Articles Posted in Broker Misconduct

FINRA has suspended former Lakeridge Capital Inc. broker John Braddock from the securities industry for 5 months for preparing and distributing a private placement memorandum that negligently misrepresented and omitted facts relevant to an investment in a private placement. The alleged misconduct is said to have taken place between September 2018 and April 2021.

If you have lost money with John Braddock, or Lakeridge Capital Inc., contact FINRA arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as Lakeridge Capital Inc.

FINRA has suspended Popular Securities, LLC broker Dennis Cummings from the securities industry for 45 business days for instructing his sales assistant to use pre-signed Letters of Authorization (LOA) to effect transfers between customers’ accounts. Cummings’ suspension is scheduled to start on July 19, 2021, and end on September 20, 2021. He was also fined $5,000.

If you have lost money with Dennis Cummings, or Popular Securities, LLC, contact FINRA arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as Popular Securities, LLC.

The Financial Industry Regulatory Authority’s Department of Enforcement has filed a disciplinary proceeding complaint against financial advisor Michael Giovannelli, who also goes by the name Michael Anthony.  The complaint alleges that between February and April 2020, while associated with Spartan Capital Securities, LLC, Mr. Giovannelli made 12 unauthorized transactions in the account of an elderly customer.   The complaint also alleges that Mr. Giovannelli attempted to conceal the unauthorized trades from FINRA and testified falsely at his on-the-record interview.

Separately, FINRA alleged that between September 208 and March 2019, while registered with Richard James & Associates Inc. (“Richard James”), Mr. Giovannelli made 100 trades in the accounts of four Richard James’ customers without obtaining the customers’ prior authorization for the trades.  Mr. Giovannelli did not have written authorization to make discretionary trades in the four customers’ accounts from either the customers or Richard James.

If you or a loved one were a customer of broker Michael Giovannelli, Spartan Capital Securities, LLC, or Richard James & Associates, Inc.,  contact securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your legal rights.

The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Marc Lippman from the securities industry.  Mr. Lippman consented to the bar after FINRA alleged that he provided false information to FINRA during on-the-record testimony regarding whether he was aware that his customer was deceased at the time of entering a securities transaction in the customer’s account.  Mr. Lippman was associated with Folger Nolan Fleming Douglas Incorporated in Washington, DC, from December 2009 until January 2021.

If you have suffered financial losses investing with Marc R. Lippman or Folger Nolan Fleming Douglas Incorporated, contact securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation.  

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as Folger Nolan Fleming Douglas Incorporated.

FINRA’s Department of Enforcement has filed a Complaint against former Allstate Financial Services, LLC broker Elizabeth Ann Sollars for failing to provide information and documents and for failing to appear and provide testimony to FINRA pursuant to FINRA Rule 8210.

FINRA requested the information in connection with its investigation into allegations that Sollars misappropriated insurance customer premium payments while registered with her firm.

The Complaint was filed on June 7, 2021.

FINRA has suspended broker Scott Niekamp from the securities industry for three months for engaging in two outside business activities without providing prior written notice to his firm, Northwestern Mutual Investment Services, LLC. Additionally, Niekamp loaned money to a firm customer in violation of the firm’s written supervisory procedures and FINRA rules.

Niekamp’s suspension is scheduled to begin on July 7, 2021, and end on October 5, 2021. He was fined $10,000.

If you have lost money with Scott Niekamp, or Northwestern Mutual Investment Services, LLC, contact FINRA arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

The Financial Industry Regulatory Authority’s Department of Enforcement has filed a disciplinary proceeding complaint against financial advisor Marc Reda.  The complaint alleges that from January 2017 to December 2019, while associated with Spartan Capital Securities, LLC, Mr. Reda recommended to all of his customers an investment strategy – actively trading in anticipation of corporate announcements – that was unsuitable because he failed to consider that the substantial commissions and costs associated with his investment strategy made it unlikely that his customers could profit from it.

The recommended strategy and its high total costs allegedly harmed his customers.  The complaint alleges that across 66 customer accounts in which Mr. Reda executed ten or more trades connected with his unsuitable investment strategy, Mr. Reda charged $952,764 in commissions and fees, while the customers lost $934,482.

If you or a loved one were a customer of broker Marc Augustus Reda or Spartan Capital Securities, LLC,  contact securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your legal rights.

FINRA has suspended former LPL Financial LLC broker Jason Howell Poff from the securities industry. According to an Office of Hearing Officers (“OHO”) order, Poff engaged in two outside business activities without his firm’s approval.

Poff’s suspension began on June 7, 2021, and is scheduled to end on September 6, 2021. He was also fined $5,000.

If you have lost money with Jason Howell Poff, or LPL Financial LLC, contact FINRA arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

FINRA has fined Oppenheimer $525,000 for negligently misrepresenting cost basis information on more than 1,000 customer account statements and Forms 1099. The firm was also censured and consented to conduct a comprehensive review of the adequacy of its procedures, systems, and controls to track and report cost basis information relating to customer securities transactions.

Oppenheimer is a full-service broker-dealer that is headquartered in New York, New York. The firm has been a FINRA member since 1945. It has approximately 140 branch offices and over 1,900 registered representatives. 

If you have lost money with Oppenheimer, contact FINRA arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

FINRA has barred former WestPark Capital broker Gregory Walter McCloskey from the securities industry. According to an Office of Hearing Officers (“OHO”) order, McCloskey participated in two undisclosed private securities transactions involving a customer who was an elderly, retired widow and then sought to conceal these transactions from his member firms and FINRA.

If you have lost money with Gregory Walter McCloskey, or WestPark Capital, contact FINRA arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account. 

FINRA Disciplinary Proceeding No. 2018059242801

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