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Feb 12, 2021

TRIAD ADVISORS FINED $150,000 FOR FAILING TO SUPERVISE SHORT-TERM TRADES OF CLASS A SHARE MUTUAL FUNDS

By |February 12th, 2021|Legal Matters|

According to a letter of acceptance, waiver and consent issued by FINRA, from June 3, 2015 to July 31, 2017, Triad Advisors failed to establish and maintain a reasonable supervisory system to achieve compliance with suitability requirements related to switching and short-term trading of Class A share mutual funds and failed to supervise this type [...]

Feb 12, 2021

FIRST STANDARD FINED AND BANNED FOR UNAUTHORIZED, EXCESSIVE, AND UNSUITABLE TRADING

By |February 12th, 2021|Legal Matters|

First Standard Financial Advisory, LLC, based in Red Bank, New Jersey, has been sanctioned and barred from doing business in the State of New Jersey based on the New Jersey Bureau of Securities’ findings that First Standard engaged in unauthorized, excessive, and unsuitable trading resulting in almost $8.5 million of commissions, sales charges, and fees. [...]

Feb 10, 2021

GPB CAPITAL FOUNDER AND CEO INDICTED IN PRIVATE EQUITY INVESTMENT FRAUD

By |February 10th, 2021|Legal Matters|

An indictment was unsealed in federal court on February 4, 2021, charging GPB Capital Holdings, LLC (“GPB”) with securities fraud, wire fraud, and conspiracy. Those charged include David Gentile, the founder, owner, and CEO of GPB; Jeffrey Lash, former managing partner of GPB; and Jeffry Schneider, the owner and CEO of Ascendant Capital LLC (“Ascendant”). [...]

Feb 2, 2021

KEVIN MCCALLUM HIT WITH $4.8 MILLION CUSTOMER CLAIM INVOLVING MEDLEY CAPITAL STOCK

By |February 2nd, 2021|Conflict of Interest, Broker Negligence, Failure To Disclose, Failure To Supervise, FINRA, FINRA News|

Kevin McCallum, an Alabama-based stockbroker and financial advisor with Glacier Point Advisors, LLC, who was previously registered with LPL Financial, LLC and NBC Securities, Inc., has disclosed a $4.8 million arbitration claim filed by his customers related to their investment in Medley Capital Corporation. According to the customers’ complaint, McCallum exercised discretionary trading authority in [...]

Dec 4, 2020

SEC ANNOUNCES $900,000 AWARD TO WHISTLEBLOWER FOR PROVIDING TIMELY ASSISTANCE REGARDING SECURITIES LAW VIOLATION INVESTIGATION

By |December 4th, 2020|Legal Matters|

On November 19, 2020, the Securities & Exchange Commission announced an award of $900,000 to a whistleblower whose timely and important information resulted in a significant expansion of an ongoing investigation. The Frankowski Firm is currently assisting whistleblowers to report securities fraud and misconduct. If you believe your company might be participating in securities fraud, [...]

Dec 3, 2020

SEC ANNOUNCES $6 MILLION JOINT AWARD TO WHISTLEBLOWERS FOR PROVIDING SUBSTANTIAL ASSISTANCE REGARDING SECURITIES LAW VIOLATIONS

By |December 3rd, 2020|Legal Matters|

On December 1, 2020, the Securities & Exchange Commission announced an award of $6 million to joint whistleblowers whose information and assistance led to the successful enforcement of SEC and related actions.  The whistleblowers’ substantial assistance, provided to the SEC and another government agency, included submitting documents, participating in interviews, and identifying key individuals involved [...]

Nov 24, 2020

DENNIS AYRE CONTINUES TO RACK UP CUSTOMER COMPLAINTS

By |November 24th, 2020|Legal Matters|

Dennis Phillip Ayre, of Van Nuys, California, continues to draw customer complaints in Financial Industry Regulatory Authority (“FINRA”) arbitration. Mr. Ayre’s FINRA BrokerCheck Report reveals that he is currently the subject of seven customer disputes totaling nearly $10 million in claimed losses. The complaints allege that Mr. Ayre made unsuitable investments involving excessive risk and [...]

Nov 20, 2020

MOLONEY SECURITIES CO. INC. FINED $100,000 FOR HAVING NO PROPER SYSTEM TO PREVENT PRICE MANIPULATIONS

By |November 20th, 2020|Legal Matters|

Moloney Securities Co. Inc. was recently censured and fined $100,000 and required to pay $15,574.13, in restitution to a customer. The FINRA findings stated that Moloney, from January 2013 through April 2015, violated FINRA Rules 3110 and 2010 and NASD Rule 3010 by failing to create and enforce a supervisory system to comply with FINRA’s [...]

Nov 19, 2020

LOUIS COOK BARRED FOR INTENTIONAL MISREPRESENTATIONS TO ELDERLY CUSTOMERS AND PARENTS OF DISABLED CHILDREN

By |November 19th, 2020|Legal Matters|

The Financial Industry Regulatory Authority (“FINRA”) has banned Louis Cook, who was a Staten Island, New York-based representative for National Planning Corporation and Securities Service Network. FINRA found that Cook induced elderly customers and parents of disabled children to sign third-party authorization forms through intentional misrepresentations, violating FINRA Rules 2010 and 2150(a). According to FINRA’s [...]

