Articles Tagged with financial investment lawyers

Ross Barish is a stockbroker with Joseph Stone Capital L.L.C. (“Joseph Stone Capital”) in Mineola, New York. Mr. Barish is currently under investigation by the United States Securities and Exchange Commission (“SEC”) for defrauding sixteen retail customers by executing a high-cost, in-and-out pattern of trading that lost his customers over $800,000 while generating commissions and fees for him of more than $400,000.  

The sixteen customers experienced total losses of $814,509.

If you have suffered financial losses investing with Ross Barish or Joseph Stone Capital L.L.C., or suspect that Mr. Barish did not have your best interest in mind when recommending investments or making account transactions, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account or annuity contract.

You worked hard, opened a brokerage or retirement account, and invested your savings with a financial advisor or stockbroker, only to suffer financial losses due to bad investment advice, misleading sales pitches, or brokers that were driven by commissions.  Now what?

Can I Sue My Financial Advisor Over Losses?

Yes, you can sue your financial advisor or broker to recover investment losses if the broker did not have your best interest in mind when they made an investment recommendation or offered investment advice.  You can also sue your financial advisor or broker if the financial advisor misrepresented or omitted material facts that an investor should have known about the security or investment strategy.

**Update:  July 26, 2021** FINRA has barred Hugues Guirand from the securities industry after Mr. Guirand failed to respond to FINRA’s Department of Enforcement’s complaint.

Original Post:

FINRA Files Enforcement Action Against Hugues Guirand, Formerly of Woodstock Financial Group, Inc. – Virginia Beach, VA

Iorio Altamirano LLP is currently investigating former MML Investor Services, LLC broker Oscar Francis, who reportedly recommended that his customers invest in private placement securities issued by GPB Capital. The GPB notes, which are private securities offerings exempt from registration with the Securities and Exchange Commission (SEC), are inherently risky investments.  These investments are suitable only for highly sophisticated investors who understand the risks and can afford a significant monetary loss.  Unfortunately, many brokerage firms and brokers sold the GPB Capital securities to retirees and unsophisticated investors because they paid a high up-front commission.

Mr. Francis was a broker at MML Investors Services, LLC, Inc. in Ft. Lauderdale, Florida, from July 2008 to May 2017. At that time, MML terminated his employment connected with an investigation into an undisclosed outside business activity, selling away, and an unauthorized non-securities life insurance transaction.  In August 2018, Mr. Francis pleaded guilty to wire fraud after admitting that between June 25, 2012, and May 31, 2017, he devised a scheme to defraud at least eleven investors out of approximately $665,000.  Mr. Francis was subsequently sentenced to 41 months in prison and ordered to pay over $420,000 in restitution to clients.   In May 2019, he was also barred by the SEC from association from associating with any broker, dealer, or investment advisor.

Iorio Altamirano LLP is also investigating the sales practices and due diligence of MML Investors Services, LLC related to its sale of GPB Capital funds.   It is believed, according to reports, that MML has been subjected to numerous lawsuits from customers in the form of FINRA securities arbitration claims to recover investment losses.

The Financial Industry Regulatory Authority (“FINRA”) has sanctioned Dawson James Securities, Inc. (“Dawson James”) for charging customers excessive commissions.  On April 6, 2021, FINRA and Dawson James entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) whereby Dawson James accepted the following sanctions:

  • a censure;
  • a $20,000 fine; and

The Financial Industry Regulatory Authority (“FINRA”) has sanctioned J.W. Cole Financial, Inc. (“J.W. Cole”) for failing to reasonably supervise brokers’ recommendations of the LJM Preservation & Growth Fund.  On March 18, 2021, FINRA and J.W. Cole entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) whereby J.W. Cole accepted the following sanctions:

  • a censure;
  • a $50,000 fine;

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 barred stockbroker Charles Thomas Stevens from the securities industry for failing to appear and provide on-the-record testimony.

On December 1, 2020, FINRA’s Department of Enforcement filed a three-cause complaint against Mr. Stevens.  The first cause of action charged that Mr. Stevens willfully failed to disclose a judgment and three tax liens on his Uniform Application for Securities Industry Registration or Transfer (Form U4).  The second cause of action alleged that Mr. Stevens falsely represented to his firm that he did not have any unreported liens.  The third cause of action alleged that Mr. Stevens failed twice to appear and testify at an on-the-record interview.

Mr. Stevens then failed to appear at two-pear hearing conferences scheduled by the hearing officer.  FINRA’s Department of Enforcement then requested a default decision, which the hearing officer granted.

As Joe Biden takes his place as the 46th President of the United States of America, House Financial Services Committee Chairwoman Maxine Waters, D-Calif., urges the Biden Administration to rescind Regulation Best Interest (Reg BI).

In a letter dated December 4, 2020, Rep. Waters outlined dozens of Trump-era regulations promulgated during the Trump administration that should be rescinded or replaced by the new administration.

Regulation Best Interest (Reg BI), which went into effect on June 30, 2020, establishes a standard of conduct for broker-dealers and brokers when they make a recommendation to a retail customer of any securities transaction or investment strategy involving securities. When a broker-dealer makes an investment recommendation, the investor is entitled to a recommendation that is in the investor’s best interest and does not place the interest of the financial professional or financial institution ahead of the retail investors’ interests.

Investing your money is a great way to grow your wealth, save for retirement, and reach your financial goals.  If you invest in the appropriate products, you can also receive income from investments, build on-pre-tax dollars, or reduce taxable income.

If you do not invest, you miss out on opportunities to increase your wealth.  However, all investments carry risk, and when you invest, you have the potential to lose money.

There are many different types of investments.  Some common types of investments include stocks, bonds, certificates of deposit, mutual funds, money market funds, exchange-traded funds, and annuities.  There are also more complex investment vehicles, such as real estate investment trusts (REITs), unit investment trusts (UITs), hedge funds, commodities, and private placements.

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