+1-888-741-7503

|Richard@frankowskifirm.com

FINRA December 2015 Disciplinary Actions: Part II

Wunderlich Securities, Inc. (Memphis, TN) submitted an AWC in which the firm was censured and fined $50,000. FINRA found that it failed to establish, maintain, and enforce an adequate supervisory system and written procedures regarding the preparation and dissemination of consolidated reports. The findings stated that although the firm’s WSPs expressly permitted the preparation and dissemination of consolidated reports, they did not adequately address how the firm would supervise the use of consolidated reports. The firm also failed to establish, maintain, and enforce an adequate supervisory system or written procedures to ensure the accuracy of any valuation information that was provided by a registered representative in a consolidated report and mandating the inclusion in consolidated reports of specific disclosures regarding the source and accuracy of any valuation information that was provided by a registered representative. In addition, the firm failed to establish, maintain, and enforce an adequate supervisory system and written procedures to ensure that supervisory reviews of consolidated reports were [...]

By |December 28th, 2015|FINRA, Press Releases & News|
Read More

FINRA December 2015 Disciplinary Actions: Part I

Brookstone Securities, Inc. (Lakeland, FL) was censured, fined $1,000,000 and required to pay, jointly and severally with Christopher Dean Kline (Baraboo, Wisconsin) and Antony Lee Turbeville (Lakeland, FL) $1,620,100 plus prejudgment interest in restitution to their respective customers. Kline and Turbeville were barred from association with any FINRA member in any capacity. David William Locy (Overland Park, Kansas) was fined $25,000, barred from association with any FINRA member in any supervisory or principal capacity and suspended from association with any FINRA member in any capacity for two years. FINRA found that the firm, acting through Turbeville and Kline, fraudulently made material misrepresentations of fact and omitted material facts that misled senior and retired customers regarding the risks associated with CMOs, in willful violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. Monex Securities, Inc. (Houston, TX) submitted an AWC in which the firm was censured, fined $25,000, and required to pay $9,678.52 plus interest in [...]

By |December 23rd, 2015|FINRA, Press Releases & News|
Read More

Broker-Dealer Settles Variable Annuity Case for $475k

Comprehensive Asset Management and Servicing Inc. ("CAMS") has agreed to pay $475,000 to settle claims that the firm failed to reasonably supervise representatives' sales of variable annuities, among other complaints. From February 2008 and 2012 the New Jersey broker-dealer "failed to establish, maintain and enforce a supervisory system and procedures reasonably designed to supervise variable annuity transactions," according to FINRA. Particularly, the firm failed in a number of instance to acquire customer information--including ages, investment experience and objectives--for a satisfactory review of variable annuity transactions. CAMS further failed to implement controls so variable annuity applications were forwarded promptly to a principal for approval and failed to produce evidence of prospectus delivery. “For years now, we have had a new system and controls in place to supervise the processing of variable annuities,” said Timothy Smith, president of parent company The Comprehensive Group. “We note specifically that FINRA did not find that any variable annuity trades for clients during that time were [...]

By |December 15th, 2015|FINRA, Press Releases & News|
Read More

Woman Receives Over $1M Award In Churning Case Against Former Morgan Stanley Broker

A FINRA arbitration panel awarded over $1 million to an elderly woman who claim to be ripped off by an ex-Morgan Stanley broker. Arbitrators recently found for Genevieve Lenehan, giving her punitive and compensatory damages, attorneys' fees, and other costs that amounted to $1.06 million. Lenehan claimed that the broker, Justin Amaral, both churned and reverse-churned her account. Amaral was a financial adviser to Lenehan and her husband, who passed away five years ago. When Mr. Lenehan died, Amaral allegedly began a systematic investment strategy in which he bought and sold closed-end funds and initial public offerings to generate fees, according to Ms. Lenehan's attorney. In addition, Amaral moved into a wrap account thousands of shares of General Electric stock that Ms. Lenehan had accumulated while working as a secretary at the manufacturing firm, beginning during World War II. By putting them in a wrap account, Amaral could charge a fee on shares that she had no intention of selling [...]

By |December 11th, 2015|FINRA, Press Releases & News|
Read More

Fill Out The Form To Receive A Free Confidential Consultation

Consultation

The recoveries, verdicts, favorable outcomes, and testimonials described on this site are not an indication of future results. Every case is different, and regardless of what friends, family, or other individuals may say about what a case is worth, each case must be evaluated on its own facts and circumstances as they apply to the law. The valuation of a case depends on facts, the damages, the jurisdiction, the venue, the witnesses, the parties, and the testimony, among many other factors. No representation is made that the quality of the legal services performed is greater than the quality of the legal services performed by other lawyers.

Disclaimer: Mr. Frankowski is licensed in Alabama,Florida and Texas. He is not licensed in any other state including Nevada and California. Mr. Frankowski has represented investors from all over the country in securities cases including: Alabama, California, Colorado, Florida, Georgia, Illinois, Kentucky, Louisiana, Mississippi, Nevada, New Mexico New York, North Carolina, Tennessee, Texas.