida And Nationwide. Are you a Mount Dora Florida investor who has suffered significant losses in your stock brokerage and investment accounts? Did your Mount Dora Florida stockbroker or investment advisor, misrepresent facts, fail to disclose facts making the statements made false and misleading, recommend unsuitable investments or strategies, excessively trade or churn or otherwise mismanage your investment account? Depending upon the terms of your arbitration agreement you will need to have representation from an experienced, highly-rated and nationally recognized FINRA, AAA or JAMS arbitration securities law attorney—an attorney who knows the FINRA, AAA or JAMS rules and procedures inside and out and how to handle these FINRA, AAA or JAMS arbitration cases 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, AAA and JAMS arbitration proceedings, you will clearly see that Attorney Pearce doesn’t just handle cases—he aggressively represents investors and is one of the best securities arbitration attorney to recover your investment losses for all types of stockbroker misconduct in FINRA, AAA and JAMS arbitration proceedings! At The Law Offices of Robert Wayne Pearce, P.A., we represent investors in all kinds of securities law and investment disputes in FINRA, AAA and JAMS arbitration and mediation proceedings. We handle a wide range of practice areas such asfraud and misrepresentation, breach of fiduciary duty, failure to supervise, and unsuitable recommendations. Attorney Pearce and his staff represent investors throughout Mount Dora Florida, 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 Experienced FINRA, AAA and JAMS Securities Arbitration Attorneys Serving Mount Dora Florida Residents The Law Offices of Robert Wayne Pearce, P.A. are highly experienced lawyers who successfully handle securities law matters and investment disputes in FINRA, AAA and JAMS 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, AAA and JAMS arbitrations serving Mount Dora Florida citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.

Nov 17, 2020

Key Biscayne Florida Securities Arbitration Attorneys Who Represent Investors

Ricardo Blanco of Key Biscayne Florida was sanctioned by FINRA for allegedly falsifying account statements. Mr. Blanco was a general securities representative with a series 7 and series 63 license. Mr. Blanco was last employed by Midsouth Capital Inc. He had no previous disciplinary history. FINRA alleged that over a two year period, Mr. Blanco sent false account statements to two clients in violation of NASD Conduct Rule 2110 and FINRA Rule 2010. FINRA found that one client’s account was valued at more than $3 million when in reality it was worth less than a dollar. FINRA found that the others client’s account statement indicated it was worth more than $2 million, when it had already been closed. In a settlement with FINRA, Mr. Blanco agreed to be permanently barred from association with any FINRA member firm. We are top rated securities arbitration attorneys and highly ranked lawyers by our peers in Martindale Hubble and Thomson Reuters SuperLawyers who represent investors in securities arbitrations conducted by the Financial Industry Authority (FINRA), American Arbitration Association (AAA) and JAMS alternative dispute resolution forums serving Key Biscayne Florida investors. This state has a number of stock brokerage firms and investment advisory offices. With so many stock brokerage firms and investment advisor offices, comes the potential for their stockbrokers, financial advisors, and other representatives to engage in all kinds of stockbroker misconduct which violates Federal and Florida securities laws and Financial Industry Regulatory Authority (FINRA) rules and stock brokerage firms’ policies and procedures. Experienced Securities Arbitration Lawyers Who Handle FINRA, AAA Or JAMS Arbitrations Throughout Key Biscayne Florida And Nationwide. Are you a Key Biscayne Florida investor who has suffered significant losses in your stock brokerage and investment accounts? Did your Key Biscayne Florida stockbroker or investment advisor, misrepresent facts, fail to disclose facts making the statements made false and misleading, recommend unsuitable investments or strategies, excessively trade or churn or otherwise mismanage your investment account? Depending upon the terms of your arbitration agreement you will need to have representation from an experienced, highly-rated and nationally recognized FINRA, AAA or JAMS arbitration securities law attorney—an attorney who knows the FINRA, AAA or JAMS rules and procedures inside and out and how to handle these FINRA, AAA or JAMS arbitration cases 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, AAA and JAMS arbitration proceedings, you will clearly see that Attorney Pearce doesn’t just handle cases—he aggressively represents investors and is one of the best securities arbitration attorney to recover your investment losses for all types of stockbroker misconduct in FINRA, AAA and JAMS arbitration proceedings! At The Law Offices of Robert Wayne Pearce, P.A., we represent investors in all kinds of securities law and investment disputes in FINRA, AAA and JAMS 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 Key Biscayne Florida, 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 Experienced FINRA, AAA and JAMS Securities Arbitration Attorneys Serving Key Biscayne Florida Residents The Law Offices of Robert Wayne Pearce, P.A. are highly experienced lawyers who successfully handle securities law matters and investment disputes in FINRA, AAA and JAMS 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, AAA and JAMS arbitrations serving Key Biscayne Florida citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.

