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Paul Lebel Barred By SEC For Churning

Paul Lebel, a broker formerly with LPL Financial from 2008 to 2014, was barred by the SEC for churning and excessively trading mutual funds in customer accounts and generating excess fees. According to the SEC administrative proceeding, Lebel "defrauded four customers by churning several of their accounts. In particular, Lebel exercised de facto control over these customers' accounts and excessively traded mutual fund shares which carry large front-end load fees.” According to the commission, Paul Lebel bought and sold mutual fund A shares, which are meant to be long-term, buy-and-hold investments, generating $50,000 in commissions. Lebel will pay $56,500 as part of the settlement. “Lebel's excessive trading was inconsistent with the customers' investment objectives, and willfully disregarded the customers' interest,” according to the SEC. “From August 2008 through August 2014, Lebel executed numerous mutual fund A share trades that, in light of Lebel's customers investment objectives, were fraudulent, made to the detriment of Lebel's customers, and [...]

By |October 19th, 2016|Press Releases & News, SEC|
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Caldwell International Securities To Pay $2M

Caldwell International Securities Corp. will pay roughly $2 million to settle charges that it hurt its investors. Further, the company's founder, Greg Caldwell, has agreed to be banned from the industry. According to FINRA, Caldwell International will pay a fine of $1 million and an additional $1 million in restitution to investors who lost money as a result of excessive trading in their accounts, which is called churning. Caldwell, himself, will pay $50,000 under the settlement. The firm failed to prevent unsuitable investment methods and churning as it grew and changed strategies, FINRA said. Its supervisory systems and procedures did not evolve with the risks that came with its growth. Caldwell International had been a small, regional broker-dealer operating its home office out of ex-President Lennie Freiman's house on a ranch in Fischer, Texas until 2011, according to the regulatory authority. At that point, the firm began to grow quickly, opening new branches in New York [...]

By |September 1st, 2016|FINRA, Press Releases & News|
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Broker Faces Numerous Complaints Of Misrepresentations

According to FINRA's BrokerCheck, New York-based Worden Capital Management broker Allan Montalbano is facing numerous customer complaints for making misrepresentations, among other allegations. Montalbano has spent 13 years in the securities industry and has been registered with Worden Capital Management in Westbury, New York since June 2015. Previous registrations include Four Points Capital Partners in Westbury, New York (2014-2015); National Securities in Westbury, New York (2010-2014); Woodstock Financial in Garden City, New York (2003-2007; 2008-2010); Chase Investment Services in Hicksville, New York (2008); NYLife Securities in Jericho, New York (2008); Pointe Capital in Bethpage, New York (2007); and AXA Advisors in New York, New York (2002-2003). He is a registered broker in 19 US states. Montalbano is currently the subject of six pending broker complaints. In March 2016, five customers filed complaints against Montalbano for conduct that occurred while he was registered with National Securities Corporation. Each complaint alleges that Montalbano made material misrepresentations, breached his fiduciary duty, and [...]

By |April 27th, 2016|Broker Check, FINRA, Press Releases & News|
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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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