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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, neither admitting nor denying its findings. Paul Stanley's BrokerCheck states that he "failed to provide complete information during the firm's internal investigation." Additionally, he "allowed" a representative "who was not properly licensed to participate in solicitation of investment advisory business" and "directed" a representative "to conduct firm business during an internal firm-imposed administrative suspension." Further, Stanley "directly compensated" representatives "outside of firm compensation policies." Stanley began working in the securities industry in 1998. He was registered with eight firms before registering with Waddell & Reed in 2013. Those firms include J.P. Morgan Securities LLC; Chase Investment Services Corp.; Lincoln Financial Advisors Corporation; UBS Financial Services, Inc.; UVEST Financial [...]

By |March 15th, 2017|Broker Check|
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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. FINRA found that on eleven different occasions, Dima sold nearly all of the client's Colgate-Palmolive stock, which he had acquired after twenty-eight (28) years of working for the company, without the customer's permission. FINRA discovered that Craig David Dima sold the stock even after the client instructed him not to, which the client considered a valuable long-term investment and reliable source of dividends. When the client asked Dima about the sales, Dima stated they were caused by a "computer glitch" or a technical error. Related to Dima's unauthorized sales and later repurchases of Colgate stock, Dima charged the client over $375,000 in mark-ups, mark-downs and [...]

By |March 2nd, 2017|FINRA, Legal Matters, Press Releases & News|
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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 to see complaints regarding these annuities. “I spent some time with my team trying to see how this thing works,” Lopzi stated. “It's very complicated. I can't speak nationally but we are starting to see some complaints on those products in the west region.” He further noted, “We have some individuals who really understand [variable annuities] and they were struggling with this. You have to wonder, does the firm understand it? Does the rep?” Buffer annuities got their name because they are contracts that use structured products to buffer clients' account values against downside losses. They started to gain traction among financial advisors about three [...]

By |January 25th, 2017|FINRA, Legal Matters, Press Releases & News|
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FINRA January 2017 Disciplinary Actions

FINRA takes disciplinary actions against firms and individuals for violations of FINRA rules; federal securities laws, rules, and regulations; and the rules of the Municipal Securities Rulemaking Board. Below are a number of penalties announced by the regulator in January 2017. If you have been a victim of any of the below behavior, you may have legal recourse. Please contact attorney Richard Frankowski today at 888-741-7503 for a free consultation. FINRA censured and fined VFG Securities, Inc. of Culver City, California $50,000, $10,000 of which is joint and several with Jason Bryce Vanclef. According to FINRA, the firm and Vanclef distributed and listed for sale online Vanclef's self-published book, which contained, false, exaggerated, unwarranted, or misleading statements, and omitted material facts or qualifications where the omissions caused the communication to be misleading. The findings also state they provided customers with misleading personalized recommendation spreadsheets. Advisors Clearing Network, Inc. of Pasadena, California was also censured and fined $50,000. FINRA found that it [...]

By |January 24th, 2017|Broker Check, FINRA, Fraud, Legal Matters, Press Releases & News, SEC|
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