Shawn Charles Haynes Sanctioned by Securities Regulators for Promissory Note Sales

Shawn Charles Haynes, a former stockbroker of Westrock Advisors, along with two other brokers, were charged in a complaint filed by the Financial Industry Regulatory Authority (FINRA) with selling promissory notes issued by Westrock Group Inc., the parent company of Westrock Advisors, despite not having any reasonable basis for recommending such investments to his customers. Shawn Haynes relied primarily… Read more »

Benjamin Irby Cox Sanctioned and Suspended by Securities Regulators

Benjamin Irby Cox, a Dallas stockbroker, has been suspended and fined for allegedly falsifying suitability information for investors he contacted to sell them oil and gas investments. Cox submitted a Letter of Acceptance, Waiver and Consent in which he was fined $5,000 and suspended from association with any securities industry member in any capacity, including clerical… Read more »

Scott Donovan Schroeder Barred for Unsuitable Investment Recommendations to Elderly Customers

Scott Donavan Schroeder, a broker with a disciplinary history, was recently barred by FINRA after having been found to have made improper recommendations, material misrepresentation, and violations of a Member Firm’s Policies and Procedures resulting to heavy losses in investments of elderly customer’s. FINRA found that Schroeder’s affected customers were elderly persons whose primary investment… Read more »

Paul Elvidge Investigated by Securities Lawyers

Paul Elvidge, a securities broker for Cape Securities Inc. and Seacoast Investor Services Inc., pled guilty to wire fraud and aggravated identity theft for embezzling more than $1 million from client investment accounts according to a press release issued by the United States Attorney’s Office for the Southern District of Florida. Investigation by securities lawyers Jason Kane and… Read more »

Equity-Indexed Annuities Expected to Cause Some Investors to Lose Savings: Securities Attorneys

Equity-indexed annuities that are extremely risky and have features that are poorly explained to investors may cause a new wave of investor losses and litigation, according to securities attorney Jason Kane of the Peiffer Rosca law firm, who often represents investors in cases against broker-dealer firms. “We are seeing more and more instances where investment professionals… Read more »

FINRA Sanctions Mark. A. Sessanta for Selling Equity-Indexed Annuity Sales

Mark A. Sessanta, a Bath, Pennsylvania stockbroker, was fined and suspended from associating with any FINRA member in any capacity for six months as a result of alleged sales to his customers of unapproved equity-indexed annuities (“EIA”). Sessanta consented to the described sanctions and to the entry of findings that he facilitated securities investments away from his member… Read more »

Timothy W. Stephens Barred for Sales of Equity Indexed Annuities

Timothy W. Stephens, an investment professional in Spring Green, Wisconsin has been barred from associating with any FINRA member as a result of his equity indexed annuity (“EIA”) sales. Stephens consented to the described sanctions and to the entry of findings that he facilitated the EIA sales away from his member firm, without admitting or denying the findings. Tim Stephens was… Read more »

Frank M. Meo Sanctioned and Suspended

Frank M. Meo Jr., a Registered Representative in Lyndhurst, New Jersey has been sanctioned and fined by the securities regulators as a result of alleged sales to his customers of an unapproved investment. Meo was also suspended from association with any FINRA member in any capacity. The suspension will last for three months. Without admitting or denying… Read more »

The Wolf of Wall Street’s Legacy Lives on

Jordan Belfort, portrayed in the recent motion picture The Wolf of Wall Street, seems to have had a lasting influence on some of his former colleagues.  On Wednesday, January 15, 2014, the Massachusetts Secretary of the Commonwealth charged Christopher Veale – a former colleague of Mr. Belfort’s – with engaging in abusive sales practices, churning a client’s account… Read more »

Investors Cautioned to Be Careful Before Rolling Money Out of Employer’s Pension Plan

Investors urged by their financial advisors to move their savings out of the company’s pension plan and into a brokerage account should carefully examine all implications of such move before proceeding, cautions Joe Peiffer, a securities attorney with the Peiffer Rosca law firm. Attorneys Joe Peiffer and Jason Kane of Peiffer Rosca have represented hundreds… Read more »