Publicly available FINRA disciplinary orders and BrokerCheck customer dispute disclosures give investors an essential window into emerging risks across the brokerage industry—from unapproved “selling away” schemes and complex options strategies to unsuitable alternative investments and unauthorized trading.

  • Important Note on Pending Complaints vs. Final Actions: A customer complaint or pending FINRA arbitration claim is an unproven allegation, not a final finding of wrongdoing. Similarly, in a FINRA Letter of Acceptance, Waiver, and Consent (AWC), a respondent consents to sanctions without admitting or denying FINRA’s findings. Where a broker has provided an explanation or denial on BrokerCheck, we have noted that response below.

Part I: Recent FINRA Enforcement Actions (Bars, Suspensions & Fines)

1. Josiah D. Jennings — CRD #6031164 (Los Angeles, CA / Aspen, CO)

  • Former Firm: Columbia Capital Securities, Inc. (CRD #146838)
  • Action & Docket: FINRA AWC No. 2024083338801 (Reported in FINRA’s October 2026 Disciplinary Actions)
  • Sanction: 10-month suspension in all capacities (August 11, 2026 – June 10, 2027) and a $10,000 fine
  • Rules Cited: FINRA Rules 3280 (Private Securities Transactions) and 2010
  • Summary of Findings: Without admitting or denying the findings, Jennings consented to findings that between April and August 2024, he participated in private securities transactions without providing prior written notice to his member firm. According to FINRA, Jennings helped draft offering documents, selected prospective investors, joined outreach meetings, and executed promissory notes for a private equity fund he co-founded. The offering raised at least $8,000,000 from 18 accredited investors, nearly all of whom were existing customers of Columbia Capital Securities.

2. Theodore William “Ted” Byrer — CRD #2980696 (Westfield / Indianapolis, IN)

  • Former Firm: Morgan Stanley (CRD #149777); later registered with International Assets Advisory, LLC (CRD #10645)
  • Action & Docket: FINRA AWC (Reported in FINRA’s September 2026 Disciplinary Actions; accepted July 23, 2026)
  • Sanction: 14-month suspension in all capacities (no monetary fine imposed due to demonstrated financial status)
  • Rules Cited: SEC Regulation Best Interest (Exchange Act Rule 15l-1(a)(1)), FINRA Rules 3260 (Discretionary Accounts), 4511 (Books and Records), and 2010
  • Summary of Findings: Byrer consented to findings that he willfully violated Reg BI by recommending a speculative options trading strategy involving out-of-the-money put options on equity index funds to four retail customers (two married couples) who did not own the underlying funds. Over time, the trades grew larger and closer to expiration. According to FINRA, one couple with a moderate risk tolerance and imminent retirement plans suffered nearly $400,000 in put option losses while paying over $62,000 in commissions; the second couple lost over $360,000 while paying over $217,000 in commissions (~$760,000 in combined customer losses and ~$279,000 in total commissions). FINRA also found that Byrer exercised unauthorized discretion in four customer accounts and mismarked solicited trades as unsolicited.

3. Sung Moo “Sam” Cho — CRD #5015906 (New York, NY / Jersey City, NJ)

  • Former Firms: Citigroup Global Markets Inc. (CRD #7059) and Ameriprise Financial Services, LLC (CRD #6363)
  • Action & Docket: FINRA AWC No. 2026090120801
  • Sanction: Permanent bar in all capacities
  • Rules Cited: FINRA Rules 8210 (Provision of Information and Testimony) and 2010
  • Summary of Findings: Cho consented to a permanent industry bar after refusing to produce documents and information requested by FINRA under Rule 8210. According to FINRA, its investigation originated from a customer complaint alleging that Cho misappropriated approximately $3,500,000 from the customer’s brokerage accounts, forged customer signatures, and falsified firm documents while associated with Ameriprise and Citigroup. Citigroup had previously discharged Cho in April 2026 following allegations that he removed customer information from firm systems to create a non-firm-generated statement.

