• The GWG Wind Down Trust has sold two of its three tangible assets for a total of approximately $10.58 million.
• The sale of its life insurance policy portfolio generated $10 million in cash.
• The sale of shares in FOXO stock generated $586,942.
• The GWG Wind Down Trust settled a dispute with Fifth Season Investments, LLC for $8 million. Thus far, the Trust has paid $1,848,738 in cash to Fifth Season, still owing $6,151,262. The GWG Wind Down Trust previously set aside a reserve of 20 million shares of BENF. Those shares currently have a book value of $5.12 million. Accordingly, there is currently a $1 million shortfall, which the GWG Wind Down Trust will need to pay out of its cash holdings, presumably diminishing the cash it received from the sale of two of its three tangible assets.
• The $10.5 million in cash proceeds represents approximately .0065% of the 1,618,517,956 in Series A1 (formerly L Bonds) WDT Interests.
• The third tangible asset owned by the GWG Wind Down Trust is 169,701,487 shares of Beneficient (NASDAQ:BENF).
• The Beneficient share price has dropped significantly since going public at $15 per share. On June 20, 2023, the share price closed at $4.57. By August 1, 2023, the share price closed at $2.00. On February 15, 2024, the share price closed at $0.2561.
• The GWG Wind Down Trust is finding it difficult to sell its shares in Beneficient. There appears to be little to no interest on behalf of investors in purchasing shares of BENF, with shares trading in a very thinly traded market.

We believe that there is no obvious or foreseeable path to monetization for the GWG Wind Down Trust. Beneficient has made the following disclosures since August 2023:

• On June 29, 2023, Beneficient received a “Wells Notice” from the SEC’s Division of Enforcement, stating that the SEC has made a preliminary determination to recommend that the SEC file a civil enforcement action against the company alleging violations of certain provisions of the Securities Act and the Securities Exchange Act relating to the Company’s association with GWG Holdings. In addition, the company’s Founder, CEO, and Chairman, Brad Heppner, also received Wells Notices related to the investigation of GWG Holdings.
• Beneficient sustained an operating loss of $2.45 billion between April 1, 2023, and December 31, 2023.
• As of December 31, 2023, Beneficient only had $11.2 million in unrestricted cash. In mid-2023, Beneficient disclosed that it would meet its ongoing obligations by furloughing and potentially laying off employees.
• As of December 31, 2023, Beneficient’s assets were approximately $500 million, down from $2.9 billion as of 3/31/2023, driven by a goodwill impairment of $2.28 billion.

The only other asset owned by the Wind Down Trust is a beneficial interest in the GWG Litigation Trust. However, the Litigation Trust is only in an information-gathering phase.

When Can GWG L Bond Investors Expect to Receive a Payment (Distribution) from the GWG Wind Down Trust?

The GWG Wind Down Trust has not determined when a distribution will be paid. Distributions can only be paid upon receipt of sufficient cash proceeds from the assets to be able to make a distribution. The sale of the life insurance portfolio and FOXO shares, which generated only $10.5 million in cash, is below the minimal threshold needed for the GWG Wind Down Trust to make a distribution.

The GWG Wind Down Trust has only two more ways to generate cash: (1) the sale of its stock in Beneficient and (2) receiving proceeds from the GWG Litigation Trust. Whether the GWG Wind Down Trust will be able to monetize these two assets remains unknown, and some believe it is doubtful.

However, that has not appeared to stop some brokers from still telling investors that they will receive most or all of their invested capital back. We believe that these assurances are not only false but irresponsible. The GWG Litigation Trustee recently published a letter to GWG Investors where he addressed these unsupported assurances:

Over the past few months, numerous investors have reached out to me inquiring when they will receive their money back because their brokers have assured them they will receive all their money back. To be completely candid, I simply don’t understand how anyone can make any such assurances at this point in time.

To that end, I strongly encourage all GWG investors to consult their own independent counsel to discuss any potential claims they may have against any third parties who may have recommended this investment to them.

To put it simply, no one knows when or if the GWG Wind Down Trust will be able to make any distributions, but the outlook gets bleaker with every update.

How Else Can GWG L Bond Investors Recover Their Investment Losses?

Many GWG L Bond investors have retained securities arbitration law firm Iorio Altamirano LLP to file FINRA arbitration claims against brokerage firms that sold these speculative, high-risk, and illiquid financial products to recover their investment losses. These claims are separate and in addition to the liquidation of GWG through the GWG Wind Down Trust.

We continue to believe that GWG L Bonds investors’ best avenue for potential recovery of losses is to file a separate FINRA arbitration claim against their brokerage firms. Iorio Altamirano LLP has already helped GWG L Bond investors recover nearly $2 million in losses.

If you would like more information about how to file a claim, please respond to this email to schedule a free and confidential consultation.

To read more about our investigation into the sale of GWG L Bonds to retail investors and to watch videos of our GWG Panel Discussions, please visit our investigation page: www.gwglawyer.com

About Iorio Altamirano LLP

Iorio Altamirano LLP is a securities arbitration law firm located in New York, NY. We represent investors nationwide and vigorously pursue FINRA arbitration claims on behalf of investors to recover investment losses.

We have over 20 years of combined experience as securities arbitration lawyers and have helped investors recover investment losses in over 1,000 cases. Our firm will file a FINRA securities arbitration claim on your behalf on a contingency fee basis to try to recover your losses. If we do not obtain a recovery, you do not owe us a legal fee.

If you have invested in L Bonds offered by GWG Holdings, contact securities arbitration lawyers August Iorio at august@ia-law.com or Jorge Altamirano at jorge@ia-law.com. Alternatively, call the firm toll-free at (646) 330-4624.

If you have lost money with Steven Musielski, or Cambria Capital, LLC, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms.

FINRA Letter of Acceptance, Waiver, and Consent No. 2021070896602

Steven Musielski and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on November 9, 2021, after FINRA alleged that Musielski refused to provide documents and information in response to a FINRA Rule 8210 request, in violation of FINRA Rules 8210 and 2010.

FINRA indicated that the matter originated from its 2020 cycle exam of Cambria Capital.

FINRA Rule 8210(a)(1) states, in relevant part, that FINRA may require a person subject to its jurisdiction “to provide information orally, in writing, or electronically … and to testify at a location specified by FINRA staff … with respect to any matter involved in [a FINRA investigation [or] examination.” FINRA Rule 8210(c) further states that “[n]o … person shall fail to provide information or testimony … pursuant to this Rule.” A violation of FINRA Rule 8210 is also a violation of FINRA Rule 2010, which requires member firms and associated persons, in the conduct of their business, to “observe high standards of commercial honor and just and equitable principles of trade.”

