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FINRA Bars Broker Miguel Hernandez

FINRA barred Miguel Hernandez from the securities industry after he allegedly lied to an elderly woman he met in church to acquire $25,000 in cash. While registered with Thrivent Investment Management Inc., the former broker told the client he needed the money to pay for expenses related to his tax business, according to a settlement notice accepted by FINRA. Hernandez, in fact, did not have a tax business and instead used the customer's money for personal expenses, said FINRA. Hernandez promised the elderly client a 2% stake in his nonexistent tax business after the fifth year of its existence in addition to quarterly payments of $1,081.56 for at least three years and for as many as ten, according to the notice. The former broker acquired the $25,000 in 2010 and repaid the woman in full in June 2015 after his wrongdoing was uncovered. According to FINRA's BrokerCheck, Hernandez was registered with Thrivent from May 2004 until he was discharged [...]

By |May 18th, 2016|Broker Check, FINRA, Press Releases & News|
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FINRA Fines Raymond James $17M

FINRA has fined two units of Raymond James Financial Inc. with a record $17 million in fines for rampant compliance failures in the brokerage's anti-money laundering programs. The two units, Raymond James & Associates and Raymond James Financial Services, failed to implement systems to properly prevent, detect, and investigate suspicious activity for a number of years as the units saw "significant growth" from 2006 to 2014, according to a statement from the regulatory authority. Linda Busby, Raymond James' former anti-money laundering compliance officer, was fined $25,000 and suspended for three months. “This case demonstrates that when there are broad-based failures within specific areas of responsibility, we will seek individual liability where appropriate," said FINRA's Chief of Enforcement, Brad Bennett. The brokerage firm's $17 million fine is FINRA's biggest pertaining to anti-money laundering, according to Michelle Ong, FINRA's spokeswoman. FINRA was especially concerned about the failures as RJFS was sanctioned in 2012 for inadequate procedures and agreed to review its program [...]

By |May 18th, 2016|FINRA, Press Releases & News|
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Leavitt Sanders’ Clients May Have Legal Rights

The Frankowski Firm, LLC has filed several lawsuits alleging that Leavitt Sanders and the entities he traded through committed investment fraud. These entities include Leavitt Financial Group, Inc., Sanders Yearian Advisory Group, Inc., Triad Advisors, Inc., IFC Holdings, Inc. d/b/a INVEST Financial Corporation, and Capital Asset Advisory Services, LLC. The investors allegedly defrauded, many of whom are of retirement age, depended on the funds they entrusted to Sanders and allege that he and the associated firms failed to act in accordance with the investors’ objectives and with the applicable standard of care. The investors, having suffered catastrophic losses to their life savings, also allege that Sanders breached his duties and engaged in wrongful conduct. According to the investors, Sanders made trades and engaged in other investment activities without their authority. Furthermore, he failed to properly keep the investors informed about the trading within their accounts. Specifically, he engaged in “block purchasing,” which is the purchase of numerous shares of common [...]

By |May 17th, 2016|Broker Check, FINRA, Fraud, Press Releases & News|
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PA Financial Advisor Defrauds Pro Athletes

Louis Martin Blazer, III, a financial advisor from the Pittsburgh, Pennsylvania area took cash from numerous professional athletes to invest in movie projects in which he had an interest, according to the SEC. Blazer used roughly $2.35 million from five clients without their authorization to help finance two motion pictures: "Mafia the Movie" and "Sibling." In one instance, Blazer allegedly thieved $500,000 from the account of an athlete who had refused to invest in the projects. When that client discovered what Blazer had done and threatened a lawsuit, Blazer began taking money from another athlete to make the repayment in "Ponzi-like fashion," according to the SEC. “We allege that Blazer grossly abused the trust placed in him by his clients and repeatedly took their money without authorization,” said Andrew Calamari, director of the SEC's New York Regional Office. “And when our examiners put him on the spot, he resorted to false statements and false documents.” Blazer, who lives in Clinton, [...]

By |May 9th, 2016|Broker Check, FINRA, Fraud, Press Releases & News, SEC|
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