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Frankowski Firm Investigating Westpark Capital for Potential Broker Fraud and Negligence

The law offices of The Frankowski Firm, LLC are investigating customer complaints concerning Westpark Capital, Inc. for the potential sale of unsuitable investments to their customers and failure to diversify these customers' accounts. The firm has its headquarters in Los Angeles, California, and FINRA records show it has been registered with both the SEC and FINRA since July 1999. Westpark Capital is no stranger to scrutiny. In 2010, FINRA ordered the firm to pay a sum of $400,000.00 for supervisory system failures. The regulator also suspended two officers for failing to supervise representatives in two New York branches who allegedly churned customer accounts and engaged in unsuitable and unauthorized trading in several customers' accounts. The monetary sum included a $100,000.00 fine and $300,000.00 in restitution to the injured customers. In that case, FINRA found that a number of the brokers hired by Westpark Capital at the time came from firms with long histories of disciplinary records, a number of which [...]

By |July 20th, 2017|FINRA|
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Berthel Fisher On Thin Ice With FINRA For Supervisory Failures

In 2014, FINRA fined Berthel Fisher & Co. Financial Services Inc. and one of its affiliates $775,000 for a number of failures to supervise sales of nontraded REITs and leveraged ETFs between 2008 and 2012. Now the company is on thin ice with FINRA again for failing to supervise the sale of an investment product. This time the sale of unit investment trusts is the problem. In March, FINRA sued Berthel Fisher and its ex-broker Jeffrey Dragon for structuring sales from 2013 to 2014 of UITs to customers to allegedly avoid reaching levels at which breakpoint discounts would kick in, hurting clients while increasing the broker's commission. The firm terminated Dragon in September 2016 as it "believed he did not adhere to a term of his heightened supervision agreement, which required him to run all business, including fixed indexed annuities, through the firm's commission grid," Dragon's BrokerCheck states. FINRA's complaint alleges that he generated over $421,000 in commissions for himself and the [...]

By |April 24th, 2017|FINRA|
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If I Lose Money, Can I Sue My Stockbroker or Financial Advisor?

When you invest your hard-earned money, you probably do so because you want to protect yourself in the future. Whether you are planning for your retirement, for a major purchase (like a home), for your children’s educational opportunities or are simply investing for fun, the goal is to make money, not lose it. But what happens if you lose everything? Can you sue your financial advisor or your broker to recoup those losses? The short answer is “yes,” but only if those losses are the result of wrongful acts by your advisor, broker or investment firm. If the person you trusted with your money acts unethically, commits an act of securities fraud, or behaves in a negligent manner, you may be entitled to pursue damages through a lawsuit or through FINRA arbitration. Broker negligence, securities fraud and the loss of your investments Losing money in the stock market is not always a case of negligence or securities fraud; fluctuations in [...]

By |April 19th, 2017|FINRA, Fraud|
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Robert Tricarico Sentenced To 3.5 Years In Prison For Client Theft

Robert Tricarico, a former LPL broker, pleaded guilty to stealing $1.2 million from a client by a federal court in Hartford, Connecticut and was sentenced to forty-one (41) months in jail. The Court also ordered him to pay restitution. Tricarico started his career as a broker in 1992 and spent ten years with Merrill Lynch. He was most recently registered with LPL. He worked for LPL for three years prior to being barred from the industry by FINRA in April 2015. According to document filed with the Court and in-person testimony, between January 2010 and June 2013, Robert Tricarico was a financial advisor for an elderly and infirmed victim who had substantial assets. He allegedly took over $1.1 million from the client by writing a number of checks to himself or for his benefit without the client's permission, according to the SEC, who has also barred him from the industry. Additionally, Tricarico liquidated the client's coin collection and took checks [...]

By |April 13th, 2017|Fraud, FINRA, SEC|
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