On September 24, 2021, FINRA sent a request to Musielski for the production of information and documents pursuant to FINRA Rule 8210 in connection with an investigation into Musielski’s sales practice activity. The request sought to investigate Musielski’s potential exercise of discretion without written authorization, potential excessive trading, and potentially unsuitable investments in leveraged and inverse-leveraged securities. Through counsel, Musielski communicated to FINRA that he would not produce the information or documents requested.

By refusing to produce the information or documents as requested pursuant to FINRA Rule 8210, Musielski violated FINRA Rules 8210 and 2010.

Steven Musielski (CRD#: 2128821)

Musielski entered the securities industry in 1991 and has 30 years of experience.

Musielski has been associated with numerous firms throughout his career. On January 2, 2019, he registered with FINRA as a General Securities Representative and a General Securities Principal through Cambria Capital, LLC. On September 7, 2021, Cambria Capital filed a Form U5 stating that Musielski voluntarily terminated his association with the firm.

According to Musielski’s public FINRA CRD, he voluntarily resigned from Cambria Capital after he “made comments to Cambria’s Compliance department that he had possibly utilized time and price discretion for a period longer than the date the order was received. Cambria is investigating whether records exist to support the potential violation of industry rules and/or firm policies and procedures regarding use of time and price discretion.”

Musielski was previously registered with Spencer Edwards, Inc. in Placentia, CA, between November 2013 and December 2018. FINRA expelled the firm from the securities industry in September 2019.

How to Recover Losses or Obtain a Free Consultation

If you have lost money with Steven Musielski, or Cambria Capital, LLC, contact FINRA arbitration lawyers August Iorio and Jorge Altamirano of Iorio Altamirano LLP at august@ia-law.com, jorge@ia-law.com or toll-free at (646) 330-4624 for a free and confidential evaluation of your account.

Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. We pursue FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by financial advisors and brokerage firms.

Customers of Mr. Lianzo, Laidlaw & Company (UK) LTD, or SW Financial should consult with a securities arbitration law firm. If you or a loved one were a customer of Joseph Lianzo, Laidlaw & Company (UK) LTD, or SW Financial LLC, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of your legal rights.

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as Laidlaw & Company (UK) Ltd or SW Financial.

FINRA Letter of Acceptance, Waiver, and Consent No. 2018058278601

FINRA and Mr. Lianzo entered into a Letter of Acceptance, Waiver, and Consent on August 31, 2021, after FINRA alleged that between March 2016 and November 2019, Mr. Lianzo excessively traded four customers’ accounts in violation of FINRA Rules 2111 and 2010. FINRA also alleged that Mr. Lianzo placed 13 unauthorized transactions in accounts of two of those four customers, in violation of FINRA Rule 2010. Specifically, FINRA alleged:

• Lianzo engaged in quantitatively unsuitable trading in the account of one customer at Laidlaw, Customer A, and in the accounts of three customers at SW Financial, Customers B, C, and D.
• Lianzo recommended the trading in the accounts for the four customers, and they routinely followed his recommendations.
• As a result, Mr. Lianzo exercised de facto control over the four customers’ accounts. Lianzo’s trading of the accounts resulted in high turnover rates and cost-to-equity ratios, as well as significant losses.
• Specifically, Mr. Lianzo engaged in quantitatively unsuitable trading in Customer A’s account. Between March 2016 and March 2017, Customer A’s account exhibited an annualized turnover rate of 35 and an annualized cost-to-equity ratio of 145%. Customer A’s account incurred losses of $42,487 and paid $15,169 in commissions.
• During the period October 2017 through November 2019, Mr. Lianzo also engaged in quantitatively unsuitable trading in the accounts of Customers B, C, and D.
• Customer B’s account exhibited an annualized turnover rate of 15 and an annualized cost-to-equity ratio of 65%. Customer B’s account incurred losses of $95,570 and paid $22,975 in commissions.
• Customer C’s account exhibited an annualized turnover rate of 18 and an annualized cost-to-equity ratio of 78%. Customer C’s account incurred losses of $112,173 and paid $51,781 in commissions.
• Customer D’s account exhibited an annualized turnover rate of 15 and an annualized cost-to-equity ratio of 72%. Customer D’s account incurred losses of $43,078 and paid $37,581 in commissions.
• Lianzo’s trading in his four customers’ accounts was excessive and unsuitable given the customers’ investment profiles.
• Therefore, Lianzo violated FINRA Rules 2111 and 2010.
• Additionally, between February 14, 2017, and March 16, 2017, while registered through Laidlaw, Mr. Lianzo placed seven trades in Customer A’s account without Customer A’s authorization, knowledge, or consent.
• Between August 9, 2018, and October 31, 2018, while registered through SW Financial, Mr. Lianzo placed six trades in Customer B’s account without Customer B’s authorization, knowledge, or consent.
• Therefore, Lianzo violated FINRA Rule 2010.

Excessive trading occurs when a financial advisor makes many trades in a customer’s account, not to benefit the customer but to generate commissions for the broker.

Churning is a more egregious variation of excessive trading. Churning refers to a situation where the broker executed an excessive number of trades and did so with the intent to defraud or reckless disregard for the customer’s interest.

Unauthorized trading often occurs in non-discretionary accounts, where a customer retains discretion. In non-discretionary accounts, brokers must obtain a customer’s permission every time before placing a trade.

Excessive trading, churning, and unauthorized trading are unethical and illegal practices. They are all also violations of securities rules and regulations and can cause enormous harm to customers.

There are two primary indicators used to evaluate whether a financial advisor excessively traded an account. The first is turnover rate, which represents the number of times a portfolio of investments is replaced for another portfolio of investments. Generally, a turnover rate of six suggests excessive trading, but a turnover rate below four can be excessive in some cases. According to FINRA, the accounts at issue had an annual turnover rate between 15 and 35.

The second indicator used to assess whether trading is excessive in an investment account is its cost-to-equity ratio. The cost-to-equity ratio measures the amount an account must appreciate to cover commissions and other expenses. That is, how much the account needs to grow just to break even. A cost-to-equity ratio of 20% generally indicates excessive trading has occurred. According to FINRA, the accounts at issue had cost-to-equity ratios between 65% and 145%.

Financial Advisor Joseph Augustien Lianzo (CRD No. 4516842)

Joeseph Augustien Lianzo, who had only 19 years of experience in the securities industry, has a history of customer complaints and associations with disreputable firms.

