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…
Continue reading ›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…
Continue reading ›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…
Continue reading ›The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Hebert Frey from the securities industry for sixteen months. Mr. Frey consented to the suspension after FINRA alleged that he excessively traded a customer’s account and placed unauthorized trades. The customer was a 54-year-old disabled homemaker. FINRA also fined Mr. Frey $15,000 and ordered him…
Continue reading ›The Financial Industry Regulatory Authority (“FINRA”) has suspended broker Louis Olave from the securities industry for three months and ordered him to pay a $5,000 fine. FINRA sanctioned Mr. Olave because he solicited seven clients to purchase $217,477 worth of Future Income Payments, LLC. This blog has previously written about Future Income Payments, LLC. Mr.…
Continue reading ›Iorio Altamirano LLP is currently investigating Royal Alliance Associates, Inc. broker Matthew Crafa who is reportedly facing three securities arbitration claims related to recommendations to 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…
Continue reading ›The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Joseph Ambrosole from the securities industry for six months. Mr. Ambrosole consented to the suspension after FINRA alleged that he excessively and unsuitably traded the accounts of two customers. FINRA also fined Mr. Ambrosole, who was also suspended by FINRA in 2017 for unethical sales…
Continue reading ›The Financial Industry Regulatory Authority (“FINRA”) has barred broker Gregory Mancuso from the securities industry for providing false testimony during an on-the-record interview connected with an investigation into Mr. Mancuso’s handling of the brokerage accounts of two senior sisters with disabilities. The alleged conduct occurred while Mr. Mancuso was registered with BMA Securities, LLC, from…
Continue reading ›The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Charles Thomas Stevens from the securities industry for failing to appear and provide on-the-record testimony. On December 1, 2020, FINRA’s Department of Enforcement filed a three-cause complaint against Mr. Stevens. The first cause of action charged that Mr. Stevens willfully failed to disclose a judgment and…
Continue reading ›The Financial Industry Regulatory Authority (“FINRA”) has suspended stockbroker Victor A. Rigoni, III from the securities industry for three months. FINRA accepted an Offer of Settlement submitted by Mr. Rigoni after FINRA’s Department of Enforcement filed a disciplinary complaint against Mr. Rigoni in August 2020. The complaint alleged that from August 2012 through March 2019,…
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