Iorio Altamirano LLP, a leading securities arbitration law firm, has filed a case through the Financial Industry Regulatory Authority (FINRA) Dispute Resolution Services’ arbitration forum against Aegis Capital Corp. The claim, which Iorio Altamirano LLP filed on behalf of an investor in the GPB Automotive Portfolio, LP fund, seeks to recover investment losses as a…
Continue reading ›On November 8, 2021, the Financial Industry Regulatory Authority (“FINRA”) and Aegis Capital Corp. (“Aegis Capital”) entered into Letter of Acceptance, Waiver, and Consent No. 2016051704305 (the “AWC”). After conducting an investigation, FINRA alleged in the AWC that from July 2014 through December 2018, Aegis Capital failed to establish, maintain, and enforce a supervisory system,…
Continue reading ›The Financial Industry Regulatory Authority (“FINRA”) has suspended stockbroker Leonard Marzocco from the securities industry. Mr. Marzocco consented to the suspension after FINRA alleged that between June 2019 and December 2019, while associated with Woodstock Financial Group, Inc. (“Woodstock Financial Group”), Mr. Marzocco excessively and unsuitable traded a customer’s account, in violation of FINRA Rules…
Continue reading ›The Financial Industry Regulatory Authority (“FINRA”) has suspended stockbroker Michael May from the securities industry. Mr. May consented to the suspension after FINRA alleged that between June 2017 and May 2018, while associated with Joseph Stone Capital L.L.C. (“Joseph Stone Capital”), Mr. May excessively and unsuitable traded a customer’s account, in violation of FINRA Rules…
Continue reading ›On October 28, 2021, the United States Securities and Exchange Commission (“SEC”) charged former Wells Fargo broker and investment advisor representative Kenneth Welsh with stealing nearly $3 million from his advisory clients and brokerage customers from January 2016 through January 2021. The SEC has accused Mr. Welsh of transferring funds that belonged to his clients…
Continue reading ›According to Mr. Yurovsky’s public disclosure report, stockbroker Lenny Yurovsky received a Wells Notice from the Financial Industry Regulatory Authority (“FINRA”) on or about September 29, 2021, which made a preliminary determination to recommend that disciplinary action be brought against Mr. Yurovsky. In the Wells Notice, FINRA alleged willful violation of Section 10(b) of the…
Continue reading ›David Gentile, the disgraced founder of GPB Capital Holdings LLC, who is facing criminal and civil fraud charges, is seeking to obtain millions of dollars from GPB. Despite being accused of running a Ponzi-like scheme when he was running GPB Capital, Mr. Gentile is asking for court-supervised mediation to obtain a distribution of more than…
Continue reading ›First, on September 15, 2021, a FINRA Dispute Resolution Services arbitration panel in Houston, Texas, ordered UBS Financial Services, Inc. (“UBS”) to pay customers over $357,000 in compensatory damages. Then, on September 17, 2021, arbitrators in Boca Raton, Florida, awarded customers over $691,000 in compensatory damages, more than $115,000 in prejudgment interest, and nearly $41,000…
Continue reading ›According to SEC filings, GPB Automotive Portfolio LP entered into an agreement with Group 1 Automotive, Inc. on September 12, 2021, to sell Prime Automotive for $880 million, consisting of 30 car dealerships and three collision centers located in the Northeast of the United States. According to a press release issued by Group 1 Automotive,…
Continue reading ›On September 7, 2021, the Financial Industry Regulatory Authority (“FINRA”) and Santander Investment Securities Inc. (“Santander”) entered into an agreement whereby Santander consented to a censure and $175,000 fine after FINRA alleged that Santander published and distributed research reports to institutional investors that omitted required disclosures or included inaccurate disclosures. Iorio Altamirano LLP is investigating…
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