James Arnold Busch Barred by FINRA for Alleged Misappropriation of Investor Funds

James Arnold Busch, a former Wells Fargo stockbroker, has been permanently banned from working in the securities industry as a result of his alleged misappropriation of approximately $1.3 million from eight Wells Fargo brokerage customers. James Busch accepted the regulators’ sanctions and did not deny or admit the factual findings against him. Most of Busch’s victims were elderly women… Read more »

Edward Francis Scro Permanently Barred from the Securities Industry

Edward Francis Scro, a Naples, Florida stockbroker, was barred from association with any securities broker-dealer firm in any capacity. The sanction was based on findings that were the bases for three causes of action against Edward Scro. First, Scro allegedly made unsuitable recommendations of high risk, illiquid investment to elderly unsophisticated customers who were looking for reliable, steady and… Read more »

Ramnik Singh Aulakh Barred from Associating with FINRA Members

Ramnik Singh Aulakh, a stockbroker formerly affiliated with beleaguered stockbrokerage firm Success Trade Securities, has been sanctioned by the regulators with a permanent bar from the securities industry. Ramnik Aulakh’s case is related to an earlier case pending against Success Trade Securities and its CEO, Fuad Ahmed, in connection with the alleged sales of promissory notes. FINRA filed a… Read more »

William Larry Hogue Jr. Sanctioned by Securities Regulators

William Larry Hogue Jr., a stockbroker in Evans, Georgia has been fined and suspended by the securities industry regulators for allegedly engaging in undisclosed outside business activities. Hogue did not deny or admit the regulators’ findings, but he consented to the sanctions and to the entry of findings that he participated in an outside business activity or… Read more »

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 Wolf law firm, who often represents investors in cases against broker-dealer firms. “We are seeing more and more instances where investment… 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 »