Securities Arbitration & Whistleblower Lawyers Blog

The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Constantinos Maniatis from the securities industry for 30 days. Mr. Maniatis consented to the suspension after FINRA alleged that he engaged in discretionary trading without written authorization in seven customer accounts between May 4, 2018, and February 27, 2019. FINRA also fined Mr. Maniatis $5,000.…

The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker David Martirosian from the securities industry. Mr. Martirosian was expelled from the brokerage industry for refusing to cooperate with a FINRA investigation into potentially unsuitable and excessive trading and his potential participation in private securities transactions while associated with Joseph Stone Capital L.L.C. (“Joseph Stone Capital”).…

The Financial Industry Regulatory Authority (“FINRA”) has suspended stockbroker Frederick Rock from the securities industry for five months and ordered him to pay a $5,000 fine. FINRA sanctioned Mr. Rock because he solicited clients to purchase $409,200 worth of securities that were not approved by his firm, Pruco Securities LLC. Mr. Rock was a financial…

The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Elias Hakimian from the securities industry for three months. Mr. Hakimian consented to the suspension after FINRA alleged that he borrowed $120,000 from a customer without notice to or obtaining written pre-approval from his employing brokerage firm, LPL Financial LLC, in violation of FINRA Rules…

**Update: November 8, 2021** On April 15, 2021, FINRA’s Department of Enforcement filed disciplinary proceeding No. 2019063626703 against former Joseph Stone Capital broker Abdul Rahmani. On October 28, 2021, Mr. Rahmani submitted an Offer of Settlement to FINRA’s Department of Enforcement. On November 2, 2021, FINRA’s Department of Enforcement and the National Adjudicatory Council (NAC),…

The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Michael Dellaporta, Jr. from the securities industry. Mr. Dellaporta was expelled from the brokerage industry for refusing to cooperate with a FINRA investigation into an outside business activity. Mr. Dellaporta, who was a broker for over forty years, most recently worked at B.B. Graham & Company,…

**Update: July 26, 2021** FINRA has barred Hugues Guirand from the securities industry after Mr. Guirand failed to respond to FINRA’s Department of Enforcement’s complaint. Original Post: FINRA Files Enforcement Action Against Hugues Guirand, Formerly of Woodstock Financial Group, Inc. – Virginia Beach, VA The Financial Industry Regulatory Authority’s Department of Enforcement has filed a…

The Financial Industry Regulatory Authority’s Department of Enforcement has filed a disciplinary proceeding complaint against former broker Steven Schisler. The complaint alleges that from April 2009 to October 2020, Steven Schisler committed nine separate violations of FINRA and NASD rules related to his dealings with two sets of retired customers and IFS Securities, the firm…

Iorio Altamirano LLP is currently investigating former MML Investor Services, LLC broker Oscar Francis, who reportedly recommended that his customers invest in private placement securities issued by GPB Capital. The GPB notes, which are private securities offerings exempt from registration with the Securities and Exchange Commission (SEC), are inherently risky investments. These investments are suitable…

Iorio Altamirano LLP is currently investigating former Coastal Equities, Inc. broker Kevin Canterbury who is facing three securities arbitration claims related to recommendations to invest in Direct Participation Program and Limited Partnership interests, believed to be private placement securities issued by GPB Capital. Kevin Canterbury operated his own independent advisory firm, Redstone Capital. The GPB…