Articles Tagged with FINRA rule 2010

FINRA has censured and fined Miami-based brokerage Primary Capital, LLC (“Primary”) over supervisory failures and advertising violations related to its EB-5 business. The EB-5 Immigrant Investor Program is overseen by the United States Citizenship and Immigration Services (USCIS) and was created by Congress in 1990 to stimulate the U.S. economy through job creation and capital investment by foreign investors.

According to FINRA, Primary acted as finder or placement agent for at least 70 EB-5 offerings during the period of December 2013 through February 2019.

If you have suffered investment losses with Primary Capital, LLC, 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 suspended stockbroker Joseph Lianzo from the securities industry for eight months.  Mr. Lianzo consented to the suspension after FINRA alleged that from March 2016 through November 2019, while associated with Laidlaw & Company (UK) LTD. and SW Financial, Mr. Lianzo excessively traded four customers’ accounts and placed 13 unauthorized transactions in violation of FINRA Rules 2111 and 2010.  As a result of churning and excessive trading, the customers incurred high commissions and fees, and significant realized investment losses.

Customers of Mr. Lianzo, Laidlaw & Company (UK) LTD, or SW Financial should consult with a securities arbitration law firm.  If you or a loved one were a customer of Joseph Lianzo, Laidlaw & Company (UK) LTD, or SW Financial LLC, contact  New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of your legal rights.

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as Laidlaw & Company (UK) Ltd or SW Financial.

The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker William Wright from the securities industry.  Mr. Wright consented to the bar after FINRA alleged that he failed to cooperate with a FINRA investigation into whether Mr. Wright inappropriately borrowed money from a customer.  Mr. Wright was associated with National Securities Corporation in New York, NY, from February 2015 until he was discharged in November 2020 for allegedly borrowing money from a customer of the firm.

Customers of Mr. William Wright or National Securities Corporation can contact securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of their legal rights.  

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

FINRA has barred former Cetera Advisors LLC broker Walter Morrow Allen from the securities industry for refusing to provide information and documents requested pursuant to FINRA Rule 8210, in violation of FINRA Rules 8210 and 2010.

If you have lost money with Walter Morrow Allen, or Cetera Advisors LLC, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

FINRA Letter of Acceptance, Waiver, and Consent No. 2020066785901

FINRA has suspended Oppenheimer & Co. Inc. broker Cesar Hurtado from the securities industry for 45 days. Mr. Hurtado was suspended over recommendations he gave involving an unsuitable options strategy in the accounts of two customers.

Mr. Hurtado was also fined $5,000 and agreed to complete 10 hours of continuing education concerning options trading and customer suitability.

If you have lost money with Cesar Hurtado, or Oppenheimer & Co. Inc., contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

On August 3, 2021, the Financial Industry Regulatory Authority (“FINRA”) and former Joseph Stone Capital L.L.C. stockbroker Eugene McAdams entered into a Letter of Acceptance, Waiver, and Consent No. 2020066887801 whereby Mr. McAdams consented to a bar from the securities industry.  Mr. McAdams consented to the expulsion after refusing to cooperate with a FINRA investigation into whether he made suitable investment recommendations to customers while registered with Joseph Stone Capital.

Mr. McAdams, associated with Joseph Stone Capital from September 2015 to June 2020, has also been the subject of at least two customer complaints.  The causes of action of the two complaints, which resulted in monetary compensation to the customers, included excessive trading on margin, elder abuse, false and misleading statements, fraud, negligent misrepresentation, breach of fiduciary duty, and unauthorized trading.

If you have suffered financial losses investing with Eugene McAdams or Joseph Stone Capital L.L.C., or suspect that Mr. McAdams 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 legal rights.

FINRA’s Department of Enforcement has filed a disciplinary proceeding complaint against financial advisor Daniel O’Neill over excessive and unsuitable trading in a customer’s account.

If you have lost money with Daniel O’Neill, or Aegis Capital, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Iorio Altamirano LLP  represents investors in disputes with their financial advisors or brokerage firms, such as Aegis Capital.

FINRA has barred former NYLife Securities LLC broker Jeffrey Scott Anderson from the securities industry after he converted $26,579 from his elderly NYLife customer and used the funds to pay for personal expenses.

If you have lost money with Jeffrey Scott Anderson, or NYLife Securities LLC, contact investment fraud lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

FINRA Letter of Acceptance, Waiver, and Consent No. 2020067888701

FINRA has suspended Aegis Capital broker Gilbert Kuta from the securities industry for ten days for exercising discretion without written authorization in customers’ accounts, in violation of NASD Rule 2510(b) and FINRA Rule 2010.

The alleged misconduct is said to have taken place from December 2017 through June 2018 while Mr. Kuta was registered with Capitol Securities Management, Inc. Mr. Kuta was also fined $5,000.

Mr. Kuta’s suspension is scheduled to begin on August 16, 2021, and end on August 27, 2021.

FINRA has barred former LPL Financial LLC broker Jason LaBelle from the securities industry. Mr. LaBelle was expelled from the brokerage industry for failing to provide information requested pursuant to FINRA Rule 8210, in connection with a FINRA investigation of Mr. LaBelle’s possible violation of a prior AWC.

Back in January 2020, FINRA accepted an AWC in which Mr. LaBelle consented to the entry of findings that, while associated with LPL, he participated in an outside business activity without having provided prior written notice to his firm. The AWC suspended Mr. LaBelle from associating with any FINRA member firm in all capacities for three months and imposed a $5,000 fine.

By refusing to produce information and documents, Mr. LaBelle violated FINRA Rules 8210 and 2010.

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