David Lee Reynolds — Alleged Misappropriation of Customer Funds

David Lee Reynolds Allegedly Misappropriated Customer Funds as Reported on an Amended Form U5 by his Former Member Firm David Lee Reynolds allegedly misappropriated customer funds reported on an amended Form U5 by his former member firm, according to a recent Letter of Acceptance, Waiver, and Consent (AWC) presently being reviewed by attorneys Joe Peiffer… Read more »

Rathbun and Miller— Sale of Investments to Clients

Gary Lee Rathbun and Douglas Scott Miller Allegedly Participated in the Sale of Investments Adding up to Approximately $25.5 Million in six related LLCs to Clients of Their Registered Investment Adviser, Private Wealth Consultants, Ltd. (PWC) of Toledo, Ohio Gary Lee Rathbun and Douglas Scott Miller allegedly participated in the sale of investments in six… Read more »

JP Morgan—Failure to Inform Clients Regarding Numerous Conflicts of Interest

JP Morgan Must Pay $300 Million after Allegedly Failing to Inform Clients in What the SEC Calls Numerous Conflicts of Interest Regarding How it Managed Clients Funds over a Half Decade JPMorgan Chase & Co. must pay more than $300 million to settle U.S. allegations that it allegedly did not properly inform clients regarding alleged… Read more »

Fidelity Brokerage Services—Dishonest and Unethical Conduct

Fidelity Brokerage Allegedly Engaged in Dishonest and Unethical Behavior Fidelity Brokerage Services allegedly engaged in dishonest and unethical behavior for purportedly allowing unregistered investment advisers to make trades through the Fidelity broker-dealer platform, thereby generating fees for both the firm and the unregistered advisers, according to a statement from secretary of the commonwealth William Galvin…. Read more »

ES Financial—Charging Transaction Fee and Custody Fee in Addition to Commission on Fixed Income Transactions

ES Financial Allegedly Charged Transaction Fee and Custody Fee in Addition to Commission on Fixed Income Transactions ES Financial (ESF) allegedly charged a transaction fee and a custody fee in addition to a commission on fixed income transactions, according to recent FINRA Letter of Acceptance, Waiver and Consent (AWC) currently under review by attorneys Joe… Read more »

Michael Donnelly, Owner of Coastal Investment Advisors, Charged in Fraud

Michael Donnelly charged in $2 Million Dollar Investment Fraud Michael Donnelly, the former president of Wilmington, Del.-based Coastal Investment Advisors Inc. and its affiliated broker-dealer, allegedly engaged in a nearly $2 million fraud scheme. According to SEC documents currently under review by Peiffer Wolf attorney Jason Kane, Donnelly allegedly provided investors with false account statements,… Read more »

Santander Securities LLC—Failure to Have a Reasonably Designed Supervisory System and Procedures

Santander Securities LLC Allegedly Failed to Have a Reasonably Designed Supervisory System and Procedures Relating to Sales of Puerto Rico Municipal Bonds Santander Securities LLC allegedly failed to maintain a reasonably designed supervisory system and procedures relating to sales of Puerto Rico Municipal Bonds (PRMB’s) to Puerto Rico customers, according to recent FINRA Letter of… Read more »

David A. Scholl—Failed to Disclose Participation in Private Securities Transactions

David A. Scholl Allegedly Failed to Disclose Participation in a private securities transaction for compensation involving Businesses Outside Mackinac Really Group and Mackinac Advisory Services, LLC David A. Scholl allegedly failed to disclose his participation in a private securities transaction for compensation involving outside businesses Mackinac Really Group and Mackinac Advisory Services, LLC, according to… Read more »

Aaron Heimowitz— Participation in Private Securities Transactions

Aaron Heimowitz Allegedly Took Part in Private Securities Transactions Without Proper Prior Notice from Newport Coast Securities, Inc. Aaron Heimowitz allegedly took part in private securities transactions without providing prior written notice to, or receiving prior written approval from Newport Coast Securities, Inc., according to a recent FINRA Letter of Acceptance, Waiver and Consent (AWC)…. Read more »

LPL Financial LLC—Failure to Implement Adequate Supervisory System

LPL Financial Allegedly Failed to Implement an Adequate Supervisory System Regarding its Sale of Non-Traded REITs LPL Financial LLC allegedly failed to implement an adequate supervisory system regarding its sale of non-traded REITS, according to Documents from the North American Securities Administrators Association (NASAA) currently under review by attorneys Joe Peiffer and Jason Kane. LPL,… Read more »