Orlando, Florida Attorney Who Sues Stockbrokers For Selling Away (Selling Unauthorized Investments)

Did Dwight L. Dykstra Cause You Investment Losses? Dwight L. Dykstra of Orlando, Florida was fined $5,000 and suspended from association with any FINRA member for a period of one year and ordered to pay disgorgement in the amount of $67,500. The sanctions were based on findings that he participated in private securities transactions without notice or approval from his firm in violation of FINRA Rules 3280 and 2010. The suspension is in effect from October 19, 2020, through October 18, 2021. In May 2013, Dwight L. Dykstra joined Vision Brokerage and became registered as a General Securities Representative and an Investment Company and Variable Contracts Products Representative and Principal. According to the FINRA findings, Dykstra solicited 21 investors to purchase promissory notes issued by a limited liability company worth $2 million. The findings state that Dykstra personally invested an additional $100,000 and received $67,500 for the sales of the notes. In addition, Dykstra allegedly failed to seek approval or provide any prior notice to his firm of the promissory notes transactions or of his role in those transactions. FINRA Rule 3280 requires that prior to participating in a private securities transaction, a person associated with a member firm shall provide written notice to his or her firm “describing in detail the proposed transaction and the person’s proposed role therein[.]” FINRA Rule 3280 defines a private securities transaction as “any securities transaction outside the regular course or scope of an associated person’s employment with a member[1” A violation of FINRA Rule 3280 is also a violation of FINRA Rule 2010, which requires FINRA members and associated persons to “observe high standards of commercial honor and just and equitable principles of trade.” Do You Need a Florida FINRA Securities Arbitration Attorney? Did your Florida stockbroker or investment advisor recommend an investment that turned out to be an investment that was never reviewed or approved by their stockbrokerage firm employer? The stockbrokers who stoop to that level are usually insolvent or uncollectible. And so, the investor’s only recourse is against the brokerage firm employer. But stockbrokerage firms always claim ignorance of the stockbroker’s activities and deny liability for the sale of unauthorized investments which they call Selling Away as if that was an absolute defense. Not so! You will definitely need an experienced attorney who knows the securities laws and how to hold the stockbrokerage firm responsible for their employees Selling Away under legal principles of actual authority, apparent authority, estoppel and failure to supervise. If your attorney knows where to look he/she can often find Red Flags of the alleged unauthorized sales that the firm did not look for, missed, or saw and just ignored. Free Initial Consultation With Experienced Attorneys Representing Orlando, Florida Residents in FINRA Arbitrations At The Law Offices of Robert Wayne Pearce, P.A.  we represent investors in all kinds of securities, commodities, and investment law disputes in FINRA, AAA and JAMS arbitration and mediation proceedings. Attorney Pearce and his staff represent investors throughout 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 For dedicated representation by Attorney Pearce with over 40 years of experience and success in all kinds of securities, commodities, and investment law disputes serving Florida citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail. 

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Orlando Florida FINRA Securities Arbitration Attorney

Nasirdin H. Madhany and his wife, of Orlando Florida, won an arbitration award against Citigroup Global for $3.1 million. The case started in 2004, when broker Scott Andrew King convinced the couple to invest millions in Chile’s construction. Their investment evaporated in 2007, when the housing market collapsed. According to the couple, King hid business arrangements with Chiles to get condos at a discount. The couple won $1 million to cover their losses, $2.1 million to cover legal settlements of claims by third parties related to their real estate investments, and an additional $10 million for indemnification of future claims that may be filed against them. Orlando Florida has hundreds 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 Lawyers Who Handle Securities Claims In FINRA Arbitrations Throughout Orlando Florida and Nationwide. Are you an Orlando Florida investor who has suffered significant losses in your stock brokerage and investment accounts?  Did your Orlando 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, mismanage your investment account or engage in other kinds of stockbroker misconduct? If so, you need representation by an experienced, highly-rated and nationally recognized FINRA securities arbitration attorney—a lawyer who knows FINRA rules and procedures inside and out and how to handle these FINRA arbitration cases as well as 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 cases—he aggressively represents investors and is one of the best attorneys to recover your investment losses for all types of stockbroker misconduct in FINRA 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 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 Orlando 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 Securities Arbitration Lawyers Serving Orlando Florida Residents In FINRA Arbitration Proceedings The Law Offices of Robert Wayne Pearce, P.A.  are highly experienced lawyers who successfully handle securities law matters and investment disputes 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 Orlando Florida citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail. 

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Client Service Representative of National Securities Corporation Linda C. Milberger Suspended for Misconduct

An NAC decision has become final in which Linda C. Milberger of Orlando, Florida was suspended from association with any FINRA member in capacities for one year. The sanction was based on findings that Milberger allegedly falsified customer wire request forms and submitted false documents and information to FINRA in violation of FINRA Rules 4511 and 2010. From July 2012 until November 2016, Linda C. Milberger was registered with National Securities Corporation and served as a senior client services associate for Kyle Harrington. According to the findings, FINRA began an investigation and sent requests for documents and information to both Milberger and Harrington, regarding their involvement in undisclosed private securities transactions. The findings stated that Harrington allegedly asked Milberger to alter the requested documents and provide them to FINRA. In addition, Milberger allegedly caused her firm’s books and records to be inaccurate by providing two falsified wire request forms totaling $19,929.58 to a customer’s broker-dealer firm as if they were authentic. Lina C. Milberger remains under FINRA’s jurisdiction and is suspended until May 3, 2021. FINRA Rule 4511(a) requires FINRA members to “make and preserve books and records as required under the FINRA rules, the Exchange Act and the applicable Exchange Act rules.” Those applicable rules include Section 17(a) of the Securities Exchange Act of 1934, which requires broker-dealers to make and preserve certain books and records, and SEC Rule 17a-4(b)(4), which requires that a firm preserve records relating to communications concerning the broker-dealer’s business, including documents related to customer transactions. A violation of FINRA Rule 4511 constitutes a violation of FINRA Rule 2010. 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 National Securities Corporation, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct. Have you suffered losses in your National Securities Corporation account due to misconduct by your broker? Was Linda C. Milberger 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 National Securities Corporation 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.

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