Articles Tagged with Broker Check

cropped-High-Res-TA-2018-2019-284x300According to Advisor Hub and other industry news sources the Financial Industry Regulatory Authority levied sanctions against Merrill Lynch and two of its brokers over allegedly early rollovers of Unit Investment Trusts.

Miller Stern Lawyers is currently investigating matters pertaining to early rollovers of Unit Investment Trusts and other such practices. According to the reports from Finra, it finalized its sanctions against Merrill, and accepted a settlement letter from a 30-year Merrill veteran in Chattanooga, Tennessee, and another from a 35-year industry veteran in Charlotte, North Carolina.

According to the regulators information, including CRD information, both the brokers, Kelly Wayne Feehrer in Tennessee and Scott R. Mathews, who joined Merrill in 2009, agreed to three-month suspensions and $5,000 in fines for allegedly unsuitable UIT switch recommendations.

Bull BearMiller Stern Lawyers – 410-Law-Firm is currently investigating for clients of former Morgan Stanley broker Barry F. Connell and all firms and broker dealers who may be victims of, and suffered damages and losses, due to abuses such fraud, mutual fund abuses, unsuitable mutual fund investments and failure to supervise, breach of fiduciary duty, overcharging , and unauthorized trading.

Securities and Exchange Commission closed its case against a former Morgan Stanley broker who served prison time, barring him from the securities industry after ensuring that he has repaid more than $5.1 million stolen from customers, according to FINRA.

Connell pled guilty in December 2018 to stealing the money between 2015 and 2016, spending the $5 million to support his “lavish lifestyle,” according to the SEC. He perpetrated the fraud by moving funds among client accounts and using falsified wire transfer forms and checks.

Bull BearMiller Stern Lawyers – 410-Law-Firm is currently investigating clients of  Ex Ameriprise Broker Angel Bardeche CRD4698117 and all firms and broker dealers who may be victims of, and suffered damages and losses, due to abuses such as flipping “A” Shares, mutual fund abuses, unsuitable mutual fund investments and failure to supervise, breach of fiduciary duty, overcharging , and unauthorized trading.

Financial Industry Regulatory Authority has fined and suspended a former Ameriprise Financial broker in Cincinnati, Ohio, who allegedly generated $450,000 in commissions from unsuitable mutual fund switches over two years, according to FINRA and Advisor Hub.  Ms. Bardeche agreed to a nine-month suspension and $10,000 fine as well as $5,000 in disgorgement to resolve Finra’s allegations of costly mutual fund trading, according to a letter of settlement.

Between January 2017 and March 2019, Bardeche recommended 112 short-term ‘switches’ of Class A mutual funds in 32 customer accounts, Finra said. Class A funds carry large up-front sales charges and “are generally only suitable as long-term investments.”

Bull BearFINRA’s ongoing campaign to rein in alleged sales abuses involving short-term trading of unit investment trusts in customer accounts has led a 23-year veteran advisor to accept a $10,000 fine and three-month suspension.

Miller Stern Lawyers – 410-Law-Firm is currently investigating clients of Stifel Nicolaus and all firms and broker dealers who may be victims of, and suffered damages and losses, due to abuses such as short-term trading of unit investment trusts, breach of fiduciary duty, overcharging , and unauthorized trading.

cropped-High-Res-TA-2018-2019-284x300FINRA fined a small independent broker-dealer in California $35,000 for failing to adequately conduct background investigations on registered reps and for failing to obtain regulatory pre-approval for a seven-month growth spurt, according to Advisor Hub.

Infinity Financial Services, an Oakland, CA-based firm founded 13 years ago by a former Merrill Lynch broker, failed to contact former employers and had no procedures for conducting searches of public records, according to an “acceptance, waiver and consent letter” it signed with Finra.

It hired as many as 16 registered reps over three years through April 2017 without searching their Central Registration Depository records, including five who had pending bankruptcies, judgments and tax liens that Infinity failed to detect, Finra said.

Bull Bear Miller Stern Lawyers – 410-Law-Firm is currently investigating clients of Merrill Lynch and Charles Kenahan and Dermond Cavanaugh who are may be victims of, and suffered damages and losses, due to abuses such as churning, beach of fiduciary duty, overcharging , and unauthorized trading.

According to CNBC and other new outlets, the State of New Hampshire “is ordering Merrill Lynch to pay $26.25 million in fines and restitution to the state and to an investor, the former Governor of New Hampshire, who claimed he suffered losses at the hands of a former Boston-based broker, to settle allegations including unauthorized and excessive trading”, or what is commonly known as Churning.

This is the largest monetary sanction in New Hampshire history and proportedly the second largest FINRA settlement in at least a decade.

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