4. Deyon Robertson — CRD #7493659 (New York, NY)

  • Former Firm: Finalis Securities LLC
  • Action & Docket: FINRA AWC No. 2024080112401 (Accepted October 21, 2026)
  • Sanction: Five-month suspension in all capacities, $10,000 fine, and $2,400 plus interest in partial restitution
  • Rules Cited: SEC Regulation Best Interest (Rule 15l-1), FINRA Rules 3280 and 2010
  • Summary of Findings: FINRA found that in January 2024, Robertson recommended that a retail customer invest $48,000—representing more than 25% of her liquid net worth—into an illiquid private fund of funds focused on residential real estate, despite offering documents warning that the fund was only for investors with no need for liquidity. When the customer later faced financial hardship, she was unable to withdraw her money. Additionally, FINRA found that in July 2024, Robertson solicited three firm customers to invest $44,000 each ($132,000 total) in an outside residential house-flipping LLC he created without giving prior written notice to his firm.

5. Howard Ronald Crockett III — CRD #3022729

  • Former Firm: NYLife Securities LLC (CRD #5167)
  • Action & Disclosures: FINRA AWC (Published October 29, 2026) & Pending Customer Complaint (Filed September 2026)
  • Sanction: Two-month suspension in all capacities and a $5,000 fine
  • Rules Cited: FINRA Rules 3270 (Outside Business Activities) and 2010
  • Summary of Findings & Pending Dispute: In the October 29, 2026 AWC, FINRA found that between September 2024 and September 2025, Crockett engaged in an undisclosed outside business activity by providing financial and business consulting services—including arranging a loan and health insurance—to a company owned by a firm customer, receiving approximately $200,000 in compensation before notifying NYLife Securities. Separately, BrokerCheck reflects a pending September 2026 customer complaint seeking $132,000 in damages, alleging that Crockett received nine checks for payments unrelated to any known product or service.

6. Gilbert Russell Conrad — CRD #2746778 (Lewiston, NY)

  • Former Firms: Realta Equities, Inc. (d/b/a Princeton Equity), Arkadios Capital, Independent Financial Group, LLC, Summit Brokerage Services, and J.P. Turner & Company
  • Action & Docket: FINRA AWC No. 2023078460001 (Filed October 2026) & Pending Customer Arbitrations
  • Sanction: Two-month suspension in all capacities and a $5,000 fine
  • Rules Cited: FINRA Rule 2010 (Settling Customer Complaints Away from the Firm)
  • Summary of Findings & Pending Disputes: In October 2026, Conrad consented to findings that he paid two customers a total of $139,000 to settle complaints about investment performance without the knowledge or approval of his member firms. In addition to the regulatory suspension, Conrad’s BrokerCheck report lists multiple pending customer disputes alleging unsuitable alternative investment and non-traded REIT recommendations (including Hospitality Investors Trust and SmartStop Self-Storage), seeking damages of $415,000 (filed November 2025), $500,000 (filed December 2024), and $1,500,000 (filed 2024).

7. Buddy Dean Mason — CRD #1721391 (Lakeland, FL)

  • Former Firm: LPL Financial LLC (CRD #6413, d/b/a Allen & Company)
  • Action & Docket: FINRA AWC No. 2025088717701 (October 9, 2026)
  • Sanction: Permanent bar in all capacities
  • Rules Cited: FINRA Rules 8210 and 2010
  • Summary of Findings: Mason consented to a permanent bar in October 2026 after refusing to provide documents and information requested by FINRA during an investigation into a customer’s statement of claim and a Form U5 amendment filed by LPL Financial. The underlying customer complaint alleged that Mason steered the client into a direct investment opportunity away from the firm; BrokerCheck records show LPL Financial settled that arbitration (Case No. 25-02617) in March 2026 for $129,500 (on $175,000 in requested damages), alongside a second May 2026 selling-away complaint that settled for $10,000.

8. Mark Lawrence Sullivan — CRD #2531982 (Bethlehem, PA / New York, NY)

  • Former Firm: UBS Financial Services Inc.
  • Action & Docket: FINRA AWC No. 2024083156201 (Reported in FINRA’s October 2026 Disciplinary Actions)
  • Sanction: Three-month suspension in all capacities (August 6, 2026 – November 6, 2026) and a $10,000 deferred fine
  • Rules Cited: FINRA Rules 3260, 4511, and 2010
  • Summary of Findings: Following his July 2024 discharge from UBS Financial Services, Sullivan consented to findings that he exercised discretion without prior written authorization in 581 trades across two customer accounts, mismarked solicited trades as unsolicited, and provided inaccurate answers on three annual compliance questionnaires. BrokerCheck also reflects an August 2024 customer complaint alleging age-based unsuitable investment recommendations at UBS, which settled in October 2024 for $96,565.