Mr. Lianzo has been affiliated with nine different brokerage firms, including two which have been expelled from the industry by FINRA:

• SW Financial, from September 2017 to the present.
• Arive Capital Markets, from March 2017 to October 2017.
• Laidlaw & Company (UK) Ltd., from September 2015 to August 2017.
• Cape Securities Inc., from August 2014 to September 2015.
• Salomon Whitney LLC, from October 2012 to August 2014.
• P. Turner & Company, L.L.C., from December 2004 to October 2012.
• New Castle Financial Group, Inc. (expelled by FINRA), from August 2004 to December 2004.
• Newbridge Securities Corporation, from April 2003 to August 2004.
• Harrison Securities, Inc. (expelled by FINRA), from April 2003 to May 2003.
• Milestone Financial Services, Inc., from April 2002 to March 2003.

Mr. Lianzo has been the subject of 2 customer complaints and securities arbitrations relating to allegations of suitability, excessive trading, churning, and unauthorized trading. Both cases resulted in monetary compensation to the harmed customer(s).

FINRA’s BrokerCheck tool can be used to obtain Mr. Lianzo’s complete and updated disclosure reports.

SW Financial and Laidlaw & Company (UK) Ltd – A Duty to Supervise

Financial institutions like SW Financial and Laidlaw & Company (UK) Ltd must properly supervise financial advisors and customer accounts. Brokerage firms must establish and maintain a reasonably designed system to oversee account activity, such as excessive trading, to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to supervise its financial advisors or the investment account activity sufficiently, it may be liable for investment losses sustained by customers.

How to Recover Financial Losses or Obtain a Free Consultation

If you have suffered investment losses with Joseph Lianzo, SW Financial, or Laidlaw & Company (UK) Ltd or suspect other inappropriate activity occurred in your investment or retirement account, contact securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (646) 330-4624 for a free and confidential review of your legal rights.

Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.

Customers of Mr. William Wright or National Securities Corporation can contact securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of their legal rights.

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as National Securities Corporation.

FINRA Letter of Acceptance, Waiver, and Consent No. 2020068758101

William Wright and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on August 19, 2021, after Mr. Wright refused to cooperate with a FINRA investigation. FINRA launched an investigation after National Securities Corporation discharged Mr. Wright and alleged that he borrowed money from a customer of the firm.

On June 2, 2021, in connection with FINRA’s investigation, FINRA sent a request to Mr. Wright for the production of information and documents pursuant to FINRA Rule 8210. On June 25, 2021, Mr. Wright stated in an email to FINRA that he would not produce the information or documents requested.

Mr. Wright’s refusal to provide the information and documents requested by FINRA is a violation of FINRA Rules 8210 and 2010.

Financial Advisor William Wright Jr. (CRD No. 3048195)

William Wright, Jr. had 16 years of experience in the securities industry and has been associated with eight different firms. In February 2015, Wright became affiliated with National Securities Corporation in New York, New York. National Securities Corporation terminated Mr. Wright’s employment in November 2020. In connection with the termination, the firm alleged that Mr. Wright borrowed money from a customer of the firm.

According to his BrokerCheck report, Mr. Wright is currently the subject of a customer dispute. The customer filed a securities arbitration complaint in January 2021, which alleged that Mr. Wright failed to follow the customer’s instructions. The customer is seeking $65,000 in damages. The dispute is still pending resolution.

FINRA’s BrokerCheck tool can be used to obtain Mr. Wright’s complete and updated disclosure report.

National Securities Corporation – A Duty to Supervise

Brokerage firms like Folger Nolan Fleming Douglas Incorporated must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.

How to Recover Financial Losses or Obtain a Free Consultation

If you have lost money with financial advisor William Wright or National Securities Corporation, contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (646) 330-4624 for a free and confidential evaluation of your account.

Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.

Mr. McAdams, associated with Joseph Stone Capital from September 2015 to June 2020, has also been the subject of at least two customer complaints. The causes of action of the two complaints, which resulted in monetary compensation to the customers, included excessive trading on margin, elder abuse, false and misleading statements, fraud, negligent misrepresentation, breach of fiduciary duty, and unauthorized trading.

If you have suffered financial losses investing with Eugene McAdams or Joseph Stone Capital L.L.C., or suspect that Mr. McAdams did not have your best interest in mind when recommending investments or making account transactions, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your legal rights.

Iorio Altamirano LLP represents investors that have disputes with their financial advisors or brokerage firms, such as Joseph Stone Capital.

Joseph Stone Capital L.L.C.

According to a 2017 investigation by Reuters, out of all of the brokerage firms in the country, Joseph Stone Capital hired the second most brokers with a history of significant disclosures. In 2021, Iorio Altamirano LLP set out to update that analysis.

The investigation revealed that seventy-six percent (76%) of Joseph Stone Capital’s brokers and supervisors have significant red flag public disclosures. Significant red flag disclosures include:

• regulatory sanctions,
• terminations of employment after allegations of misconduct,
• customer disputes that result in an award or settlement, and
• prior association with a firm that FINRA has expelled.

You can read the full investigative report here: Investigative Report: Iorio Altamirano LLP Investigation into Joseph Stone Capital L.L.C. Reveals Troubling Pasts for Owners, Executives, and Brokers

FINRA Letter of Acceptance, Waiver, and Consent No. 2020066887801

Eugene McAdams and FINRA entered into a Letter of Acceptance, Waiver, and Consent on August 3, 2021, after Mr. McAdams refused to appear for on-the-record testimony connected with FINRA’s investigation. The investigation concerned the suitability of Mr. McAdam’s recommended securities transactions in customers’ accounts while registered through Joseph Stone Capital.

On July 7, 2021, in connection with FINRA’s investigation, FINRA sent a request to Mr. McAdams for on-the-record testimony pursuant to FINRA Rule 8210. On July 7, 2021, Mr. McAdams responded by email that he would not appear for on-the-record testimony at any time.

By refusing to testify, Mr. McAdams violated FINRA Rules 8210 and 2010.

Financial Advisor Eugene A. McAdams (CRD No. 4190211)

Eugene A. McAdams had 19 years of experience in the securities industry and had been associated with 14 different firms, including three firms that have been expelled from the industry by FINRA.

Mr. McAdams has also been the subject of at least two customer disputes:

• Customer Dispute (June 2018): A customer filed a securities arbitration complaint alleging $150,000 in damages as a result of excessive and unnecessary trading on margin, elder abuse, false and misleading statements, fraud, negligent misrepresentation, and breach of fiduciary duty. McAdams denied the allegations but settled the matter for monetary compensation.
• Customer Dispute (February 2004): A customer alleged that Mr. McAdams made unauthorized transactions that resulted in $80,000 in damages. McAdams and Milestone Financial Services, Inc., the firm that employed Mr. McAdams at the time of the alleged conduct, settled the matter for $60,000.

