On 11/20/17, Investmentnews.com reported that a retired Morgan Stanley representative was fined for unsuitable investment advice. FINRA fined Timothy Thomas Gibbons $20,000 and suspended him from the securities industry alleging five elderly customers invested high percentages of their portfolio in a single risky energy stock. The five customers ranged in age from age 72 to 90 years old and their overall realized and unrealized losses totaled over $960,000. If you are an investor who suffered losses with Gibbons, Morgan Stanley, or from unsuitable recommendations, please call the Investment Loss Recovery Team at 1-800-856-3352 for a no-cost consultation and review.- On 11/22/17, Investmentnews.com reported that Daniel Glick allegedly ripped off elderly clients. Glick was charged by the U.S. Attorney in Chicago, IL with wire fraud alleging misappropriation of at least $5.2 million from clients and financial institutions using forged checks and other phony documents while lying to clients about the use and safety of their investments. The allegations also reference that some of the funds were believed to have been used to pay Glick’s personal and business expenses. There is also an SEC action pending against Glick and Financial Management Strategies (FMS), an unregistered investment advisory firm, based on similar alleged conduct. If you are an investor who suffered losses with Glick, or from FMS, please call the Investment Loss Recovery Team at 1-800-856-3352 for a no-cost consultation and review.
- JP Morgan was fined $1.25 million for inappropriate employee background checks on some 8,000 employees including several who are believed to have criminal records. FINRA found that between 2009 and 2017 a lack of proper screening that permitted statutorily disqualified employees to be able to obtain positions within the firm. Susan Schroeder, Executive Vice President of FINRA Enforcement noted that FINRA member firms play an important gatekeeper role in keeping bad actors from harming investors. If you are an investor who suffered losses with JP Morgan, please call the Investment Loss Recovery Team at 1-800-856-3352 for a no-cost consultation and review.
- On 11/22/17, Investmentnews.com reported that FINRA was investigating and had barred a former H.D. Vest representative, Bryan Royster, for failing to provide information. H.D. Vest terminated Royster based on a violation of firm policy by borrowing money from clients. Royster was with LPL Financial before moving to H.D. Vest in 2014. If you are an investor who suffered losses with Royster, H.D. Vest, or from LPL Financial, please call the Investment Loss Recovery Team at 1-800-856-3352 for a no-cost consultation and review.
- On 11/20/17, Advisorhub.com reported that Morgan Stanley signed an AWC with FINRA agreeing to a $150,000 fine and censure for failing to disclose to customers in 2012, 2013, and 2014 the risks and trading procedures relating to margin account trading. If you are an investor who suffered losses with Morgan Stanley, or from margin account trading, please call the Investment Loss Recovery Team at 1-800-856-3352 for a no-cost consultation and review.
- On 11/22/17, Investmentnews.com reported that Edward Zadworny, a former Raymond James broker, failed to provide information related to annuity sales. Zadworny was terminated by Raymond James in 2016 for an alleged violation of his employment agreement by failing to provide outside annuity sales transaction information including commissions received. Zadworny also previously worked for MML Investors at various times between 2012 and 2016. If you are an investor who suffered losses with Zadworny, Raymond James, MML Investors, or from annuity transactions, please call the Investment Loss Recovery Team at 1-800-856-3352 for a no-cost consultation and review.
- Joseph Sterling, a financial consultant registered with Geneos Wealth Management, Inc. in Apple Valley, Minnesota, appears to be the subject of one or more customer complaints related to direct participation products (DPPs) including possibly non-traded real estate investment trusts (REITs) or other alternative investments that may have been unsuitable. See FINRA brokercheck. If you are an investor who suffered losses with Sterling, Geneos Wealth Management, relating to any DPPs, REITs, or other alternative investments 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.
- Sonya Camarco, a former financial consultant with LPL Financial in Colorado, was alleged by the SEC to have been involved in the possible misappropriation of over $2.8 million of investor funds from her clients. Colorado state authorities are now also alleging that Camarco may have been involved in a possible theft of $850,000 between 2013 and 2017, and may have used funds for her own personal use or to purchase real estate. It is believed that LPL Financial terminated Camarco for issues that may have involved or been related to her depositing third party checks from client accounts into bank accounts that she may have controlled and accessing funds from those accounts for her personal use. See FINRA brokercheck, SEC records and State of Colorado records. If you are an investor who suffered losses with Camarco, LPL Financial 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.
On 11/20/17, Investmentnews.com reported that a retired Morgan Stanley representative was fined for unsuitable investment advice. FINRA fined Timothy Thomas Gibbons $20,000 and suspended him from the securities industry alleging five elderly customers invested high percentages of their portfolio in a single risky energy stock. The five customers ranged in age from age 72 to 90 years old and their overall realized and unrealized losses totaled over $960,000. If you are an investor who suffered losses with Gibbons, Morgan Stanley, or from unsuitable recommendations, please call the Investment Loss Recovery Team at 1-800-856-3352 for a no-cost consultation and review.