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. [su_spacer size=”10″]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 […]
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. [su_spacer size=”10″]One complaint filed in October 2014 alleges $130,000 in damages due to unsuitable recommendations, […]
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, […]
Laidlaw Broker Facing Eight Complaints
The Frankowski Firm is investigating Laidlaw broker Ahmad Wares of New York. Wares is the target of several customer complaints, and Ware’s clients who lost money investing with him may be able to recover their losses. [su_spacer size=”10″]Wares spent fifteen years in the securities industry and has been registered with Salomon Whitney in Farmingdale, New York […]
Morgan Stanley Subject Of Arbitration Filed By NC Couple
Two North Carolina investors have filed an arbitration claim with FINRA against Morgan Stanley over unsuitable investments involving the firm’s Cushing MLP High Income Exchange Traded Note. The married couple, who are retirees in their sixties, are accusing the brokerage firm of common law fraud, negligence, breach of fiduciary duty, negligent supervision, and failure to […]
Most Common Investment Adviser Violations
Six investment adviser violations make up roughly 60% of all deficiencies the SEC’s staff find when they investigate adviser offices, according to Renee Esfandiary, assistant director of the SEC’s Office of Compliance, Inspections and Examinations. The investment adviser violations include: Compliance Rule Violations include not have written policies and procedures to ensure firm operations adhere to […]
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 […]
DOL Fiduciary Rule Reaches OMB
A Department of Labor rule that would raise investment advice standards for retirement accounts reached one step closer to being finalized last night. The DOL sent the measure to the Office of Management and Budget, who noted its receipt today on its website. The OMB will have 90 days to review the rule, but it […]
Labor Department Ready To Advance Final Fiduciary Rule
The Department of Labor is ready to advance as soon as the end of the month a final rule that would raise investment advice standards for retirement accounts. The department is trying to get the rule to the Office of Management and Budget (“OMB”) for review by January 31, according to a report published by Politico. […]
Massachusetts Regulator Charges Securities Firm With Unsuitable Sale To Elderly Client
William Galvin, secretary of the commonwealth of Massachusetts, has charged a securities firm operating at Citizens Bank locations with “dishonest and unethical conduct” for selling an elderly woman funds that were riskier than her stated investment tolerance. Galvin seeks restitution from Citizens Securities for the anonymous investor, who lost roughly $7,000 when she got out […]
