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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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Ex-Broker Charged With Improper Trading

FINRA charged David Randall Lockey, a former broker, with profiting as a result of improper trading of customer accounts over a span of nearly two years. According to FINRA's complaint, Lockey “engaged in unsuitable short-term trading and switching in” mutual funds and unit investment trusts in four accounts between May 2012 and March 2014 during his time as a representative of SWS Financial Services Inc., now known as Hilltop Securities Independent Network Inc. Lockey's improper trading created gross compensation of roughly $75,730 for him and SWS while three of the four customers lost a sum of $15,699. Those customers included a social worker, a bookkeeper for a family-owned business and a commercial services driver. The last customer, who is a retired engineer, had a "small gain" of $4,948, according to FINRA. According to FINRA's BrokerCheck, Lockey is a named Respondent in a recently filed customer complaint. The complain alleges that Lockey recommended and engaged in a pattern of unsuitable short-term trading [...]

By |April 5th, 2016|Press Releases & News, Broker Check, FINRA|
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Kansas Man Sentenced For Securities Fraud

Dennis D. Bailey of Bel Aire, Kansas has been sentenced to five years in prison for securities fraud. In addition to his 61 month prison sentence, Bailey was ordered to pay $875,000 in restitution. The former financial adviser had previously pleaded guilty to one count of felony securities fraud under the Kansas Uniform Securities Act. Bailey had been originally charged with 39 felony counts of securities fraud and selling unregistered securities but only pleaded guilty to the one count. Seven Kansas investors were bilked out of over $700,000 from January 2008 to February 2011 when Bailey sold them unregistered securities in an an entity called Legacy Capital. Prosecutors believe that Bailey used a large portion of the money he received from his investors for personal expenses. Bailey had previously been suspended in 2010 by FINRA from associating with any FINRA member in any capacity for two years. Without admitting or denying the allegations, Bailey consented to the described sanctions [...]

By |March 30th, 2016|FINRA, Fraud, Press Releases & News|
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