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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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Henry Al Dean Watson Barred By FINRA

FINRA announced that it barred an ex-Hilliard Lyons broker, Henry Al Dean Watson, who recently settled a customer complaint accusing him of excessive trading and commissions, unauthorized trades, and portfolio mismanagement. Watson broke FINRA rules by failing to appear to give testimony before the regulator.Watson began in the securities business in 1984. He was registered with a number of firms before registering with Hilliard Lyons in January 2012. He worked there until October and is not currently licensed with any other firm.As happens quite regularly, FINRA wanted  Henry Al Dean Watson's testimony in relation to an inquiry about an arbitration claim filed by a customer against him, the settlement stated. Watson failed to appear to provide testimony, thus violating industry rules. He consented to the sanction without admitting or denying the findings.His FINRA BrokerCheck profile states that Watson made no contribution in a $166,500 arbitration award from 2015 in which a client alleged excessive trading and commissions, unauthorized trades and portfolio mismanagement. [...]

By |January 19th, 2017|Broker Check, FINRA, Press Releases & News|
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Broker Faces Numerous Complaints Of Misrepresentations

According to FINRA's BrokerCheck, New York-based Worden Capital Management broker Allan Montalbano is facing numerous customer complaints for making misrepresentations, among other allegations. Montalbano has spent 13 years in the securities industry and has been registered with Worden Capital Management in Westbury, New York since June 2015. Previous registrations include Four Points Capital Partners in Westbury, New York (2014-2015); National Securities in Westbury, New York (2010-2014); Woodstock Financial in Garden City, New York (2003-2007; 2008-2010); Chase Investment Services in Hicksville, New York (2008); NYLife Securities in Jericho, New York (2008); Pointe Capital in Bethpage, New York (2007); and AXA Advisors in New York, New York (2002-2003). He is a registered broker in 19 US states. Montalbano is currently the subject of six pending broker complaints. In March 2016, five customers filed complaints against Montalbano for conduct that occurred while he was registered with National Securities Corporation. Each complaint alleges that Montalbano made material misrepresentations, breached his fiduciary duty, and [...]

By |April 27th, 2016|Broker Check, FINRA, 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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