Recent Blog Posts
Miami Broker Suspended By FINRA for Nine Months; Failure to Supervise
Mauricio De La Torre (2448272) is a previously registered securities broker. Most recently, Mr. De La Torre was employed at Tavira Securities in Miami, FL (2016 to 2017). Prior to that, he was a representative of Global Strategic Investments, LLC (2015 to 2016) and for Dakota Securities International (2014 to 2015). On March 11th,… Read More »
FINRA Arbitration Panel: Brokerage Firm Liable for Losses Sustained in Unsuitable REITs
Recently, the Financial Industry Regulatory Authority (FINRA) Office of Dispute Resolution announced that a Florida investor was awarded compensation in an arbitration claim that was filed against Ameriprise Financial Services and its representative Carroll Thomas Clark (CRD#: 734524). According to the agency, the investor filed a complaint alleged unsuitable investment losses. Specifically, these losses… Read More »
Federal Regulators Halt South Florida Investment Scheme
On February 26th, 2019, the Securities and Exchange Commission (SEC) announced investment fraud charges and an asset freeze against two Florida men and one Florida company. The defendants include: Jonathon Turner (aka Jon Barri Brothers) of South Florida; Norman Strell of South Florida; and Castleberry Financial Services Group, LLC, a Wellington, FL-based investment company…. Read More »
SEC Charges Florida Broker-Dealer Spartan Securities Group for Its Role in Microcap (Penny Stock) Fraud Scheme
On February 20th, 2019, the Securities and Exchange Commission (SEC) announced securities fraud charges against a Clearwater, Florida-based brokerage firm, a third-party company, and several individuals. The broker-dealer in question — Spartan Securities Group, Ltd. (CRD#: 104478) — allegedly helped a company called Island Capital Management LLC set up at least 19 “sham” entities…. Read More »
FINRA Arbitration Panel: Florida Investor Awarded Compensation for Puerto Rico Bond Losses
On February 11th, 2019, the Financial Industry Regulatory Authority (FINRA) Office of Dispute Resolution announced that a Florida investor, representing his retirement plan, was entitled to $135,629.61 in compensatory damages and associated legal costs. The dispute (Case Number: 16-00737) was centered around investments in Puerto Rican government bonds. In this article, our experienced Miami… Read More »
FINRA Complaint: Florida Financial Advisor Falsified Data
Vincent Joseph Storms (CRD No. 4969537) is a former registered broker and investment advisor. From November of 2015 to April of 2017, Mr. Storms was employed at Raymond James & Associates in St. Petersburg, Florida. After that, he joined Ameriprise Financial Services in Tampa. Notably, during his time at Raymond James & Associates, he… Read More »
Federal Court in Florida: Woodbridge Ponzi Scheme Operators Liable for $1 Billion in Damages
As reported by the Securities and Exchange Commission (SEC), a federal judge from the United States District Court for the Southern District of Florida has entered judgements against the Woodbridge Group, 281 related companies and entities, and several individuals, including Robert H. Shapiro, the former owner and Chief Executive Officer (CEO) of the Woodbridge… Read More »
NAC Decision: Brokerage Firm With Office in Florida Made Material Omissions and Material Misrepresentations to Investors
Cantone Research, Inc. (CRD#: 26314) is a New Jersey-based brokerage firm with a branch office in Florida. In 2015, the Financial Industry Regulatory Authority (FINRA) filed a complaint against this broker-dealer and its principals — alleging promissory note fraud. On January 16th, 2019, the National Adjudicatory Council (NAC) released its decision in the case,… Read More »
Florida FINRA Arbitration Panel Decision: Wells Fargo Liable for Material Misrepresentations, Unsuitable Investment Losses
On January 14th, 2019, a FINRA arbitration panel based in Orlando, Florida ruled in favor of two investors — a husband and wife — in a claim against Wells Fargo (FINRA Office of Dispute Resolution: CASE #: 18-02123). The allegations in this case were centered around supposed misrepresentations that were made to the investors… Read More »
Merrill Lynch Censured, Fined $300,000 for Failure to Supervise Miami Financial Advisor
Merrill Lynch (CRD#: 7691) — a large global banking and brokerage firm — has been censured by the Financial Industry Regulatory Authority (FINRA) and fined $300,000 for its failure to adequately supervise one of its former securities representatives. Unfortunately, this lack of proper supervision allowed serious financial advisor fraud to occur. According to the… Read More »