Nov 17, 2020

Indian Rocks Beach Florida Securities Arbitration Attorneys Who Represent Investors

Emily Vitale of Indian Rocks Beach Florida was sanctioned by FINRA for falsifying her firm’s books and records. Mrs. Vitale was previously associated with many FINRA member firms, including Florida Investment Advisors (FIA) and LPL Financial LLC (LPL). Over the course of her career, Mrs. Vitale acquired Series 7, 63, 4, 24, and 53 licenses. FINRA found that Mrs. Vitale, “while facilitating a customer’s request to transfer funds from the customer’s brokerage account to the customer’s bank checking account, falsified a letter of authorization.” According to FINRA’s findings, Mrs. Vitale cut out the customer’s signature from another document and pasted the customer’s signature onto the letter of authorization. Thereafter, Mrs. Vitale allegedly submitted a letter of authorization to LPL with the falsified signature. Due to the false signature, FINRA found that Mrs. Vitale violated FINRA Rules 4511 and 2010 for inaccurate books and records. Mrs. Vitale agreed to settle FINRA’s allegations without admitting or denying them and was permanently barred from any association with any FINRA members. We are top rated securities arbitration attorneys and highly ranked lawyers by our peers in Martindale Hubble and Thomson Reuters SuperLawyers who represent investors in securities arbitrations conducted by the Financial Industry Authority (FINRA), American Arbitration Association (AAA) and JAMS alternative dispute resolution forums serving Indian Rocks Beach Florida investors. This state has a number of stock brokerage firms and investment advisory offices. With so many stock brokerage firms and investment advisor offices, comes the potential for their stockbrokers, financial advisors, and other representatives to engage in all kinds of stockbroker misconduct which violates Federal and Florida securities laws and Financial Industry Regulatory Authority (FINRA) rules and stock brokerage firms’ policies and procedures. Experienced Securities Arbitration Lawyers Who Handle FINRA, AAA Or JAMS Arbitrations Throughout Indian Rocks Beach Florida And Nationwide. Are you an Indian Rocks Beach Florida investor who has suffered significant losses in your stock brokerage and investment accounts? Did your Indian Rocks Beach Florida stockbroker or investment advisor, misrepresent facts, fail to disclose facts making the statements made false and misleading, recommend unsuitable investments or strategies, excessively trade or churn or otherwise mismanage your investment account? Depending upon the terms of your arbitration agreement you will need to have representation from an experienced, highly-rated and nationally recognized FINRA, AAA or JAMS arbitration securities law attorney—an attorney who knows the FINRA, AAA or JAMS rules and procedures inside and out and how to handle these FINRA, AAA or JAMS arbitration cases 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, AAA and JAMS arbitration proceedings, you will clearly see that Attorney Pearce doesn’t just handle cases—he aggressively represents investors and is one of the best securities arbitration attorney to recover your investment losses for all types of stockbroker misconduct in FINRA, AAA and JAMS arbitration proceedings! At The Law Offices of Robert Wayne Pearce, P.A., we represent investors in all kinds of securities law and investment disputes in FINRA, AAA and JAMS 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 Indian Rocks Beach Florida, 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 Experienced FINRA, AAA and JAMS Securities Arbitration Attorneys Serving Indian Rocks Beach Florida Residents The Law Offices of Robert Wayne Pearce, P.A. are highly experienced lawyers who successfully handle securities law matters and investment disputes in FINRA, AAA and JAMS 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, AAA and JAMS arbitrations serving Indian Rocks Beach Florida citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.

