On February 1, 2015 Douglas “Dutch” Melzer agreed to a permanent bar from the securities industry as a result of findings that he engaged in private securities transactions away from his brokerage firm, Wells Fargo Advisors According to filings with FINRA Dutch Melzer introduced clients to a company called Aquatic…
On July 1, 2015 the Securities and Exchange Commission filed a complaint accusing former registered representative Malcolm Segal of operating a ponzi scheme that raised over $15 million by selling fake certificates of deposit. According to the complaint filed by the SEC Segal began the scheme in 2009 by purchasing…
On May 6, 2015, FINRA reported that LPL Financial had been fined $10 million and censured for failing to supervise its sales force in their sales of non-traditional exchange-traded funds, variable annuities, non-traded REITs and other nontraditional investments According to FINRA LPL failed to devote enough resources to their compliance…
On March 17, 2015 Kenneth Statly a broker with State Farm VP Management Corp of Grand Ledge, Michigan was barred from the securities industry by FINRA. Statly consented to the issuance of findings that he fabricated insurance claims for two customers in order to offset those customers’ insurance premiums. According…
In May, 2015 Farmer’s Financial Solutions registered representative Keilen Wiley of Houston, Texas was barred from the securities industry by FINRA. Wiley has appealed the decision to the SEC. FINRA alleged that Keilen Wiley converted over $6,000 of insurance premiums entrusted to him by his clients by depositing the funds…
In March, 2013 FINRA regulated broker dealer Kalos Capital, Inc. was fined $45,000 as a result of failing to maintain and enforce an effective supervisory system that ensured emails sent between its clients and Kalos Capital’s brokers were reviewed and retained. FINRA alleged that the firm’s brokers who conducted business…
In May, 2015 Jeffrey Meyer was barred from the securities industry as a result of engaging in private securities transactions on behalf of several firms. FINRA’s Department of Enforcement filed a complaint alleging that between November 2008 and September 2009 Jeffrey Meyer engaged in private securities transactions by participating in…
Giovanni L. Acevedo, a former financial advisor with Voya Financial Advisors of Wilton Manors, Florida was named as Respondent in a FINRA complaint alleging that he converted $162,848.42 in funds belonging to customers. The complaint alleges that Giovanni Acevedo received a customer’s check, and instead of investing the funds on…
Charles Fackrell a former broker with LPL Financial in North Carolina was barred from the securities industry after FINRA filed a complaint alleging that Fackrell converted customer funds and engaged in a private securities offering. Charles Fackrell also refused to cooperate with FINRA’s investigation into the matter. Fackrell had been…
Douglas Finlay Jr, a former registered representative of Cadaret Grant of Point Pleasant Beach, New Jersey was suspended from the securities industry for 18 months by FINRA for making unsuitable investments in his client’s account. The findings in FINRA’s action against Douglas Finlay state that Finlay over concentrated his clients’…