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  1. On 6/13/18, the Boston Herald reported that a con man was expected to plead guilty for his role in a $1.7 million scam. Scott Wolas(a/k/a Eugene Grathwohl) was charged with using a fake name while swindling Boston area investors out of millions. While working at a Quincy, MA. Real estate firm he persuaded 20 folks to give him total of $1.7 million under the guise of developing properties, and the promise of high returns. He had skipped town in late 2016 and for two decades was allegedly under suspicion for having run other scams in New York and Florida. Authorities located him in Delray Beach, FL. last spring and it appears this was just his latest scam in a 20-year history and prior scams involved art as well as purported bond investments. If you are an investor who suffered losses due to a suspected scam, 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 6/6/18, Investment News reported that a FINRA arbitration panel awarded a former Oppenheimer client $800,000 in damages after the firm was found to have executed unauthorized and unsuitable trades in the client’s accounts. If you are an investor who suffered losses with Oppenheimer, 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 6/13/18, Financial Advisor IQ reported that a New York-based financial advisor was recently charged for his role in a $5 million Ponzi scheme. The Nassau County, N.Y. financial advisor, Matthew Eckstein allegedly scammed 14 victims, (many of them senior citizens) who had entrusted their retirement savings to Eckstein and his firm, Sisk Investment Services and who had intended to invest in Conmac Funding.  It is alleged that investor funds actually were used for other business ventures, personal expenses, including a down payment on a home complete with tennis court and swimming pool, and to pay previous investors.  Matthew Eckstein was previously employed by Gould, Ambroson and Associates, Ltd.  In April 2018, FINRA filed a complaint against Matthew Eckstein as well.  See: FINRA brokercheck. If you are an investor who suffered losses with Matthew Eckstein, Gould, Ambroson and Associates, or if you had investments in Conmac Funding, or 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 6/11/18, bic.financial-planning.com reported that an ex-CUNA advisor, Stacey Cheney-Jamison was barred for refusing to cooperate with FINRA’s investigation into allegations of private securities transactions and falsification of client account forms. She was previously registered with IFS Securities in Atlanta, GA., and CUNA Brokerage Services, Inc. in Boca Raton, FL.  A couple that was a former customer from Georgia alleged they were swindled out of $300,000 in retirement savings. See: FINRA brokercheck. If you are an investor who suffered losses with investments made through Stacey Cheney-Jamison, IFS Securities, CUNA Brokerage Services, or the IBM Southeastern Employees Credit Union, 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. Jack Griffith, Jr., a financial consultant registered with Janney Montgomery Scott, LLC in Columbia, South Carolina, (and previously registered with Ameriprise Financial Services, Inc.) appears to be the subject of one or more customer complaints alleging unsuitable investment recommendations in equity securities, concentration issues, including energy investments. See FINRA brokercheck. Financial Industry Regulatory Authority (FINRA) requires brokers and brokerage firms to publicly disclose reportable events (including material customer complaints, IRS tax liens, judgments, certain criminal matters, etc.) on the Central Registration Depository (CRD) system. According to FINRA brokercheck the number of disclosures for Jack Griffith appear unusual, as some overall general statistical research from 2005-2015 reflects that 90% or more of the registered brokers have no such disclosures on their records. See: www.nber.org/papers/w22050.  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.  Brokers and brokerage firms have legal and regulatory obligations to make suitable recommendations to investor clients.  This generally requires that any recommendation have a reasonable basis based on due diligence and investigation into the investment, as well as must be appropriate for the investor based on the client’s retirement status, financial goals and objectives, age, income and financial situation, and other relevant factors.  If you are an investor who suffered losses with Griffith, Ameriprise, or Janney Montgomery relating to unsuitable investments, concentration issues, or energy securities, or if you have any 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. Oscar Francis, a financial consultant who was registered with MML Investor Services in Fort Lauderdale, Florida, appears to have been terminated by MML Investor Services after the firm discovered an alleged private securities transaction, and/or potential selling away activity.  It appears Francis may be the subject of one or more reported customer complaints, and there may be an open Department of Financial Services, State of Florida investigation.  See FINRA brokercheck. Financial Industry Regulatory Authority (FINRA) requires brokers and brokerage firms to publicly disclose reportable events (including material customer complaints, IRS tax liens, judgments, certain criminal matters, etc.) on the Central Registration Depository (CRD) system. According to FINRA brokercheck the number of disclosures for Oscar Francis appear unusual, as some overall general statistical research from 2005-2015 reflects that 90% or more of the registered brokers have no such disclosures on their records. See: www.nber.org/papers/w22050.  