In June of 2024 Scott Greco represented a client who received a FINRA arbitration award of her full damages, interest, and attorney’s fees against Interactive Brokers regarding an unauthorized money transfer from the client’s account. The case involved the unauthorized access of the Virginia customer’s online account by criminals who transferred funds without the customer’s…
Continue reading ›FINRA recently issued a Letter of Acceptance, Waiver, and Consent (AWC) against financial advisor Andrew J. Egber which results in his bar from the industry by FINRA. According to FINRA’s Brokercheck report, Mr. Egber had previous offices in Rockville and Bethesda, Maryland and was previously registered to sell securities with Wells Fargo Clearing Services, Raymond…
Continue reading ›The Financial Industry Regulatory Authority (FINRA) recently barred a financial advisor from Alexandria, Virginia who had been registered with Wells Fargo Clearing Services LLC. According to the FINRA AWC (Letter of Acceptance, Waiver, and Consent), FINRA began an investigation into whether Paul Trimber “converted a senior customer’s funds for his personal use and benefit…” Mr.…
Continue reading ›The Securities and Exchange Commission (SEC) recently announced significant penalties against sixteen firms for widespread recordkeeping failures, amounting to over $81 million in combined fines. Among the firms involved were Northwestern Mutual Investment Services LLC, Guggenheim Securities LLC, Oppenheimer & Co. Inc., Cambridge Investment Research Inc., Key Investment Services LLC, Lincoln Financial Advisors Corporation, U.S.…
Continue reading ›The Financial Industry Regulatory Authority (FINRA) has issued a Letter of Acceptance, Waiver, and Consent (AWC) against LPL Financial LLC, a notable member firm in the securities industry. The AWC alleges a series of alleged rule violations that occurred over several years, painting a picture of insufficient supervision and inaccurate information dissemination to customers. Let’s…
Continue reading ›The Securities and Exchange Commission of the U.S. (the SEC) recently fined J.P. Morgan Securities $18,000,000 for taking various steps to prevent securities whistleblowers from contacting the SEC or other securities regulators. J.P. Morgan agreed to the Order which can be found here. The alleged wrongdoing centered on the language included by J.P. Morgan in…
Continue reading ›A former stockbroker / investment advisor from Bergen County, New Jersey, has been indicted for allegedly stealing over $3 million from five unsuspecting clients. Kenneth A. Welsh, 42, of River Edge, has been charged with four counts of wire fraud and one count of investment advisor fraud, as announced by U.S. Attorney Philip R. Sellinger…
Continue reading ›Lickhai Quach, a Silver Spring, Maryland broker/agent of Transamerica Financial Advisors, Inc., was recently barred by FINRA from association with any FINRA firm. The FINRA Letter of Acceptance, Waiver, and Consent states that Mr. Quach refused to produce documents or information to investigators as required by FINRA Rule 8210. Mr. Quach was allegedly under investigation…
Continue reading ›Miche Jean was a registered securities salesperson with Morgan Stanley in Rockville, Maryland since 2015. However, on November 12, 2020, Morgan Stanley submitted a Termination Notice (Form U5), indicating that they terminated Jean’s employment due to concerns related to his trading strategy for certain clients, potential unauthorized discretion in specific accounts, and incomplete and delayed…
Continue reading ›The local Virginia Securities Fraud Lawyers of Greco & Greco are currently representing multiple Virginia customers of Richmond, Virginia based broker John Starke. These claims for investment losses have been filed in FINRA arbitration against Mr. Starke’s brokerage firm, Centaurus Financial. As shown by Mr. Starke’s FINRA Brokercheck report, found here, in the last two…
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