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Broker Accused Of Pump-And-Dump Scheme

Guy Gentile of Putnam Valley, New York allegedly ran a $17 million pump-and-dump stock scheme. Gentile faces federal counts of securities fraud and conspiracy to commit securities fraud. He was indicted late last month, according to U.S. Attorney Paul J. Fishman. The SEC filed a civil suit against Gentile late last month, as well. Gentile's alleged scam actually involved two different schemes from April 2007 to June 2008, according to the SEC. Gentile is no longer a registered representative but was most recently registered with Stock USA Execution Services, Inc. in Carmel, New York. According to the U.S. Attorney's office, Gentile and two Canadian stock promoters, Itamar Cohen and Michael Taxon, artificially inflated the stock price of two publicly traded companies, Raven Gold Corporation and Kentucky USA Energy Inc. Gentile, Cohen, and Taxon, gained control over a large portion of Raven Gold's and Kentucky USA Energy's free trading shares, according to the SEC. The three allegedly then used manipulative trading [...]

By |April 20th, 2016|Fraud, Press Releases & News, SEC|
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Investors File Churning Complaints Against John Prinzivalli

According to FINRA's BrokerCheck, broker John Prinzivalli has been the subject of two churning complaints since 2010. Other complaints against Prinzivalli have alleged a number of securities law violations including that the broker made unsuitable investments and breached his fiduciary duty. One complaint filed in October 2014 alleges $130,000 in damages due to unsuitable recommendations, high pressure sales tactics, and churning.  The case is currently pending.  In a separate complaint filed in November 2010, a customer alleged the broker churned his accounts, made unsuitable investments, and breached his fiduciary duty, claiming $250,000 in damages.  This case was settled. Excessive trading, also called churning, occurs when a broker trades in and out of securities, even the same stock on occasion, numerous times over a short period. Many times the account will completely turnover each month with completely new securities. Brokers have no reasonable basis for engaging in this kind of trading other than to profit for themselves through the generation [...]

By |April 12th, 2016|Broker Check, FINRA, Fraud, Press Releases & News|
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Investors File Complaints Against James Hayne

The Frankowski Firm is investigating complaints regarding Texas-based Cetera Advisors broker James Hayne (CRD# 3257845). He has spent sixteen years in the securities industry and has been registered with Cetera Advisors in Mansfield, Texas since 2014. Previous registrations include Questar Capital Corporation in Glendora, California (2013-2014); First Allied Securities in Glendora, California (2008-2013); Edward Jones in Pomona, California (2002-2008); and Morgan Stanley DW in Purchase, New York (1999-2002). He is a registered broker and investment adviser with five US states: Alabama, California, Florida, Nevada, and Texas. According to his BrokerCheck report, Hayne is the subject of one pending customer complaint, four closed or denied customer complaints, and one tax lien: In October 2015 a customer alleged Hayne, while employed at First Allied Securities, breached his fiduciary duty, breached his contract, committed fraud, acted negligently, failed to supervise, and made unsuitable and excessive trades. In 2014 a customer alleged Hayne, while employed at First Allied Securities, executed unauthorized trades, charged excessive commissions, [...]

By |April 8th, 2016|Broker Check, FINRA, Fraud, Press Releases & News|
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Advisor Accused Of Operating $53M Ponzi Scheme

John Bivona, an unregistered advisor from New Jersey, has been accused of operating a massive Ponzi scheme by the SEC. Bivona allegedly raised over $53 million from investors, whom he told he would put the money in pre-IPO technology companies. Rather, he used the funds to pay his nephew's credit card bills, income taxes, a car loan, attorney fees, and the mortgage on a Jersey Shore vacation home, said the SEC. The Commission's complaint, filed in U.S. District Court in the Northern District of California, alleges that since October 2013, Bivona "orchestrated a Ponzi-like scheme that has defrauded investors in up-and-coming technology companies." The complaint further states, "Millions of dollars have been funneled to pay for the expenses of earlier funds that Bivona and his companies also manage, while at least $5.7 million has been diverted to family members." Bivona “steered the lion's share of the misappropriated money to benefit [his] nephew, Frank Mazzola, who faced SEC fraud charges [...]

By |April 7th, 2016|Fraud, Press Releases & News, SEC|
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