Category Archives: FINRA Arbitration
MORGAN STANLEY OWES $4.2 MILLION TO FORMER PROFESSIONAL ATHLETE AND A MEGA BALL LOTTERY WINNER
FINRA arbitration panel finds Morgan Stanley negligently supervised Financial Advisor who put clients’ money into Miami Beach hip-hop nightclub. On December 26, 2018, FINRA released an arbitration award against Morgan Stanley awarding $3,332,000 to James Groves, a Mega Ball Lottery winner in 2013, and $879,000 to Asante Samuel, who retired in 2013 from the… Read More »
Florida FINRA Arbitration Panels Awards Investor More Than $150,000 Compensation in Real Estate Investment Trust (REIT) Case
On December 11th, 2018, a FINRA Arbitration panel in Boca Raton, Florida issued a decision in favor of a claimant in a dispute filed regarding investment losses sustained in real estate investment trusts (REITs). The claim was filed against Crystal Bay Securities, Inc. (CRD#: 142339), a brokerage firm based in Delray Beach and that… Read More »
Florida Arbitration Panel Awards Investor $210,000
On October 3rd, 2018, a FINRA Arbitration Panel in Tampa, Florida awarded $210,000 in financial compensation to an investor who filed a negligence claim. The securities fraud case was filed against Caldwell International Securities (CRD#: 104323) and two of its former brokers: Sean Francis Lanci (CRD#: 4180997) and Dominic Paul Rota (CRD#: 4886731). Notably,… Read More »
FINRA Arbitration Panel Awards Florida Investor $90,000 in Inadequate Supervision Claim
Recently, a FINRA arbitration panel in Orlando, Florida ruled in favor of a Florida investor in a negligence claim. The respondents in the case were Vanguard Capital (CRD#: 22081) and its broker Aaron Christopher Ray (CRD#: 4613258). Mr. Ray served at the firm from 2004 to 2016 and was based at a branch office… Read More »
Former Raymond James Broker Suspended For Failure to Respond to FINRA Request for Information
Stephen Allen Murray (CRD#: 343722) was previously registered with the Financial Industry Regulatory Authority (FINRA) as a securities broker and investment advisor. From February of 2013 to February of 2018, this broker was employed at Raymond James & Associates, Inc. (CRD#: 705) at branch location in Palm Beach Gardens, Florida. Failure to Cooperate With… Read More »
FINRA Arbitration Panel Awards $1.88 Million to Investors in Puerto Rico Bond Case
On March 28th, 2018, a FINRA arbitration panel based in San Juan, Puerto Rico found UBS Financial Services and UBS Financial Services of Puerto Rico legally liable for $1.88 million in losses sustained by two investors and one retirement fund. The investment products at issue in this case were Puerto Rico closed-end and Puerto… 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 »
FINRA Takes Disciplinary Action Against Two Florida Companies
According to reporting from the South Florida Business Journal, two Boca Raton companies, Newbridge Securities Corp and Shearson Financial Financial Services LLC, have been disciplined by the Financial Industry Regulatory Authority (FINRA). Newbridge was accused of overcharging customers in relation to sales orders, as a result they have agreed to pay a fine of… Read More »
What is FINRA?
With so many regulatory bodies, it can be easy to become confused about which organization is responsible for which tasks. FINRA, the Financial Industry Regulatory Authority, formerly the National Association of Securities Dealers, is one of those regulatory bodies. What does FINRA do, and how does it compare to the Securities and Exchange Commission?… Read More »
Ex-Wells Fargo Advisors Employee Wins Promissory Note Arbitration
A FINRA arbitration panel in New York City last week denied Wells Fargo Advisors’ claim against a former employee, Evan A. Sall, for breach of a promissory note. Wells Fargo Advisors filed the arbitration in 2013, seeking $77,693, plus interests, costs, and attorneys’ fees for the balance of the unpaid promissory note. Sall joined… Read More »
