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Investor Rights Blog

The Law Firm of David Chase is reviewing allegations made against Melville, New York based Wells Fargo broker Alan Rose by multiple clients in complaints claiming unsuitable investment recommendations of Puerto Rico municipal bonds. According to FINRA’s BrokerCheck report on Rose, in May 2015 a customer complaint alleging unsuitability and misrepresentation relating to Puerto Rico Bonds was filed seeking $500,000 in damages. The complaint stems from Rose’s conduct while he was associated with UBS Financial...
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Reports of Binary Options and Forex fraud are reaching all-time highs as regulators and government agencies like the U.S Commodity Futures Trading Commission (“CFTC”) continue to receive hundreds of complaints every month. With damages from Binary Options fraud totaling in the millions of dollars in the United States alone, Investors should be extra cautious when investing. Recently the CFTC issued a Fraud Advisory concerning Binary Options due to the increased number of victims and damages...
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The Law Firm of David Chase is reviewing allegations concerning former Campbell, California-based Principal Securities Inc. stockbroker Steven E. Bonner after FINRA permanently barred him following his failure to respond to a FINRA request for information. According to FINRA’s BrokerCheck report on Bonner, he was barred in December of 2016 after FINRA requested information pertaining to allegations of lost private placement investment funds. A client alleged that she invested $200,000 with Bonner in a private...
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The Law Firm of David Chase is reviewing allegations concerning North Royalton, Ohio-based Key Investment Services broker Abed A. Darwish after a client filed a FINRA complaint alleging unsuitable investments relating to an AXA Equitable variable annuities, and possible elder fraud. According to FINRA’s BrokerCheck report on Darwish, a customer complaint alleging unsuitability was submitted in November of 2016. The complainant alleged that the purchase of a variable annuity in the amount of $109,971 was...
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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 in January of 2017. A second complaint in June 2016 was also made against John B. Leonard alleging unsuitability, which...
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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 Melville, New York location. Unsuitability and churning are serious forms of broker misconduct. A broker’s employing firm is responsible for...
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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 case may or may not support the defense, the following are several of the key legal and equitable affirmative defenses I...
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