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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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Losses In Master Limited Partnerships

The Frankowski Firm, LLC is investigating brokers and their brokerage firms who have recommended and sold investors stock in a Master Limited Partnerships. If you have suffered losses in any of the folling or similar investments, you may have a legal claim to recover those losses: Breitburn Energy Partners (BBEP) Plains All American Pipeline (PAA) Warren Resources (WRES) American Midstream Partners (AMID) Magnum Hunter Resources (MHRCQ) Cushing MLO Total Return (SRV) Goldman Sachs MLP Energy Renaissance Fund (GER) Energy Transfer Patterns (ETP) Enbridge Energy Partners (EEP) Nustar Engery (NS) TC Pipelines (TCP) Oneok Partners (OKS) Enlink Midstream Partners (ENLK) Martin Midstream Partners (MMLP) Genesis Energy (GEL) Kinder Morgan (KMI) Linn Energy (LINE) Chesapeake Energy (CHK) Energy Transfer Equity (ETE) Williams Cos (WMB) Brokers often market Master Limited Partnerships as low risk, higher yield securities. However, Master Limited Partnerships have certain inherent risks that brokers often fail to disclose to investors: MLPs are extremely volatile. Most MLPs [...]

By |May 2nd, 2016|Uncategorized|
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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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Frankowski Firm Investigating Raymond James MLP Recommendations

The Frankowski Firm, LLC is investigating Raymond James' potentially inappropriate recommendations of oil and gas and commodities related investments. Investors may have legal recourse because of unsuitable recommendations by their broker to invest in this speculative and volatile area. Raymond James has served as an underwriter for many master limited partnership (MLP) deals, and their analysts have given high ratings to these investments. Jeff Saut, chief investment strategist for Raymond James, claimed that his favorite MLP investments included Yorkville High Income LLP ETF (YMLP) and Yorkville High Income Infrastructure MLP ETF (YMLI). These two funds have dropped substantially since this claim. Linn Energy (LINE) and LinnCo (LNCO) were other individual MLP investments that were recommended by Raymond James, experienced substantial drops, and are now facing potential bankruptcy. Over the last year, both stops have dropped in value by roughly 98%. Over a number of years, Raymond James analyst Keven Smith maintained a "Strong Buy" rating on Linn Energy. Only after [...]

By |March 7th, 2016|Press Releases & News|
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