Investment Alert – Jim Forbis, Charles Howell, Scott Mass, Gary Stern, David Dill, William Biegel

Investment Alert – Jim Forbis, Charles Howell, Scott Mass, Gary Stern, David Dill, William Biegel

1 – Lincoln Investment Financial Advisor Jim Forbis discloses three customer disputes.

Jimmy (“Jim”) Forbis is a Lincoln Investment financial advisor.  Lincoln Investment has its main office in Fort Washington, PA., and Jim Forbis operated from a Lincoln Investment office located in Memphis, TN.  

Jim Forbis has three disclosed customer disputes according to FINRA Brokercheck records, the most recent of which is dated in 2018 and involves allegations relating to unsuitable variable annuity recommendation(s).  Research referred to in NASD NTM 03-49 reflects that only approximately 0.41% of registered financial advisors (at that time) had three or more customer complaints or arbitrations reported.  More recently, Financial Advisor Magazine (FA-Mag.com) reported in October 2017 that only 2.6% of brokers registered at firms supervising more than 200 brokers reported having any customer complaints on their record.

Lincoln Investment based in Fort Washington, PA. according to FINRA Brokercheck discloses six firm regulatory events including an event in 2018 relating to variable annuity exchanges that resulted in a fine and censure, as well as past regulatory disclosures that include matters relating to mutual fund share class issues that resulted in censure and restitution, supervisory system deficiency issues that resulted in a fine and censure as well.  

Brokerage firms owe a duty to investor clients to properly supervise and monitor their employees.  Supervisory responsibilities on the part of the firms are a critical component of the securities regulatory scheme.  Firms and supervisors cannot ignore red flags and they have responsibilities to detect and prevent improper activity.  As noted in NASD NTM 03-49, brokerage firm supervisory systems are a basic component of self-regulation within the securities industry.  An effective brokerage firm supervisory system plays an essential role in the prevention of sales practice and other abuses and, thus, enhances investor protection and market integrity.  It is essential that firms monitor the regulatory histories of their associated persons and establish additional measures to supervise the activities of those associated persons with greater potential of creating customer harm.

If you are an investor who suffered losses involving Jim Forbis, Lincoln Investment, or in any way relating to the handling of your investment portfolio please call the Investment Loss Recovery Group at 1-800-856-3352 for a no-cost consultation and review, handling cases nationwide.

 

2 – Banker’s Life Securities, Inc. Financial Advisor Charles Howell discloses two customer disputes.

Charles Howell is a Banker’s Life Securities, Inc. financial advisor since 2016 located in Plantation, FL who was previously registered with Pro-Equities (from 2010-2016) in Plantation, FL.  

Charles Howell has two disclosed customer disputes according to FINRA Brokercheck records, the most recent of which involves allegations relating to allegedly falsified documents, and other disclosures include allegations relating to alleged unsuitable recommendations and allegations of over-concentration.  Financial Advisor Magazine (FA-Mag.com) reported in October 2017 that only 2.6% of brokers registered at firms supervising more than 200 brokers reported having any customer complaints on their record.

Brokerage firms owe a duty to investor clients to properly supervise and monitor their employees.  Supervisory responsibilities on the part of the firms are a critical component of the securities regulatory scheme.  Firms and supervisors cannot ignore red flags and they have responsibilities to detect and prevent improper activity.  As noted in NASD NTM 03-49, brokerage firm supervisory systems are a basic component of self-regulation within the securities industry.  An effective brokerage firm supervisory system plays an essential role in the prevention of sales practice and other abuses and, thus, enhances investor protection and market integrity.  It is essential that firms monitor the regulatory histories of their associated persons and establish additional measures to supervise the activities of those associated persons with greater potential of creating customer harm.

If you are an investor who suffered losses involving Charles Howell, Pro-Equities, or Banker’s Life Securities, or in any way relating to the handling of your investment portfolio please call the Investment Loss Recovery Group at 1-800-856-3352 for a no-cost consultation and review, handling cases nationwide.

 

3 – David Lerner Associates Broker, Scott Mass, Receives Complaint Involving Puerto Rico Bonds.

Scott Mass a David Lerner Associates, Inc. Financial Advisor in Syosset, New York who appears to have made investment recommendations related to Puerto Rico bond investments.  See FINRA Brokercheck.  

Scott Mass has five disclosed customer disputes according to FINRA Brokercheck records, the most recent of which involves allegations relating to sales of Puerto Rico securities.  Research referred to in NASD NTM 03-49 reflects that only approximately 0.41% of registered financial advisors (at that time) had three or more customer complaints or arbitrations reported, and only 0.04% (at that time) had five or more disclosures.  More recently, Financial Advisor Magazine (FA-Mag.com) reported in October 2017 that only 2.6% of brokers registered at firms supervising more than 200 brokers reported having any customer complaints on their record.

Financial Advisor Magazine (FA-Mag.com) also reported in October 2017 that David Lerner Associates was among the list of worst broker-dealer firms based on the percentage of pending customer complaints.  Brokerage firms owe a duty to investor clients to properly supervise and monitor their employees. Supervisory responsibilities on the part of the firms are a critical component of the securities regulatory scheme.  Firms and supervisors cannot ignore red flags and they have responsibilities to detect and prevent improper activity. As noted in NASD NTM 03-49, brokerage firm supervisory systems are a basic component of self-regulation within the securities industry.  An effective brokerage firm supervisory system plays an essential role in the prevention of sales practice and other abuses and, thus, enhances investor protection and market integrity. It is essential that firms monitor the regulatory histories of their associated persons and establish additional measures to supervise the activities of those associated persons with greater potential of creating customer harm.

