News Report 1/26/18

  1. On 1/8/18, an American Arbitration Award (AAA) was issued by a Panel against Allegis Investment Advisors in the amount of $911,000. Allegis is an investment advisor firm based in Boise, Idaho that offered customers a complex options trading strategy known as a spread strategy. In August 2015, strategy failed spectacularly causing customer losses of $39 million. The case is believed to include six clients with losses of $636,000 and the Award was entered after a seven day hearing in Salt Lake City, Utah. The Award found that Allegis had breached its fiduciary duty to four of the six clients and awarded three of the clients their losses as well as punitive damages, and other clients were also awarded attorney’s fees. If you are an investor who suffered losses due to unsuitable recommendations, options trading strategies that were not appropriate, or due to any other issues with Allegis Investment Advisors, or if you have other issues or questions related 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. On 11/8/17, a FINRA acceptance, waiver and consent (AWC) was entered where Ameritas Investment Corp. agreed (without admitting or denying the allegations) to a $180,000 fine and censure relating to an alleged failure to establish, maintain, and enforce an adequate supervisory system and written supervisory policies relating to variable annuity sales. See FINRA Brokercheck. If you are an investor who suffered losses with Ameritas Investment Corp., variable annuities, or if you have other issues or questions related 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. On 11/14/17, a FINRA acceptance, waiver and consent (AWC) was entered where Horner, Townsend & Kent, Inc. based in Horshan, Pennsylvania agreed (without admitting or denying the allegations) to a $275,000 fine and censure relating to an alleged failure to establish, maintain, and enforce an adequate supervisory system and written supervisory policies relating to variable annuity sales. See FINRA Brokercheck. If you are an investor who suffered losses with Horner, Townsend, or from variable annuities, or if you have other issues or questions related 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. On 1/22/18, MarketWatch.com reported that General Electric stock continued to slide earlier that week, and was now down to around $16.00/share. The stock is down 47% over twelve months (and down near 30% over the past three months). After 110 years, some are now saying GE’s run as a stock included in the Dow Jones Industrial Average may soon be in jeopardy. If you are an investor who suffered losses in GE stock or if you have other issues or questions related 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. On 2/5/18, FINRA’s new rules to increase protections for vulnerable investors and to provide firms with guidelines will begin to take effect. With thousands of baby-boomers turning 65 every day and health, cognitive, dementia related issues impacting a growing segment of the population (including many investors and retirees) the policies and procedures for handling these issues at financial services firms will likely be coming under increased scrutiny. If you are an elderly, retired or vulnerable investor who suffered losses or if you have other issues or questions related 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. On 1/22/18, ThinkAdvisor.com reported that the SEC walloped Merrill Lynch with a $13 million fine relating to anti-money laundering (AML) failures and for not filing suspicious activity reports. Between 2011 and 2015, Merrill Lynch’s AML policies and procedures were alleged to not be reasonably designed to account for additional risk associated with the additional services offered by certain retail brokerage accounts. During the relevant period it was alleged there were over $2 trillion in transactions (including purchases and sales of securities moving through Merrill Lynch brokerage accounts via cash deposits, wires, journal entries, checks, ATM withdrawals, cash advances, and ACH transfers). These transactions presented money laundering risks and there were further allegations that Merrill Lynch failed to file suspicious activity reports. See: FINRA website. If you are an investor who has suffered losses at Merrill Lynch, or if you have other issues or questions related 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. Theodore Crowley, a financial consultant who was registered with Morgan Stanley in Scottsdale, Arizona, appears to be the subject of one or more customer complaints alleging excessive mark-up or mark-down issues. See FINRA brokercheck. If you are an investor who suffered losses with Crowley or Morgan Stanley 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.
  8. Martin Olson, a financial consultant who was registered with RBC Capital in Salt Lake City, Utah, appears to be the subject of one or more customer complaints alleging breach of fiduciary duty and other issues. See FINRA brokercheck. If you are an investor who suffered losses with Olson, or RBC Capital 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.
  9. Brett Van Lott, a financial consultant in Orem, Utah who was previously registered with LPL Financial LLC (2006-2013), Girard Securities, Inc. (2013-2017), and Cetera Advisors Networks, LLC (2017-present) appears to be the subject of one or more customer complaints alleging among other issues transactions were initiated without customer authorization, and in October 2014, LPL Financial terminated Van Lott for issues related to firm document and signature policy involving an indexed annuity transaction. See FINRA brokercheck. If you are an investor who suffered losses with Van Lott, or LPL Financial, Girard Securities, or Cetera Advisors 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.
  10. On 1/25/18 FinancialAdvisorIQ.com reported that a former broker with more than 50 disclosures on his record was ordered to pay back 17 clients some $4.3 million over alleged unsuitable recommendations. A recent FINRA Award involved Anthony Diaz and First Allied Securities (FINRA Case No. 16-1293, Award dated 1/19/18). It also appears that Anthony Diaz had state regulatory issues in New Jersey and Pennsylvania as well. Diaz was previously registered in New York, New York or Scotrun, Pennsylvania with First Allied (2005-2009), SII Investments (2009-2010), Matrix Capital Group (2010-2011), International Financial Solutions, Inc. (2011-2012), Sandlapper Securities LLC (2012), IBN Financial Services, Inc. (2012-2015). See: FINRA brokercheck. If you are an investor who suffered losses with Anthony Diaz or First Allied, SII Investments, Matrix Capital Group, International Financial Solutions, Inc., Sandlapper Securities LLC, or IBN Financial Services relating to unsuitable recommendations or 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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