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Eric Shea Hollifield, Formerly with LPL Financial LLC, BARRED by FINRA – Dacula, GA

Published on: November 2, 2021 | by Iorio Altamirano

FINRA has barred former LPL Financial LLC broker Eric Shea Hollifield from the securities industry. Hollifield consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony or to produce the documents and information requested by FINRA in connection with its investigation into Hollifield’s potential conversion of funds from an elderly customer.

If you have lost money with Eric Shea Hollifield, or LPL Financial LLC, 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.

SEC Accuses Former Wells Fargo Broker Kenneth A. Welsh of Stealing Investor Funds

Published on: October 29, 2021 | by Iorio Altamirano

On October 28, 2021, the United States Securities and Exchange Commission (“SEC”) charged former Wells Fargo broker and investment advisor representative Kenneth Welsh with stealing nearly $3 million from his advisory clients and brokerage customers from January 2016 through January 2021. The SEC has accused Mr. Welsh of transferring funds that belonged to his clients and customers to himself and his family to purchase gold coins and other precious metals, buy luxury goods, and pay off personal credit cards.

Mr. Welsh was registered with Wells Fargo Clearing Services, LLC in Fairfield, NJ. Wells Fargo terminated Mr. Welsh’s employment in June 2021 after the allegations arose that Mr. Welsh misappropriated funds from Wells Fargo’s customers, including senior citizens.

Iorio Altamirano LLP is investigating potential legal claims on behalf of customers of Kenneth Welsh and Wells Fargo related to potential misconduct by Mr. Welsh.

William Michero, Formerly with Cambridge Investment Research, Inc., BARRED by FINRA – Fort Worth, TX

Published on: September 23, 2021 | by Iorio Altamirano

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.

Brokers International Financial Services, LLC and Broker Mark Perry Ordered to Pay $795,959 to Widow by a FINRA Arbitration Panel

Published on: May 19, 2021 | by Iorio Altamirano

On May 17, 2021, a FINRA arbitration panel issued an award in favor of customer Donna Wagner in a securities arbitration against Brokers International Financial Services, LLC and former broker Mark Christopher Perry. Brokers International Financial Services and Mr. Perry (the “Respondents”) were held jointly and severally liable for $795,929 in compensatory damages. The Respondents were also ordered to pay post-judgment interest at a rate of 8%, beginning 30 days after the issuance of the Award.

Ms. Wagner filed a securities arbitration claim in December 2019, seeking approximately $1.34 million in actual damages. The Statement of Claim alleged that Mr. Perry, while registered with Brokers International Financial Services, was also the President of Brendanwood Financial Brokerage, an insurance brokerage firm in Carmel, Indiana. The claim alleged that Brokers International Financial Services and Mr. Perry allowed Brian Simms, CEO of both Brendanwood Financial Brokerage and Brendanwood Financial Services, to use the company as a conduit to obtain funds from Mr. Wagner and convert those funds for his own personal use. According to the claim, Mr. Perry, who was responsible for its operations oversight, appears to be complicit in the actions of Mr. Simms.

According to public reports, Ms. Wagner also filed a lawsuit on December 2, 2019, in Hamilton Circuit Court against Brian Simms. The lawsuit alleged that Mr. Simms relied on Brian Simms after the 2017 death of her husband, Michael Wagner. Mr. Simms allegedly assisted Ms. Wagner in making death benefit claims on life insurance policies through North American Company for Life and Health Insurance and the Lincoln National Life Insurance Company and then convinced her to vest the proceeds in additional insurance, annuities, and investments. The lawsuit alleges in total, $1,342,482 of Ms. Wagner’s assets are missing and unaccounted for or misappropriated by Mr. Simms and Brendanwood.