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February 14, 2016

Unionbanc Investment Services Hit with $450,000 Award

In February, 2016, a three member FINRA arbitration panel issued a $450,000 binding arbitration award against Unionbanc Investment Services for conduct related to one of their former registered representatives Cynthia Higgins.

The underlying matter involved allegations that Higgins made unsuitable investments, over concentrated the accounts’ assets, and failed to disclose material facts. The claims made were for negligence, breach of fiduciary duty and failure to supervise.

As a result of this award The Law Office of David Liebrader has opened an investigation into Unionbanc and registered rep Cynthia Higgins.

February 9, 2016

Gopi Vungarala Purshe Kaplan Broker – Pending Investigation

by David Liebrader

The securities attorneys at The Law Office of David Liebrader have opened an investigation into the securities related conduct of Gopi Vungarala, a FINRA registered representative with Purshe Kaplan Sterling Investments in Midland, Michigan

Gopi Vungarala has been FINRA licensed to sell securities for eleven years, and spent the last eight years with Purshe Kaplan in Midland, MI, where he is approved to sell securities in Michigan and Texas. Prior to joining Purshe Kaplan, Vungarala was registered with American General Securities from 2004- 2007.

FINRA maintains a database that the public can access to check the credentials of their financial advisors. The website, also known as broker check contains a listing for Gopi Vungarala, who is presently the subject of a FINRA investigation. FINRA contends that Vungarala failed to disclose $11,000,000 in commissions that were charged to his client, an American Indian tribe. The commissions were generated off of investments in real estate investment trusts and business development companies that Vungarala sold to the tribe.

February 6, 2016

Woodbury Financial Services Ordered to Pay $444,000 to Investor

by David Liebrader

A FINRA arbitration panel issued a $444,000 securities arbitration award against Woodbury Financial Services as a result of the conduct of one of its registered representatives, “JG” of “G” Wealth Management out of Culver City, CA. Counsel for the Claimant was The Law Office of David Liebrader. The award, issued by a FINRA panel sitting in Los Angeles, CA was one of the first 1031/TIC awards obtained at FINRA as a result of the 2008 market collapse.

The case was tried over five days before a three member arbitration panel, and featured the testimony of several expert witnesses. The underlying facts concerned a tenant in property (TIC) that was sold to one of Woodbury Financial’s customers. The Claimant alleged that Woodbury Financial Services failed to conduct an appropriate level of due diligence, and failed to follow its own internal policies concerning the percentage of a customer’s assets that could be invested in investments like the TIC sold by Woodbury’s “JG”.

The failure to conduct due diligence resulted in the approval of an over leveraged property that quickly defaulted on its mortgage, leaving the investors without a means to recover their investment.

February 6, 2016

Steelpoint Securities Hit With $100,000 FINRA Arbitration Award

by David Liebrader

In January, 2016, a three member FINRA arbitration panel issued a $100,000 binding arbitration award against Steelpoint Securities for conduct related to one of their former registered representatives Ron Harrod.

The underlying matter involved allegations that Harrod improperly recommended gold and silver and energy investments to one of his customers. While the arbitration case was pending Harrod filed for bankruptcy.

As a result of this award The Law Office of David Liebrader has opened an investigation into Steelpoint Securities.

February 6, 2016

Ron Harrod formerly with Steelpoint Securities – Notice

by David Liebrader

The securities attorneys at The Law Office of David Liebrader have opened an investigation into the securities related conduct of Ron Harrod, a FINRA registered representative formerly with Steelpoint Securities in San Diego, CA.

Ron Harrod has been FINRA licensed to sell securities for 58 years, and spent the last five years with Steelpoint Securities in Corona Del Mar, CA, where he was licensed to sell securities in California. In October, 2015 Steelpoint Securities filed a notice indicating Harrod was no longer employed with the firm, and since then he has not joined another firm. Prior to joining Steelpoint Securities, Harrod was registered with WBB Securities in Corona Del Mar, Ca. He was also affiliated with Pacific American Securities out of San Diego, CA. FINRA expelled Pacific American from membership in 2012.

FINRA maintains a database that the public can access to check the credentials of their financial advisors. The website, also known as broker check contains a listing for Ron Harrod, who was the subject of a customer complaint that resulted in an arbitration award again the firm.

