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…
Continue reading ›On July 25, 2023, the Financial Industry Regulatory Authority (FINRA) issued a Letter of Acceptance, Waiver, and Consent (AWC) against LPL Financial LLC, a prominent independent securities broker headquartered in Fort Mill, South Carolina. This disciplinary action followed a series of egregious violations that involved the conversion/theft of approximately $2.4 million of customer funds by…
Continue reading ›FINRA has announced on its website that it has barred Tennessee financial advisor D. Wray Rodgers of Collierville. According to FINRA’s Letter of Acceptance, Waiver, and Consent, Mr. Rodgers was registered with the firm Vining-Sparks IBG, LLC, and FINRA had begun an investigation regarding “whether Rodgers engaged in an outside business activity without providing prior…
Continue reading ›The online FINRA Brokercheck report for former Western International broker Chris Kennedy shows eleven different customer complaints. These complaints include allegations of unauthorized trading, unsuitability, breach of fiduciary duty, and other wrongful conduct. Many of the complaints have been settled, with one settled for over 2.7 million dollars. The Brokercheck report also states that Western…
Continue reading ›Former RBC and Ameriprise securities broker Scott Jay Matalon of Jericho, New York was recently barred from the industry by FINRA, a securities regulator. The Letter of Acceptance, Waiver, and Consent states that Mr. Matalon failed to produce documents or information in response to an investigation regarding an arbitration Statement of Claim which was filed.…
Continue reading ›Our securities fraud blog has previously addressed the risks to investors regarding inverse and leveraged ETFs. A new type of ETF has emerged, however, which can carry even higher risks. The North American Securities Administrators Association recently issued an advisory to investors regarding single stock ETFs. Inverse and leveraged single stock ETFs are complex instruments…
Continue reading ›FINRA recently suspended an Edward Jones financial advisor from Sunset Beach, California for borrowing money from a customer without firm authorization. The FINRA Letter of Acceptance, Waiver and Consent against Scott P. Smith can be found here. According to the AWC, Mr. Smith borrowed money in five different loans from a single customer without advising…
Continue reading ›New Jersey securities broker Carz Levinski Craffey (aka Caz Craffy) was recently barred from the securities industry by securities regulator FINRA. Mr. Craffy had been registered with Monmouth Capital Management and previously was registered with Newbridge Securities Corp. Mr. Craffy’s Brokercheck report from FINRA discloses that he was discharged by Monmouth for failing to “disclose…
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