News Report 1/16/18

  1. Daniel T. Fischer, a financial consultant previously with Four Points Capital Partners, LLC in Melville, New York, appears to be the subject of a December 2017 SEC Complaint alleging that Fischer and another Four Points Capital Partners financial consultant, Zachary S. Berkey, recommended a high cost in-and-out trading strategy that may have been unsuitable for customers. The SEC alleged that the recommendations were unsuitable for the customers in light of their financial needs, investment objectives and circumstances, and may have also include misrepresentations and omissions, as well as possible unauthorized trading. It is believed that there were ten customer accounts involved and losses of nearly $574,000, while commissions totaled $280,000. See: www.sec.gov/litigation/complaints/2017.comp24004.pdf, and see FINRA Brokercheck. If you are an investor who suffered losses with Fischer, Berkey, or Four Points Capital Partners, relating to any unsuitable investment strategy and/or the handling of your investment portfolio please call the Investment Loss Recovery Team at 1-800-856-3352 for a no-cost consultation and review, handling cases nationwide.
  2. A 1/8/18 FINRA Arbitration Award was entered in a Birmingham, Alabama case against Morgan Stanley, where financial consultant, David Searcy, had handled a customer account where the customer experienced substantial losses in Apple Call Option trades that were allegedly part of an overall investment strategy. The FINRA arbitration panel in that award (as is typical) did not explain their decision or reasoning, but did award both compensatory and punitive monetary damages. See: www.Finra.org/arbitration-and-mediation/arbitration-awards-online, FINRA Case No. 16-3580, and see FINRA Brokercheck. If you are an investor who suffered losses with Searcy, Morgan Stanlry, or with risky options trades, or if you have other issues or questions related to the handling of your investment portfolio please call the Investment Loss Recovery Team at 1-800-856-3352 for a no-cost consultation and review, handling cases nationwide.
  3. On 1/9/18, USA Today reported the top ten banks that consumers complain about the most include: (2) Suntrust; (4) Fifth Third Bancorp; (5) Citigroup; (6) US Bancorp; (7) Comerica; (8) Wells Fargo; and (10) Bank of America. If you are an investor who suffered losses with Suntrust, Fifth Third, Citigroup, US Bancorp, Comerica, Wells Fargo, or Bank of America, or if you have other issues or questions related to the handling of your investment portfolio please call the Investment Loss Recovery Team at 1-800-856-3352 for a no-cost consultation and review, handling cases nationwide.
  4. Jonathan Pyne (a/k/a Jon Pyne or Jonathan T. Pyne), a financial consultant who was registered with Berthel, Fisher & Co. in Minneapolis, Minnesota, appears to be the subject of one or more customer complaints alleging unsuitable recommendations relating to non-traded real estate investment trusts (REITs), oil & gas securities, and/or other alternative investments. See FINRA brokercheck. If you are an investor who suffered losses with Pyne, or Berthel, Fisher & Co. relating to any unsuitable investment recommendations and/or the handling of your investment portfolio please call the Investment Loss Recovery Team at 1-800-856-3352 for a no-cost consultation and review, handling cases nationwide.
  5. Robert Clarke (a/k/a Robert Steven Clarke) now registered with National Alliance Securities in Austin, Texas, and previously (up until 2017) registered with Ross, Sinclaire & Associates in Cincinnati, Ohio, appears to be the subject of one or more customer complaints alleging unsuitable recommendations, misrepresentation, and/or lack of supervision regarding investment recommendations which may have included collateralized mortgage obligations (CMOs). See FINRA brokercheck. If you are an investor who suffered losses with Clarke, Ross, Sinclaire & Associates, or National Alliance Securities relating to any unsuitable investment recommendations and/or the handling of your investment portfolio please call the Investment Loss Recovery Team at 1-800-856-3352 for a no-cost consultation and review, handling cases nationwide.