Nov 12, 2020

Former NMS Capital Advisors Stockbroker Jeffrey Hall Heely Suspended for Engaging in Outside Business Activities

Jeffrey Hall Heely of Tiburon, California submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he allegedly engaged in an undisclosed outside business activity in violation of FINRA Rules 3270 and 2010. From June 2018 until May 2019, Jeffrey Hall Heely was registered with NMS Capital Advisors as a General Securities Principal and a General Securities Representative. According to FINRA, between January and May 2019, Heely entered into a contract with another company and solicited fourteen potential investors to invest in a private placement offering of senior secured notes. The findings stated that Heely allegedly conducted the activities through a personal email address and received $17,000 as compensation. In addition, Heely allegedly denied having engaged in any outside business activities to his firm. Heely is not currently registered or associated with a member but remains subject to FINRA’s jurisdiction pursuant to Article V, Section 4 of FINRA’s By-Laws. FINRA Rule 3270 provides that “no registered person may be an employee, independent contractor, sole proprietor, officer, director or partner of another person, or be compensated, or have the reasonable expectation of compensation, from any other person as a result of any business activity outside the scope of the relationship with his or her member firm, unless he or she has provided prior written notice to the member, in such form as specified by the member.” A violation of FINRA Rule 3270 also constitutes a violation of FINRA Rule 2010. Without admitting or denying FINRA’s findings, Jeffrey Hall Heely was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in all capacities for two months. The suspension was in effect from May 4, 2020, through July 3, 2020. Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker-dealers and/or their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from outside business activities, and/or other misconduct by their broker can file claims to recover damages against broker-dealers, like NMS Capital Advisors, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct. Have you suffered losses in your NMS Capital Advisors account due to misconduct by your broker? Was Jeffrey Hall Heely your stockbroker? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against NMS Capital Advisors stockbrokers who may have engaged in broker misconduct and caused investors’ losses. The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 40 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.

Nov 12, 2020

FINRA Complaint filed against SW Financial Stockbroker William James W. Flower for Misconduct

James W. Flower of Melville, New York was named respondent of a FINRA complaint alleging that he allegedly churned/excessively traded customer’s accounts in violation Section 10(b) of the securities Exchange Securities Act of 1934, Rule 10b-5 and FINRA Rules 4511, 2111, 2020 and 2010. From January 1, 2016 and July 31, 2018, James W. Flower was registered with SW Financial as a General Securities Representative. According to the FINRA findings, Flower allegedly exercised de-facto control in five customer accounts without authorization or approval which resulted in excessive and quantitatively unsuitable trading. The FINRA findings stated that the trading made it near impossible for any customers to make a profit due to the cost-to-equity ratios, high annualized turnover rates, losses totaling over $220,000. In addition, FINRA’s complaint further alleges that Flower received more than $210,000 in commissions and fees and caused his firm’s books and records to be inaccurate by mismarking the transactions as unsolicited. James William Flower is currently registered with FINRA and is therefore subject to FINRA’s jurisdiction. Churning is a manipulative and deceptive device that violates Section 10(b) of the Exchange Act, Securities Exchange Act Rule 10b-5, and FINRA Rules 2020 and 2010. It is fraudulent conduct that occurs in a broker-customer relationship when (i) a broker controls his customer’s account; (ii) the trading in the account is excessive in light of the customer’s investment objectives; and (iii) the broker acts with scienter, i.e., with intent to defraud or with reckless disregard of the customer’s interests. Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker-dealers and/or their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from churning/excessive trading and/or other misconduct by their broker can file claims to recover damages against broker-dealers, like SW Financial, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct. Have you suffered losses in your SW Financial account due to churning/excessive trading by your broker? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against SW Financial stockbrokers who may have engaged in broker misconduct and caused investors’ losses. The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 40 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.

Nov 12, 2020

Former NEXT Stockbroker Charles Lawrence Doraine Barred for Misconduct

Charles Lawrence Doraine of Corpus Christi, Texas submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was barred for allegedly refusing to provide information and appear for on-the-record testimony in violation of FINRA Rules 8210 and 2010. In March 2007, Charles Lawrence Doraine joined NEXT Financial Group, Inc. as a General Securities Representative. FINRA stated that in September 2019, NEXT filed a Form U5 disclosing Doraine’s voluntary termination. According to the findings, FINRA began an investigation shortly after regarding Doraine’s suspected unsuitable recommendations in several customer’s accounts. The findings stated that the recommendations had resulted in short-term trading in mutual fund shares, municipal bonds, and overconcentration in Puerto Rico municipal bonds. In connection with the investigation, FINRA sent out a request to Doraine to provide and appear for on-the-record testimony in which he allegedly acknowledged but ultimately refused. Charles Lawrence Doraine is no longer associated with any FINRA member firm but remains under FINRA’s jurisdiction. FINRA Rule 8210 states, in relevant part, that FINRA has the right to require a “person subject to FINRA’s jurisdiction to provide information orally, in writing, or electronically . . . with respect to any matter involved in the investigation, complaint, examination or proceeding.” FINRA Rule 8210 also specifies that “no person shall fail to provide information . . . pursuant to this Rule.” A failure to provide information and/or documents requested by FINRA pursuant to Rule 8210 violates Rule 8210. Conduct that violates FINRA Rule 8210 also violates FINRA Rule 2010, which requires associated persons to “observe high standards of commercial honor and just and equitable principles of trade.” Without admitting or denying FINRA findings, Charles Lawrence Doraine was barred from association with any FINRA member in all capacities. Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker-dealers and/or their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from misconduct by their broker can file claims to recover damages against broker-dealers, like NEXT, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct. Have you suffered losses in your NEXT account due to misconduct by your broker? Was Charles Lawrence Doraine your stockbroker? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against NEXT stockbrokers who may have engaged in broker misconduct and caused investors’ losses. The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 40 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.