FINRA’s BrokerCheck tool can be used to obtain Mr. McAdam’s complete and updated disclosure reports.

Joseph Stone Capital – A Duty to Supervise

Financial institutions like Joseph Stone Capital must properly supervise financial advisors and customer accounts. Brokerage firms must establish and maintain a reasonably designed system to oversee account activity, such as excessive trading, to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to supervise its financial advisors or the investment account activity sufficiently, it may be liable for investment losses sustained by customers.

How to Recover Financial Losses or Obtain a Free Consultation

If you have suffered investment losses with Eugene McAdams or Joseph Stone Capital or suspect other inappropriate activity occurred in your investment or retirement account, contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (646) 330-4624 for a free and confidential review of your legal rights.

Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.

When a financial advisor participates in a private securities transaction that is not approved by a firm, it is referred to as “selling away.” The prohibitions on selling away are designed to protect investors by ensuring that all brokers’ activities are reasonably supervised by firms that employ them. Further, securities that are sold away from a firm have not been vetted by the firm.

Customers of Mr. Booth or Valic Financial Advisors, Inc. that have suffered financial losses can contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of their legal rights.

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as Valic Financial Advisors, Inc.

FINRA Letter of Acceptance, Waiver, and Consent No. 2021069207301

Enoch S. Booth and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on July 20, 2021, after Mr. Booth refused to provide documents connected with FINRA’s investigation.

On June 29, 2021, in connection with FINRA’s investigation, FINRA sent a request to Mr. Booth for the production of documents pursuant to FINRA Rule 8210. The request south documents in connection with FINRA’s investigation into facts surrounding Mr. Booth’s termination from Valic Financial Advisors, Inc. On June 29, 2021, Mr. Booth stated in an email that he would not produce the requested documents.

By refusing to cooperate with FINRA’s investigation, Mr. Booth violated FINRA Rules 8210 and 2010.

Accordingly, he has been barred by FINRA from associating with any FINRA member brokerage firm in any capacity.

Valic Financial Advisors, Inc. – Supervisory Duties

Brokerage firms like Valic Financial Advisors, Inc. must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.

How to Recover Financial Losses or Obtain a Free Consultation

If you have lost money with financial advisor Enoch Booth or Valic Financial Advisors, Inc., contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (646) 330-4624 for a free and confidential evaluation of your legal rights.

Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.

Iorio Altamirano LLP is a bilingual law firm, fluent in both English and Spanish.

Customers of Mr. Giovino or GWN Securities Inc. can contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of their legal rights.

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as GWN Securities Inc.

FINRA Letter of Acceptance, Waiver, and Consent No. 202107092701

Ronald J. Giovino, Jr. and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on July 8, 2021, after Mr. Giovino refused to provide documents and information connected with FINRA’s investigation into whether Mr. Giovino converted customer funds.

On April 23, 2021, in connection with FINRA’s investigation, FINRA sent a request to Mr. Giovino for the production of documents and information pursuant to FINRA Rule 8210. Although Mr. Giovino produced certain information and documents, he failed to make a complete production. On June 4, 2021, FINRA made an additional request for the production of the outstanding documents. On June 28, 2021, Mr. Giovino, through counsel, stated in a phone call with FINRA that he would not produce information and documents.

By refusing to cooperate with FINRA’s investigation, Mr. Giovino violated FINRA Rules 8210 and 2010.

Financial Advisor Ronald Joseph Giovino, Jr. (CRD No. 2236071)

Ronald Joseph Giovino had 29 years of experience in the securities industry and has been registered with the following firms:

• GWN Securities, Inc., from March 2004 to July 2021.
• Legend Equities Corporation, from August 2013 to November 2013.
• Money Concepts Capital Corp, from July 2003 to August 2004.
• Royal Alliance Associates, Inc., from December 2002 to July 2003.
• Prime Capital Services, Inc., from September 2001 to December 2002.
• Legend Equities Corporation, from January 1994 to September 2001.
• Legend Capital Corporation, from May 1992to January 1994.

According to his BrokerCheck report, Mr. Giovino is the subject of a pending customer complaint related to an inherited IRA account. The customers wanted to use the inherited IRA account to pay off some debt and keep the remaining assets in the inherited IRA. Mr. Giovino allegedly told the customers that they could take a full distribution and then rollover the proceeds that they did not need to pay off their debt. According to the disclosure, Mr. Giovino’s representation was not correct, and the customers were subjected to unnecessary tax liability. The customer dispute is pending.

GWN Securities Inc. – Supervisory Duties

Brokerage firms like GWN Securities Inc. must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.

How to Recover Financial Losses or Obtain a Free Consultation

If you have lost money with financial advisor Ronald Giovino or GWN Securities Inc., contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (646) 330-4624 for a free and confidential evaluation of your legal rights.

Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.

Iorio Altamirano LLP is a bilingual law firm, fluent in both English and Spanish.

Mr. Rigsbee was associated with Wells Fargo Clearing Services, LLC in Sacramento, CA, from October 2016 until April 2021.

Customers of Mr. Rigsbee or Wells Fargo can contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of their legal rights.

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as Wells Fargo.

FINRA Letter of Acceptance, Waiver, and Consent No. 2021071026301

Tyler Rigsbee and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on July 7, 2021, after Mr. Rigsbee refused to provide documents and information connected with FINRA’s investigation into allegations made by Wells Fargo in connection with his termination in April 2021.

According to Mr. Rigsbee BrokerCheck report, Wells Fargo discharged Mr. Rigsbee on April 7, 2021, after alleging that he “was terminated during the course of an internal review where documents appear to show that client funds were received in his personal bank account after being transferred from Wells Fargo to a third-party broker-dealer, and then to his bank account, without permission from clients.” Wells Fargo further disclosed that it was notified by E-Trade that it received customer complaints about securities and funds leaving Wells Fargo and flowing into accounts opened in client names at E-Trade without client permission. E-Trade provided Wells Fargo with information that showed that funds were then transferred from E-Trade to a common Wells Fargo bank account that was controlled by Mr. Rigsbee.

On April 20, 2021, in connection with FINRA’s investigation, FINRA sent a request to Mr. Rigsbee for the production of documents and information pursuant to FINRA Rule 8210. On June 22, 2021, Mr. Rigsbee stated in an email through counsel that he would not produce information and documents.

