The Financial Industry Regulatory Authority (“FINRA”) has suspended broker Richard Scott Shelley from the securities industry for one month and ordered him to pay a $5,000 fine. FINRA sanctioned Mr. Shelley because he solicited a client to purchase $29,500 worth of Future Income Payments, LLC. This blog has previously written about Future Income Payments, LLC.…
Continue reading ›Numerous stockbrokers at David Lerner Associates Inc. (“David Lerner Associates”) recommended risky and speculative Puerto Rico municipal bonds to customers. An investor may be able to recover financial losses if the recommendation was not suitable for the customer or if David Lerner misrepresented or omitted material facts about the bonds in connection with making the…
Continue reading ›**Update: 4/19/21** In March 2021 another customer filed a securities arbitration complaint against Daniel Todd Lerner and David Lerner Associates, Inc. The customer has alleged over $515,000 in damages as a result of unsuitable investment recommendations related to Energy 11 and an unspecific mutual fund (possibly, SOAEX). The complaint alleged unsuitability, misrepresentation, breach of fiduciary…
Continue reading ›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 ›Here is how you can file a claim to recover losses suffered from trading restrictions placed on GameStop, AMC, Blackberry, Nokia, and other stocks. On February 12, 2021, in a letter addressed to Senator Elizabeth Warren, Robinhood Financial, LLC confirmed twenty-four (24) pending securities arbitrations. Robinhood’s letter was written in response to an inquiry sent…
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 ›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…
Continue reading ›Iorio Altamirano LLP is investigating claims of market manipulation and breach of contract after Robinhood Markets, Webull Financial LLC, T.D. Ameritrade, Charles Schwab, E*Trade Financial Corp., Interactive Brokers Group, and other online brokerage platforms halted the ability of its clients to purchase GameStop (NYSE: GME), AMC (NYSE: AMC), Novavax, Inc. (NASDAQ: NVAX), Express (NYSE: EXPR),…
Continue reading ›The State of New Jersey Bureau of Securities has suspended the registration of stockbroker Roy Joseph Failla for 45-days and fined him $15,000. The New Jersey regulator alleged that between October 27, 2014, through September 25, 2019, while employed by First Standard Financial Company in New York, NY, Roy Failla excessively and unsuitably traded two…
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