Professional basketball players Chandler Parsons and Courtney Lee, who have both played in the National Basketball Association, have reportedly filed a $5 million securities arbitration complaint against Morgan Stanley. According to broker Darryl Cohen’s CRD report, the complaint alleges that Morgan Stanley made payments from the players’ accounts without prior approval. The complaint also alleges…
Continue reading ›The Financial Industry Regulatory Authority (“FINRA”) has barred broker Scott Wayne Reed from the securities industry over allegations that Mr. Reed, while associated with Wells Fargo, participated in private securities transactions totaling at least $3.5 million without providing prior written notice to his firm. Mr. Reed was a financial advisor with Wells Fargo Clearing Services…
Continue reading ›Michael Joseph Hernandez is a stockbroker with Arive Capital Markets LLC (“Arive Capital Markets”) in Brooklyn, New York. Mr. Hernandez has a history of associations with disreputable broker-dealers and at least one customer complaint, employment termination, and regulatory sanction. If you have lost money with broker Michael Hernandez or Arive Capital Markets, contact New York…
Continue reading ›Mirsad Muharemovic is a stockbroker with Arive Capital Markets LLC (“Arive Capital Markets”) in Brooklyn, NY, with a history of customer complaints and associations with disreputable broker-dealers. Mr. Muharemovic has 22 years of experience in the securities industry. He has been associated with nine different broker-dealers, including a past association with a firm expelled by…
Continue reading ›Daniel Louis Silverstein is a stockbroker with Arive Capital Markets LLC (“Arive Capital Markets”) in North Miami Beach, Florida. Mr. Silverstein has a history of associations with disreputable broker-dealers, financial liens, and at least one customer complaint. Mr. Silverstein has 16 years of experience in the securities industry and has been associated with eight different…
Continue reading ›This post is the first in a series of investigative blog posts that spotlight modern-day boiler rooms that operate under the guise of a reputable brokerage firm. Many of the broker-dealers featured in this series still use boiler room tactics such as cold-calling customers and high pressure or aggressive sales tactics. Other brokerage firms have…
Continue reading ›The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Charles Bonilla from the securities industry for five months, fined him $5,000, and ordered him to disgorge $22,417 in commissions. FINRA suspended Mr. Bonilla for recommending energy-sector securities to customers without having a reasonable basis to believe those investments were suitable. Mr. Bonilla was a…
Continue reading ›The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Lisa Ann Brumm (also known as Lisa Am Brumm and Lisa Ann Moon) from the securities industry for six months and fined her $7,500. Lisa Brumm was registered with Woodbury Financial Services, Inc. in Portland, Oregon, from April 2017 until December 2020. She was previously…
Continue reading ›The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Michael Paul Francoeur from the securities industry. FINRA expelled Mr. Francoeur from the brokerage industry because he refused to provide information and documents connected with FINRA’s investigation into his conduct after receiving a customer complaint. Mr. Francoeur was a financial advisor at Cambridge Investment Research, Inc.…
Continue reading ›Lon Charles Faccini Jr. is a stockbroker with Arive Capital Markets LLC (“Arive Capital Markets”) in Brooklyn, NY, with a history of customer complaints and associations with disreputable broker-dealers. Mr. Faccini has been the subject of seven customer complaints, which include two pending disputes. The pending disputes are securities arbitration claims filed by customers of…
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