The Securities and Exchange Commission secured entry of a Final Judgment against Robert H. Bray for his alleged insider trading in a bank stock.  The final judgment permanently enjoins Bray from future violations of Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5 thereunder, and orders him to pay almost $300,000 in disgorgement,...Read More

The Law Firm of David Chase is reviewing allegations concerning former Toledo, Ohio-based Wells Fargo broker John B. Leonard with respect to multiple customer complaints of unsuitable investment recommendations. In June 2016, a customer alleged that Leonard made unsuitable recommendations and requested damages in the amount of $150,000. This complaint was later settled for $25,000...Read More

The Law Firm of David Chase is reviewing allegations concerning Melville, New Jersey-based Oppenheimer & Co broker Paul E Colchamiro, which are based on a 2017 complaint seeking in excess of $2 million and alleging violations of suitability, churning and failure to supervise. Colchamiro has been employed by Oppenheimer & Co. since 1998 at its...Read More

Lying to the Securities and Exchange Commission is a dangerous game with potentially high-stakes consequences.  An obvious proposition, but all too often ignored by those who don’t understand that it is infinitely better to stay silent and invoke the Fifth Amendment rather than to speak and inadvertently create new, potentially more serious legal liabilities for themselves. Case in point: the federal...Read More

Under the law, there are several key legal and equitable defenses available​ to a financial advisor who finds himself defending against a promissory note or employee forgivable loan FINRA Arbitration case filed by a former employing broker-dealer seeking the unpaid balance on a note or forgivable loan. While there are variances in state laws, and the facts in a particular...Read More

The Law Firm of David Chase is reviewing allegations involving former Atlanta, Georgia-based Merrill Lynch broker Blake P. King concerning the exercise of discretion in a client’s brokerage accounts and unauthorized trading. In January 2017, Blake voluntary resigned from Merrill Lynch for purportedly violating firm policies and improperly exercising discretion in a client’s nondiscretionary accounts....Read More

The Law Firm of David Chase is reviewing allegations against former Hilo, Hawaii-based First Allied Securities broker John K Kai (CRD#2163244) involving the improper exercise of discretion in client brokerage accounts, unsuitable investment recommendations and engaging in unauthorized outside business activity. According to FINRA’s BrokerCheck report on Kai, a customer filed a complaint against him...Read More

The Securities and Exchange Commission recently brought fraud charges against an attorney, Marc A. Celello, based on his alleged participation in a $30 million Ponzi scheme. The SEC’s complaint claims that Celello, who was a partner in Credit National Capital LLC and also acted as general counsel for its underlying companies, facilitated the orchestration of...Read More

The Securities and Exchange Commission recently filed insider trading charges against a doctor who is alleged to have purchased shares in a supply chain services company on the basis of a tip of material, non-public information he received from a company executive​ concerning an impending acquisition.  The SEC further alleged that he then sold the shares at a profit once the acquisition...Read More

The Law Firm of David Chase is investigating allegations involving Tampa, Florida-based Merrill Lynch (CRD#7691) broker Joel T Summerlin (CRD#2289767) with respect to possible excessive trading (churning) and unsuitable investment recommendations. According to FINRA’s BrokerCheck report on Summerlin, a customer filed a complaint alleging he churned or excessively traded a customer account and rendered unsuitable...Read More