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Frankowski Firm Investigating Jerry McCutchen for Multiple Acts of Broker Negligence and Fraud

The Frankowski Firm is continuing its investigation of now-expelled securities broker Jerry McCutchen. McCutchen has been the subject of a multitude of customer complaints since 2000, the vast majority of which were filed since 2012. These complaints contain various allegations of securities law violations, including unsuitable investment recommendations, negligence, and fraud, among other causes of action. Many of the claims pertain to the alleged sale of various illiquid, risky, and speculative investments, including equipment leasing funds and non-traded real estate investment trusts, as well as variable annuities. One of the issues with these products is that they are associated with high commissions for the brokers who sell them and a small chance of success for the purchasing customer. The costs and fees of these products make it so expensive that large returns on investment are practically impossible. Further, customers are not compensated for the risks relating to these investments. Jerry McCutchen began working in the securities industry in 1983. From [...]

By |July 21st, 2017|Uncategorized|
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Frankowski Firm Investigating Westpark Capital for Potential Broker Fraud and Negligence

The law offices of The Frankowski Firm, LLC are investigating customer complaints concerning Westpark Capital, Inc. for the potential sale of unsuitable investments to their customers and failure to diversify these customers' accounts. The firm has its headquarters in Los Angeles, California, and FINRA records show it has been registered with both the SEC and FINRA since July 1999. Westpark Capital is no stranger to scrutiny. In 2010, FINRA ordered the firm to pay a sum of $400,000.00 for supervisory system failures. The regulator also suspended two officers for failing to supervise representatives in two New York branches who allegedly churned customer accounts and engaged in unsuitable and unauthorized trading in several customers' accounts. The monetary sum included a $100,000.00 fine and $300,000.00 in restitution to the injured customers. In that case, FINRA found that a number of the brokers hired by Westpark Capital at the time came from firms with long histories of disciplinary records, a number of which [...]

By |July 20th, 2017|FINRA|
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Discretionary versus Non-Discretionary Investment Accounts

Many investors wonder about the differences between discretionary and non-discretionary investment accounts or do not even realize that there are two types of such accounts that function quite differently from each other. Simply put, a discretionary account is one in which a broker makes trades, buying or selling securities, in an investor's account without the investor's approval. A non-discretionary account is one in which the investor decides on what trades to make. In these accounts, brokers act as a facilitator; they merely receive and execute the clients requested trades, attempting to get the best prices possible for the investor. Brokers managing these accounts still make recommendations on what to sell, what to purchase, and when. They cannot, however, make any such trades without getting prior approval from the investor. Even still, choosing between the two can be a difficult decision. Both have pros and cons. Say, for instance, a broker has a hundred clients with non-discretionary accounts and each of [...]

By |May 3rd, 2017|Legal Matters|
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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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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.