Nov 12, 2020

Worden Capital Management Stockbroker David Weisberg Suspended for Excessive & Unsuitable Trading

David Weisberg of Brooklyn, 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 NASD Rule 2510(b) and FINRA Rules 2111 and 2010. From 2016 to 2019, David Weisberg was registered with Worden Capital Management as a general securities representative. According to the FINRA findings, Weisberg persuaded a seventy-three-year old customer to open a margin account and made certain recommendations that involved in-and-out trading. The FINRA findings stated that Weisberg allegedly used discretion in the customer’s account, made twenty-one unauthorized transactions and failed to track the trading costs or take them into consideration. In addition, due to the excessive and unsuitable trading the customer lost approximately $55,627, while Weisberg received commissions of $75,638. Without admitting or denying FINRA’s findings, David Weisberg was assessed a deferred fine of $7,500, suspended from association with any FINRA member in all capacities for 11 months, ordered to pay deferred disgorgement in the amount of $55,627, plus interest, ordered to pay deferred disgorgement of commissions received in the amount of $20,011, plus interest, and required to complete 10 hours of continuing education about excessive trading. The suspension is in effect from May 4, 2020, through April 3, 2021. FINRA Rule 2111 requires associated persons who control a customer’s account to have a reasonable basis for believing that any series of recommended securities transactions, taken together, is not excessive and unsuitable for the customer in light of his or her investment profile, which includes factors such as risk tolerance and time horizon. While no single metric determines whether trading is excessive, trading has often been deemed excessive if its cost-to-equity ratio is greater than twenty percent. NASD Rule 2510(b) prohibits registered persons from “exercising any discretionary power in a customer’s account unless such customer has given prior written authorization to a stated individual or individuals and the account has been accepted by the member.” Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker-dealers and/or their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from excessive and unsuitable trading and/or other misconduct by their broker can file claims to recover damages against broker-dealers, like Worden Capital Management, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct. Have you suffered losses in your Worden Capital Management account due to excessive & unsuitable trading by your broker? Was David Weisberg your stockbroker? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against Worden Capital Management stockbrokers who may have engaged in broker misconduct and caused investors’ losses. The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 40 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.

Nov 12, 2020

Former Janney Montgomery Scott LLC Stockbroker Charles James Euler Jr. Barred for Misconduct

Charles James Euler Jr. of Villanova, Pennsylvania submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was barred for allegedly refusing to appear for on-the-record testimony in violation of FINRA Rules 8210 and 2010. In December of 1984, Charles James Euler Jr. joined Janney Montgomery Scott LLC as a General Securities Representative, General Securities Principal, and a Financial and Operations Principal. According to FINRA findings, a form U5 was filed reporting Charles James Euler Jr. voluntarily resigned from the firm in April of 2018. The FINRA findings stated that a request was sent to Euler on March 12, 2020 for an on-the-record testimony regarding an investigation reporting Euler allegedly made unsuitable recommendations. In addition to these findings, an email was sent to FINRA staff the following day which allegedly stated that Euler refused to appear for the on-the-record testimony at any time. Although Charles James Euler Jr. is no longer registered with any FINRA member firm, he remains under FINRA’s jurisdiction. FINRA Rule 8210(a)(1) states that FINRA may require persons subject to its jurisdiction “to testify at a location specification by FINRA staff, under oath with respect to any matter involved in [an] investigation” authorized by the FINRA By-Laws or rules. FINRA Rules 8210(c) states that “[n]o person shall fail to provide testimony pursuant to this Rule.” A violation of FINRA Rule 8210 is also a violation of FINRA Rule 2010. Without admitting or denying FINRA’s findings, Charles James Euler Jr. was barred from association with any FINRA member in all capacities. Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker-dealers and/or their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from misconduct by their broker can file claims to recover damages against broker-dealers, like Janney Montgomery Scott LLC, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct. Have you suffered losses in your Janney Montgomery Scott LLC account due to misconduct by your broker? Was Charles James Euler Jr. your stockbroker? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against Janney Montgomery Scott LLC stockbrokers who may have engaged in broker misconduct and caused investors’ losses. The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 40 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.

