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FINRA Issues Investor Alert About High-Yield CD Offers

FINRA issued a new investor alert warning that advertisements touting higher-than-average Certificate of Deposit yields might actually be a lure to trick investors into buying costly investments. "In light of today's low interest rates, these ads attract attention. Some may be legitimate marketing, but calls into our Securities Helpline for Seniors indicate that many such ads are ploys in which the CD is used as bait to try to sell you a high-commission product, such as a fixed or equity-indexed annuity, a complex insurance investment that is not FDIC-insured and not subject to federal securities laws," said Gerri Walsh, FINRA's Senior Vice President of Investor Education. "The reality with these CD come-ons is that you may end up walking out with a costly financial product that is not a CD, and not risk-free." FINRA warns investors to be wary if you respond to one of these promotions for a certificate of deposit. Most require that you show up at an [...]

By |February 10th, 2016|FINRA, Press Releases & News|
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Stephens, Inc. Submits AWC Letter To FINRA For Failing To Apply Sales Charge Discounts

Stephens, Inc. submitted a letter of Acceptance, Waiver, and Consent to FINRA for failing to apply sales charge discounts to certain customers' eligible purchases of unit investment trusts ("UITs") between June 1, 2010 and May 31, 2015 in violation of FINRA's rules. Stephens alse failed to establish, maintain, and enforce a supervisory system and written supervisory procedures reasonably designed to ensure that customers received sales charge discounts on all eligible UIT purchases in violation of both NASD and FINRA rules. On March 31, 2004, FINRA issued Notice to Members 04-26, Unit Investment Trust Sales, which reminded broker-dealers that they should develop and implement procedures to ensure customers receive available sales charge discounts for UITs. The Notice further stated that UIT transactions must take place "on the most advantageous terms available to the customer" and that it is the firm's responsibility to "take appropriate steps to ensure that they and their employees understand, inform customers about, and apply correctly any applicable [...]

By |February 8th, 2016|FINRA, Press Releases & News|
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Frankowski Firm Investigating UBS Broker

The Frankowski Firm is currently investigating the possible wrongdoing of current UBS Financial Services broker Bradley Ross of Fort Lauderdale, Florida. According to FINRA's BrokerCheck, Ross has been the subject of a number of customer complaints. In 2015, a customer alleged Ross, while employed at UBS, recommended investments not consistent with their risk tolerance. The customer claimed Ross's recommendation was made with total disregard for their risk tolerance and was a radically unsuitable recommendation based on both their risk tolerance and investment history. Again in 2015, a customer alleged Ross, while employed at UBS, refused to follow the customer's directives to sell, violated multiple fiduciary obligations including the buying of unsuitable investments and making unauthorized trading. The customer requested $94,862 in damages. Also in 2015, a customer alleged Ross, while employed at UBS, recommended unsuitable investments and over-concentrated their account. The customer sought $400,000 in damages in the complaint. In 2014, a customer alleged Bradley Ross, while employed at UBS Financial [...]

By |February 5th, 2016|Broker Check, FINRA, Press Releases & News, SEC|
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Former Wedbush Securities Broker Defrauds Elderly Customer

  In July 2014, Michael Winegar, formerly a broker with Wedbush  Securities, allegedly convinced an elderly customer to pay him $100,000. Winegar told the 85-year-old customer that he would use the funds to create an independent advisory firm through which Winegar would supposedly satisfy the $100,000 debt by providing the customer with free investment advice over the next four years. Winegar never established an independent advisory firm. In fact, Winegar was planning on retiring from the securities industry at the time of the agreement. After receiving the $100,000, Winegar sold his securities business to another Wedbush representative and left the industry. As part of the sale, Winegar entered into a non-compete agreement that prevented him from providing investment advice to his former Wedbush customers, including the elderly customer from whom Winegar had received the $100,000. Winegar used the customer's money for his own personal use, including paying off his daughter's student loan debt and his own credit card bills. He [...]

By |February 4th, 2016|Broker Check, FINRA, Fraud, Press Releases & News|
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