Securities Fraud Lawyer Blog

June 23, 2017

CFP Board Disciplines Triad Advisors’ Douglas Miller

In February, 2017 the Certified Financial Planner Board’s Commission of Discipline and Ethics disciplined Triad Advisors’ CFP Douglas Miller by issuing an interim suspension. While under the interim suspension, Miller is prohibited from using the CFP certification pending a complete investigation by the CFP Board.

Miller, of Toledo, Ohio was previously registered with Triad Advisors, Walnut Street Securities and Royal Alliance.

The suspension arises from a FINRA enforcement action in which Miller entered into a letter of acceptance, waiver and consent (“AWC”) with FINRA that called for a permanent bar from membership. As a result, Miller is not permitted to act as a registered representative or affiliate himself with any FINRA member firm for the purpose of selling securities. FINRA’s disciplinary action concerned Miller’s sale of limited liability companies’ securities to clients via private securities transactions, a violation of Triad Advisor’s rules as well as FINRA’s rules. Such outside business activities are a violation of FINRA rules if done without prior permission from a member firm. Miller was “permitted to resign” from Triad Advisors with allegations of private securities transactions pending, as noted on his Form U-5

June 23, 2017

CFP Board Disciplines Sheldon Harber

by David Liebrader

In February, 2017 the Certified Financial Planner Board’s Commission of Discipline and Ethics disciplined certified financial planner Sheldon Harber by suspending his CFP certification for a period of five months; from February 2017 through July, 2017.

Harber, of St. Louis, Missouri, Arkansas was previously registered with Geneos Wealth Management, Cambridge Investment Research and FSC Securities.

The suspension arises from a FINRA enforcement action in which Harber entered into a letter of acceptance, waiver and consent (“AWC”) with FINRA that called for a four month suspension and a $10,000 fine. While suspended from FINRA Harber is not permitted to act as a registered representative or affiliate himself with any FINRA firm for the purpose of selling securities.

June 23, 2017

Michael Crowe Charged by Arizona Corporation Commission

by David Liebrader

On May 15, 2017 the Corporation Commissioner for the state of Arizona, acting through the Securities Division filed a complaint seeking a cease and desist order, and the revocation of securities licensing against Michael Crowe, a registered representative formerly registered with Securities America and FSC Securities Corporation. The Corporation Commissioner is seeking the revocation of Crowe’s license as a result of his participation in an unapproved securities transaction made while Crowe was registered with Securities America.

The Securities Divisions’ complaint stems from an investigation into Crowe’s role in a securities transaction made with Simply Smart Homes, a company run by Richard Smart. Smart purported to have an expertise in buying, fixing up, then “flipping” homes, and was looking for investors to fund his operations. Smart and his company was previously the subject of a separate action brought by the Commissioner.

According to the complaint Crowe introduced a client to Smart, who was touting eight to ten percent returns for an investment in his company. Crowe was paid $2,500 as a finder’s fee/commission for these services. Several months later, in August, 2016, Crowe’s employer, Securities America discovered the transaction and terminated Crowe for engaging in private securities transactions without obtaining prior approval from the firm.

June 23, 2017

SEC Charges Alpine Securities Corporation

by David Liebrader

Alpine Securities Corporation charged by SEC.

On June, 5, 2017 the SEC charged Alpine Securities Corporation, a Utah based broker dealer with violations of the United States securities laws, specifically section 17(a) of the Securities Exchange Act of 1934.

The SEC’s complaint arises from a series of microcap stock transactions that the SEC alleges were used in a manipulative pump and dump scheme.

June 21, 2017

Corecap Investments Named in Bad Broker Study

by David Liebrader

Corecap Investments was named as a broker dealer that employs a large percentage of registered reps with publicly disclosable incidents.

A study commissioned by Reuters with the assistance of Columbia University Law School identified nearly fifty FINRA registered broker dealers where a large percentage of its brokers had “red flags” on their public disclosures. FINRA requires broker dealers like Corecap Investments, as well as its registered representatives to update their industry record by disclosing information that could be of interest to potential and current customers and members of the public.

