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Frankowski Firm Investigating Former Raymond James Broker

The Frankowski Firm is currently investigating the potential claims of people of who lost money investing with Glenn Guthrie, a former broker with Raymond James Financial Services in Birmingham, Alabama. According to FINRA's BrokerCheck report, Guthrie is the subject of a customer complaint and an employment separation after allegations of selling away. In 2015, a customer accused Guthrie of selling away while employed at Raymond James. The customer has asked for $1,490,000 in damages, plus interest. The customer complaint alleges that Guthrie described the investment as safe and one in which he had a personal investment, while Guthrie knew or should have known that the company was failing and did not own the legal rights to the technology it was marketing. Guthrie is also alleged to have advised the private company to take actions against the best financial interests of the customer in order to protect Guthrie's own personal financial interests in the company. Guthrie was removed from his position [...]

By |February 1st, 2016|Broker Check, FINRA, Press Releases & News|
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FINRA Interested In Disciplining, Not Punishing

FINRA emphasized that the regulatory authority's first goal is the "blocking and tackling" of enforcing its rules, not collecting massive financial penalties, stated Russell Ryan, FINRA Senior Vice President and Deputy Chief of Enforcement, at the Securities Docket Securities Enforcement Forum in Washington. FINRA does levy some hefty fines every once in a while, but the majority of its enforcement efforts are focused on situations involving investor rip-offs. "It's a lot of cases that don't involve fraud, that don't involve a lot of big dollars," said Ryan. "Someone's got to enforce these rule violations. That's a space we're very good at." FINRA targets supervisory lapses, sales of unsuitable complex products - notably those aimed at elderly investors - and brokers engaging in outside business activities and "selling away" from the firm's list of products. The authority does not involve itself in areas handled by government agencies: “We're there really to discipline,” said Ryan. “We're not in the business of law enforcement [...]

By |November 5th, 2015|FINRA, Press Releases & News|
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FSC Securities To Pay $1.28M In Ponzi Case

FSC Securities will pay a $1.28 million arbitration award to investors who were defrauded by Aubrey Lee Price, who had feigned his death in 2012 to avoid being investigated for his $40 million Ponzi scheme. FSC, a broker-dealer in the AIG Advisor Group, was alleged by 8 investors to have failed to supervise a number of unnamed brokers, who sold the investors "unspecified fraudulent securities as part of a Ponzi scheme," according to FINRA's arbitration award. John Chapman, lawyer for the investors, claimed that Price and two ex-FSC brokers solicited investments in the primary vehicle for the scheme, which was called the PFG fund. In an investigation by the FBI, the bureau found that Price started making risky investments in 2009, after he had left FSC. Chapman claims that two FSC advisers pushed client money into the PFG fund, both of whom eventually left FSC. “FSC did a really bad job paying attention and supervision. [sic] They were asleep at the [...]

By |August 17th, 2015|Broker Check, FINRA, Fraud, Press Releases & News|
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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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