Recent Blog Posts
SEC Charges Issuer and CEO With Fraud and Violation of Securities Industry Whistleblower Laws— Sought to Silence Complaints By Investors
On November 4th, 2019, the Securities and Exchange Commission (SEC) filed an amended complaint against Mykalai Kontilai, the Chief Executive Officer (CEO) of a company called Collectors Café. Notably, Collectors Café is also being charged as part of a $23 million securities fraud scheme. Not only is Mr. Kontilai accused of committing securities fraud,… Read More »
Florida FINRA Arbitration Panel Holds Brokerage Firm Liable for Nearly $2 Million in Investor Losses
On November 6th, 2019, a FINRA arbitration panel in Boca Raton, FL awarded a trio of investors nearly $2 million in damages (Case Number: 16-03072). The claim, which was brought by the three investors and several entities that they controlled, was filed against Ross, Sinclaire & Associates, LLC (CRD#: 25440/SEC#: 801-78513)—a large brokerage firm… Read More »
Executive Who Owned and Operated $1.3 Billion Florida Ponzi Scheme Sentenced to More than Two Decades in Prison
Earlier this year, the United States Attorney’s Office for the Southern District of Florida indicted Robert H. Shapiro and two other men on investment fraud charges. Mr. Shapiro—the owner and Chief Executive Officer (CEO) of the Woodbridge Group—was accused of operating a $1.3 billion Ponzi scheme in Florida. In total, more than 8,000 investors,… Read More »
FINRA Settlement: Two Florida Financial Advisors Barred for Churning the Account of an Elderly Investor
On October 21st, 2019, the Financial Industry Regulatory Authority (FINRA) announced a settlement with two former securities brokers (Disciplinary Proceeding No. 2016049321302). Ami Kathryn Forte (CRD No. 2457536) and Charles Joseph Lawrence (CRD No. 3131566) have both been barred from the securities industry for their role in churning the brokerage account of an impaired… Read More »
Florida Broker Barred After He Failed to Cooperate With an Investigation Into Private Securities Transactions
Bobby Wayne Coburn (CRD#: 1464789) is a previously licensed securities broker. From February of 2009 to April of 2019, this financial professional was a representative of Securities America, Inc.—working at a branch office in Fort Meade, Florida. Earlier this year, Mr. Coburn was discharged by Securities America for allegedly soliciting investment from several of… Read More »
Florida Broker Suspended, Fined for Mishandling Customer Information
John Stanley Eads (CRD#: 2764843) is a previously licensed securities broker. From 2009 to 2017, Mr. Eads was employed as a securities representative for AXA Advisors, LLC. After leaving that firm, he served as a broker for Lion Street Financial, LLC (2017 to 2018). In February of 2018, John Eads was discharged by Lion… Read More »
South Florida Financial Advisor Suspended for Improperly Borrowing Money from an Elderly Investor
Linda Sue Zara (CRD#: 2322009) is a previously licensed securities broker and registered investment advisor. From August of 2012 to January of 2018, Ms. Zara was employed at Wells Fargo Clearing Services in Boca Raton, Florida. Prior to her time there, she was also associated with several other broker-dealers in the region, including Citigroup… Read More »
Miami, Florida FINRA Arbitration Panel Holds Broker and Brokerage Firm Liable in REIT Claim
On September 20th, 2019, the Financial Industry Regulatory Authority (FINRA) Office of Dispute Resolution announced a $43,827 arbitration award for two Florida investors (Case Number: 17-03139). The respondents in this case were Raymond James & Associates, Morgan Keegan & Company, and Coral Gables-based financial advisor Ruben Frezzoti (CRD#: 4439983). Though, notably, Morgan Keegan was… Read More »
Florida Broker Barred from Securities Industry After Providing False Information to FINRA Investigators
Stefan Anton Pastor (CRD#: 5141819) is a former registered investment advisor and former licensed securities broker. From 2013 to 2018, Mr. Pastor served as a representative of Raymond James Financial Services in Fort Lauderdale, Florida. Before that, he was also associated with Walnut Street Securities and Ameriprise Financial. On September 4th, 2019, Stefan A…. Read More »
FINRA Arbitration Panel Awards Florida Investor $100,000 in Unsuitable Investment Claim
On August 29th, 2019, a Tampa-based FINRA Arbitration panel awarded $100,000 in compensatory damages to a Florida-based investor (FINRA Office of Dispute Resolution Case Number: 18-02477). Among other things, the investor in this case alleged that he suffered illegitimate investment losses as a result of unsuitable investment recommendations and lack of proper diversification. Unsuitable… Read More »
