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Complaints Against Merrill Lynch Broker For Unsuitable Recommendations

According to FINRA's BrokerCheck, Merrill Lynch broker Heather Weber has been the subject of at least seven customer complaints. The complaints claim that Weber violated securities laws, including soliciting unsuitable investments and making misrepresentations of materials facts. In January 2016 a customer filed a complaint alleging $200,000 in damage stemming from unsuitable investment recommendations from 2012 through 2016.  The complaint is pending. In September 2015, another customer filed a complaint alleging unsuitable investments causing $475,000 in losses from investments made from 2012 through July 2014.  This claim is pending as well. In October 2014, a customer alleged that Weber recommended unsuitable investments and made misrepresentations and omissions of material facts from March 2006 to September 2014. The claimant requested $1,500,000 in damages, and the complaint is pending. In January 2014, a customer alleged that Weber recommended unsuitable investments and made misrepresentations and omissions of material facts. The claimant requested $500,000 in damages. The case was settled [...]

By |April 28th, 2016|Press Releases & News, Broker Check, FINRA|
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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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FINRA Bars Broker For Money Laundering And Deception

FINRA has barred James Van Doren from the securities industry for unethical conduct. Van Doren was allegedly involved in money laundering and operating a scheme to deceive a friend's creditors and facilitate criminal conduct, including conspiracy to commit bankruptcy fraud. FINRA found that Van Doren helped a childhood friend and business associate avoid legal obligations by deceiving his creditors. Van Doren had invested in a number of real estate developments with his friend's company in an outside business activity. The company, however, was not able to meet its obligations, and creditors tried to claim the friend's assets. On three different occasions, Van Doren accepted a total of $244,000 from the friend, including $30,000 in a briefcase full of cash, with the goal of hiding the assets from the creditors. He returned the majority of the money to his friend and kept some of it for himself to offset some of his own financial losses. FINRA further found that Van [...]

By |April 25th, 2016|FINRA, Fraud, 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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