Articles Posted in Cambridge Investment Research

The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker David Melilli from the securities industry for refusing to cooperate with a FINRA investigation into whether Mr. Melilli, among other things, exercised discretion without written authorization in a customer’s account.  The investigation was launched after Cambridge Investment Research, Inc. terminated Mr. Melilli in January 2020, alleging that he placed discretionary trades without authority.

Mr. Melilli was associated with Cambridge Investment Research, Inc. in Moorestown, New Jersey, from September 2019 to February 2020.   He was previously registered with SagePoint Financial, Inc. in Moorestown, NJ, from January 2010 until August 2019.

Customers of Mr. Melilli, Cambridge Investment Research, Inc., or SagePoint Financial, Inc. who have suffered financial losses, or suspect that Mr. Melilli did not have their best interest in mind when recommending investments or making account transactions, can contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of their legal rights.

FINRA has barred former Cambridge Investment Research, Inc. broker William Michero from the securities industry. Mr. Michero consented to the sanction and to the entry of findings that from April 2018 through February 9, 2021, while associated with his firm and serving as the trustee for a senior beneficiary’s accounts at other financial institutions, he converted more than $263,000 from those accounts.

If you have suffered investment losses with William Michero, or Cambridge Investment Research, Inc., contact New York securities 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.

FINRA has suspended former Cambridge Investment Research, Inc. broker Keith Holcomb from the securities industry for 6 months for borrowing money from a customer without notifying or receiving approval from his firm. Holcomb was also fined $7,500.

The conduct is alleged to have taken place while Holcomb was registered with MML Investors Services, LLC in Warwick, Rhode Island.

If you have lost money with Keith Holcomb, MML Investors Services, LLC or Cambridge Investment Research, Inc., contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

The Financial Industry Regulatory Authority (“FINRA”) has sanctioned Cambridge Investment Research, Inc. (“Cambridge”) for failing to reasonably supervise brokers’ recommendations of the LJM Preservation & Growth Fund.  On March 29, 2021, FINRA and Cambridge entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) whereby Cambridge accepted the following sanctions:

  • a censure;
  • a $400,000 fine;

The Financial Industry Regulatory Authority (“FINRA”) has suspended stockbroker Victor A. Rigoni, III from the securities industry for three months.  FINRA accepted an Offer of Settlement submitted by Mr. Rigoni after FINRA’s Department of Enforcement filed a disciplinary complaint against Mr. Rigoni in August 2020.   The complaint alleged that from August 2012 through March 2019, Mr. Rigoni willfully failed to timely amend his Uniform Application for Securities Industry Registration or Transfer (Form U4) to disclose six unsatisfied federal and state tax liens totaling $164,521.  On average, Mr. Rigoni disclosed his tax liens almost three-and-a-half years late.  Mr. Rigoni also never disclosed a state tax lien of $11,304.

Mr. Rigoni has been associated with the following broker-dealers:

  • Cetera Advisor Networks LLC in Lake Forest, Illinois, from September 2019 to August 2020.

**Update: 3/29/2021** On March 29, 2021, FINRA and Cambridge Investment Research, Inc. entered into a Letter of Acceptance, Waiver, and Consent (AWC) whereby Cambridge accepted sanctions including a censure, $400,000 fine, and over $3.1 million in restitution.   FINRA alleged that Cambridge failed to reasonably supervise representatives’ recommendations of the LJM Preservation & Growth Fund. Cambridge representatives sold more than $18 million in LJM to customers. LJM’s value dropped 80% during an extreme volatility event in February 2018 and the fund ultimately liquidated and closed, resulting in millions of dollars in losses for Cambridge’s customers.  To read more, click on the following link: FINRA Sanctions Cambridge Investment Research, Inc. For Failing to Supervise the Sale of the LJM Preservation and Growth Fund

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FINRA has suspended James Alan Schumaker from the securities industry for nine months for allowing a former registered representative, who had been barred from the securities industry in 2014, to conduct a securities business. The barred registered representative was identified as Mr. Schumaker’s father. In addition to his suspension, Mr. Schumaker was also fined $5,000.

If you have lost money with James Alan Schumaker, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

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