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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. Wares spent fifteen years in the securities industry and has been registered with Salomon Whitney in Farmingdale, New York since December 2015. Earlier registrations include Laidlaw & Company in London (2012-2015); EKN Financial Services in Melville, New York (2010-2012); First Midwest Securities in Melville (2008-2009); New Castle Financial Services in Melville (2007-2008); Empire Financial Group in Uniondale, New York (2005-2007); Ehrenkrantz King Nussbaum, Inc. in Melville (2002-2005); and Ladenburg Capital Management in Bethpage, New York (1998-2002). Of his former employers, four have since been expelled by FINRA: EKN Financial Services, New Castle Financial Services, Empire Financial Group, and Ehrenkrantz King Nussbaum. According to FINRA's BrokerCheck report on the former Laidlaw broker, Wares has had eight customer complaints filed against him as well as [...]

By |March 15th, 2016|Broker Check, FINRA, Fraud, Press Releases & News|
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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 adequately disclose the risks associated with their investment. The Claimants assert that they have lost of $100,000. According to them, the Morgan Stanley broker invested about $150,000 of their money in the Exchange Traded Note, which is connected to master limited partnerships with shipping and energy assets. According to their attorneys, the couple did not understand the extent of the risks involved in that they could potentially lose their principal. Rather, Claimants were told they would make money. The Cushing MLP High Income Exchange Traded Note seeks to give investors cash upon maturity or early repurchase, as well as variable coupon payments every quarter (depending [...]

By |March 14th, 2016|FINRA, Fraud, Press Releases & News|
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Former Broker Indicted On Fraud Charges

Claus Foerster, an ex-broker from South Carolina, was indicted by a grand jury for bilking customers out of $2.8 million during a fourteen-year span. Foerster operated his scheme from 2000 to 2014 while working as a financial advisor at Smith Barney & Co., Morgan Keegan & Co. and Raymond James Financial Inc., according to an indictment in the U.S. District Court in Spartanburg, South Carolina. The allegations stem from FINRA's 2014 decision to bar Foerster from the securities industry for operating a Ponzi scheme. Foerster would tell customers that he had an "excellent investment" for them at SG Investments, a fictional company that Foerster claimed would provide higher returns than the brokerage firms that employed him, according to the indictment. After clients agreed to the investment, Foerster then told them to take out money from their brokerage accounts and put it into their personal banking accounts. Deposits were then transferred to him in the form of checks. Foerster kept the [...]

By |March 11th, 2016|FINRA, Fraud, Press Releases & News|
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Ex-MetLife, Pruco Broker Accused Of Deceptive Variable Annuity Sales Practices

FINRA has accused a former MetLife Securities Inc. and Pruco Securities Inc. broker, Winston Wade Turner, of harmful and deceptive variable annuity sales practices. According to FINRA's complaint, Turner allegedly "engaged in a course of deception and other misconduct in connection with sales and exchanges of variable annuities involving numerous customers." Turner also allegedly induced some clients to exchange their variable annuities and other investments, whereby they surrendered existing contracts to fund purchases of new variable annuities, sometimes incurring surrender charges for the investor and generating additional commissions for Turner. He concealed the unsuitability of these transactions by falsifying documents and misrepresenting the way some income features on the annuity contracts worked, according to the complaint. More specifically, Turner allegedly hid the nature of the variable annuity transactions by circumventing the “additional supervisory scrutiny and documentation” required for these exchanges, the complaint says. In some cases, Turner hid his actions by recommending clients deposit proceeds from the surrender of the variable [...]

By |March 2nd, 2016|Broker Check, FINRA, Fraud, Press Releases & News|
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