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 ›The Financial Industry Regulatory Authority (“FINRA”) has suspended stockbroker Joseph Lianzo from the securities industry for eight months. Mr. Lianzo consented to the suspension after FINRA alleged that from March 2016 through November 2019, while associated with Laidlaw & Company (UK) LTD. and SW Financial, Mr. Lianzo excessively traded four customers’ accounts and placed 13…
Continue reading ›The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Donald Fowler from the securities industry. Mr. Fowler consented to the suspension after FINRA alleged that from December 2014 through December 2018, while associated with Worden Capital Management LLC, Mr. Fowler churned and excessively traded four customers’ accounts in violation of FINRA Rules 2111 and 2010.…
Continue reading ›August 24, 2021 – This morning, investors of GPB Automotive Portfolio LP woke up to more worrisome news, as the Wall Street Journal reported that the GPB Capital Holdings LLC, is looking to sell its largest dealership group, Prime Automotive, raising speculation that the GPB Automotive is running out of cash. The latest news follows…
Continue reading ›The Financial Industry Regulatory Authority (“FINRA”) has suspended stockbrokers Alfonse Stazzone and Maxim Beliakov from the securities industry for four months. The financial advisors consented to the suspension after FINRA alleged that, while associated with Woodstock Financial Group, Inc., they excessively and unsuitably traded a customer’s account between September 2017 and August 2018. FINRA also…
Continue reading ›On August 6, 2021, the Chairman and Chief Executive Officer of Energy 11 GP, LLC, the general partner of Energy 11, L.P. (“Energy 11”), sent a letter to investors of Energy 11. Despite the upbeat and optimistic tone of the letter, as well as the representations made by David Lerner Associates, Inc.’s financial advisors to…
Continue reading ›On August 13, 2021, a FINRA arbitration panel in New York, New York, ruled in favor of a brokerage customer that invested in GPB Automotive Portfolio LP and GPB Waste Management LP at the recommendation of his financial advisor at Hightower Securities, LLC. The arbitration panel ordered Hightower Securities, LLC to refund $163,201 to the…
Continue reading ›The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor John Cangialosi from the securities industry for nine months. Mr. Cangialosi consented to the suspension after FINRA alleged that from October 2014 through December 2014, while associated with Legend Securities, Inc., and then Worden Capital Management LLC, Mr. Cangialosi excessively traded three customers’ accounts in…
Continue reading ›The Financial Industry Regulatory Authority (“FINRA”) has suspended former Worden Capital Management LLC supervisor Henry Bones II. Mr. Bones consented to a two-month suspension from associating with any FINRA member in all principal capacities after FINRA alleged that he failed to reasonably supervise a former broker, Christopher Orlando, that excessively traded ten customer accounts. Earlier…
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