On December 22, 2020, a FINRA Dispute Resolution Services arbitration panel in Boca Raton, Florida, ordered UBS Financial Services, Inc. to pay a customer $89,675 in compensatory damages. After considering the pleadings, the testimony and evidence presented at the hearing, the arbitration panel concluded that the UBS Yield Enhancement Strategy (“YES”) was not suitable for…
Continue reading ›FINRA has sanctioned Transamerica Financial Advisors, Inc. (“Transamerica Financial”) for its failure to reasonably supervise its financial advisors’ recommendations of three different products – variable annuities, mutual funds, and 529 plans. These recommendations resulted in significant customer harm and financial loss. Transamerica Financial was ordered to pay $4.4 million in restitution to approximately 2,400 affected…
Continue reading ›FINRA has suspended financial advisor Michael Anthony Tavel (CRD #4862463) from the securities industry for 18 months and fined him $20,000. Michael Tavel was a stockbroker at LPL Financial LLC, in Indianapolis, Indiana, from September 2004 until April 2019. He has also been affiliated with Charter Advisory Corporation and Tavel Insurance & Financial Services, LLC.…
Continue reading ›FINRA has suspended stockbroker David T. Phillips (CRD #3094195) for nine months from the securities industry and ordered him to pay a $5,000 fine. These sanctions arose from Mr. Phillips’ solicitation of Future Income Payments, LLC. FINRA alleged that between May 2017 and April 2018, David Phillips participated in private securities transactions totaling $876,636, without…
Continue reading ›FINRA has suspended stockbroker Troy R. Baily (CRD #4458930) for six months from the securities industry and ordered him to pay a $5,000 fine. These sanctions arose from Mr. Baily’s solicitation of Future Income Payments, LLC. FINRA alleged that between February and May 2017, Troy Baily participated in private securities transactions totaling $210,000, without prior…
Continue reading ›FINRA has suspended stockbroker Lonna Rae Dehn Ristvedt (CRD #2277778) for four months from the securities industry and ordered her to pay a $5,000 fine. These sanctions arose from Ms. Dehn Ristvedt’s solicitation of Future Income Payments, LLC. FINRA alleged that in June 2015, Lonna Rae Dehn Ristvedt participated in private securities transactions totaling $163,320…
Continue reading ›FINRA has suspended stockbroker John A. Westbrook (CRD #1846059) for five months from the securities industry and ordered him to pay a $5,000 fine. These sanctions arose from Mr. Wesbrook’s solicitation of Future Income Payments, LLC. FINRA alleged that between October 1, 2016, and May 9, 2017, John Westbrook participated in private securities transactions totaling…
Continue reading ›FINRA has sanctioned Coastal Equities, Inc. for its failure to reasonably supervise a stockbroker who recommended excessive and unsuitable trades in the accounts of customers. Coastal Equities, Inc. was censured and ordered to pay $270,320 in restitution to clients, plus $9,589 in interest. FINRA alleged that between October 2016 and July 2018, Coastal Equities, Inc.…
Continue reading ›FINRA has barred stockbroker Lawrence Goldstein from the securities industry. Lawrence Goldstein was a registered financial advisor with McNally Financial Services Corporation in Sparks, Nevada, from April 2010 until February 28, 2020. According to public records, Mr. Goldstein refused to cooperate with a FINRA investigation in whether he engaged in unsuitable excessive trading in a…
Continue reading ›FINRA has suspended financial advisor Ivan Shore from the securities industry for three months and fined him $5,000. Ivan Shore has been a stockbroker at Oppenheimer & Co. Inc. since 1997. FINRA alleged that between July 1, 2011, and December 31, 2015, Ivan Shore engaged in an unsuitable pattern of short-term trading of Unit Investment…
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