Category Archives: Investment Fraud
South Florida Financial Advisor Suspended for Improperly Borrowing Money from an Elderly Investor
Linda Sue Zara (CRD#: 2322009) is a previously licensed securities broker and registered investment advisor. From August of 2012 to January of 2018, Ms. Zara was employed at Wells Fargo Clearing Services in Boca Raton, Florida. Prior to her time there, she was also associated with several other broker-dealers in the region, including Citigroup… Read More »
Miami, Florida FINRA Arbitration Panel Holds Broker and Brokerage Firm Liable in REIT Claim
On September 20th, 2019, the Financial Industry Regulatory Authority (FINRA) Office of Dispute Resolution announced a $43,827 arbitration award for two Florida investors (Case Number: 17-03139). The respondents in this case were Raymond James & Associates, Morgan Keegan & Company, and Coral Gables-based financial advisor Ruben Frezzoti (CRD#: 4439983). Though, notably, Morgan Keegan was… Read More »
SEC Awards $500,000 to Overseas Securities Industry Whistleblower
On July 23rd, the Securities and Exchange Commission (SEC) announced that a $500,000 award is being issued to an overseas whistleblower. In granting the financial reward, the federal securities regulator noted that expeditious disclosures made by the whistleblower helped lead to successful enforcement action through which the agency recovered financial relief for investors. Through… Read More »
SEC sues Tallahassee-based Advisers for defrauding retired NFL Players
On August 29, 2019, the Securities and Exchange Commission sued Cambridge Capital Group Advisors and two of its principals alleging they defrauded retired NFL players who suffered brain injuries and were part of the concussion class action litigation against the NFL. The SEC alleges that Cambridge Capital Group Advisors, its president Phillip Timothy Howard,… Read More »
Summit Brokerage Services Censured, Fined $40,000 for Failure to Supervise
Summit Brokerage Services (CRD No. 34643) is a Boca Raton, FL-based broker-dealer that is licensed to sell securities in 51 U.S. states and territories. According to records obtained through FINRA’s BrokerCheck tool, this firm has 21 total disclosures on its records, including 16 regulatory actions and 5 FINRA arbitration awards. On August 15th, 2019,… Read More »
Miami, FL FINRA Arbitration Panel Awards Two Investors More than $3 Million in Compensation
On July 16th, 2019, a FINRA Arbitration Panel based in Miami, Florida issued a decision in favor of a pair of investors in a dispute filed against Morgan Stanley Smith Barney, LLC (Case Number: 17-01908). In total, the panel awarded the investors nearly $3.3 million — much of it because it found that the… Read More »
FINRA Complaint: Former Miami Financial Advisor Accused of Commodities Fraud May Have Unlawfully Associated With Brokerage Firm
Robert Juan Escobio (CRD No. 703813) is a former licensed broker and former registered investment advisor (RIA). From 2000 to 2017, Mr. Escobio was employed at Southern Trust Securities in Miami, Florida. On July 17th, 2019, FINRA’s Department of Enforcement filed a fraud complaint against this broker (Disciplinary Proceeding No. 2018059545201). Among other things,… Read More »
With Regulatory Investigation After Being Arrested on Fraud Charges
William Roger Maurer (CRD#: 6876160) is a former securities broker. From November of 2017 to August of 2018, Mr. Maurer was employed at Voya Financial Partners (CRD#: 34815) in Jacksonville, Florida. In the summer of 2018, this financial representative was discharged by Voya Financial after he was arrested by Florida police on both fraud… Read More »
Former Miami Securities Broker Fined $20,000 and Suspended for Fifteen Months for Acting as Unregistered Financial Advisor
Carlos Ricardo Fuenmayor (CRD#: 4055839) is a previously registered broker and investment advisor. From February 2015 to October of 2016, Mr. Fuenmayor was a representative of Dakota Securities International, Inc. based in a branch office in Miami, Florida. However, Mr. Fuenmayor was associated with Dakota Securities International prior to 2015. In 2017, the Financial… Read More »
Florida Financial Advisor Barred After Refusing to Cooperate With Investigation Into Unauthorized Transactions
Thomas L. Studer (CRD#: 6300308) is a previously registered broker and investment advisor. From May of 2014 to November of 2018, Mr. Studer was employed as a securities representative at Thrivent Investment Management in The Villages, Florida. On May 23rd, 2019, Thomas Studer was expelled from the securities industry after he declined to provide… Read More »
