Category Archives: FINRA
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 »
New NFLPA Registered Financial Advisor Is The Subject of a FINRA Disciplinary Proceeding
On April 1, 2016, the Financial Industry Regulatory Authority (“FINRA”) Department of Enforcement filed a Complaint against James Goetz, a NFLPA Registered Financial Advisor. The Complaint alleged that while employed by Merrill Lynch, Goetz invested in at least five private companies without making required disclosures or receiving authorization from Merrill Lynch. FINRA also alleges… Read More »
FINRA Takes Disciplinary Action Against New Jersey Financial Adviser
The Financial Industry Regulatory Authority (FINRA) recently suspended Alex Etter for two years for misconduct he committed while he was a registered financial adviser. According to investigators, Etter put his personal financial interests and the interests of his firm ahead of that of his clients. In doing so, his brokerage company netted more than… Read More »
Retired NFL Superstar Patrick Willis Sues Ex-Business Partner for Investment Fraud
In 2015, All-Pro NFL linebacker Patrick Willis surprised many when he cut his NFL career short and headed to Silicon Valley. Willis invested in, and took an executive position with, upstart tech company Open Source Storage. He also relied on the company’s principal, Eren Niazi, to invest in several other projects. Unfortunately, it appears… Read More »
FINRA Orders Five Companies to Pay Customers More Than $6 Million
Recently, the Financial Industry Regulatory Authority (FINRA) announced fines against five broker-dealers. Collectively, the companies were ordered to pay $6.2 million in fines and restitution to customers. The broker-dealers that were fined included VOYA Financial Advisors, Cetera Advisors Networks, First Allied Securities, Summit Brokerage Services and VSR Financial Services. The fines stemmed from the… Read More »
Financial Firm Censured and Fined by FINRA for Multiple Violations
Recently, the Financial Industry Regulatory Authority (FINRA) censured Caldwell International Services Corporation and fined the firm $1,000,000. The company was also forced to pay $1,026,089.48 in restitution to the affected clients. The penalties came in response to the company’s repeated violations of fiduciary duty to its customers and violations investment regulations. The firm’s principal,… Read More »
What You Need to Know About Using BrokerCheck
When it comes to investing, there is nothing more important than ensuring that you are working with a qualified (and trustworthy) broker. Are you confident that you can trust your investment adviser? It is reasonable to be concerned as it can be difficult to be certain that you are working with the right person…. Read More »
Morgan Stanley Advisor found Guilty of Churning, Having Affair with Married Client
Morgan Stanley financial advisor Ami Forte purportedly had more than a decade-long affair with client and co-founder of the Home Shopping Network, Roy Speer, and made 12,000 thousand unauthorized trades on Speer’s account and generated $40 million in fees, according to an Investment News report. Speer’s widow filed a FINRA arbitration proceeding against Forte… Read More »
FINRA Fines Prudential Annuities Distributors, Inc. $950,000 for Failing to Prevent Theft of $1.3 Million From Elderly Customer’s Variable Annuity Account
On July 19, 2016, FINRA announced it fined Prudential Annuities Distributors, Inc. the sum of $950,000 for failing to detect and prevent a scheme that resulted in the theft of approximately $1.3 million from an 89-year-old customer’s variable annuity account. According to FINRA, Prudential “repeatedly failed to adequately investigate “red flags” that Travis A…. Read More »
Dylan Patrick Grayson, Financial Advisor to Pro Athletes, Barred by FINRA
The Financial Industry Regulatory Authority (“FINRA”) has permanently barred Dylan P. Grayson from acting as a broker or otherwise associating with firms that sell securities to the public. On March 4, 2015, Grayson was fired from Merrill Lynch, Pierce, Fenner & Smith after allegations that he used a client’s (Martavis Bryant of the Pittsburgh… Read More »