Nov 17, 2020

DEE DEE BROOKS BARRED FOR SOLICITING OVER $1.7 MILLION IN UNAPPROVED TRANSACTIONS

By |November 17th, 2020|Legal Matters|

The Financial Industry Regulatory Authority (“FINRA”) has barred Dee Dee Brooks, of Sarasota, Florida, based on findings that, while acting as an agent of Signator Investors, Inc., Brooks engaged in private securities transactions without any notice to or approval from her firm. According to FINRA’s findings, From July 2016 to December 2017, Brooks solicited investors [...]

Nov 9, 2020

APEX CLEARING CORPORATION FINED $250,000 FOR FAILING TO CONFIRM CUSTOMER RECEIPT OF INTEREST RATE DISCLOSURES

By |November 9th, 2020|Legal Matters|

The Financial Industry Regulatory Authority (“FINRA”) has censured and fined Apex Clearing Corporation for violations of Securities and Exchange Commission Rules. According to FINRA’s findings, Apex failed to establish procedures reasonably designed to assure that introduced customers received the initial margin interest rate disclosures and failed to establish, maintain, and enforce a supervisory system, including [...]

Nov 4, 2020

ERIK PICA BARRED BY FINRA FOR TAKING AN ELDERLY CLIENT’S MONEY AND BUYING A HOUSE

By |November 4th, 2020|Legal Matters|

The Financial Industry Regulatory Authority (“FINRA”) has barred Joseph Stone Capital, LLC representative Erik Pica following findings that Pica took a 76-year-old customer’s $200,000, and used the money to purchase a house for himself. According to FINRA’s findings, in 2019, Pica suggested to the customer that he should invest in pre-initial public offering (pre-IPO) shares [...]

Nov 2, 2020

TWO SIGMA SECURITIES, LLC FINED $225,000 FOR VIOLATING LOCATE REQUIREMENT

By |November 2nd, 2020|Legal Matters|

Recent Financial Industry Regulatory Authority ("FINRA") findings reveal that Two Sigma Securities, LLC failed to comply with the Locate Requirement of Rule 203(b)(1) of Regulation SHO pursuant to the Securities Exchange Act of 1934. While not in any formal arrangement to borrow securities, Two Sigma Securities, LLC effected short sale transactions from March 21, 2014 [...]

Oct 30, 2020

BNP PARIBAS SECURITIES CORPORATION FINED $650,000 FOR FAILED CREDIT AND ORDER CONTROLS

By |October 30th, 2020|Legal Matters|

BNP Paribas Securities Corporation was recently fined for failing to create or maintain a risk management system of controls or procedures to handle the financial risks of its market access business activity. Specifically, FINRA found that the firm made multiple supervisory failures, provided market access through its Global Execution Services (GES) Desk, and maintained unreasonable [...]

Oct 29, 2020

MOORS & CABOT, INC. FINED $250,000 FOR ERRONEOUS ORDER REPORTS AND PROCEDURES

By |October 29th, 2020|Legal Matters|

Moors & Cabot, Inc. has been fined by the Financial Industry Regulatory Authority ("FINRA") for failing to provide written disclosure to customers of around $7.5 million of compensation from earnings of about 11,500 trades in preferred securities. While acting in a principal capacity, Moors & Cabot, Inc. purchased preferred shares from one of its customers [...]

Oct 26, 2020

LOST MONEY INVESTING THROUGH ROBINHOOD? LEARN YOUR OPTIONS FOR RECOVERY WITH THE FRANKOWSKI FIRM

By |October 26th, 2020|Legal Matters|

According to the Consumer Financial Protection Bureau’s (CFPB) Consumer Complaint Database, the popular investing and trading platform Robinhood Markets, Inc. (“Robinhood”) received fifty-nine (59) consumer complaints so far in 2020, as of the date of writing. Customer complaints against Robinhood in the CFPB database include locked accounts, withdrawal delays, customer service responsiveness, among other issues. [...]

Oct 23, 2020

KIMBERLEE LEVY & CONCORDE INVESTMENT SERVICES, LLC FINED $300,000 FOR ALLOWING SUSPENDED BROKER TO INTERFERE WITH TRANSACTIONS

By |October 23rd, 2020|Legal Matters|

Concorde Investment Services, LLC  and its Chief Compliance Officer, Kimberlee Elizabeth Levy, were recently censured and fined by the Financial Industry Regulatory Authority (FINRA) for failing to reasonably supervise a former representative who allowed her husband to conduct business transactions and trades with Concorde’s customers while he was serving a FINRA-imposed one-year suspension. While aware [...]

Oct 22, 2020

LEK SECURITIES CORPORATION FINED AND SUSPENDED FOR IMPROPER MICROCAP SECURITIES TRADING

By |October 22nd, 2020|Legal Matters|

Lek Securities Corporation was recently found by the Financial Industry Regulatory Authority (“FINRA”) to have failed in implementing Anti-Money Laundering (AML) policies and internal controls to detect suspicious transactions and comply with the Bank Secrecy Act and regulations from the Department of the Treasury. Samuel Lek was the firm’s CEO, chief compliance officer (CCO), and [...]

Oct 20, 2020

TROY BAILY, FORMERLY OF SAGEPOINT FINANCIAL INC., SUSPENDED AND FINED BY FINRA FOR TRADING WITHOUT WRITTEN APPROVAL

By |October 20th, 2020|Legal Matters|

On October 19, 2020, the Financial Industry Regulatory Authority fined and suspended former broker of SagePoint Financial, Troy Robert Baily, for engaging in four undisclosed and unapproved private securities transactions totaling $210,000. From November 2016 through March 2018, Baily was registered with FINRA as an investment company and variable contracts products representative, and associated with [...]

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