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Former Broker Sentenced For Fraud & Tax Evasion

Jeffrey Eldred Gallagher of Bradenton Beach, Florida was sentenced in Springfield, Massachusetts for an investment scheme that defrauded victims out of over $600,000 from 2008 to 2012. According to U.S. Attorney Carmen Ortiz, Gallagher was sentenced by U.S. District Court Judge Mark G. Mastroianni to three years in prison. Gallagher was convicted in December 2015 after he pleaded guilty to one count of wire fraud, three counts of engaging in a monetary transaction, and two counts of tax evasion. Ortiz stated that in 1989 Gallagher had been convicted of one count of mail fraud and three counts of interstate transportation of stolen property in connection with his illegal and unauthorized options trading while he was a stockbroker. As a result of that crime, Gallagher lost his stockbroker's license and was sentenced to fifteen months in prison for defrauding clients and a former employer. In his more recent crime, Gallagher persuaded friends and associates to pay him money to [...]

By |March 17th, 2016|Fraud, Press Releases & News|
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Laidlaw Broker Facing Eight Complaints

The Frankowski Firm is investigating Laidlaw broker Ahmad Wares of New York. Wares is the target of several customer complaints, and Ware's clients who lost money investing with him may be able to recover their losses. Wares spent fifteen years in the securities industry and has been registered with Salomon Whitney in Farmingdale, New York since December 2015. Earlier registrations include Laidlaw & Company in London (2012-2015); EKN Financial Services in Melville, New York (2010-2012); First Midwest Securities in Melville (2008-2009); New Castle Financial Services in Melville (2007-2008); Empire Financial Group in Uniondale, New York (2005-2007); Ehrenkrantz King Nussbaum, Inc. in Melville (2002-2005); and Ladenburg Capital Management in Bethpage, New York (1998-2002). Of his former employers, four have since been expelled by FINRA: EKN Financial Services, New Castle Financial Services, Empire Financial Group, and Ehrenkrantz King Nussbaum. According to FINRA's BrokerCheck report on the former Laidlaw broker, Wares has had eight customer complaints filed against him as well as [...]

By |March 15th, 2016|Broker Check, FINRA, Fraud, Press Releases & News|
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Frankowski Firm Investigating UBS Broker

The Frankowski Firm is currently investigating the possible wrongdoing of current UBS Financial Services broker Bradley Ross of Fort Lauderdale, Florida. According to FINRA's BrokerCheck, Ross has been the subject of a number of customer complaints. In 2015, a customer alleged Ross, while employed at UBS, recommended investments not consistent with their risk tolerance. The customer claimed Ross's recommendation was made with total disregard for their risk tolerance and was a radically unsuitable recommendation based on both their risk tolerance and investment history. Again in 2015, a customer alleged Ross, while employed at UBS, refused to follow the customer's directives to sell, violated multiple fiduciary obligations including the buying of unsuitable investments and making unauthorized trading. The customer requested $94,862 in damages. Also in 2015, a customer alleged Ross, while employed at UBS, recommended unsuitable investments and over-concentrated their account. The customer sought $400,000 in damages in the complaint. In 2014, a customer alleged Bradley Ross, while employed at UBS Financial [...]

By |February 5th, 2016|Broker Check, FINRA, Press Releases & News, SEC|
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Two Charged In Alabama Securities Fraud Case

Bruce Alexander Gwyn of Metairie, Lousiana and James Anthony Ghio of Fairhope, Alabama were arrested on charges of fraud and illegal sales, the Alabama Securities Commission announced. The indictment alleges that they offered or sold securities described as limited partnership interests in Level III Trading Partners LP to an Alabama resident. The indictment further accuses that Gwyn used the victim's cash to pay off other investors, failed to use the money as he claimed he would, or made unauthorized investments. Gywn then lied about his use of the money to the victim. Gwyn is additionally alleged to have lied to investors, telling them that they would be provided with yearly financial statements and monthly progress reports. The duo was indicted by a Baldwin Count grand jury in August. Gwyn was charged with one count of sale of unregistered securities, one count of sale of securities by an unregistered investment adviser, and three counts of fraud in connection with the sales [...]

By |September 23rd, 2015|Fraud, Press Releases & News|
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