Recent Blog Posts
Florida Financial Advisor Barred From Securities Industry for Converting Customer Funds
On January 8th, 2018, the Financial Industry Regulatory Authority (FINRA) Office of Hearing Officers issued a decision in the disciplinary proceedings against Florida securities broker Jeffrey E. Krupnick (CRD#: 4307569). Mr. Krupnick was most recently employed at Ameriprise financial services (2015-2017) and Wells Fargo Advisors, LLC (2008-2014). For both broker-dealers, Mr. Krupnick was based… Read More »
FINRA Accuses Florida Brokerage Firm of Failure to Establish and Maintain a Proper Supervisory System
On January 9th, 2018, the Financial Industry Regulatory Authority (FINRA) submitted a Letter of Acceptance, Waiver and Consent (“AWC”) regarding allegations of misconduct involving Spartan Securities Group, Ltd. (CRD#: 104478), a brokerage firm based in Clearwater, Florida. In this post, our Miami investment fraud lawyers highlight the alleged violations by Spartan Securities Group. To… Read More »
Florida Broker Suspended for Two Years for Material Misrepresentations
FINRA recently announced the suspension of registered securities representative Landon L. Williams (CRD#: 1751467). Most recently, this broker worked at Merrill Lynch, Pierce, Fenner & Smith, out of an office located in Jacksonville, Florida. According to FINRA investigators, Mr. Williams: Made material misrepresentations to his clients; Omitted material facts in conversations with investors; and… Read More »
Raymond James Fined $2 Million for Failure to Implement Adequate Supervisory System
On December 21st, 2017, the FINRA Department of Enforcement announced a $2 million fine against Raymond James Financial Services, Inc (CRD No. 6694), a large brokerage firm headquartered in St. Petersburg, Florida. According to the investigation conducted by FINRA staff members, Raymond James failed to design and implement an adequate supervisory system to monitor… Read More »
Barred Florida Broker Was Selling Loans for Woodbridge Wealth
Barry Michael Kornfield (CRD#: 1490377), a registered broker who was most recently employed by Brookstreet Securities Corporation at an office in Coral Springs, Florida, was permanently barred from the securities industry in 2010. This FINRA enforcement action came after the Securities and Exchange Commission (SEC) charged Mr. Kornfield, and nine other brokers, with fraud… Read More »
The SEC Issued Three Whistleblower Awards Totaling $20.1 Million in a Single Week
On November 30th, 2017, the Securities and Exchange Commission (SEC) announced that it was awarding more than $16 million in financial compensation to two whistleblowers. These securities industry whistleblowers provided critically important information to help the agency bring enforcement action. The first whistleblower brought the misconduct to the attention of SEC staff members, while… Read More »
Florida Broker Fined, Suspended for Unreported Private Securities Transactions
Recently, the Financial Industry Regulatory Authority (FINRA) announced that it was issuing a $10,000 fine and a three-month suspension against registered securities broker Gabriel William Hynes (CRD #3152541). Mr. Hynes was most recently employed at NYLIFE Securities LLC, and he worked out of a branch that was located in St. Augustine, Florida. According to… Read More »
Miami Broker Who Falsified Account Statements Barred From the Securities Industry
Recently, the Financial Industry Regulatory Authority (FINRA) reported that registered broker Lorenzo C. Esteva (CRD#: 2170595) has been permanently barred from the securities industry. Mr. Esteva was most recently employed at the Miami office of Merrill Lynch (1991-2015) and the Miami office of UBS Financial Services (2015-2017). In the past two years, at least… Read More »
Broker Suspended for Recommending Unsuitable Investments to Elderly Florida Investor
On October 7th, 2017, FINRA’s Department of Enforcement announced sanctions against registered securities broker Walter Marino (CRD#: 2121623). While not admitting to any of the misconduct, Mr. Marino consented to the penalties, which included a one-year suspension from the securities industry. According to FINRA investigators, Mr. Marino negligently recommended wholly unsuitable investments to one… Read More »
SEC Announces Charges Against Businessman and Two Companies in ICO Scam
On September 29th, 2017, the Securities and Exchange Commission (SEC) announced investment fraud charges against Maksim Zaslavskiy. According to federal investigators, Mr. Zaslavskiy, through two companies that he controlled, fraudulently sold unregistered securities to unsuspecting investors. This case is notable as it involved initial coin offerings (ICOs), a new type of securities product backed… Read More »
