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FINRA Bars Jay Jules Gruenebaum

FINRA has permanently banned former broker Jay Jules Gruenebaum, who was terminated by his most recent employer, Stifel Nicolaus, for making unauthorized payments to clients. FINRA began its investigation of Gruenebaum after his June 16 termination and two customer complaints about mishandled accounts and particular representations he made to them, in addition to the unauthorized payments. FINRA requested in person testimony, but Jay Jules Gruenebaum failed to appear. "I would point out that the ban was for his unwillingness to travel to DC for an OTR [on-the-record testimony.] He had already decided to leave the industry and did not want to spend additional time and money," wrote Gruenebaum's attorney. Gruenebaum neither admitted nor denied FINRA's findings. Gruenebaum began his employment with Stifel Nicolaus in March 2013 and was terminated on May 23, 2016. This was not Gruenebaum's first termination. He was terminated by Merrill Lynch after six years of employment for altering client documents on several occasions, according to his BrokerCheck, which [...]

By |October 11th, 2016|Broker Check, FINRA, Press Releases & News|
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FINRA Bars Broker Douglas Wayne Studer

FINRA has barred former broker Douglas Wayne Studer, who was named in estate documents to inherit his 91-year-old customer's waterfront condominium in Fort Lauderdale, Florida. FINRA investigated Studer for potentially violating his former employer's firm policy by being named in his customer's estate documents, according to a settlement notice accepted by FINRA's department of enforcement. FINRA started looking into the former broker in 2012. On August 2, FINRA asked Studer to provide on-the-record testimony, but he failed to appear. In settling the matter, he agreed to be barred without admitting or denying FINRA's findings. Studer, who had been a broker for 15 years, worked for Kovack Securities Inc., from October 8 until his termination in July. There are two customer disputes listed on his BrokerCheck profile, both of which have been closed. If you or someone you know has lost money as a result of an investment or Ponzi scheme, please contact Richard Frankowski at 888-741-7503 to discuss your potential [...]

By |September 22nd, 2016|Broker Check, FINRA, Press Releases & News|
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Brian James Egan Barred by FINRA

FINRA barred Brian James Egan from the securities industry after allegedly failing to disclose trading accounts he held beyond his employer, Independent Financial Group. According to a settlement notice accepted by FINRA, Egan did not disclose eighty-seven brokerage accounts he held with a separate firm from April 2010 to July 2015. He allegedly held trading authority over said accounts, which were owned by himself, family members, and clients of his accounting and tax preparation practice. FINRA further claims that Egan transferred funds and securities from particular customer accounts to his own. Brian James Egan agreed to be barred from the industry in his settlement. He was registered with Independent Financial Group in Laguna Niguel, California between April 2010 and July 2015. He was terminated on July 28, 2015 for allegedly failing to disclose the brokerage accounts he held away form the firm, violating the firm's policy. FINRA claims Egan made misrepresentations in compliance forms he submitted to Independent Financial Group [...]

By |August 5th, 2016|Broker Check, FINRA, Press Releases & News|
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Broker To Pay $331k For Unsuitable Investments

A FINRA Arbitration panel ordered Frederick Baerenz, president and CEO of AOG Wealth Management, to pay $331,000 in compensatory damages after finding him liable of unsuitable trading. Baerenz allegedly misled his investors, Barbara and Roger Bond, regarding the risks of their direct private placements while investing in them between 2006 and 2008. Of the $1.3 million that was invested, Baerenz placed roughly $941,000 in private placements, according to Todd Zuckerbrod, the couple's attorney. “Even though the clients had signed a form saying that they know they are getting a high-risk investment, the panel thought it did not insulate the broker that they were unsuitable investments and he shouldn't have done that,” Zuckerbrod said. Baerenz disagreed: "While we believe that there should have been no award, we are gratified that the panel rejected two-thirds of their damage claims,” he said. The Claimants asked for about $1 million in damages but were awarded $331,000, and any other relief including punitive damages was [...]

By |July 14th, 2016|Press Releases & News, Broker Check, FINRA|
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