By refusing to cooperate with FINRA’s investigation, Mr. Rigsbee violated FINRA Rules 8210 and 2010.

Financial Advisor Tyler Michael Rigsbee (CRD No. 6351278)

Tyler Michael Rigsbee had six years of experience in the securities industry and has been associated with the following firms:

• Wells Fargo Clearing Service, LLC in Sacramento, CA, from October 2016 until April 2021.
• Edward Jones in El Dorado Hills, CA, from August 2014 until October 2016.

Wells Fargo – Supervisory Duties

Brokerage firms like Wells Fargo must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.

How to Recover Financial Losses or Obtain a Free Consultation

If you have lost money with financial advisor Tyler Rigsbee or Wells Fargo, contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (646) 330-4624 for a free and confidential evaluation of your legal rights.

Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.

Iorio Altamirano LLP is a bilingual law firm, fluent in both English and Spanish.

Mr. Swon was associated with both brokerage firm Royal Alliance Associates, Inc. and registered investment advisor Focus Financial in Bloomington, MN, from October 2012 until he was discharged by both firms in April 2021 for allegedly violating the firms’ policies regarding disclosure and approval of outside business activities.

Customers of Mr. Swon or Royal Alliance Associates, Inc., can contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of their legal rights.

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as Royal Alliance Associates, Inc.

FINRA Letter of Acceptance, Waiver, and Consent No. 2021071153001

John Swon IV and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on July 6, 2021, after Mr. Swon refused to provide documents and information connected with FINRA’s investigation into whether Mr. Swon misappropriated funds.

On May 14, 2021, in connection with FINRA’s investigation, FINRA sent a request to Mr. Swon for the production of documents and information pursuant to FINRA Rule 8210. On May 27, 2021, Mr. Swon stated in an email to FINRA that he would not produce information and documents.

By refusing to cooperate with FINRA’s investigation, Mr. Swon violated FINRA Rules 8210 and 2010.

Financial Advisor John Henry Swon IV (CRD No. 5591686)

John Henry Swon IV had 11 years of experience in the securities industry. Mr. Swon was registered as a broker with Royal Alliance Associates, Inc. in Bloomington, MN, from October 2012 until he was discharged in April 2021.

Mr. Swon was also registered as an investment advisor with Focus Financial in Bloomington, MN, from October 2012 until he was discharged in April 2021.

In April 2021, Mr. Swon received a customer complaint that alleged that he “misappropriated or otherwise mismanaged funds entrusted to him” as an investment advisory representative of Focus Financial Network Inc. According to his BrokerCheck Report, at Focus Financial Network, Mr. Swon provided portfolio reviews and gave investment advice to clients.

Royal Alliance Associates, Inc. – Supervisory Duties

Brokerage firms like Royal Alliance Associates, Inc. must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.

How to Recover Financial Losses or Obtain a Free Consultation

If you have lost money with financial advisor John Swon or Royal Alliance Associates, Inc., contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (646) 330-4624 for a free and confidential evaluation of your legal rights.

Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.

Iorio Altamirano LLP is a bilingual law firm, fluent in both English and Spanish.

Customers of Mr. Ceja or PFS Investments, Inc., can contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation.

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as PFS Investments Inc.

FINRA Letter of Acceptance, Waiver, and Consent No. 2021070491301

Juan M. Ceja and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on July 1, 2021, after Mr. Ceja refused to provide documents and information connected with FINRA’s investigation. The investigation originated after PFS Investments, Inc. discharged Mr. Ceja on February 4, 2021, and alleged that he falsified the electronic signatures of the firm’s insurance affiliate clients between April 2020 and September 2020 in order to renew 104 term life insurance policies that had lapsed. Mr. Ceja received over $30,000 in advanced commissions.

On May 20, 2021, in connection with FINRA’s investigation, FINRA sent a request to Mr. Ceja for the production of documents and information pursuant to FINRA Rule 8210. On June 10, 2021, Mr. Ceja stated in a telephone conversation with FINRA that he would not produce information and documents.

By refusing to cooperate with FINRA’s investigation, Mr. Ceja violated FINRA Rules 8210 and 2010.

Financial Advisor Juan Manuel Ceja (CRD No. 2732374)

Juan Manuel Ceja had 20 years of experience in the securities industry, all with PFS Investments, Inc. in Medford, Oregon. Mr. Ceja was also associated with Primerica Financial Services, a co-located affiliate of PFS Investments, Inc., since 1994.

According to his BrokerCheck report, Mr. Ceja was also the subject of a $10,859 IRS Tax lien in 2011.

PFS Investments, Inc. – Supervisory Duties

Brokerage firms like PFS Investments, Inc. must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.

How to Recover Financial Losses or Obtain a Free Consultation

If you have lost money with financial advisor Juan Ceja or PFS Investments, Inc., contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (646) 330-4624 for a free and confidential evaluation of your legal rights.

Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.

Iorio Altamirano LLP is a bilingual law firm, fluent in both English and Spanish.

If you have suffered financial losses investing with Marc R. Lippman or Folger Nolan Fleming Douglas Incorporated, contact securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation.

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as Folger Nolan Fleming Douglas Incorporated.

FINRA Letter of Acceptance, Waiver, and Consent No. 2021071514101

Marc R. Lippman and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on June 17, 2021, after FINRA alleged that Mr. Lippman provided false information to FINRA during on-the-record testimony regarding whether he was aware that his customer was deceased at the time of entering a securities transaction in the customer’s account. Specifically, FINRA alleged:

• On February 25, 2017, Mr. Lippman’s customer died.
• On February 27, 2017, Mr. Lippman was aware that the customer had died and placed a trade in the customer’s account, selling approximately $80,000 in securities.
• Despite knowing that the customer died, Mr. Lippman effectuated this transaction without permission or consent.
• Following the transaction, Lippman distributed the funds to one of the customer’s family members.
• FINRA investigated Mr. Lippman concerning whether he knew a customer was deceased at the time he entered a securities order in the customer’s account.
• Pursuant to FINRA Rule 8210, FINRA took his on-the-record testimony under oath.
• During his on-the-record testimony, Mr. Lippman falsely stated that he was unaware of his customer’s death at the time of entering a securities transaction in the customer’s account.

Accordingly, Mr. Lippman violated FINRA Rule 2010 for placing unauthorized trades, and FINRA Rules 8210 and 2010 for providing false testimony.