January 29, 2016

Robin Wolfgram formerly with Cetera Advisors suspended by FINRA

by David Liebrader

Robin Wolfgram, a registered representative formerly with Cetera Advisors in Campbell, CA was suspended from FINRA membership for violations of Rule 9552

FINRA Rule 9552. Failure to Provide Information or Keep Information Current

provides if a member, person associated with a member or person subject to FINRA’s jurisdiction fails to provide any information, report, material, data, or testimony requested or required to be filed pursuant to the FINRA By-Laws or FINRA rules, or fails to keep its membership application or supporting documents current, FINRA staff may provide written notice to such member or person specifying the nature of the failure and stating that the failure to take corrective action within 21 days after service of the notice will result in suspension of membership or of association of the person with any member. In January, 2016 Robin Wolfgram was suspended from FINRA membership for violating Rule 9552.

January 29, 2016

Teule Williams formerly with J.P. Morgan suspended by FINRA

by David Liebrader

Teule Williams, a registered representative formerly with J.P. Morgan Securities in Peachtree City, GA was suspended from FINRA membership for violations of Rule 9552

FINRA Rule 9552. Failure to Provide Information or Keep Information Current

provides if a member, person associated with a member or person subject to FINRA’s jurisdiction fails to provide any information, report, material, data, or testimony requested or required to be filed pursuant to the FINRA By-Laws or FINRA rules, or fails to keep its membership application or supporting documents current, FINRA staff may provide written notice to such member or person specifying the nature of the failure and stating that the failure to take corrective action within 21 days after service of the notice will result in suspension of membership or of association of the person with any member. In January, 2016 Teule Williams was suspended from FINRA membership for violating Rule 9552.

January 29, 2016

Richard Isgrig suspended by FINRA

by David Liebrader

Richard Isgrig, a registered representative formerly with Northwestern Mutual of Cincinnati, OH was suspended from FINRA membership for violations of Rule 9552

FINRA Rule 9552. Failure to Provide Information or Keep Information Current

provides if a member, person associated with a member or person subject to FINRA’s jurisdiction fails to provide any information, report, material, data, or testimony requested or required to be filed pursuant to the FINRA By-Laws or FINRA rules, or fails to keep its membership application or supporting documents current, FINRA staff may provide written notice to such member or person specifying the nature of the failure and stating that the failure to take corrective action within 21 days after service of the notice will result in suspension of membership or of association of the person with any member. In January, 2016 Richard Isgrig was suspended from FINRA membership for violating Rule 9552.

January 29, 2016

Saimir Sam Collaku suspended by FINRA

by David Liebrader

Sam Collaku, a registered representative formerly with National Securities in Edison, NJ was suspended from FINRA membership for violations of Rule 9552

FINRA Rule 9552. Failure to Provide Information or Keep Information Current

provides if a member, person associated with a member or person subject to FINRA’s jurisdiction fails to provide any information, report, material, data, or testimony requested or required to be filed pursuant to the FINRA By-Laws or FINRA rules, or fails to keep its membership application or supporting documents current, FINRA staff may provide written notice to such member or person specifying the nature of the failure and stating that the failure to take corrective action within 21 days after service of the notice will result in suspension of membership or of association of the person with any member. In January, 2016 Sam Collaku was suspended from FINRA membership for violating Rule 9552.

January 29, 2016

Toby Blackwood formerly with PFS Investments suspended by FINRA

by David Liebrader

Toby Blackwood, a registered representative formerly with PFS Investments in Oklahoma was suspended from FINRA membership for violations of Rule 9552

FINRA Rule 9552. Failure to Provide Information or Keep Information Current

provides if a member, person associated with a member or person subject to FINRA’s jurisdiction fails to provide any information, report, material, data, or testimony requested or required to be filed pursuant to the FINRA By-Laws or FINRA rules, or fails to keep its membership application or supporting documents current, FINRA staff may provide written notice to such member or person specifying the nature of the failure and stating that the failure to take corrective action within 21 days after service of the notice will result in suspension of membership or of association of the person with any member. In January, 2016 Toby Blackwood was suspended from FINRA membership for violating Rule 9552.