The Financial Industry Regulatory Authority (FINRA) sanctioned broker Michael Zukowski for recommending unsuitable investments in inverse and inverse-leveraged Exchange Traded Funds to his clients. On December 23, 2010 RBC Capital Markets, LLC filed a Termination Notice (U5) stating that Zukowski had failed to meet firm expectations. Later, on August l8, 2011, RBC filed a an…
Continue reading ›The Financial Industry Regulatory Authority (FINRA) alleged that Feltl & Company, a firm based in Minneapolis, did not properly oversee its penny stock business between January 2008 and February 2012. While Feltl did not admit to any wrongdoing, the firm will pay $1 million to settle its claims. FINRA explained that Feltl did not meet…
Continue reading ›Newport Coast Securities, based in New York, as well as two former supervisors at the firm, Marc Arena and Roman Luckey, were also named in the FINRA complaint. According to FINRA, from 2008 through 2013, brokers Douglas Leone, Andre LaBarbera, David Levy, Antonio Costanzo and Donald Bartelt churned the accounts of 24 customers, utilizing margin…
Continue reading ›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…
Continue reading ›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…
Continue reading ›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…
Continue reading ›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…
Continue reading ›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…
Continue reading ›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…
Continue reading ›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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