Recent Blog Posts
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 »
SEC Awards $500,000 to Overseas Securities Industry Whistleblower
On July 23rd, the Securities and Exchange Commission (SEC) announced that a $500,000 award is being issued to an overseas whistleblower. In granting the financial reward, the federal securities regulator noted that expeditious disclosures made by the whistleblower helped lead to successful enforcement action through which the agency recovered financial relief for investors. Through… Read More »
SEC: Florida Investor Lost $9.5 Million in $100 Million Investment Fraud Scheme
On August 27th, 2019, the Securities and Exchange Commission (SEC) announced investment fraud charges against Brenda Smith and her fund Broad Reach Capital, LP. Among other things, the SEC’s complaint alleges that Ms. Smith — who took in more than $105 million from investors — was doing little more than operating a Ponzi scheme. … Read More »
SEC sues Tallahassee-based Advisers for defrauding retired NFL Players
On August 29, 2019, the Securities and Exchange Commission sued Cambridge Capital Group Advisors and two of its principals alleging they defrauded retired NFL players who suffered brain injuries and were part of the concussion class action litigation against the NFL. The SEC alleges that Cambridge Capital Group Advisors, its president Phillip Timothy Howard,… Read More »
Summit Brokerage Services Censured, Fined $40,000 for Failure to Supervise
Summit Brokerage Services (CRD No. 34643) is a Boca Raton, FL-based broker-dealer that is licensed to sell securities in 51 U.S. states and territories. According to records obtained through FINRA’s BrokerCheck tool, this firm has 21 total disclosures on its records, including 16 regulatory actions and 5 FINRA arbitration awards. On August 15th, 2019,… Read More »
Delray Beach, FL Broker Barred for Failure to Cooperate With Investigation Into Allegations of Unsuitable Investment Recommendations
Thomas John Marino (CRD#: 4438533) is a previously licensed securities broker and registered investment advisor (RIA). Most recently, Mr. Marino was an associate of R.M. Stark & CO in Delray Beach, Florida. Prior to that, he worked as a representative for J.W. Cole Financial (2009 to 2012) and Newbridge Securities (2009). On July 18th,… Read More »
Palm Beach County Broker Barred for Failure to Cooperate With an Investigation into Unsuitable Investment Recommendations
Rafael Golan (CRD#: 1074079) is a previously registered securities broker. From 2007 to 2019, Mr. Golan was employed at Crystal Bay Securities in Delray Beach, Florida. Prior to that, this financial advisor was also associated with Independent Financial Group (2004 to 2006), Sentra Securities Corporation (2001 to 2004), and Prime Capital Services (1999 to… Read More »
Miami, FL FINRA Arbitration Panel Awards Two Investors More than $3 Million in Compensation
On July 16th, 2019, a FINRA Arbitration Panel based in Miami, Florida issued a decision in favor of a pair of investors in a dispute filed against Morgan Stanley Smith Barney, LLC (Case Number: 17-01908). In total, the panel awarded the investors nearly $3.3 million — much of it because it found that the… Read More »
FINRA Complaint: Former Miami Financial Advisor Accused of Commodities Fraud May Have Unlawfully Associated With Brokerage Firm
Robert Juan Escobio (CRD No. 703813) is a former licensed broker and former registered investment advisor (RIA). From 2000 to 2017, Mr. Escobio was employed at Southern Trust Securities in Miami, Florida. On July 17th, 2019, FINRA’s Department of Enforcement filed a fraud complaint against this broker (Disciplinary Proceeding No. 2018059545201). Among other things,… Read More »
With Regulatory Investigation After Being Arrested on Fraud Charges
William Roger Maurer (CRD#: 6876160) is a former securities broker. From November of 2017 to August of 2018, Mr. Maurer was employed at Voya Financial Partners (CRD#: 34815) in Jacksonville, Florida. In the summer of 2018, this financial representative was discharged by Voya Financial after he was arrested by Florida police on both fraud… Read More »
