Securities Fraud Lawyer Blog

November 14, 2015

SEC charges Bobby M. Collins with Fraud

On November 10, 2015 the Securities and Exchange announced that it charged Texas-based insurance agent Bobby M. Collins with operating a fraud out of his insurance and retirement planning business, Collins Insurance Companies a/k/a BMC Retirement Planning

According to the SEC’s complaint, filed in the Northern District of Texas, Collins targeted elderly investors through BMC Retirement Planning dating back to at least 2010. Collins lured many elderly investors to invest more than $4.6 million in high-yield, unsecured notes. Collins told the investors that he would use their funds to grow his business, and pay significant returns from new business generation and revenue growth.

The SEC’s complaint alleges that Collins made false promises to his investors, and instead of using investor funds to expand BMC Retirement Planning, he spent the funds on mortgages and luxury car payments, and to pay distributions to earlier investors. Collins kept the ponzi scheme going by relying on a stream of new and repeat investors.

November 10, 2015

Homer Vining suspended from FINRA membership

by David Liebrader

Homer Vining, a registered representative formerly with JP Turner of Atlanta, GA was suspended from FINRA membership for violations of Rule 9554

FINRA Rule 9554. Failure to Comply with an Arbitration Award or Related Settlement or an Order of Restitution or Settlement Providing for Restitution

provides that a registered representative or a firm that fails to comply with a FINRA arbitration award or a settlement agreement entered into as a result of a FINRA arbitration or mediation proceeding, shall have their license suspended 21 days after notice of the intent to suspend has been sent. In April, 2015 Homer Vining was suspended from FINRA membership for violating Rule 9554.

November 10, 2015

Robert Tricarico suspended from FINRA membership

by David Liebrader

Robert Tricarico, a registered representative formerly with LPL financial in westport, CT was suspended from FINRA membership for violations of Rule 9554

FINRA Rule 9554. Failure to Comply with an Arbitration Award or Related Settlement or an Order of Restitution or Settlement Providing for Restitution

provides that a registered representative or a firm that fails to comply with a FINRA arbitration award or a settlement agreement entered into as a result of a FINRA arbitration or mediation proceeding, shall have their license suspended 21 days after notice of the intent to suspend has been sent. In April, 2015 Robert Tricarico was suspended from FINRA membership for violating Rule 9554.

November 10, 2015

Daniel Micha suspended from FINRA membership

by David Liebrader

Daniel Micha, a registered representative formerly with RBC Capital in Milwaukee, WI was suspended from FINRA membership for violations of Rule 9554

FINRA Rule 9554. Failure to Comply with an Arbitration Award or Related Settlement or an Order of Restitution or Settlement Providing for Restitution

provides that a registered representative or a firm that fails to comply with a FINRA arbitration award or a settlement agreement entered into as a result of a FINRA arbitration or mediation proceeding, shall have their license suspended 21 days after notice of the intent to suspend has been sent. In April, 2015 Daniel Micha was suspended from FINRA membership for violating Rule 9554.

November 10, 2015

James Avola FINRA membership suspended

by David Liebrader

James Avola, a registered representative formerly with Celadon Financial in Chatham, NJ was suspended from FINRA membership for violations of Rule 9554

FINRA Rule 9554. Failure to Comply with an Arbitration Award or Related Settlement or an Order of Restitution or Settlement Providing for Restitution

provides that a registered representative or a firm that fails to comply with a FINRA arbitration award or a settlement agreement entered into as a result of a FINRA arbitration or mediation proceeding, shall have their license suspended 21 days after notice of the intent to suspend has been sent. In April, 2015 James Avola was suspended from FINRA membership for violating Rule 9554.

November 5, 2015

Horace Stubblefield suspended from FINRA

by David Liebrader

Horace Stubblefield, a registered representative formerly with Ameriprise in Lufkin, TX was suspended from FINRA membership for violations of Rule 9554

FINRA Rule 9554. Failure to Comply with an Arbitration Award or Related Settlement or an Order of Restitution or Settlement Providing for Restitution

provides that a registered representative or a firm that fails to comply with a FINRA arbitration award or a settlement agreement entered into as a result of a FINRA arbitration or mediation proceeding, shall have their license suspended 21 days after notice of the intent to suspend has been sent. In May, 2015 Horace Stubblefield was suspended from FINRA membership for violating Rule 9554.

November 5, 2015

Noah Myers suspended from FINRA

by David Liebrader

Noah Myers, a registered representative formerly with Purshe Kaplan in Centerbrook, CT was suspended from FINRA membership for violations of Rule 9554

FINRA Rule 9554. Failure to Comply with an Arbitration Award or Related Settlement or an Order of Restitution or Settlement Providing for Restitution

provides that a registered representative or a firm that fails to comply with a FINRA arbitration award or a settlement agreement entered into as a result of a FINRA arbitration or mediation proceeding, shall have their license suspended 21 days after notice of the intent to suspend has been sent. In May, 2015 Noah Myers was suspended from FINRA membership for violating Rule 9554.

November 5, 2015

Brendon Lyden FINRA membership suspended

by David Liebrader

Brendon Lyden, a registered representative formerly with UBS Financial Services of Melville, NY was suspended from FINRA membership for violations of Rule 9554

FINRA Rule 9554. Failure to Comply with an Arbitration Award or Related Settlement or an Order of Restitution or Settlement Providing for Restitution

provides that a registered representative or a firm that fails to comply with a FINRA arbitration award or a settlement agreement entered into as a result of a FINRA arbitration or mediation proceeding, shall have their license suspended 21 days after notice of the intent to suspend has been sent. In May, 2015 Brendon Lyden was suspended from FINRA membership for violating Rule 9554.

November 5, 2015

FINRA suspends Michael Kinney membership

by David Liebrader

Michael Kinney of Ham Lake, Minnesota, a registered representative formerly with WFG Investments in Plymouth, MN was suspended from FINRA membership for violations of Rule 9554

FINRA Rule 9554. Failure to Comply with an Arbitration Award or Related Settlement or an Order of Restitution or Settlement Providing for Restitution

provides that a registered representative or a firm that fails to comply with a FINRA arbitration award or a settlement agreement entered into as a result of a FINRA arbitration or mediation proceeding, shall have their license suspended 21 days after notice of the intent to suspend has been sent. In May, 2015 Michael Kinney was suspended from FINRA membership for violating Rule 9554.

November 5, 2015

FINRA suspends Greg Hilliard membership

by David Liebrader

Greg Hilliard, a registered representative formerly with Toussaint Capital Partners in Freehold, NJ was suspended from FINRA membership for violations of Rule 9554

FINRA Rule 9554. Failure to Comply with an Arbitration Award or Related Settlement or an Order of Restitution or Settlement Providing for Restitution

provides that a registered representative or a firm that fails to comply with a FINRA arbitration award or a settlement agreement entered into as a result of a FINRA arbitration or mediation proceeding, shall have their license suspended 21 days after notice of the intent to suspend has been sent. In May, 2015 Greg Hilliard was suspended from FINRA membership for violating Rule 9554.