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Investors File Churning Complaints Against John Prinzivalli

According to FINRA's BrokerCheck, broker John Prinzivalli has been the subject of two churning complaints since 2010. Other complaints against Prinzivalli have alleged a number of securities law violations including that the broker made unsuitable investments and breached his fiduciary duty. One complaint filed in October 2014 alleges $130,000 in damages due to unsuitable recommendations, high pressure sales tactics, and churning.  The case is currently pending.  In a separate complaint filed in November 2010, a customer alleged the broker churned his accounts, made unsuitable investments, and breached his fiduciary duty, claiming $250,000 in damages.  This case was settled. Excessive trading, also called churning, occurs when a broker trades in and out of securities, even the same stock on occasion, numerous times over a short period. Many times the account will completely turnover each month with completely new securities. Brokers have no reasonable basis for engaging in this kind of trading other than to profit for themselves through the generation [...]

By |April 12th, 2016|Broker Check, FINRA, Fraud, Press Releases & News|
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Investors File Complaints Against James Hayne

The Frankowski Firm is investigating complaints regarding Texas-based Cetera Advisors broker James Hayne (CRD# 3257845). He has spent sixteen years in the securities industry and has been registered with Cetera Advisors in Mansfield, Texas since 2014. Previous registrations include Questar Capital Corporation in Glendora, California (2013-2014); First Allied Securities in Glendora, California (2008-2013); Edward Jones in Pomona, California (2002-2008); and Morgan Stanley DW in Purchase, New York (1999-2002). He is a registered broker and investment adviser with five US states: Alabama, California, Florida, Nevada, and Texas. According to his BrokerCheck report, Hayne is the subject of one pending customer complaint, four closed or denied customer complaints, and one tax lien: In October 2015 a customer alleged Hayne, while employed at First Allied Securities, breached his fiduciary duty, breached his contract, committed fraud, acted negligently, failed to supervise, and made unsuitable and excessive trades. In 2014 a customer alleged Hayne, while employed at First Allied Securities, executed unauthorized trades, charged excessive commissions, [...]

By |April 8th, 2016|Broker Check, FINRA, Fraud, Press Releases & News|
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Ex-Broker Charged With Improper Trading

FINRA charged David Randall Lockey, a former broker, with profiting as a result of improper trading of customer accounts over a span of nearly two years. According to FINRA's complaint, Lockey “engaged in unsuitable short-term trading and switching in” mutual funds and unit investment trusts in four accounts between May 2012 and March 2014 during his time as a representative of SWS Financial Services Inc., now known as Hilltop Securities Independent Network Inc. Lockey's improper trading created gross compensation of roughly $75,730 for him and SWS while three of the four customers lost a sum of $15,699. Those customers included a social worker, a bookkeeper for a family-owned business and a commercial services driver. The last customer, who is a retired engineer, had a "small gain" of $4,948, according to FINRA. According to FINRA's BrokerCheck, Lockey is a named Respondent in a recently filed customer complaint. The complain alleges that Lockey recommended and engaged in a pattern of unsuitable short-term trading [...]

By |April 5th, 2016|Press Releases & News, Broker Check, FINRA|
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Kansas Man Sentenced For Securities Fraud

Dennis D. Bailey of Bel Aire, Kansas has been sentenced to five years in prison for securities fraud. In addition to his 61 month prison sentence, Bailey was ordered to pay $875,000 in restitution. The former financial adviser had previously pleaded guilty to one count of felony securities fraud under the Kansas Uniform Securities Act. Bailey had been originally charged with 39 felony counts of securities fraud and selling unregistered securities but only pleaded guilty to the one count. Seven Kansas investors were bilked out of over $700,000 from January 2008 to February 2011 when Bailey sold them unregistered securities in an an entity called Legacy Capital. Prosecutors believe that Bailey used a large portion of the money he received from his investors for personal expenses. Bailey had previously been suspended in 2010 by FINRA from associating with any FINRA member in any capacity for two years. Without admitting or denying the allegations, Bailey consented to the described sanctions [...]

By |March 30th, 2016|FINRA, Fraud, Press Releases & News|
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