unauthorized trading

Cadaret Grant Broker Matthew Zanowiak Suspended by FINRA – Lancaster, Pennsylvania

Published on: June 8, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority “(FINRA”) has suspended Cadaret, Grant & Co., Inc. broker Matthew Zanowiak from the securities industry for ten business days for exercising discretion without written authorization in approximately 15 customer accounts. Mr. Zanowiak was also fined $5,000.

If you have lost money with Matthew Zanowiak or Cadaret, Grant & Co., Inc., contact FINRA arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Iorio Altamirano LLP represents investors who have disputes with their financial advisors or brokerage firms, such as Cadaret Grant & Co., Inc.

Boiler Room Broker, James Flower, Barred by FINRA for Excessive Trading, Churning, Unauthorized Trading, Mismarking Orders, and Targeting Elderly Investors

Published on: June 3, 2021 | by Iorio Altamirano

Financial Industry Regulatory Authority (“FINRA”) Office of Hearing Officers has barred stockbroker James W. Flower from the securities industry for excessively trading in five customers’ accounts, executing 17 unauthorized trades, and mismarking 58 transactions. According to the findings, although he is based in New York, Mr. Flower generated business by cold calling people all over the country, focusing primarily on senior and elderly customers who are small business owners and retirees. Cold-calling customers is a common tactic for “boiler room” brokerage firms.

Mr. Flower was also ordered to pay restitution plus prejudgment interest to harmed customers. However, it is unclear whether he will be able to satisfy the judgment.

Mr. Flower was associated with Spartan Capital Securities, LLC since June 2019. Previously, he was associated with SW Financial from December 2015 to June 2019.

Broker Spotlight: Ross Barish of Joseph Stone Capital L.L.C. – Mineola, NY

Published on: May 31, 2021 | by Iorio Altamirano

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.

FINRA Arbitration Award: Westpark Capital, Inc. Ordered to Pay Customers Nearly $800,000 for Actions of Former Broker, Lawrence Fawcett, Including Churning and Recommending Risky Private Placements

Published on: May 27, 2021 | by Iorio Altamirano

A FINRA Dispute Resolution Services arbitration panel in Richmond, Virginia, found Westpark Capital, Inc. to be liable for actions of its disgraced former broker, Lawrence Fawcett, and ordered the firm to pay nearly $800,000 to customers Charles and Karen Hailey. The award included over $545,000 in compensatory damages, $33,500 in costs, and $215,000 in attorneys’ fees. The arbitration panel found Westpark liable for failing to supervise Mr. Fawcett, who churned the Hailey’s accounts and made unsuitable investment recommendations. The unsuitable investment recommendations related to private placement investments in the following entities: Protagenic Therapeutics, Inc., Monster Digital, Inc., Miamar Labs, Inc.

The former stockbroker, Lawrence (Larry) Fawcett, was barred from the securities industry by FINRA in March 2018 for failing to cooperate with a FINRA investigation into his outside business activities. FINRA subsequently revoked Mr. Fawcett’s securities license for failing to pay a fine and suspended him for failing to comply with an arbitration award. Mr. Fawcett, who had only been in the securities industry for five years, had an extensive history of customer complaints, regulatory sanctions, associations with disreputable brokerage firms, and an employment termination after allegations of wrongdoing.

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

Broker Spotlight: Robert Yasnis of Worden Capital Management LLC – New York, NY

Published on: May 26, 2021 | by Iorio Altamirano

Robert Yasnis is a stockbroker with Worden Capital Management LLC (“Worden Capital Management”) in New York, New York. Mr. Yasnis has a history of customer disputes, regulatory actions, and association with disreputable brokerage firms that have been expelled by FINRA.

If you have lost money with broker Robert Yasnis or Worden Capital Management, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Worden Capital Management

Broker Spotlight: Kevin Wilson of Worden Capital Management LLC – New York, NY

Published on: May 26, 2021 | by Iorio Altamirano

Kevin Wilson is a stockbroker with Worden Capital Management LLC (“Worden Capital Management”) in New York, New York. Since December 2017, Mr. Wilson has been the subject of at least eleven customer complaints, most involving allegedly unsuitable recommendations of private placements.