Financial Advisor Marc Romeyn Lipman (CRD No. 1575995)

Marc Lippman had 33 years of experience in the securities industry and has been associated with seven different firms. In December 2009, Mr. Lippman became affiliated with Folger Nolan Fleming Douglas Incorporated in Washington, DC. Folger Nolan Fleming Douglas Incorporated terminated Mr. Lippman’s employment in December 2020. In connection with the termination, the firm alleged that it had learned that statements made by Mr. Lippman regarding the date he became aware of a client’s death were inconsistent with an email he had written prior to making such statements.

According to his BrokerCheck report, Mr. Lippman was the subject of a customer dispute in February 2020. The customer alleged that Mr. Lippman breached his fiduciary duty and caused $686,000 in damages related to a mutual fund. The matter was settled by Folger Nolan Fleming Douglas Incorporated and Mr. Lippman for $326,500. Mr. Lippman personally contributed $75,000.

Supervisory Duties

Brokerage firms like Folger Nolan Fleming Douglas Incorporated must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.

How to Recover Financial Losses or Obtain a Free Consultation

If you have lost money with financial advisor Marc R. Lippman or Folger Nolan Fleming Douglas Incorporated, contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (646) 330-4624 for a free and confidential evaluation of your account.

Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.

According to a 2017 investigation by Reuters, Worden Capital Management hired more brokers with a history of significant disclosures than all but twenty-three other firms in the country. In 2021, Iorio Altamirano LLP set out to update that analysis.

The investigation revealed that fifty-four percent (54%) of Worden Capital Management’s brokers and supervisors have significant “red flag” public disclosures. Significant red flag disclosures include:

• regulatory sanctions,
• terminations of employment after allegations of misconduct,
• customer disputes that result in an award or settlement, and
• prior association with a firm that FINRA has expelled.

You can read the full investigative report here: Investigative Report: Worden Capital Management LLC’s Owners, Executives, and Brokers Have Concerning Red Flag Disclosures

If you have suffered financial losses investing with Salvatore Pizzimenti or Worden Capital Management, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account.

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as Worden Capital Management.

FINRA Letter of Acceptance, Waiver, and Consent No. 2019060753501

Salvatore Pizzimenti and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on June 11, 2021, after Mr. Pizzimenti refused to provide on-the-record testimony connected with FINRA’s investigation. The investigation concerned Mr. Pizzimenti’s trading of customer accounts while he was associated with Worden Capital Management.

On May 26, 2021, in connection with FINRA’s investigation, FINRA sent a request to Mr. Pizzimenti for on-the-record testimony pursuant to FINRA Rule 8210. On May 26, 2021, Mr. Pizzimenti, through counsel, stated on a phone call that he would not appear for on-the-record testimony at any time.

By refusing to testify, Mr. Pizzimenti violated FINRA Rules 8210 and 2010.

Financial Advisor Salvatore Pizzimenti (CRD No. 2879580)

Salvatore Pizzimenti had 15 years of experience in the securities industry and has been associated with seven different firms, including two firms that have been expelled by FINRA:

• Worden Capital Management, from November 2016 to December 2019.
• Legend Securities, Inc. (expelled by FINRA), from August 2011 to November 2016.
• P. Turner & Company, L.L.C., from February 2010 to August 2011.
• National Securities Corporation, from January 2009 to February 2010.
• Pointe Capital, Inc., from January 2007 to January 2009.
• Great Eastern Securities, Inc., from September 2005 to January 2007.
• Salomon Grey Financial Corporation (expelled by FINRA), from November 2004 to September 2005.

According to his BrokerCheck report, Mr. Pizzimenti has been the subject of at least five customer complaints, including a pending dispute. The pending dispute was filed in January 2021 by a customer alleging that Mr. Pizzimenti, while associated with Worden Capital Management, caused nearly $90,000 in damages. The customer filed a securities arbitration complaint, which included the following causes of action: churning and quantitative suitability, and misrepresentation, and unsuitability.

Excessive trading occurs when a financial advisor makes many trades in a customer’s account, not to benefit the customer but to generate commissions for the broker.

Churning is a more egregious variation of excessive trading. Churning refers to a situation where the broker executed an excessive number of trades and did so with the intent to defraud or reckless disregard for the customer’s interest. Churning is unethical and illegal and can cause enormous harm to customers.

Three of the other four customer disputes also involved allegations of churning. All four of the other disputes have been resolved by settlement:

• Customer Dispute (January 2013): A customer filed a securities arbitration complaint alleging $500,000 in damages as a result of churning and unsuitable recommendations. The dispute was settled by Mr. Pizzimenti.
• Customer Dispute (August 2012): A customer filed a securities arbitration complaint alleging $1 million in damages. The complaint alleged negligence, churning, unsuitability, fraud, breach of contract, and breach of fiduciary duty. The dispute was settled by J.P. Turner & Company and Mr. Pizzimenti for $240,000. Mr. Pizzimenti contributed $120,000.
• Customer Dispute (July 2012): A customer filed a securities arbitration complaint alleging $4 million in damages. The complaint alleged negligence, breach of fiduciary duty, breach of contract, misrepresentation, and unsuitable and excessive trading. The dispute was settled by National Securities Corporation and Mr. Pizzimenti for $70,000.
• Customer Dispute (April 2008): A customer filed a securities arbitration complaint alleging that Mr. Pizzimenti failed to follow instructions related to the recommendation and purchase of technology stocks. The dispute was settled for $130,000 by Mr. Pizzimenti.

Supervisory Duties

Brokerage firms like Worden Capital Management must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity, such as churning, to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.

How to Recover Financial Losses or Obtain a Free Consultation

If you have lost money with financial advisor Salvatore Pizzimenti or Worden Capital Management, LLC, contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (646) 330-4624 for a free and confidential evaluation of your account.

Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.

The alleged conduct occurred while UBS Financial Services Inc. (“UBS”) employed Mr. Turlan in San Antonio, Texas. UBS discharged Mr. Turlan in July 2019, alleging misconduct related to a non-discretionary account and trading in accounts that reached levels that could be considered unsuitable.

If you have suffered financial losses investing with Ricardo Turlan, or suspect that Mr. Turlan did not have your best interest in mind when recommending investments or making account transactions, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your brokerage account.

Iorio Altamirano LLP represents investors that have disputes with their financial advisors or brokerage firms, such as UBS Financial Services Inc.

FINRA Letter of Acceptance, Waiver, and Consent No. 2019063490102

FINRA and Mr. Turlan entered into a Letter of Acceptance, Waiver, and Consent No. 2019063490102 on June 3, 2021, after FINRA alleged that between June 2017, and February 2019, while associated with UBS, Mr. Turlan executed approximately 130 trades in two customer accounts using discretion without the customers’ prior written authorization and without the firm accepting these accounts as discretionary in writing. As a result, Mr. Turlan violated NASD Rule 2510(b) and FINRA Rule 2010.