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.  Brokers and brokerage firms have legal and regulatory obligations to make suitable recommendations to investor clients. This generally requires that any recommendation have a reasonable basis based on due diligence and investigation into the investment, as well as must be appropriate for the investor based on the client’s retirement status, financial goals and objectives, age, income and financial situation, and other relevant factors. If you are an investor who suffered losses with Francis, MML Investor Services, 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. Brian Travers, a financial consultant in Melville, N.Y. d/b/a Travers and Associates, Inc. who was previously registered with MML Investor Services appears to now be barred by FINRA regulators for a matter relating to an investigation into an alleged failure to disclose securities transaction, undisclosed outside business activities, and private securities transactions.  Travers was previously discharged by MML Investor Services in 2017 for alleged undisclosed outside business activity, and was previously registered with Lincoln Financial Advisors Corporation.  See FINRA brokercheck.  Financial Industry Regulatory Authority (FINRA) requires brokers and brokerage firms to publicly disclose reportable events (including material customer complaints, IRS tax liens, judgments, certain criminal matters, etc.) on the Central Registration Depository (CRD) system.  According to FINRA brokercheck the number of disclosures for Brian Travers appear unusual, as some overall general statistical research from 2005-2015 reflects that 90% or more of the registered brokers have no such disclosures on their records. See: www.nber.org/papers/w22050.  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.  Brokers and brokerage firms have legal and regulatory obligations to make suitable recommendations to investor clients. This generally requires that any recommendation have a reasonable basis based on due diligence and investigation into the investment, as well as must be appropriate for the investor based on the client’s retirement status, financial goals and objectives, age, income and financial situation, and other relevant factors. If you are an investor who suffered losses with Travers, Travers and Associates, Lincoln Financial, or MML Investor Services 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. John Maloney, III a financial consultant previously registered with Edward Jones in Morristown, TN., (and now registered with Woodbury Financial Services, Inc.) appears to be the subject of one or more customer complaints alleging unsuitable investment recommendations in Fire Eye stock and other investments, as well as churning. See FINRA brokercheck. Financial Industry Regulatory Authority (FINRA) requires brokers and brokerage firms to publicly disclose reportable events (including material customer complaints, IRS tax liens, judgments, certain criminal matters, etc.) on the Central Registration Depository (CRD) system. According to FINRA brokercheck the number of disclosures for John Maloney appear unusual, as some overall general statistical research from 2005-2015 reflects that 90% or more of the registered brokers have no such disclosures on their records. See: www.nber.org/papers/w22050. 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. Brokers and brokerage firms have legal and regulatory obligations to make suitable recommendations to investor clients. This generally requires that any recommendation have a reasonable basis based on due diligence and investigation into the investment, as well as must be appropriate for the investor based on the client’s retirement status, financial goals and objectives, age, income and financial situation, and other relevant factors. If you are an investor who suffered losses with Maloney, Edward Jones, or Woodbury Financial relating to unsuitable investments, concentration issues, churning, or if you have any 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.
  9. Kimberly Kitts, a financial consultant previously registered with Royal Alliance in Palmer, MA., appears to be the subject of one or more customer complaints alleging misappropriation of funds.  See FINRA brokercheck.  Financial Industry Regulatory Authority (FINRA) requires brokers and brokerage firms to publicly disclose reportable events (including material customer complaints, IRS tax liens, judgments, certain criminal matters, etc.) on the Central Registration Depository (CRD) system. According to FINRA brokercheck the number of disclosures for Kimberly Kitts appear unusual, as some overall general statistical research from 2005-2015 reflects that 90% or more of the registered brokers have no such disclosures on their records. See: www.nber.org/papers/w22050.  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.  Brokers and brokerage firms have legal and regulatory obligations to make suitable recommendations to investor clients.  This generally requires that any recommendation have a reasonable basis based on due diligence and investigation into the investment, as well as must be appropriate for the investor based on the client’s retirement status, financial goals and objectives, age, income and financial situation, and other relevant factors.  If you are an investor who suffered losses with Kitts, or Royal Alliance relating to misappropriation, or if you have any 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.
