NY Firm Meyers Associates LP Allegedly Has Laundry List of Industry Red Flags; Owner Bruce Meyer Reportedly Sued for Improper Marketing of Unregistered and Profitless Pharm Company

Rochester stockbroker fraud attorney

A cursory glance at New York firm Meyers Associates LP allegedly discloses that 47 of Meyers Associates‘ 75 brokers have at least one disclosure event on their respective FINRA BrokerCheck records, reports which are available to the public at large. That would mean that a cool 63 percent of registered representatives at Meyers Associates have some… Read more »

FINRA Files Complaint Against SWS Financial over Improper Variable Annuity Sales

Investment fraud lawyers

On September 29, 2014, FINRA’s Department of Enforcement filed a complaint against SWS Financial Services, Inc., which alleged that, from September 2009 to May 2011, SWS had inadequate supervisory systems as well as written supervisory procedures to supervise sales of variable annuities (VAs).  The five FINRA charges levied against SWS,  headquartered in Dallas, TX,  and… Read more »

Direct Invest Part of $8 Million Real Estate Investment Dispute

Cleveland stockbroker fraud lawyer

Several claimants brought forth multiple causes of action, among which were fraud, negligence, and elder abuse, arising in connection with their real estate investments in Direct Invest, LLC, according to a Financial Industry Regulatory Authority (FINRA) Arbitration Statement of Claim filed in January 2011 and amended afterward. The investments also reportedly include Heron Cove LLC… Read more »

Five Newport Coast Securities Representatives Charged with Churning and Excessive Trading

Investment fraud lawyers

From September 2008 through May 2013, five brokers associated with Newport Coast Securities Inc., based in New York, churned the accounts of 24 customers, using highly margined and high-risk securities to generate substantial commissions while at the same time causing $1 million in damages to said customers, FINRA alleges. FINRA’s Department of Enforcement further alleges… Read more »

Aegis Capital Accused of Facilitating Alleged $24.5 Million Pump-and-Dump Schemes

Rochester stockbroker fraud attorney

FINRA accused independent broker-dealer Aegis Capital, of New York City, of failing to supervise its anti-money laundering requirements, and orchestrating an alleged unregistered penny stock scheme which raked in $1.1 million in commissions for the firm. Aegis Capital Liquidated Almost 3.9 Billion Shares of Five Penny Stocks Between April 2009 and June 2011 Aegis Capital… Read more »

FINRA Fines Citigroup $1.85 Million for Violations Regarding Pricing for Customer Transactions

New York investor rights attorney

The Financial Industry Regulatory Authority (FINRA) fined New York-based Citigroup Global Markets Inc. $1.85 million on for customer transactions violations. Citigroup has also been asked to pay an additional amount of $638,000 in restitution, plus interest, to the affected customers. Citigroup’s Proprietary BondsDirect Order Execution System had Flawed Pricing Logic BondsDirect only incorporated the quotations… Read more »

Inland Securities Censured and Fined $40k on Two REIT Investments, in Conjunction with Alleged Failure to Invoke Adequate Supervisory Procedures

Investment fraud lawyers

Between July 2009 and August 2014, Inland Securities, of Oak Brook, Illinois, did not perform due diligence on the offerings for which it served as placement agent, according to a FINRA letter of Acceptance, Waiver and Consent (AWC). In addition, Inland Securities, the exclusive dealer-manager of private placements and non-traded REITS sponsored by its affiliates,… Read more »

Wedbush Securities Accused of “Egregious” Supervisory Failures, and Anti-Money Laundering Violations

New York investor rights attorney

Wedbush Securities, headquartered in Los Angeles, failed to adequately supervise and control anti-money laundering procedures, a FINRA complaint alleges. It also reports that from January 2008 through August 2013, Wedbush did not put enough of its resources towards risk-management controls and procedures, failed to comply with securities industry notifications about warning signs in their trading… Read more »

Financial America and John Rukenbrod Sanctioned By FINRA After Being Accused of Failing to Adequately Supervise a Financial America Branch

Cleveland stockbroker fraud lawyer

Financial America Securities, Inc. and its founder, John C. Rukenbrod, were sanctioned by the Financial Industry Regulatory Authority (“FINRA”) in connection with claims that Financial America and Rukenbrod failed to adequately supervise the securities business conducted from one of the firm’s branch offices. The Peiffer Wolf securities practice attorneys Jason Kane and Joe Peiffer are… Read more »

LPL Financial Sanctioned by Regulators in Connection with Its Sales of Variable Annuities

Cleveland stockbroker fraud attorney

LPL Financial, an investment firm, was charged with failing to retain appropriate books and records which documented variable annuity exchanges, or 1035 exchanges, as per the firm’s BrokerCheck profile. They were ordered to pay a $2 million fine as well as $820,000 in restitution. The Peiffer Wolf law firm’s securities practice attorneys Jason Kane and… Read more »