Category Archives: Unsuitable Investments
SEC Obtains Final Judgment from Federal Court in Florida Against Former Registered Representative Charged With Unsuitable Investments and Unauthorized Trading
On November 17th, 2023, the Securities and Exchange Commission (SEC) announced that a final judgment has been obtained against Alan Z. Appelbaum (CRD#: 500336). Mr. Appelbaum—who was most recently associated with Aegis Capital Corp in Boca Raton, Florida—was charged with making unsuitable investment recommendations and engaged in unauthorized trading. Here, our Miami unsuitable investments… Read More »
FINRA Arbitration Panel In Florida Awards Claimant Nearly $100,000 In Damages
On February 22nd, 2023, a Financial Industry Regulatory Authority (FINRA) arbitration panel in Tampa, FL awarded a claim of nearly $100,000 in damages (Case Number: 22-01019). The case was centered on allegations of losses caused by unsuitable investment recommendations and other industry violations. Below, our Miami unsuitable investment attorney provides an overview of ruling… Read More »
Florida Brokerage Firm Censured, Fined For Failure To Establish And Implement Property Supervisory System
Kovack Securities Inc. (CRD#: 44848/SEC#: 8-50847) is a Fort Lauderdale headquartered brokerage firm that is licensed to operate in 53 U.S. states and territories. On August 23rd, 2022, the Financial Industry Regulatory Authority (FINRA) announced a censure and a significant civil fine against Kovack Securities Inc. for its failure to put a proper supervisory… Read More »
Florida Broker Fined And Suspended For Unsuitable Investment Recommendations
Phil Donahue (CRD#: 1206346) is a licensed securities broker and registered investment adviser (RIA). Currently, Mr. Donahue serves as a registered representative for Primerica Advisors and PFS Investment Inc. in Panama City Beach, Florida. On August 10th, 2022, the Financial Industry Regulatory Authority (FINRA) fined and suspended Mr. Donahue for violation of FINRA Rule… Read More »
SEC Charges Broker And Registered Representative In Complex Unsuitable Investments Case
On July 29th, 2022, the Securities and Exchange Commission (SEC) released a litigation update in the matter of Aegis Capital Corp (CRD#: 15007/SEC#: 801-71386, 8-31616). The federal agency has charged the company’s former managing director Alan Z. Appelbaum (CRD#: 500336) as well as former registered representative Paul F. Gallivan (CRD#: 5793918) in relation to… Read More »
UBS Will Pay $25 Million To Settle Yield Enhancement Strategy (YES Strategy) Fraud Charges
On June 29th, 2022, the Securities and Exchange Commission (SEC) announced that UBS Financial Services Inc., the multinational investment banking company and brokerage firm, will pay around $25 million to settle investment fraud charges related to its Yield Enhancement Strategy (YES Strategy). Here, our Miami unsuitable investment losses lawyer discusses the settlement and Yield… Read More »
Florida FINRA Arbitration Panel Finds Charles Schwab & Co., Inc. Responsible For Robo-Advisor Error
On June 23rd, 2022 a FINRA arbitration panel in Palm Beach County, Florida awarded a claimant $79,249.93 in compensatory damages (Case Number: 20-02414). The respondent in the case was Charles Schwab & Co., Inc. (CRD#: 5393/SEC#: 801-29938,8-16514), the national broker-dealer and investment advisory firm with a main office in San Francisco, California. Here, our… Read More »
FINRA Arbitration Panel In Florida Holds UBS Financial Services Liable For More Than $1.7 Million In Investor Losses
On February 2nd, 2022, the FINRA arbitration panel in Boca Raton, Florida issued a decision in a securities fraud dispute—awarding more than $1.7 million in damages to three interconnected investment entities (Case Number: 20-00459). The respondent in the case was UBS Financial Services Inc. (CRD#: 8174/SEC#: 801-7163,8-16267), the Swiss-based multinational investment bank that is… Read More »
NAC Decision: Miami Broker Made Material Misrepresentations, Recommended Unsuitable Investments
On October 7th, 2021, the National Adjudicatory Council (NAC) rendered a decision in the case of Department of Enforcement v. Jorge A. Reyes (Complaint No. 2016051493704). The NAC upheld a previous decision, finding that former CP Capital Securities broker Jorge A. Reyes (CRD#: 4256834) violated a number of different securities regulations. Here, our Miami… Read More »
South Florida Broker Fined And Suspended For Unsuitable Investment Advice
Charles Bonilla (CRD #2572107) is a formerly registered broker and investment adviser. From December of 2015 to May of 2018, Mr. Bonilla was a securities representative of David Lerner Associates in Boca Raton, Florida. Subsequently, Mr. Bonilla worked for Pruco Securities in Boca Raton until February of 2019. Earlier this year, the Financial Industry… Read More »
