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Laidlaw Broker Facing Eight Complaints

The Frankowski Firm is investigating Laidlaw broker Ahmad Wares of New York. Wares is the target of several customer complaints, and Ware's clients who lost money investing with him may be able to recover their losses. Wares spent fifteen years in the securities industry and has been registered with Salomon Whitney in Farmingdale, New York since December 2015. Earlier registrations include Laidlaw & Company in London (2012-2015); EKN Financial Services in Melville, New York (2010-2012); First Midwest Securities in Melville (2008-2009); New Castle Financial Services in Melville (2007-2008); Empire Financial Group in Uniondale, New York (2005-2007); Ehrenkrantz King Nussbaum, Inc. in Melville (2002-2005); and Ladenburg Capital Management in Bethpage, New York (1998-2002). Of his former employers, four have since been expelled by FINRA: EKN Financial Services, New Castle Financial Services, Empire Financial Group, and Ehrenkrantz King Nussbaum. According to FINRA's BrokerCheck report on the former Laidlaw broker, Wares has had eight customer complaints filed against him as well as [...]

By |March 15th, 2016|Broker Check, FINRA, Fraud, Press Releases & News|
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Ex-MetLife, Pruco Broker Accused Of Deceptive Variable Annuity Sales Practices

FINRA has accused a former MetLife Securities Inc. and Pruco Securities Inc. broker, Winston Wade Turner, of harmful and deceptive variable annuity sales practices. According to FINRA's complaint, Turner allegedly "engaged in a course of deception and other misconduct in connection with sales and exchanges of variable annuities involving numerous customers." Turner also allegedly induced some clients to exchange their variable annuities and other investments, whereby they surrendered existing contracts to fund purchases of new variable annuities, sometimes incurring surrender charges for the investor and generating additional commissions for Turner. He concealed the unsuitability of these transactions by falsifying documents and misrepresenting the way some income features on the annuity contracts worked, according to the complaint. More specifically, Turner allegedly hid the nature of the variable annuity transactions by circumventing the “additional supervisory scrutiny and documentation” required for these exchanges, the complaint says. In some cases, Turner hid his actions by recommending clients deposit proceeds from the surrender of the variable [...]

By |March 2nd, 2016|Broker Check, FINRA, Fraud, Press Releases & News|
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Frankowski Firm Investigating UBS Broker

The Frankowski Firm is currently investigating the possible wrongdoing of current UBS Financial Services broker Bradley Ross of Fort Lauderdale, Florida. According to FINRA's BrokerCheck, Ross has been the subject of a number of customer complaints. In 2015, a customer alleged Ross, while employed at UBS, recommended investments not consistent with their risk tolerance. The customer claimed Ross's recommendation was made with total disregard for their risk tolerance and was a radically unsuitable recommendation based on both their risk tolerance and investment history. Again in 2015, a customer alleged Ross, while employed at UBS, refused to follow the customer's directives to sell, violated multiple fiduciary obligations including the buying of unsuitable investments and making unauthorized trading. The customer requested $94,862 in damages. Also in 2015, a customer alleged Ross, while employed at UBS, recommended unsuitable investments and over-concentrated their account. The customer sought $400,000 in damages in the complaint. In 2014, a customer alleged Bradley Ross, while employed at UBS Financial [...]

By |February 5th, 2016|Broker Check, FINRA, Press Releases & News, SEC|
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Former Wedbush Securities Broker Defrauds Elderly Customer

  In July 2014, Michael Winegar, formerly a broker with Wedbush  Securities, allegedly convinced an elderly customer to pay him $100,000. Winegar told the 85-year-old customer that he would use the funds to create an independent advisory firm through which Winegar would supposedly satisfy the $100,000 debt by providing the customer with free investment advice over the next four years. Winegar never established an independent advisory firm. In fact, Winegar was planning on retiring from the securities industry at the time of the agreement. After receiving the $100,000, Winegar sold his securities business to another Wedbush representative and left the industry. As part of the sale, Winegar entered into a non-compete agreement that prevented him from providing investment advice to his former Wedbush customers, including the elderly customer from whom Winegar had received the $100,000. Winegar used the customer's money for his own personal use, including paying off his daughter's student loan debt and his own credit card bills. He [...]

By |February 4th, 2016|Broker Check, FINRA, Fraud, Press Releases & News|
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