Jim Harrington barred by FINRA.
Jim Harrington, a registered representative from Livermore, CA formerly with State Farm VP Management of Bloomington, IL was suspended from FINRA membership for violations of Rule 9552
Aaron Armstrong barred by FINRA.
Aaron Armstrong, a registered representative from Stamford. CT, formerly with NY Life Securities, of New York, NY was suspended from FINRA membership for violations of Rule 9552
Allegis Investment Advisors’ risky options strategy causes losses.
The Law Office of David Liebrader has opened an investigation into Allegis Investment Advisors’ program of placing investors’ funds into discretionary managed brokerage accounts that utilized a proprietary “options trading strategy.”
The strategy consisted of simultaneously buying and selling “index options” based on the Russell 2000 Index. Allegis bought and sold identical quantities of “put options” at exercise strike prices below the then current market price of the index.
FSC Securities was ordered to pay an investor $60,000.
In February, 2016, a three member FINRA arbitration panel sitting in Pittsburgh, PA issued a $60,000 binding arbitration award against brokerage house FSC Securities.
The underlying matter involved allegations that FSC Securities mismanaged a customer account, breached fiduciary duties and failed to follow industry rules and standards The Claimants’ causes of action related to their allegations that thier FSC Securities rep recommended that Claimants sell the holdigns in their IRAs and purcahse two variable annuities and an “absolute return fund.”
Raymond James owes investor $600,000 says FINRA panel.
In February, 2016, a three member FINRA arbitration panel sitting in Albany, NY issued a $600,000 binding arbitration award against brokerage house Raymond James and Associates.
The underlying matter involved allegations that Raymond James and Associates mismanaged a customer account, breached their fiduciary duty, engaged in fraud, violated the federal securities alws, churned their clients account, made unsuitable investments, failed to supervise their reps, and violated the Florida Securities Laws.
Ami Forte and Morgan Stanley ordered to pay investor $33,000,000.
In March, 2016, a three member FINRA arbitration panel sitting in Tampa Florida issued a staggering $33,000,000 binding arbitration award against Ami Forte and her firm Morgan Stanley.
The underlying matter involved allegations that Ami Forte and Morgan Stanley mismanaged a customer account, breached fiduciary duties, failed to follow industry rules and standards, churned the account, engaged in unauthorized trading, engaged in financial elder abuse and violated state and federal securities laws.
Meyers Associates loses arbitration case.
In June, 2016, a FINRA arbitration panel issued a $19,000 binding arbitration award against Meyers Associates and registered rep Colin Archer.
The underlying matter involved allegations that Meyers Associates and Colin Archer breached their fiduciary duty, were negligent, engaged in unsuitable trading and churning, and failed to supervise in relation to the excessive trading in stocks, including Cypress Semiconductor, Dynamic Materials and Ireland Bank ADR.
National Securities Corp. ordered to pay investor over $500,000.
In July, 2016, a three member FINRA arbitration panel sitting in Houston, TX issued a $500,000 binding arbitration award against National Securities Corp and registered rep John Labarca..
The underlying matter involved allegations that National Securities Corp and John Labarca breached their fiduciary duty, were negligent, engaged in unauthorized trading and churning, violated the Texas Securities Act and failed to supervise in relation to the excessive trading in risky, speculative stocks, including Cree Corp, Monster Beverage and salesforce.com.
Stern Fisher Edwards was ordered to pay an investor $300,000.
In June, 2016, a three member FINRA arbitration panel sitting in Los Angeles, CA issued a $300,000 binding arbitration award against Stern Fisher Edwards and Charles Bohlen..
The underlying matter involved allegations that Stern Fisher Edwards and Charles Bohlen breached their fiduciary duty, were negligent and failed to supervise in relation to the improper withdrawal of funds from Claimant’s account.
Morhan Stanley was ordered to pay an investor $8.5 Million.
In June, 2016, a three member FINRA arbitration panel sitting in Los Angeles, CA issued a $8,500,000 binding arbitration award against Morgan Stanley and Peter Doyle and Wendy Feldman for the sale of unsuitable investments.
The underlying matter involved allegations that Morgan Stanley and Peter Doyle and Wendy Feldman made unsuitable investments, engaged in unauthorized trading, breached their fiduciary duty, engaged in financial elder abuse and failed to supervise, all in relation to the handling of the Claimants’ account, and in investments in securities such as NQ Mobile.
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