Stockbroker arbitration lawyers are looking into accusations made against First Allied Securities, Inc. and broker Rami Yahalom regarding risky investments in AE Luxtera Investments II, LLC, a private technology start-up company. According to reports of a FINRA arbitration claim filed by investors, First Allied and Yahalom offered Luxtera to customers without disclosing sufficient information regarding the investment.  

Allegations Made Against First Allied Regarding Private Equities

According to the allegations, Luxtera was represented as a late stage equity, which means that it was due for an initial public offering (IPO) within 12-36 months. Additionally, the complaints report that First Allied indicated expected revenues in excess of $300 million, when in reality the company had not achieved sales above $1 million.

This is not the first time stockbroker arbitration lawyers have received complaints regarding First Allied and private equity investments.  If you suffered significant losses as a result of doing business with Rami Yahalom or First Allied, or received an unsuitable recommendation of advanced private equities from another stockbroker or financial advisor, you may be able to recover your losses through securities arbitration. To find out more about your legal rights and options, contact a stock fraud lawyer at the Law Office of Christopher J. Gray, P.C. at (866) 966-9598 or for a no-cost, confidential consultation.

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Recently, Wade James Lawrence was barred from the financial industry by the Financial Industry Regulatory Authority (FINRA). Investors’ rights lawyers are exploring accusations made against Lawrence regarding misappropriation of funds during his time as a broker.  According to the FINRA report, Lawrence failed to respond to these allegations, and in doing so forfeited his opportunity to remain a practicing broker.

FINRA Bars Wade James Lawrence from Financial Industry

Lawrence’s most recent history as a broker was with Southwest Securities, where he was registered from August 2011 through December 2013.  Prior to that, he worked for Oppenheimer & Co. from June 2008 through July 2011, and Merrill Lynch from April 2003 through June 2008.   During his time at both Southwest Securities and Oppenheimer & Co., there were several complaints issued against Lawrence by customers who claimed to have received unsuitable recommendations.  One client even alleged that Lawrence borrowed $850,000 and failed to return the funds. This alleged borrowing occurred while Lawrence was with Oppenheimer & Co. and the FINRA report states that he intended to “…pay for the losses.  I [Lawrence] then voluntary resigned and left the appropriate funds in my personal account to be used to cover the losses.”  Despite this response, Lawrence failed to appear for testimony with FINRA regarding this, or any of the other complaints, which included additional allegations of misappropriated funds and failure to provide appropriate investment recommendations.

If you suffered significant losses as a result of doing business with Wade James Lawrence or believe that another stockbroker or financial advisor led you to inappropriately use investment funds, you may be able to recover your losses through securities arbitration.  To find out more about your legal rights and options, contact a securities fraud attorney at the Law Office of Christopher J. Gray, P.C. at (866) 966-9598 or for a no-cost, confidential consultation.

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Ameriprise Told to Pay $1.17 Million to Elderly Couple after Unsuitable Real Estate Investment

June 17, 2014

Investors’ rights lawyers are advising senior investors to stay alert when looking at potential investment opportunities.  Recently,  a Financial Industry Regulatory Authority (FINRA) panel entered an arbitration award in favor of a senior couple against Ameriprise Financial Services Inc. regarding an investment made six years ago. Albertus Niehuis Jr. and his wife Andrea allegedly made […]

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The Risk of Unregistered Investments like DCM Alpha Fund

June 12, 2014

Some brokers might be facing investigation from stockbroker arbitration  lawyers after recommending that clients invest in DCM Alpha Fund LLC. According to the registration form filed with the SEC, DCM Alpha Fund is an unregistered pooled investment fund, which puts it in a different category than more traditional investments.  However, some stockbrokers and/or investment advisors […]

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David Zeng, Most Recently of Merrill Lynch, is Barred from Financial Industry

June 10, 2014

David Zeng was recently barred from working within the securities industry after he failed to respond to inquiries concerning over a dozen customer complaints about his investment activities.  These complaints alleged misrepresenting an investment, unauthorized stock trading, unsuitable investment advice and fraud.   Prior to starting with Merrill Lynch in 2009, Zeng worked for UBS […]

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Supervisory Failure Leaves LPL Financial with Heavy Fines

June 3, 2014

Investor lawyers say the Financial Industry Regulatory Authority (FINRA) found supervisory deficiencies related to investment concentration at leading independent broker-dealer LPL Finanical.    As a result of alleged unsuitable recommendations, FINRA has announced a penalty in the form of a $950,000 against LPL Financial. Alternative investments can include a variety of products, including oil and gas […]

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First Allied Securities Brokers Under Investigation for Allegedly Misleading Investors on Private Equities

May 29, 2014

Investor lawyers currently are looking into allegations of misleading financial advice offered by Cynthia Couyoumjian and other First Allied Securities Inc. brokers selling private equities. Couyoumjian and her co-workers have been alleged in various instances to have not performed due diligence when recommending investments to clients.  A private equity includes any investment in a company […]

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Equi-Vest, Accumulator Variable Annuity Investors Could Recover Losses

May 2, 2014

Securities arbitration attorneys are currently investigating claims on behalf of investors who suffered significant losses in AXA Equitable Life Insurance Company Equi-Vest or Accumulator variable annuity contracts — specifically those invested in the managed funds, AXA Tactical Manager Strategy or ATM-managed funds. Reportedly, the New York State Department of Financial Services (“DFS”) launched an investigation […]

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Investors May Recoup Losses as SEC Charges Robert J. Vitale with Fraud

May 1, 2014

While former stock promoter Robert J. Vitale sits in prison for two years for lying to investigators in a previous investigation about another matter, the U.S. Securities & Exchange Commission (SEC) has decided to file fraud charges against him. The complaint, filed in the U.S. District Court for the Southern District of Florida, accuses Vitale […]

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More Claims Filed Against VSR Brokers for Unsuitable Alternative Investments

April 29, 2014

Investor arbitration lawyers continue to investigate claims on behalf of customers of VSR Financial Services regarding the unsuitable recommendation and sale of alternative investments. Another claim was filed recently against one broker registered with VSR Financial Services, Dennis Van Patter. This particular claim is regarding the following alternative investments: Inland American Real Estate Trust Cole […]

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