Nov 12, 2020

Former Oppenheimer & Co. Stockbroker Brian Douglas Engstrom Suspended for Unsuitable Recommendations

Brian Douglas Engstrom of Tampa, Florida 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 making unsuitable recommendations in violation of NASD Rule 2310 and FINRA Rules 2111 and 2010. In 2002, Brian Douglas Engstrom joined Oppenheimer & Co. as a General Securities Representative and a General Securities Sales Supervisor. According to the FINRA findings, Engstrom allegedly engaged in an unsuitable pattern of short-term trading of early rollovers of Unit Investment Trusts (UITs). The findings stated that Engstrom made recommendations to his customers to roll over UITs prior to their maturity date in order to purchase a subsequent series on 1,000 separate occasions. The findings also stated that each new UIT had similar investment objectives and strategies as the prior series which resulted in each customer incurring unnecessary sales charges. Engstrom’s customers received reimbursement of these excess sales charges from his member firm in connection with FINRA’s separate settlement with it. A UIT is a SEC-registered investment company that offers investors shares or “units” in a fixed portfolio of securities via a one-time public offering. A UIT terminates on a specified maturity date, often after 15 or 24 months, at which point the underlying securities are sold and the resulting proceeds are paid to the investors. UITs impose a variety of upfront sales charges and a registered representative who recommended the sale of a customer’s UIT before its maturity date and used the sale proceeds to purchase a new UIT would cause the customer to incur greater sales charges than if the customer had held the UIT until maturity. Without admitting or denying FINRA’s findings, Brian Douglas Engstrom was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in all capacities for three months. The suspension was in effect from April 20, 2020, through July 19, 2020. Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker-dealers and/or their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from unsuitable recommendations and/or other misconduct by their broker can file claims to recover damages against broker-dealers, like Oppenheimer & Co., which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct. Have you suffered losses in your Oppenheimer & Co. account due to unsuitable recommendations by your broker? Was Brian Douglas Engstrom your stockbroker? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against Oppenheimer & Co. stockbrokers who may have engaged in broker misconduct and caused investors’ losses. The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 40 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.

Nov 12, 2020

PFS Investments Inc. Stockbroker Albert Harkless III Barred for Misconduct

Albert Harkless III of Oxon Hill, Maryland submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was barred for conversion and misrepresentations in violation of FINRA Rules 2150 and 2010. In July of 1996, Albert Harkless III joined PFS Investments Inc. in which he was licensed as an Investment Company and both a Variable Contracts Products Representative and Principal. According to FINRA findings, a Form U5 was filed in October 2018 communicating the termination of Harkless for participating in the alleged unauthorized transactions and making misrepresentations. The FINRA findings state that Albert Harkless III allegedly solicited a customer to invest $6,100 to secure 406 shares in the firm’s parent company. Without the customer’s agreement or consent, he only purchased 150 shares for Company 1 for $2,980 and transferred the balance of the customer’s funds of $3,120 to his personal account. In addition, Harkless allegedly stated company shares were only obtainable for purchase by employees and there is a five-year sale limitation on purchases of Company 1 shares which is inaccurate. FINRA Rule 2150 provides that no person associated with a member firm shall make improper use of a customer’s securities or funds. Conversion is the intentional and unauthorized taking of and/or exercise of ownership over property by one who neither owns the property nor is entitled to possess it. FINRA Rule 2010 requires FINRA members and associated persons to observe high standards of commercial honor and just and equitable principles of trade. Without admitting or denying FINRA’s findings, Albert Harkless III was barred from association with any FINRA member firm. Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker-dealers and/or their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from unauthorized transactions and/or other misrepresentation by their broker can file claims to recover damages against broker-dealers, like PFS Investments Inc., which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct. Have you suffered losses in your PFS Investments Inc. account due to unauthorized transactions and/or misrepresentations by your broker? Was Albert Harkless III your stockbroker? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against PFS Investments Inc. stockbrokers who may have engaged in broker misconduct and caused investors’ losses. The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 40 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.