9. Robert Kenneth Cargin — CRD #1825995 (Westerville, OH) & World Choice Securities, Inc. (CRD #30933)

  • Action & Docket: FINRA AWC (Reported in FINRA’s September 2026 Disciplinary Actions)
  • Sanction: Cargin was suspended for four months in all capacities and fined $5,000; World Choice Securities was censured and fined $28,000
  • Rules Cited: SEC Regulation Best Interest (Rule 15l-1), FINRA Rules 3110 (Supervision) and 2010
  • Summary of Findings: FINRA found that the firm failed to reasonably supervise the due diligence of a $1,000,000 private real estate offering under Reg BI’s Care and Conflict of Interest obligations—assigning due diligence to a representative who was affiliated with and compensated by the real estate developer. FINRA also found that Cargin executed 19 private securities transaction (PST) approval forms in February 2023 that were backdated to between November 2021 and August 2022, creating the inaccurate impression that he had pre-approved the transactions.

10. John Polemis — CRD #4270012 (San Diego, CA)

  • Former Firms: Park Avenue Securities LLC (CRD #46173) and Stirlingshire Investments (CRD #310576)
  • Action & Docket: FINRA Department of Enforcement Complaint, Case No. 2024083264201 (Reported in FINRA’s September 2026 Disciplinary Actions)
  • Status: Pending Disciplinary Complaint
  • Rules Cited: FINRA Rules 3240 (Borrowing From or Lending to Customers), 2010, and 8210
  • Summary of Allegations: FINRA’s complaint alleges that Polemis made material misrepresentations to a terminally ill customer to induce 20 personal loans totaling $28,000, which he never repaid. The complaint further alleges that after the customer passed away, Polemis executed two unauthorized trades with a total principal value of approximately $157,579 in one of the deceased customer’s accounts (generating $3,151.59 in commissions), and later failed to provide information and documents requested by FINRA. On BrokerCheck, Polemis previously disputed allegations surrounding his termination from Stirlingshire Investments, asserting that a bank account linked to the customer’s brokerage account was a business account added by someone else at the firm.

Part II: High-Value Customer Arbitrations, Complaints & Firm Terminations

11. James Hampton “Jase” Simmons Jr. — CRD #2438224 (Red Bank, NJ)

  • Current Firm: Alexander Capital, L.P.
  • Disclosure: Pending Customer Arbitration (Filed September 15, 2026)
  • Alleged Damages: $19,000,000
  • Summary & Broker Response: According to BrokerCheck, a claimant alleges violations of state and federal securities regulations and FINRA rules, negligence, breach of fiduciary duty, failure to protect assets, and breach of contract from May 2021 through the present. In a BrokerCheck comment, Simmons states that while he is not named as a respondent in the matter, the narrative is “inaccurate and fundamentally flawed” and that assertions regarding his involvement are “without merit, unsubstantiated, and contradicted by the factual record.”

12. Charles Darling — CRD #7334110 (Gilbert, AZ)

  • Current Firm: Morgan Stanley
  • Disclosure: Pending Customer Complaint / Arbitration (Filed September 2026)
  • Alleged Damages: $15,000,000
  • Summary of Allegations: According to BrokerCheck, a customer alleges that Darling violated suitability standards (FINRA Rule 2111 / Reg BI) in connection with “the recommendation and monitoring of a Liquidity Access Line involving a concentrated equity position.” Securities-backed lines of credit (like Liquidity Access Lines) paired with concentrated single-stock positions can expose borrowers to rapid collateral calls and forced liquidations during market downturns.

13. Jeffrey Saster — CRD #1228842 (Fort Lauderdale, FL) & Shared Docket 26-01188

  • Current Firm: Wells Fargo Clearing Services, LLC / Wells Fargo Advisors (CRD #19616)
  • Disclosure: Pending FINRA Arbitration, Docket No. 26-01188 (Filed June 8, 2026)
  • Alleged Damages: In excess of $10,000,000
  • Summary & Broker Response: The claimant alleges that she received unsuitable investment advice between 2020 and 2025. (Public BrokerCheck records show that the same single arbitration docket number, 26-01188, is also disclosed on the reports of Wells Fargo representatives Brad Samuel Rude [CRD #2977977], Curtis Joseph Kroll [CRD #6487481], Jonathan Fred Moskowitz [CRD #2335240], Angela Michelle Fettik [CRD #4710729], and Cameron Edmiston [CRD #6388552]). In their BrokerCheck statements, Saster and Kroll deny the allegations, stating that the claims contain inaccuracies and misrepresentations and that they will vigorously defend the matter.

