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FINRA Investigating National Securities Broker

FINRA has filed a complaint against broker Vito Balsamo alleging that Balsamo was "selling away" ownership interests in a limited liability company named V.W. Industries, LLC without getting prior written approval from his member firm. Selling away occurs when an investment professional sells or offers securities not held or offered by the brokerage firm with which he is affiliated. FINRA also accuses Balsamo of failing to provide testimony asked for by FINRA staff. According to FINRA's BrokerCheck records, customers have complained about Balsamo on at least four occasions; he has also been involved in two criminal matters, one regulatory action, and one judgment and lien throughout his career. Balsamo's customers have accused Balsamo of a number of securities law violations, including selling unsuitable investments, unauthorized trading, breaching his fiduciary duty, making misrepresentations and false statements, and churning. By industry standards, Balsamo has received a substantial number of complaints. Only roughly twelve percent of financial advisors have any type of disclosure [...]

By |May 12th, 2015|Broker Check, FINRA, Press Releases & News|
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Alabama Man Pleads Guilty In Ponzi Scheme Case

Over a five year span, former Hoover, Alabama financial broker Bryan Anderson found eighteen people to invest $8.4 million in a number of investments and guaranteed that the investments were completely risk free. Roughly two thirds of those investors watched Anderson at the federal courthouse in downtown Birmingham plead guilty to operating a Ponzi scheme that lost them $3.1 million. Anderson pleaded guilty to wire fraud, money laundering, and securities fraud before U.S. District Judge Virginia Emerson Hopkins. He will be sentenced on June 16. According to the plea deal with the U.S. Attorney's Office, Anderson will pay restitution of almost $3.1 million to investors and surrender an extra $3.4 million to the federal government. The prosecutors agreed to recommend a sentence at the low-end of the spectrum. Richard Frankowski, who is representing the investors in their FINRA arbitration suits against Anderson, stated that the majority of the twelve investors identified as victims were at the courthouse for the plea. [...]

By |March 30th, 2015|Press Releases & News|
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FINRA’s March 2015 Disciplinary Actions Part II

Jacob Robert Craton of Palm Beach Gardens, Florida submitted an AWC in which he was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in any capacity for 45 days. Craton did not admit or deny FINRA's findings but consented to the sanctions and to the entry of findings that he knowingly circumvented his firm's supervisory system and procedures, pertaining to penny stock transactions, by altering the conditions of an order to bypass principal review and approval. He also deprived the firm of the chance to review, approve, and otherwise supervise the transaction in accordance with its system and procedures. Stephen Young Dealy of Port Orange, Florida submitted an AWC in which he was assessed a deferred fine of $10,000 and suspended from association with any FINRA member in any capacity for four months. Dealy did not admit or deny FINRA's findings but consented to the sanctions and entry of findings that he willfully failed [...]

By |March 20th, 2015|Uncategorized|
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FINRA’s March 2015 Disciplinary Actions Part I

Bulltick, LLC of Miami, Florida submitted an AWC in which the firm was censured and fined $20,000. Despite not admitting or denying FINRA's findings, Bulltick consented to the sanctions and to the entry of findings that it failed to adequately implement and enforce its written supervisory procedures on reporting TRACE-eligible securities, pursuant to a Uniform Service Bureau/Executing Broker Agreement executed by the firm and its affiliate that required Bulltick to report the affiliate's transactions in TRACE-eligible securities to TRACE. Subsequently, Bulltick failed to report the right contra-party identifier for transactions in TRACE-eligible securities of the affiliate to TRACE, and Bulltick also reported transactions in TRACE-eligible securities to TRACE that it did not have to report. Transamerica Financial Advisors, Inc. of St. Petersburg, Florida submitted an AWC in which the firm was censured and fined $50,000. Despite not admitting or denying FINRA's findings, Transamerica consented to the sanctions and to the entry of findings that it filed with FINRA an inaccurate [...]

By |March 19th, 2015|Press Releases & News|
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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.