  6. On 1/8/18, Investmentnews.com reported that a fired Ameriprise financial consultant from Dallas, Texas, Larry Boggs, was barred from the securities industry based on allegations of churning related to elderly customer accounts, as it was believed that Boggs exercised discretion in some accounts without proper written authorization to do so. Boggs also previously was employed by Wedbush Securities in Dallas, Texas. See: FINRA Brokercheck as well as Investmentnews.com. If you are an investor who suffered losses with Boggs, Wedbush Securities, or Ameriprise, or if you have other issues or questions related to the handling of your investment portfolio please call the Investment Loss Recovery Team at 1-800-856-3352 for a no-cost consultation and review, handling cases nationwide.
  7. Lyle Boudreaux, a financial consultant most recently registered with Sunbelt Securities and Independent Financial Group, LLC in Houston, Texas, appears to be the subject of one or more customer complaints alleging unsuitable investment recommendations related to exchange-traded funds (ETFs.) or other investments. See FINRA brokercheck, which also appears to indicate that Boudreaux was previously terminated by Merrill Lynch back in 2012. If you are an investor who suffered losses with Boudreaux, or Merrill Lynch, Sunbelt Securities, or Independent Financial Group relating to any unsuitable investment recommendations, ETF trades and/or the handling of your investment portfolio please call the Investment Loss Recovery Team at 1-800-856-3352 for a no-cost consultation and review, handling cases nationwide.
  8. James Lowther, a financial consultant with Merrill Lynch in Sarasota, Florida, appears to be the subject of one or more customer complaints alleging unsuitable investment recommendations, unauthorized trading, misrepresentation, and other investment-related issues involving energy investments that may have included oil and gas securities such as Master Limited Partnerships (MLPs) and other investments. See FINRA brokercheck. If you are an investor who suffered losses with Lowther, or Merrill Lynch relating to any unsuitable investment recommendations, energy securities, MLPs, or the handling of your investment portfolio please call the Investment Loss Recovery Team at 1-800-856-3352 for a no-cost consultation and review, handling cases nationwide.
  9. The 6th Circuit recently affirmed that a broker-dealer firm’s failure to supervise claim was arbitrable even though the outside business activity was unknown to the broker-dealer firm, as it was arbitrable under FINRA Rule 12200(2) as arising in connection with the business activities of the member firm. A customer’s assets in the case were diverted from an outside bank account to a fraudulent outside business activity. The funds went into a brokerage account, out to a bank account and then to a fraudulent investment. The member firm’s alleged lack of supervision is an arbitrable claim even though the transactions did not benefit the member firm and indeed, the member firm was not even aware of them. See: Wilson-Davis & Co., Inc. v. Mirgliotta, Case No. 17-3496 (6th Cir. 1/8/18). If you are an investor who suffered losses due to the negligent supervision of a broker-dealer firm, or if you have other issues or questions related to the handling of your investment portfolio please call the Investment Loss Recovery Team at 1-800-856-3352 for a no-cost consultation and review, handling cases nationwide.
  10. On 1/10/18, the Wall Street Journal reported that discount firms including Schwab, Fidelity, and TD Ameritrade employees earned extra pay and other incentives for putting clients in products that are more lucrative for them and the firm. Investors may think that advice from a discount brokerage firm is impartial, but in some cases it appears that investors were being steered toward more expensive products and services, where compensation practices encouraged workers to sell products that were lucrative both for the firm and for the employee, and cost the customers more. For example, a Fidelity managed account is what paid the employee more, and that’s where the customers was steered. Similarly, an example cited from Schwab involved employees who stood to win an award including a trip to Florida or Hawaii and performance was measured partly by sales volume in certain products. At least one former employee referenced in the article noted that with these incentive structures, there was no way he could act as a true fiduciary in the client’s best interest. If you are an investor who suffered losses with Schwab, Fidelity, or TD Ameritrade, or if you have other issues or questions related to the handling of your investment portfolio please call the Investment Loss Recovery Team at 1-800-856-3352 for a no-cost consultation and review, handling cases nationwide.

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