14. Gustavo Carlo Sanchez Nazario (Gustavo Sanchez) — CRD #5946258 (Lake Mary, FL)

  • Former Brokerage Firm: Arkadios Capital (CRD #282710) and Arkadios Wealth Advisors (CRD #288863); currently registered as an IAR with Zafiro (CRD #331335)
  • Disclosure: Pending Customer Complaint (Filed September 2026)
  • Alleged Damages: $10,000,000
  • Summary of Allegations: According to BrokerCheck, a pending September 2026 complaint alleges that Sanchez breached his fiduciary duty while associated with Arkadios Capital and Arkadios Wealth Advisors. Sanchez’s record also discloses a 2020 discharge from Raymond James & Associates over alleged violations of selling-away and gift policies, as well as a 2021 Florida Office of Financial Regulation administrative fine regarding investment adviser registration.

15. Matthew Gafoa Fetui III — CRD #5511717 (Costa Mesa, CA)

  • Current Firm: Wells Fargo Clearing Services, LLC (CRD #19616)
  • Disclosure: Pending FINRA Arbitration, Docket No. 26-00779 (Filed April 9, 2026)
  • Alleged Damages: In excess of $7,000,000
  • Summary of Allegations: A Wells Fargo client alleges that Fetui made unsuitable recommendations involving exchange-traded funds (ETFs) in August 2024, resulting in seven-figure portfolio losses. The arbitration remains pending, and Fetui and his firm deny allegations of sales practice violations.

16. Diana Leon — CRD #4857407 (Gaithersburg, MD)

  • Former Firm: Woodbury Financial Services, Inc. (CRD #421); currently registered with Osaic Wealth, Inc. (CRD #23131)
  • Disclosures: Three Structured Note Arbitrations/Complaints Settled in September 2026
  • Total Settlements: $830,000 across three matters ($700,000, $100,000, and $30,000)
  • Summary of Disclosures: According to BrokerCheck updates from late September 2026, three customer disputes naming Woodbury Financial Services over structured note recommendations were resolved:
    1. FINRA Docket No. 26-00075 (Filed Jan. 13, 2026): Claimants alleged that structured note investments recommended by Leon did not fit their needs and objectives and were not fully explained; settled September 30, 2026, for $700,000.
    2. FINRA Docket No. 26-00076 (Filed Jan. 13, 2026): Claimant alleged an unsuitable and inadequately explained structured note recommendation; settled September 11, 2026, for $100,000.
    3. Written Complaint (Received Sept. 14, 2026): Customer alleged poor advice regarding a November 2021 equity-linked structured note; settled September 24, 2026, for $30,000.

17. Gregory William Ricker — CRD #2545035 (Malvern, PA)

  • Former Firm: Vanderbilt Securities, LLC (CRD #5953)
  • Disclosures: Discharged by Firm (October 12, 2026) & Two Pending Customer Complaints (Filed August 14 and August 26, 2026)
  • Financial Impact: Exceeding $192,600 in reported losses and commission refunds
  • Summary of Disclosures: On October 12, 2026, Vanderbilt Securities discharged Ricker. According to the firm’s employment separation disclosure on BrokerCheck, “Multiple customers alleged that Mr. Ricker executed approximately 365 unauthorized trades, failed to report customer complaints, and falsified business records, resulting in losses and commission refunds exceeding $192,600.” Ricker is also the subject of two pending August 2026 customer complaints alleging unauthorized and excessive trading.

18. Mark Jay Elston — CRD #702496 (Reno, NV) & Kenneth Gregory Bonal Jr. — CRD #3125844 (Melville, NY)

  • Mark Elston (Stifel, Nicolaus & Company, Inc.): Named in a pending FINRA arbitration (Docket No. 26-02045, filed September 22, 2026) seeking $500,000 in alleged damages involving mutual fund investments, alleging breach of fiduciary duty, negligence, fraud, misrepresentation, and state securities law violations.
  • Kenneth Bonal Jr. (Arete Wealth Management, LLC): Named in a pending FINRA arbitration (Docket No. 26-02046, filed September 14, 2026) seeking $500,000 in alleged damages over allegedly unsuitable alternative investment recommendations.