  10. Anthony Sica, a financial consultant previously registered with Joseph Gunnar & Co., LLC in New York, N.Y., appears to be the subject of one or more customer and/or regulatory complaints alleging churning, high frequency trading, unsuitable recommendations, high-risk securities for elderly customers, concentration, speculative securities, etc. See FINRA brokercheck.  Financial Industry Regulatory Authority (FINRA) requires brokers and brokerage firms to publicly disclose reportable events (including material customer complaints, IRS tax liens, judgments, certain criminal matters, etc.) on the Central Registration Depository (CRD) system.  According to FINRA brokercheck the number of disclosures for Anthony Sica appear unusual, as some overall general statistical research from 2005-2015 reflects that 90% or more of the registered brokers have no such disclosures on their records. See: www.nber.org/papers/w22050.  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.  Brokers and brokerage firms have legal and regulatory obligations to make suitable recommendations to investor clients.  This generally requires that any recommendation have a reasonable basis based on due diligence and investigation into the investment, as well as must be appropriate for the investor based on the client’s retirement status, financial goals and objectives, age, income and financial situation, and other relevant factors.  If you are an investor who suffered losses with Sica, or Joseph Gunnar relating to unsuitable recommendations, concentration, churning, or if you have any 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.
  11. Neil Fineman, a financial consultant d/b/a Executive Wealth Strategies was previously registered with Sagepoint Financial, Inc. in Las Vegas, NV., and previously registered with First Allied Securities, Inc., appears to be the subject of a regulatory bar and/or customer complaints, one or more of which related to an investigation alleging private securities transactionsSee FINRA brokercheck. Financial Industry Regulatory Authority (FINRA) requires brokers and brokerage firms to publicly disclose reportable events (including material customer complaints, IRS tax liens, judgments, certain criminal matters, etc.) on the Central Registration Depository (CRD) system.  According to FINRA brokercheck the number of disclosures for Neil Fineman appear unusual, as some overall general statistical research from 2005-2015 reflects that 90% or more of the registered brokers have no such disclosures on their records. See: www.nber.org/papers/w22050.  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.  Brokers and brokerage firms have legal and regulatory obligations to make suitable recommendations to investor clients.  This generally requires that any recommendation have a reasonable basis based on due diligence and investigation into the investment, as well as must be appropriate for the investor based on the client’s retirement status, financial goals and objectives, age, income and financial situation, and other relevant factors. If you are an investor who suffered losses with Fineman, Executive Wealth Strategies, SagePoint Financial, or First Allied Securities, Inc. relating to private securities transactions, or if you have any 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.
  12. On 6/14/18 OnWallstreet.financial-planning.com reported that Isaac Grossman and Adrianna Grossman operating through Dragon-Click Corporation and Dragon Management  were allegedly involved in an investment scam that was billed as an online shopping app that raised over $2.4 million from 26 mostly retirement-aged investors according to the SEC.  According to the SEC, approximately $400,000 was spent gambling at a Florida casino.  Dragon-Click was sold as an internet technology that was going to revolutionize shopping on the internet, but instead of investing the funds in development and marketing for the company, the investor funds were allegedly misused to pay for personal living expenses, gambling habits, luxury vehicles and jewelry. See: FINRA Brokercheck. If you are an 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.
  13. On 6/14/18, postguam.com reported that the Port Authority of Guam’s prospects received a negative outlook from Moody’s Investors Service assigned a rating of Baa2 which was believed to be based on a linkage between the credit quality of the Port Authority of Guam and the Government of Guam and local economic conditions on Guam.  It was believed that the Port Authority would not be able to disconnect itself from the financial stress facing the government of Guam.  The Port also has a sizeable net pension liability to contend with as well, along with small scale and high customer concentration which leave it somewhat vulnerable to one main customer.  If you are an investor who suffered losses in Guam bonds or other Guam-based investments, 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.