The Law Firm of David R. Chase, PA is investigating potential investor claims involving the following stockbrokers and financial advisors:
FINRA initiated enforcement action against broker Kevin Murphy alleging that in approximately November 2013, he sold $1.2 million of securities (shares and warrants) in a private placement offering to four individual investors and a limited partnership, without the knowledge of his brokerage firm, TGP Securities.
FINRA initiated enforcement action against advisor Ricky Moore, alleging that from March 2012 through April 2013, while he was registered with the securities brokerage firm Commonwealth Financial Network, he failed to disclose to the firm an outside business activity involving the offer and sale of a church bond. This practice, if true, is known as “selling away.” Moore has also been the subject of three customer complaints.
FINRA filed an enforcement action against stockbroker James Nixon, alleging that he failed to provide prior written notice to his securities firm with whom he was registered, Bridge Capital Associates, Inc., before he sold approximately $600,000.00 in convertible promissory notes for an issuer known as BRT. FINRA has alleged that Nixon distributed investor presentations containing material misrepresentations to around forty potential investors, and completed three sales to accredited investors. Where a financial advisor sells securities without the prior knowledge and authorization of his employing securities brokerage firm, it is called “selling away”.
Carlos Benavidez Jr.
FINRA initiated enforcement action against broker Carlos Benavidez Jr, alleging that he improperly exercised discretion in eighty (80) customer accounts without obtaining prior written authorization from his employing brokerage firm, Waddell & Reed. FINRA further alleged that Benavidez attempted to hide evidence of the alleged unauthorized trading by falsifying documents.
According to FINRA Brokercheck records, financial advisor William Carlton has been the subject of at least five customer complaints. The customer complaints allege that he made unsuitable investments and misrepresentations.
Jason Sayles, Michael Hajek and Karen Hajek
FINRA initiated enforcement action against Jason Sayles, Michael Hajek and Karen Hajek of St. Petersburg, Florida. FINRA alleged that the three — operating out of Hajek & Hajek, a CPA business — went beyond the scope of their brokerage firms’ approval of the CPA business by helping customers open and administer self-directed IRA accounts away from the brokerage firm. FINRA further alleged that they recommended and helped to move customer assets from brokerage firm accounts to the self-directed IRA accounts, and participated in private securities transactions totaling more than $2.3 million away from their firms. Per FINRA records, the brokers were associated with Genworth Financial Securities Corporation and Cetera Financial Specialists.
FINRA barred Eugene Smietana for failure to cooperate with its requests for information. Per FINRA Brokercheck records, Smietana has been the subject of at least four customer complaints, one termination from employment for cause and four tax liens or judgments. The customer complaints allege securities law violations, including unsuitable investments, unauthorized trading and churning, which is also known as excessive trading. Smietana was an associated person of LPL Financial LLC from May 2003 through February 2015.
Per FINRA Brokercheck records, Merrill Lynch terminated Patrick Sands for cause alleging that he engaged in conduct inconsistent the firm’s selling away policies. The allegations suggest that the investments involved were private placement offerings or direct participation programs, which can include non-traded real estate investment trusts (also known as non-traded REITS), oil and gas programs, or equipment leasing. Brokerage firms may be held legally responsible for the wrongful actions, including selling away, by their brokers and financial advisors on theories of failure to reasonably supervise and respondeat superior.
According to FINRA Brokercheck records, financial advisor Bahram Mirhashemi has been the subject of at least five customer complaints and one regulatory investigation. The customer complaints allege securities law violations, including unsuitable investments, unauthorized trading, breach of fiduciary duty and churning (or excessive trading).
According to FINRA Brokercheck records, financial advisor Michael McMahon has been the subject of at least nine customer complaints. The customer complaints allege securities law violations, including unsuitable investments, unauthorized trading, breach of fiduciary duty and churning (or excessive trading).
According to FINRA Brokercheck records, broker George Merhoff, a broker with Cetera Advisors LLC, was the subject of a customer complaint alleging overconcentration in oil and gas equities.
According to FINRA Brokercheck records, stock broker William Berg, a broker with Wells Fargo Advisors LLC, was the subject of a customer complaint alleging overconcentration in oil and gas equities.
David Chase, a stock broker fraud lawyer and investor rights attorney, represents investors who are victims of stock fraud, stockbroker fraud and stockbroker negligence in FINRA arbitration cases against securities brokerage firms to recover investment losses.
If you have been defrauded by your stockbroker or financial advisor, or have been the victim of investment mismanagement or negligence, call for a confidential, no-cost consultation with Mr. Chase to determine your legal rights and opportunity for the recovery of your investment losses, toll-free at: 800-760-0912, or send him an e-mail: firstname.lastname@example.org. The firm’s website is: www.davidchaselaw.com.