19. Lisa Celeste Hallaian — CRD #1485651 (Newport Beach, CA) & Brett Ewing — CRD #2904608 (Palm Coast, FL)

  • Lisa Hallaian (Cambridge Investment Research, Inc.): Subject of a pending September 2026 FINRA Statement of Claim seeking $500,000 in damages, alleging that recommended investments were unsuitable and that the claimant did not understand their risks or performance.
  • Brett Ewing (Centaurus Financial, Inc.): Subject of a pending FINRA arbitration (Docket No. 26-01993, filed September 14, 2026) seeking $500,000 in damages over allegedly unsuitable, illiquid investments recommended between 2016 and 2019. On BrokerCheck, Ewing states that he “vehemently denies any wrongdoing,” asserting that the investments fit the customer’s profile and that the client confirmed in writing receipt of all material disclosures.

20. Chad Michael McQuade — CRD #5436281 (Oak Brook, IL) & Wayne Bellinger — CRD #4118097 (Aurora, CO)

  • Chad McQuade (Northwestern Mutual Investment Services, LLC): Named in a pending FINRA arbitration (Docket No. 26-01658, filed August 2026) seeking $400,000 in damages. The claimant alleges McQuade introduced him to a third-party real estate professional in September 2022 and recommended unsuitable outside real estate investments. In his BrokerCheck comment, McQuade denies the allegations, stating he merely introduced the claimant to a real estate professional in 2018 before the client opened any accounts with him and never recommended or vetted the private real estate investments.
  • Wayne Bellinger (Osaic Institutions, Inc.): Named in a pending September 2026 customer complaint seeking $271,178 in alleged damages, claiming that he misrepresented material facts in connection with variable annuity switches in 2024 and 2025.

What Investors Should Know About FINRA Enforcement and Arbitration

  1. A FINRA Fine or Bar Does Not Automatically Repay Investors: When FINRA fines, suspends, or bars a broker—even in cases involving millions of dollars in alleged misappropriation, selling away, or options losses—regulatory fines go to FINRA, not to harmed clients. Unless a specific restitution order covers your full loss, recovering your capital typically requires filing an independent FINRA arbitration claim.
  2. Brokerage Firm Supervisory Liability (FINRA Rule 3110): Under FINRA Rule 3110, brokerage firms have a strict legal duty to supervise their advisors, review electronic communications, monitor for excessive trading or unauthorized discretion, and investigate red flags of unapproved outside business activities or private placements. When a firm fails to supervise a broker, the firm itself can be held financially responsible for investor losses.
  3. Strict Deadlines Apply (FINRA Rule 12206): Under FINRA’s six-year eligibility rule, arbitration claims generally must be filed within six years of the occurrence or event giving rise to the claim (such as the date an unsuitable investment was purchased), and state statutes of limitation can be even shorter.

Contact Sonn Law Group for a Free, Confidential Case Evaluation

Sonn Law Group represents individual and institutional investors nationwide in FINRA arbitration and securities litigation involving unsuitable recommendations, Regulation Best Interest (Reg BI) violations, private placements, options losses, unauthorized trading, selling away, and failures of brokerage supervision.

If you suffered investment losses of $100,000 or more with any of the brokers or firms listed above – or have concerns about how your brokerage account was managed—contact Sonn Law Group today. We handle cases on a contingency-fee basis, meaning you pay no attorney’s fees unless we successfully recover compensation for you.

Important Legal Disclaimers & Official Sources

  • A pending customer complaint, arbitration claim, or FINRA disciplinary complaint is an unproven allegation, not a final finding of wrongdoing. Respondents are entitled to defend themselves, and readers should not draw conclusions of liability from an unadjudicated complaint alone.
  • In FINRA Letters of Acceptance, Waiver, and Consent (AWCs), respondents consent to sanctions and the entry of findings for settlement purposes without admitting or denying the findings.
  • Another investor’s claimed damages or settlement figure is not an estimate of what any other investor may recover. Every case depends on its specific facts, account documentation, and applicable legal deadlines.
  • This article is for general informational purposes based on public regulatory records as of November 5, 2026, and does not constitute legal advice.

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