Unauthorized trading often occurs in non-discretionary accounts, where a customer retains discretion. In non-discretionary accounts, brokers must obtain a customer’s permission every time before placing a trade.

Unauthorized trading is an unethical and illegal practice. It is also a violation of securities rules and regulations and can cause enormous harm to customers.

In the account of one of the customers, Mr. Turlan also mismarked approximately 72 trades as “unsolicited” when the trades should have been marked as “solicited,” causing the firm to maintain inaccurate books and records. Accordingly, Mr. Turlan violated FINRA Rules 4511 and 2010.

A “solicited” trade is a trade that was the broker’s idea. It is a trade where the financial advisor initiated and recommended the buy or sell transaction to the client. An “unsolicited” trade is a trade that the customer initiated. It is a trade made by the client on their own initiative, without recommendations, suggestions, or prompting from the broker.

The distinction between solicited and unsolicited is important to determine whether the broker’s suitability and best interest duties arise. If the trade is solicited, or recommended by the broker, the broker has a duty to make a suitable recommendation that is in the best interest of the customer. Click here to read more about solicited v. unsolicited trades.

Financial Advisor Ricardo Turlan (CRD No. 4431836)

Ricardo Turlan, who also goes by Ricardo Patricio Perez-Ruland and Ricardo Patricio Ramirez, has 14 years of experience in the securities industry and has been associated with the following firms:

• UBS Financial Services Inc. in San Antonio, TX, from October 2015 to August 2019.
• BBVA Securities Inc. in San Antonio, TX, from May 2013 to October 2015.
• BBVA Compass Investment Solutions, Inc. in San Antonio, TX, from June 2009 to May 2013.
• BBVA Investments Inc. in San Antonio, TX, from July 2006 to July 2009.
• Citicorp Investment Services in Lon Island City, NY, from October 2001 to November 2002.

Mr. Turlan is currently not registered with any firm.

In 2020, Mr. Turlan was suspended by FINRA for three months for failing to respond to FINRA’s request for information.

According to his public disclosure report with FINRA, Mr. Turlan has been the subject of at least one customer dispute. In March 2019, a customer filed a written complaint to UBS Financial Services Inc. alleging that Mr. Turlan exercised discretion on the account even though she had not formally authorized the use of discretion. The complaint also alleged that Mr. Turlan promised her not to charge commissions in 2018, but he did. Mr. Turlan and UBS settled the dispute for $110,000.

UBS Financial Services Inc. – A Duty to Supervise

Financial institutions like UBS Financial Services Inc. must properly supervise financial advisors and customer accounts. Brokerage firms must establish and maintain a reasonably designed system to oversee account activity, such as unauthorized trading, to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to supervise its financial advisors or the investment account activity sufficiently, it may be liable for investment losses sustained by customers.

How to Recover Financial Losses or Obtain a Free Consultation

If you have suffered investment losses with Ricardo Turlan or UBS or suspect other inappropriate activity occurred in your investment or retirement account, contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (646) 330-4624 for a free and confidential review of your legal rights.

Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.

Iorio Altamirano LLP is a bilingual law firm, fluent in both English and Spanish.

If you have suffered financial losses investing with Jeffrey Warren or Oppenheimer & Co. Inc., contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account.

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as Oppenheimer & Co. Inc.

FINRA Letter of Acceptance, Waiver, and Consent No. 2021070775901

Jeffrey Warren and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on May 28, 2021, after Mr. Warren refused to provide documents and information connected with FINRA’s investigation. The investigation originated from a complaint from a beneficiary of a deceased Oppenheimer customer regarding a gift the customer provided to Mr. Warren prior to the customer’s death.

On April 23, 2021, in connection with FINRA’s investigation, FINRA sent requests to Mr. Warren for information and documents pursuant to FINRA Rule 8210. On May 3, 2021, Mr. Warren, through counsel, stated in an email that he would not produce information and documents at any time.

By refusing to testify, Mr. Dixon violated FINRA Rules 8210 and 2010.

Financial Advisor Jeffrey Warren (CRD No. 2707969)

Jeffrey Warren had 25 years of experience in the securities industry and has been associated with four different firms:

• Oppenheimer & Co. Inc. in Boca Raton, Florida, from March 2009 to March 2021.
• Wachovia Securities, LLC in Boca Raton, Florida, from April 2004 to March 2009.
• UBS Financial Services, Inc. in Weehawken, New Jersey, from April 1999 to May 2004.
• Prudential Securities Incorporated in New York, New York, from March 1996 to April 1999.

According to his BrokerCheck report, Mr. Warren has been the subject of at least three customer disputes:

• Customer Dispute (February 2017): A beneficiary of a deceased customer submitted a written complaint directly to Oppenheimer & Co. Inc. The complaint alleged that a check was deposited without the beneficiary’s consent in or around January 2021. The customer did not file a securities arbitration The firm denied the beneficiary any compensation.
• Customer Dispute (February 2008): Customers filed a complaint directly to Wachovia Securities, LLC. The complaint alleged that Mr. Warren did not properly disclose the fees of Unit Investment Trusts that he recommended, and that Mr. Warren misled the customers about the safety of the investments. The customer did not file a securities arbitration The firm denied the beneficiary any compensation.
• Customer Dispute (September 20035): Customers filed a securities arbitration complaint alleging that Mr. Warren made unsuitable recommendations related to mutual funds. UBS Financial Services settled the dispute for monetary compensation.

Supervisory Duties

Brokerage firms like Oppenheimer & Co. Inc. must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.

How to Recover Financial Losses or Obtain a Free Consultation

If you have lost money with financial advisor Jeffrey Warren or Oppenheimer & Co. Inc., contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (646) 330-4624 for a free and confidential evaluation of your account.

Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.

Reportedly, Mr. Viyella recommended that his clients invest in the Conrad Hotel, a luxury hotel in Fort Lauderdale, Florida, in which he had a personal stake. Mr. Viyella reportedly knew the hotel was facing financial difficulties, yet recommended that his clients invest in the hotel, causing them to suffer financial losses.

Mr. Viyella was registered with Morgan Stanley in Miami, Florida, from June 2009 until December 2020. He has also been associated with the following entities: Terrena Enterprises, LLC, VSHC Management, LLC, VSHC Family Limited Partnership LP, and Earthview Capital, LLC.