If you are an investor who suffered losses involving Scott Mass, David Lerner and Associates, or in any way relating to the handling of your investment portfolio please call the Investment Loss Recovery Group at 1-800-856-3352 for a no-cost consultation and review, handling cases nationwide.

 

4 – Merrill Lynch Financial Advisor Gary K. Stern discloses three customer disputes.

Gary K. Stern is a Merrill Lynch financial advisor located in New York, NY.  

Gary Stern has three disclosed customer disputes according to FINRA Brokercheck records.  The allegations include unsuitable recommendations, excessive trading, and failure to follow instructions.  Research referred to in NASD NTM 03-49 reflects that only approximately 0.41% of registered financial advisors (at that time) had three or more customer complaints or arbitrations reported.  More recently, Financial Advisor Magazine (FA-Mag.com) reported in October 2017 that only 2.6% of brokers registered at firms supervising more than 200 brokers reported having any customer complaints on their record.

Brokerage firms owe a duty to investor clients to properly supervise and monitor their employees.  Supervisory responsibilities on the part of the firms are a critical component of the securities regulatory scheme.  Firms and supervisors cannot ignore red flags and they have responsibilities to detect and prevent improper activity.  As noted in NASD NTM 03-49, brokerage firm supervisory systems are a basic component of self-regulation within the securities industry.  An effective brokerage firm supervisory system plays an essential role in the prevention of sales practice and other abuses and, thus, enhances investor protection and market integrity.  It is essential that firms monitor the regulatory histories of their associated persons and establish additional measures to supervise the activities of those associated persons with greater potential of creating customer harm.

If you are an investor who suffered losses involving Gary Stern, Merrill Lynch, or in any way relating to the handling of your investment portfolio please call the Investment Loss Recovery Group at 1-800-856-3352 for a no-cost consultation and review, handling cases nationwide.

5 – Wells Fargo Clearing Services, LLC Broker, David Dill, is Subject of Three Disclosed Customer Disputes.

David L. Dill is a Wells Fargo Clearing Services Financial Advisor in Merrillville, IN. See FINRA Brokercheck.  

David Dill has three disclosed customer disputes according to FINRA Brokercheck records.  Allegations include inappropriate investment recommendations, unsuitable investment recommendations including those relating to energy investments.  Research referred to in NASD NTM 03-49 reflects that only approximately 0.41% of registered financial advisors (at that time) had three or more customer complaints or arbitrations reported.  More recently, Financial Advisor Magazine (FA-Mag.com) reported in October 2017 that only 2.6% of brokers registered at firms supervising more than 200 brokers reported having any customer complaints on their record.

Brokerage firms owe a duty to investor clients to properly supervise and monitor their employees.  Supervisory responsibilities on the part of the firms are a critical component of the securities regulatory scheme.  Firms and supervisors cannot ignore red flags and they have responsibilities to detect and prevent improper activity.  As noted in NASD NTM 03-49, brokerage firm supervisory systems are a basic component of self-regulation within the securities industry.  An effective brokerage firm supervisory system plays an essential role in the prevention of sales practice and other abuses and, thus, enhances investor protection and market integrity.  It is essential that firms monitor the regulatory histories of their associated persons and establish additional measures to supervise the activities of those associated persons with greater potential of creating customer harm.

If you are an investor who suffered losses involving David Dill, Wells Fargo, or in any way relating to the handling of your investment portfolio please call the Investment Loss Recovery Group at 1-800-856-3352 for a no-cost consultation and review, handling cases nationwide.

 

6 – Former Raymond James Financial Advisor, William Biegel, Receives Customer Complaint Alleging Unsuitable Investment Recommendations.

William Biegel is a former Raymond James Financial Advisor in Houston, TX who may have made unsuitable investment recommendations.  See FINRA Brokercheck.  

William Biegel was employed by Raymond James until 2017.  The disclosed customer dispute(s) according to FINRA Brokercheck records reflect allegations of unsuitable investment recommendations, overconcentration, churning and possible unauthorized trading.  Financial Advisor Magazine (FA-Mag.com) reported in October 2017 that only 2.6% of brokers registered at firms supervising more than 200 brokers reported having any customer complaints on their record.

Financial Advisor Magazine (FA-Mag.com) also reported in October 2017 that David Lerner Associates was among the list of worst broker-dealer firms based on the percentage of pending customer complaints.  Brokerage firms owe a duty to investor clients to properly supervise and monitor their employees. Supervisory responsibilities on the part of the firms are a critical component of the securities regulatory scheme.  Firms and supervisors cannot ignore red flags and they have responsibilities to detect and prevent improper activity. As noted in NASD NTM 03-49, brokerage firm supervisory systems are a basic component of self-regulation within the securities industry.  An effective brokerage firm supervisory system plays an essential role in the prevention of sales practice and other abuses and, thus, enhances investor protection and market integrity. It is essential that firms monitor the regulatory histories of their associated persons and establish additional measures to supervise the activities of those associated persons with greater potential of creating customer harm.

If you are an investor who suffered losses involving William Biegel, Raymond James, or in any way relating to the handling of your investment portfolio please call the Investment Loss Recovery Group at 1-800-856-3352 for a no-cost consultation and review, handling cases nationwide.

 

7 – The Eight Biggest FINRA Fines in 2018.

On 1/8/19, InvestmentNews.com reported that the eight biggest FINRA fines include several well-known broker-dealer names including: Fifth Third Securities, LPL Financial, Merrill Lynch, UBS Financial, and Morgan Stanley.  If you are an investor who suffered losses in accounts handled by Fifth Third Securities, LPL Financial, Merrill Lynch, UBS Financial, and Morgan Stanley or in any way relating to the handling of your investment portfolio please call the Investment Loss Recovery Group at 1-800-856-3352 for a no-cost consultation and review, handling cases nationwide.

 

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