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 […]
Kevin Graetz Suspended By FINRA
Kevin Graetz has settled a FINRA complaint accusing him of failing to report federal and state tax liens against him amounting to over $1 million over nearly seven years. FINRA’s Form U4 mandates registered representatives to disclose whether there are any unsatisfied judgments or liens against them. In amendments, Graetz filed to his form […]
FINRA May Clampdown On Brokers, Unpaid Awards
Next week, FINRA will take a look at two problems that have been plaguing it: brokers with disciplinary records who manage to keep popping back up in the industry and firms that do not pay arbitration awards. The regulator will “consider proposed rule amendments and other steps designed to heighten the oversight of high-risk brokers […]
Corrine Mittag Faces Sanctions From FINRA Over Alleged Email Fraud
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Paul Stanley Of Waddell & Reed Barred By FINRA
FINRA announced that it barred former Waddell & Reed Inc. broker Paul Stanley, who was dismissed by Wadell & Reed in January 2016 for failing to comply with the company’s professional conduct, supervisory, and compensation policies. Stanley failed to show up for on-the-record testimony sought by the regulator. He, however, reached a settlement with FINRA, […]
Craig David Dima Barred By FINRA
Craig David Dima, an ex-registered representative with K.C. Ward Financial in Ronkonkoma, New York, was barred from the securities industry by FINRA for making unauthorized and unsuitable trades amounting to roughly $15 million in a seventy-three (73) year old retiree’s account, as well as for misrepresenting the reasons for all the trades to the customer. […]
Buffer Annuities: Why Regulators Are Seeing Complaints
Regulators are beginning to shift their attention toward buffer annuities, a new kind of variable annuity. These annuities are extremely complicated and utilize structured products, rather than mutual funds, in the sub-account as the underlying investment. Donald Lopezi, Senior Vice President and Regional Director of FINRA’s western region, has noted that the regulator has started […]
FINRA January 2017 Disciplinary Actions
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Henry Al Dean Watson Barred By FINRA
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Valic Financial Advisors Fined $1.75M
Referring to several conflicts of interest regarding how the firm paid brokers selling annuities, FINRA announced that it fined Valic Financial Advisors Inc. $1.75 million. FINRA found that VFA “failed to have a reasonable system to address and review the conflict of interest created by its compensation policy,” the regulator stated. It specifically pointed to occasions […]