If you have lost money with broker Kevin Wilson or Worden Capital Management, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential review of your legal rights.

Worden Capital Management

Network 1 Financial Securities Inc. Broker Carl Antaki (Formerly of First Standard Financial Company LLC) Suspended by FINRA for Excessive and Unsuitable Trading

Published on: May 21, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Carl Antaki from the securities industry for three months. Mr. Antaki consented to the suspension after FINRA alleged that he excessively and unsuitably traded a customer’s account. FINRA also fined Mr. Antaki $5,000 and ordered him to pay $22,865 in restitution to the customer.

The alleged conduct occurred while First Standard Financial Company LLC employed Mr. Antaki in Melville, New York. Since September 2019, Mr. Antaki has been registered with Network 1 Financial Securities Inc. in Syosset, New York.

As discussed more fully below, Mr. Frey has a long history of customer complaints, associations with disreputable firms, and at least one employment termination.

Bronx Broker, Matthew Siliato, Formerly of Wynston Hill Capital, LLC, Barred by FINRA

Published on: May 20, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Matthew Siliato from the securities industry. Mr. Siliato was expelled from the brokerage industry for refusing to cooperate with a FINRA investigation. FINRA’s investigation originated from an investigation into Mr. Siliato’s potentially excessive and unauthorized trading in a customer’s account while he was associated with Wynston Hill Capital, LLC in the Bronx, New York.

Mr. Siliato has a history of regulatory sanctions. In June 2019, FINRA suspended Mr. Siliato for failing to comply with an arbitration award. That suspension was lifted in June 2019 but reimposed in January 2020. In September 2019, FINRA suspended Siliato for failing to comply with a second arbitration award. Mr. Siliato has also been the subject of numerous customer complaints.

If you have suffered financial losses investing with Matthew Siliato or Wynston Hill Capital, LLC, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account.

FINRA Files Enforcement Action Against Broker Adam Belardino, Formerly of MML Investors Services, LLC – Westchester County, New York

Published on: May 13, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority’s Department of Enforcement has filed a disciplinary proceeding complaint against former broker Adam Belardino. The complaint alleges that Mr. Belardino failed to cooperate with a FINRA investigation, which was initiated in Aril 2019 after Mr. Belardino’ s employment was terminated by MML Investors Services, LLC and disclosed (through a Form U5) that it discharged Mr. Belardino “in connection with [an] investigation into a customer complaint. The Form U5 (Uniform Termination Notice for Securities Industry Registration) also disclosed a complaint from customers alleging that beginning in November of 2018, Mr. Belardino “misrepresented [the customers’] account values, engaged in excessive levels of trading, and failed to comply with requests to have their accounts liquidated and the proceeds distributed. Additional customer complaints were subsequently disclosed, including a customer alleging that “the REITs that were sold to him [by Mr. Balardino] beginning in or around 2014 were unsuitable for his conservative portfolio.”

At the time of the alleged conduct, Mr. Balardino was associated with MML Investors Services, LLC (“MML Investor Services”) in Elmsford, New York. Prior to being a broker at MML Investor Services, Mr. Belardino was associated with MSI Financial Services, Inc. (“MSI Financial Services”), also in Elmsford, New York.

If you or a loved one were a customer of broker Adam Belardino, MML Investor Services, LLC, or MSI Financial Services, Inc., contact securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your legal rights.

Investigative Report: Worden Capital Management LLC’s Owners, Executives, and Brokers Have Concerning Red Flag Disclosures

Published on: May 13, 2021 | by Iorio Altamirano

This post is part of a series of investigative blog posts that spotlight modern-day boiler rooms that operate under the guise of a reputable brokerage firm. Many of the broker-dealers featured in this series still use boiler room tactics such as cold-calling customers and high-pressure or aggressive sales tactics. Other brokerage firms have a propensity for broker misconduct, such as excessive trading, churning, unauthorized trades, and misrepresentation. Iorio Altamirano LLP is a securities arbitration law firm based in New York City. We represent investors nationwide who have suffered investment losses due to wrongful conduct by financial advisors and brokerage firms. We are investor advocates.

Other Investigative Blog Posts:

Arive Capital Markets, LLC