In May, 2017, a FINRA arbitrator panel sitting in Los Angeles issued a $1,378,800 binding arbitration award against Charles Laverty in a case involving personal loans that the clients made to Laverty. The underlying matter involved allegations that Charles Laverty breached his fiduciary duty by soliciting a loan in violation…
LPL Financial hit with $160,000 FINRA arbitration award. In June, 2017, a FINRA arbitrator panel sitting in San Francisco issued a $160,000 binding arbitration award against LPL Financial in a case involving VIX derivative securities. The VIX is a measure of the expected volatility in the stock market, specifically the…
Bob Simons suspended over discretionary trading In June, 2016 FINRA suspended International Assets Advisory broker Bob Simons for 45 days and fined him $5,000 over allegations that Simons used a private email account to conduct firm business and exercised discretion in customer accounts without complying with firm protocol for doing…
Todd Pilosi, a registered representative from Clovis, California, formerly with LPL Financial was suspended from FINRA membership as a result of an investigation into his borrowing money from a customer without obtaining firm approval, which is a violation of LPL and FINRA rules. Pilosi entered into an acceptance waiver and…
John Olinghouse, a registered representative from Sparks, Nevada, formerly with HD Vest and Fortune Financial Services was suspended from FINRA membership as a result of an investigation into his reusing customer signatures by affixing them to different documents. Olinghouse entered into an acceptance waiver and consent agreement with FINRA in…
Clay Hoffman, a registered representative from Brunswick, Georgia, formerly with Summit Brokerage Services and Suntrust Investment Services was barred from FINRA membership as a result of failing to cooperate with a FINRA investigation. Hoffman has a long list of customer disputes (14) as well as being the subject of regulators’…
Ronald Broadstone, a registered representative from Columbus, Ohio, formerly with UBS Financial Services was barred from FINRA membership as a result of failing to cooperate with a FINRA investigation. FINRA Rule 9552. Failure to Provide Information or Keep Information Current This FINRA rule provides if a FINRA member fails to…
Hossein Amirriahei, a registered representative from Los Angeles, California, formerly with Wells Fargo Advisors was barred from FINRA membership as a result of failing to cooperate with a FINRA investigation. FINRA Rule 9552. Failure to Provide Information or Keep Information Current This FINRA rule provides if a FINRA member fails…
BOK Financial Settles SEC claims over Christopher Brogdon Senior Housing Deals On September 9, 2016 the SEC announced a settlement with BOK Financial Corporation whereby the firm agreed to pay $1.6 million to settle allegations that it failed to disclose a number of problems and concerns with several Christopher Brogdon…
The SEC charged South Carolina resident Dwayne Edwards with fraud for his role in a $62 million assisted living municipal bond offering. On January 10, 2017 the SEC charged South Carolina business man Dwayne Edwards with fraud in connection with a series of municipal bond offerings that raised funds for…