Recent Blog Posts
Fort Lauderdale Broker Permanently Barred for Unsuitable Investment Recommendations, Unauthorized Trading
Recently, FINRA’s Department of Enforcement permanently barred Florida broker Scott Allen Sibley (CRD#: 1523981) from the securities industry. Mr. Sibley was accused of recommending unsuitable investments to at least 10 different clients and engaging in unauthorized trading on another client’s brokerage account. Without admitting or denying any of the allegations, Mr. Sibley consented to… Read More »
Palm Beach Gardens Brokerage Firm Ordered to Pay $2.3 Million in Restitution
Legend Equities Corporation (CRD#: 30999), a brokerage firm headquartered in Palm Beach Gardens, Florida, has accepted and consented to sanctions that include public censure and financial restitution that is currently estimated at $2,300,188. Without admitting or denying any wrongdoing, the firm agreed to these penalties to settle FINRA Case #2016050259801. This claim stemmed from… Read More »
Ameriprise Financial Services Broker Barred for Failure to Disclose Private Transactions
On May 30th, 2017, a FINRA Hearing Panel issued a final decision in the case that has been brought against former Ameriprise Financial Services broker Jim Seol (CRD#: 2876279). After reviewing the allegations against this investment advisor, the hearing panel issued sanctions, permanently barring Mr. Seol from the securities industry for his failure to… Read More »
Florida Brokerage Firm Expelled for Selling Unregistered Securities, Providing False Documents
In 2015, Merrimac Corporate Securities, an Altamonte Springs, Florida-based brokerage firm, was permanently barred from the securities industry for misconduct. The firm, along with one of its principals, had filed an appeal on the decision. On May 26th, 2017, a final decision was reached. FINRA’s National Adjudicatory Council (NAC) affirmed the initial ruling (2011027666902),… Read More »
Morgan Stanley Financial Advisor Angel Aquino-Velez Has 11 Customer Complaints
Carlson & Associates currently represents a family that lost a substantial amount of money in Puerto Rican Bonds with Morgan Stanley and Angel Aquino-Velez. From 1997 to 2009, Aquino-Velez worked for several securities firms in Puerto Rico, including Doral Securities, UBS, and Merrill Lynch. In 2010, Aquino joined Morgan Stanley in Miami. Aquino has… Read More »
Miami Brokerage Firm Hit With $188,000 in Penalties for Overcharging Customers
In May, Ultralat Capital Markets, Inc. (CRD#: 136791), a broker-dealer based in Miami, Florida, settled allegations that it systematically overcharged several of its clients. Without admitting or denying any wrongdoing, Ultralat Capital Markets consented to the following penalties: Public censure; A $140,000 fine; and Disgorgement of ill-gotten gains totaling $48,055.84, plus interest. Full information… Read More »
Boca Raton Brokerage Firm Fined $210,000, Ordered to Offer Affected Customers ‘Rescission’
Recently, FINRA’s Department of Market Regulation announced that FMSbonds, Inc. (CRD #7793), a broker-dealer based in Boca Raton, Florida, consented to findings that it improperly sold municipal bonds to its customers in amounts below the mandatory minimum denominations. As a result of this misconduct, many of the firm’s clients were stuck in disadvantaged, illiquid… Read More »
Florida Financial Advisor Accused of Failing to Disclose Outside Business Activities
Erick J. Arnett (CRD#: 5007131), a registered investment advisor who was most recently employed at Taylor Capital Management Inc., a firm based in Spring Hill, Florida, has been accused of engaging in business activities outside the normal scope of his relationship with his member firm. This type of activity is a direct violation of… Read More »
Florida Brokerage Firm Fined $225,000, Ordered to Pay More Than $500,000 in Restitution
Recently, the Financial Industry Regulatory Authority (FINRA) announced sanctions against Invest Financial Corporation (CRD#: 12984), a registered broker-dealer that is based in Tampa, Florida. According to investigators, Invest Financial Corporation failed to identify and apply a large number of sales charge waivers to eligible customers. Full information regarding this case can be found by… Read More »
Florida Investment Firm Censured and Fined $75,000 by FINRA
Have you ever invested your hard earned money with Dawson James Securities, Inc. (CRD#: 130645), a brokerage firm based out of Boca Raton, Florida? If so, you need to be aware of the recent disciplinary action that has been taken against the company. Earlier this year, the FINRA Department of Enforcement announced fines against… Read More »