These red flags include customer disputes, arbitration claims, regulatory actions taken by FINRA, the SEC or state regulators, civil actions, bankruptcies and terminations after allegations of wrongdoing.

June 21, 2017

Concorde Investment Services Named in Bad Broker Study

by David Liebrader

Concorde Investment Services was named as a broker dealer that employs a large percentage of registered reps with publicly disclosable incidents.

A study commissioned by Reuters with the assistance of Columbia University Law School identified nearly fifty FINRA registered broker dealers where a large percentage of its brokers had “red flags” on their public disclosures. FINRA requires broker dealers like Concorde Investment Services, as well as its registered representatives to update their industry record by disclosing information that could be of interest to potential and current customers and members of the public.

These red flags include customer disputes, arbitration claims, regulatory actions taken by FINRA, the SEC or state regulators, civil actions, bankruptcies and terminations after allegations of wrongdoing.

June 21, 2017

Silber Bennett Financial Named in Bad Broker Study

by David Liebrader

Silber Bennett Financial was named as a broker dealer that employs a large percentage of registered reps with publicly disclosable incidents.

A study commissioned by Reuters with the assistance of Columbia University Law School identified nearly fifty FINRA registered broker dealers where a large percentage of its brokers had “red flags” on their public disclosures. FINRA requires broker dealers like Silber Bennett Financial, as well as its registered representatives to update their industry record by disclosing information that could be of interest to potential and current customers and members of the public.

These red flags include customer disputes, arbitration claims, regulatory actions taken by FINRA, the SEC or state regulators, civil actions, bankruptcies and terminations after allegations of wrongdoing.

June 21, 2017

Great Nation Investment Corporation Named in Bad Broker Study

by David Liebrader

Great Nation Investment Corporation was named as a broker dealer that employs a large percentage of registered reps with publicly disclosable incidents.

A study commissioned by Reuters with the assistance of Columbia University Law School identified nearly fifty FINRA registered broker dealers where a large percentage of its brokers had “red flags” on their public disclosures. FINRA requires broker dealers like Great Nation Investment Corporation, as well as its registered representatives to update their industry record by disclosing information that could be of interest to potential and current customers and members of the public.

These red flags include customer disputes, arbitration claims, regulatory actions taken by FINRA, the SEC or state regulators, civil actions, bankruptcies and terminations after allegations of wrongdoing.

June 21, 2017

BB Graham Company Named in Bad Broker Study

by David Liebrader

BB Graham Company was named as a broker dealer that employs a large percentage of registered reps with publicly disclosable incidents.

A study commissioned by Reuters with the assistance of Columbia University Law School identified nearly fifty FINRA registered broker dealers where a large percentage of its brokers had “red flags” on their public disclosures. FINRA requires broker dealers like BB Graham Company, as well as its registered representatives to update their industry record by disclosing information that could be of interest to potential and current customers and members of the public.

These red flags include customer disputes, arbitration claims, regulatory actions taken by FINRA, the SEC or state regulators, civil actions, bankruptcies and terminations after allegations of wrongdoing.

June 21, 2017

Presidential Brokerage Named in Bad Broker Study

by David Liebrader

Presidential Brokerage was named as a broker dealer that employs a large percentage of registered reps with publicly disclosable incidents.

A study commissioned by Reuters with the assistance of Columbia University Law School identified nearly fifty FINRA registered broker dealers where a large percentage of its brokers had “red flags” on their public disclosures. FINRA requires broker dealers like Presidential Brokerage, as well as its registered representatives to update their industry record by disclosing information that could be of interest to potential and current customers and members of the public.

These red flags include customer disputes, arbitration claims, regulatory actions taken by FINRA, the SEC or state regulators, civil actions, bankruptcies and terminations after allegations of wrongdoing.