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Texas Broker-Dealer Fined Over Variable Annuities

An annuity exchange allows brokers to transfer an investor's funds in an annuity to a new policy without incurring tax penalties. IMS Securities, a small broker-dealer firm, was fined $100,000 by FINRA for failing to supervise their brokers who used the annuity exchange to benefit themselves, according to a recent Investment News article. The brokers at IMS were transferring investor funds to new investments under the annuity exchange, producing many more upfront commissions for themselves at the expense of their customers. IMS had a duty to supervise the brokers and the annuity exchange investments and were fined for failing to do so. The article stated that there are two other pending FINRA complaints against the owner and chief executive officer, as well as the chief financial officers and the compliance officers, over the sale of variable annuities, real estate securities and REIT sales. If you or someone you know has lost money as a result of an investment or broker misconduct, please [...]

By |October 7th, 2016|Uncategorized|
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FINRA Suspends Former LPL Broker

FINRA has suspended former LPL Financial broker and supervisor Peter Neuberg for six months and has fined him $15,000 after failing to reasonably supervise a registered representative, according to the regulatory agency. Neuberg ceased regularly reviewing paperwork prepared by the representative, who altered documents pertaining to customer accounts, including reusing signatures from previously completed forms, FINRA says.Neuberg agreed to the suspension and fine without admitting or denying the findings.The supervisory failures occurred between September 2011 and June 2012, according to FINRA. Neuberg was registered with LPL in Parsippany, New Jersey from November 2000 to September 2012 before registering at BCG Securities, Inc., according to FINRA's BrokerCheck.LPL terminated him because of the allegations that he violated the firm's signature policy.The representative Neuberg was supposed to be supervising falsified documents to expedite transactions to accommodate customers, FINRA says. He failed to make a reasonable inquiry or conduct a review of the files she handled, even after she asked whether she was allowed [...]

By |June 22nd, 2016|Broker Check, FINRA, Press Releases & News|
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NBA/NFL Players Win $819k FINRA Award

Two former professional athletes, one from the National Basketball Association (NBA) and one from the National Football League (NFL), won an $819,000 arbitration award against Morgan Stanley Smith Barney in a case that revolved around the broker-dealer's negligent supervision of a former broker. The arbitration was brought by Keyon Dooling, who played guard in the NBA for twelve years, and John St. Clair, who played offensive tackle in the NFL for eleven years, against their former broker Aaron Parthemer, who was barred from the securities industry in 2015 by FINRA according to his BrokerCheck report. Dooling and St. Clair both invested in Global Village Concerns, a sportswear company. Dooling additionally invested in Club Play, a Miami Beach nightclub. Both investments, however, became worthless. “These guys worked incredibly hard for their money, and it is gratifying that the arbitrators found Morgan Stanley liable for failing to properly supervise its financial adviser,” said the athletes' attorney in a statement. “Too often, professional [...]

By |May 24th, 2016|Broker Check, FINRA, Press Releases & News|
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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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