Since October 2019, Mr. Viyella has been the subject of five customer complaints that appear to be related to soliciting Morgan Stanley clients to participate in promissory note investments.

If you have suffered financial losses investing with Candido Viyella or Morgan Stanley, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account.

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as Securities America, Inc.

FINRA Letter of Acceptance, Waiver, and Consent No. 2019064630801

Candido J. Viyella and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on May 10, 2021, after Mr. Viyella refused to provide on-the-record testimony in connection with FINRA’s investigation. The investigation originated after Morgan Stanley discharged Mr. Viyella and disclosed concerns regarding his participation, involvement, and a beneficial ownership interest in an outside investment.

On April 30, 2021, in connection with FINRA’s investigation, FINRA sent a letter to Mr. Viyella requesting the production of documents and information pursuant to FINRA Rule 8210. On April 20, 2021, Mr. Viyella, through counsel, stated on a phone call that he would not appear for on-the-record testimony at any time.

By refusing to provide the information or documents, Mr. Viyella violated FINRA Rules 8210 and 2010.

Financial Advisor Candido Jose Viyella (CRD No. 1829255)

Candido Jose Viyella had 32 years of experience in the securities industry. According to his BrokerCheck report, he has been the subject of at least five recent customer complaints:

• Customer Dispute (October 2020): Customers filed a securities arbitration claim alleging that Mr. Viyella solicited an outside investment opportunity that was not authorized by Morgan Stanley. The dispute is pending.
• Customer Dispute (October 2020): A customer filed a securities arbitration claim alleging that Mr. Viyella solicited an outside investment opportunity in or about October 2015 that was not authorized by Morgan Stanley. The customer alleged $1 million in damages. Morgan Stanley settled the matter for $140,000.
• Customer Dispute (October 2020): A customer filed a securities arbitration claim alleging that Mr. Viyella solicited an outside investment opportunity in or about October 2013 that was not authorized by Morgan Stanley. The customer alleged $500,000 in damages. Morgan Stanley settled the matter for $60,000.
• Customer Dispute (March 2020): A customer filed a legal action in Miami alleging fraudulent misrepresentation with respect to an outside investment opportunity not authorized by Morgan Stanley that was solicited by Mr. Viyella between 2013 and 2015. The customer is seeking $2 million in damages. The dispute is pending.
• Customer Dispute (October 2019): A customer filed a securities arbitration claim alleging that Mr. Viyella solicited an outside investment opportunity in or about October 2015 that was not authorized by Morgan Stanley. The dispute is pending.

When a financial advisor participates in a private securities transaction that is not approved by a firm, it is referred to as “selling away.” The prohibitions on selling away are designed to protect investors by ensuring that all brokers’ activities are reasonably supervised by firms that employ them. Further, securities that are sold away from a firm have not been vetted by the firm.

Supervisory Duties

Brokerage firms like Morgan Stanley must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity, such as “selling away,” to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.

How to Recover Financial Losses or Obtain a Free Consultation

If you have lost money with financial advisor Candido Viyella or Morgan Stanley, contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (646) 330-4624 for a free and confidential evaluation of your account.

Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.

Iorio Altamirano LLP is a bilingual law firm, fluent in both English and Spanish.

Mr. Dixon was registered with Securities America, Inc. in Urbana, Ohio, from September 2016 until October 2019.

If you have suffered financial losses investing with William Dixon or Securities America, Inc., contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account.

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as Securities America, Inc.

FINRA Letter of Acceptance, Waiver, and Consent No. 2019064188001

William H. Dixon and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on May 11, 2021, after Mr. Dixon refused to provide information and documents in connection with FINRA’s investigation. The investigation originated after Securities America, Inc. discharged Mr. Dixon and alleged that he signed his deceased client’s signature and initials on multiple annuity surrender forms.

On April 1, 2021, in connection with FINRA’s investigation, FINRA sent a letter to Mr. Dixon requesting the production of documents and information pursuant to FINRA Rule 8210. On April 16, 2021, Mr. Dixon, through counsel, stated on a phone call that he would not provide the requested information or documents at any time.

By refusing to provide the information or documents, Mr. Dixon violated FINRA Rules 8210 and 2010.

Financial Advisor William H. Dixon (CRD No. 68881)

William H. Dixon had 47 years of experience in the securities industry. According to his BrokerCheck report, he has been the subject of at least two customer complaints:

• Customer Dispute (September 2016): A customer provided a written complaint to Prudential, alleging that the variable annuity that was recommended by Mr. Dixon was not suitable. Prudential forward to the complaint to Wall Street Financial Group, which employed Mr. Dixon at the time. The firm denied the customer any compensation.
• Customer Dispute (September 2008): A customer alleged that sales charges related to a variable annuity were not disclosed. The customer did not file a securities arbitration complaint and instead complained directly to the firm, Wall Street Financial Group. The firm denied the customer any compensation, stating that it found insufficient evidence to support the claim.

Supervisory Duties

Brokerage firms like Securities America, Inc. must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.

How to Recover Financial Losses or Obtain a Free Consultation

If you have lost money with financial advisor William Dixon or Securities America, Inc., contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (646) 330-4624 for a free and confidential evaluation of your account.

Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.

Mr. Vici was registered with PFS Investments, Inc. in Melbourne, Florida, from November 2012 until October 2019. He has also been affiliated with Primerica Financial Services, an affiliate of PFS Investments.

If you have suffered financial losses investing with Eric John Vici, PFS Investments, Inc., or Primerica Financial Services, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account.

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as PFS Investments, Inc. and Primerica Financial Services.

FINRA Letter of Acceptance, Waiver, and Consent No. 2021069176201

Eric John Vici (CRD No. 6114866) and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on May 14, 2021, after Mr. Vici refused to provide information and documents in connection with FINRA’s investigation. The investigation originated from a complaint made to FINRA by the executor of a customer’s estate about his handling of the customer’s funds.

On April 9, 2021, in connection with FINRA’s investigation, FINRA sent a letter to Mr. Vici requesting on-the-record testimony pursuant to FINRA Rule 8210. On April 24, 2021, Mr. Vici stated on a phone call that he would not provide the requested information or documents at any time.

By refusing to provide the information or documents, Mr. Dellaporta violated FINRA Rules 8210 and 2010.

Supervisory Duties

Brokerage firms like PFS Investments, Inc. and Primerica Financial Services must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.

How to Recover Financial Losses or Obtain a Free Consultation

If you have lost money with financial advisor Eric John Vici, PFS Investments, Inc., or Primerica Financial Services, contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (646) 330-4624 for a free and confidential evaluation of your account.

Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.