Articles Posted in Securities Fraud

Financial Industry Regulatory Authority (FINRA) records indicate that Douglas P. Simanski (Simanski), a former stockbroker who was associated with NEXT Financial Group, has been permanently barred from the brokerage industry. Simanski’s record also shows 4 currently pending customer disputes, 1 prior final customer dispute and a recent employment separation after allegations. FINRA is the agency…

According to the Financial Industry Regulatory Authority (FINRA), Cambria Capital, LLC. (Cambria Capital) broker Robert Potter (Potter) was barred from the securities industry over failure to respond to regulatory requests concerning his alleged comingling of funds. FINRA sent Potter a letter requesting him to send documents and information regarding the comingling allegations by August 17,…

South Florida financial advisor Ariel Hernandez, was reportedly arrested and accused of stealing hundreds of thousands of dollars from customers. Hernandez allegedly transferred funds out of customer accounts and into accounts in his name, in the process allegedly forging a customer’s signature. Authorities in the South Florida community of Pembroke Pines have charged Hernandez with…

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 Financial…

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…

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…

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: According to securities arbitration lawyers, these…

Securities attorneys are currently investigating claims on behalf of the customers of Christopher B. Birli and Patrick W. Chapin, who suffered significant losses as a result of misrepresentations and unsuitable recommendations of variable annuities. Reportedly, Birli and Chapin received significant sales commissions for allegedly unsuitable recommendations to their customers. On March 27, a complaint was…

Lawyers are investigating claims on behalf of investors who suffered significant losses in exchange-traded notes (ETNs) and exchange-traded funds (ETFs) issued by Credit Suisse and other full-service brokerage firms. According to Bloomberg, the $45,000 loss suffered by Jeff Steckbeck in TVIX, a Credit Suisse Group AG note, has set off a probe by the Securities…

Securities fraud attorneys are currently investigating claims on behalf of investors who suffered significant losses in variable annuities. Variable annuities are insurance products tied to an investment portfolio, which typically consist of mutual funds that hold bonds and stocks. In many cases, brokers receive commissions as high as 8 percent when selling variable annuities, which…