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KEVIN MCCALLUM HIT WITH $4.8 MILLION CUSTOMER CLAIM INVOLVING MEDLEY CAPITAL STOCK

Kevin McCallum, an Alabama-based stockbroker and financial advisor with Glacier Point Advisors, LLC, who was previously registered with LPL Financial, LLC and NBC Securities, Inc., has disclosed a $4.8 million arbitration claim filed by his customers related to their investment in Medley Capital Corporation. According to the customers’ complaint, McCallum exercised discretionary trading authority in the customers’ account and used over-concentrated the account in a large position in Medley Capital Corporation. Medley Capital holds itself out as a non-diversified closed-end management investment company whose business model was to attempt to generate income and capital appreciation by lending funds to privately-held middle-market companies, primarily through directly originated transactions. The customers alleged that by October 2018, the Medley Capital position constituted over 85% of the total value of their account even though they knew nothing about the company and had no role in the selection of the stock for their account. According to their allegations, McCallum’s customers had a moderate risk profile [...]

By |February 2nd, 2021|FINRA|
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FINRA January 2017 Disciplinary Actions

FINRA takes disciplinary actions against firms and individuals for violations of FINRA rules; federal securities laws, rules, and regulations; and the rules of the Municipal Securities Rulemaking Board. Below are a number of penalties announced by the regulator in January 2017. If you have been a victim of any of the below behavior, you may have legal recourse. Please contact attorney Richard Frankowski today at 888-741-7503 for a free consultation. FINRA censured and fined VFG Securities, Inc. of Culver City, California $50,000, $10,000 of which is joint and several with Jason Bryce Vanclef. According to FINRA, the firm and Vanclef distributed and listed for sale online Vanclef's self-published book, which contained, false, exaggerated, unwarranted, or misleading statements, and omitted material facts or qualifications where the omissions caused the communication to be misleading. The findings also state they provided customers with misleading personalized recommendation spreadsheets. Advisors Clearing Network, Inc. of Pasadena, California was also censured and fined $50,000. FINRA found that it [...]

By |January 24th, 2017|Broker Check, FINRA, Fraud, Legal Matters, Press Releases & News, SEC|
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FINRA Bars Broker For Market Manipulation

FINRA barred broker George Johnson from the securities industry for operating a manipulative trading scheme to artificially inflate the market price and trading volume for the common stock of IceWEB, Inc. FINRA additionally sanctioned Christoper Wynne, Johnson's supervisor, suspending him for two years in all capacities, barring him in a principal capacity, and fining him $25,000. Joseph Mahalick, a broker who worked with both Johnson and Wynne, was suspended for six months and fined $20,000 for falsifying firm records and has been barred from the securities industry in another action. All three worked for Meyers Associates L.P. in its Chicago branch during the time of the misconduct. FINRA discovered that over eight days, Johnson manipulated the market for IWEB by recommending that certain of his customers buy at increasingly high and artificially inflated prices while also recommending his other customers sell their shares, often matching trades between his own customers. FINRA also found that Johnson's motives for manipulating the stock [...]

By |February 23rd, 2016|FINRA, Fraud, Press Releases & News|
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FINRA Investigates Conflicts In Broker Pay

FINRA is examining potential conflicts in interest regarding how firms compensate their brokers. In a targeted exam letter, FINRA asks firms about a number of compensation policies and practices, ranging from payout grids to recruiting incentives and mutual fund fees. Firms were also asked about compensation they get from product sponsors and how they promote particular products or groups of products. “The intent of this review is to continue our assessment of the efforts employed by firms to identify, mitigate and manage conflicts of interest, specifically with respect to compensation practices,” FINRA explained. FINRA is trying to gather information, rather than looking for violations. The regulator uses these kinds of sweeps to figure out if firms are adequately managing conflicts of interest or if FINRA needs to issue additional guidance. “It is really designed to determine whether practices around compensation or certain products that are sold are being sold for the right reason and there are not compensation incentives that could [...]

By |August 21st, 2015|FINRA, Press Releases & News|
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