Publicly available FINRA disciplinary filings and BrokerCheck customer dispute records offer investors a direct look at emerging sales-practice risks across the brokerage industry. Following our Early November 2026 Roundup, our legal team has compiled a new mid-month review of 20 additional brokers and financial advisors whose official FINRA records reflect recent bars, suspensions, regulatory investigations, or customer disputes involving $100,000 to $17,500,000 in alleged investor damages.

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, and customer dispute settlements are routinely entered without an admission of liability. Where a financial professional has provided a public response or denial on BrokerCheck, we have included that context below.

Part I: Recent High-Value Customer Arbitrations and Complaints ($100,000 to $17.5 Million)

1. Edward Costigan Jordan (CRD #6687232) (Charlotte, NC)

  • Current Firm: MML Investors Services, LLC (CRD #10409)
  • Disclosure: Pending Customer Complaint / Dispute (Case #202607230209, filed July 20, 2026)
  • Alleged Damages: $17,500,000
  • Summary of Allegations: According to BrokerCheck records reviewed in November 2026, customers allege that Jordan was involved in a life insurance premium financing strategy in which the customers’ securities accounts were pledged as collateral, restricting access to those assets and forcing the liquidation of other securities to meet liquidity needs, resulting in alleged financial harm and lost opportunity. The matter remains pending.

2. Joseph H. Langlois III (CRD #4216281) (San Jose, CA)

  • Current Firm: DFPG Investments, LLC (CRD #155576) and Diversify Advisory Services, LLC (CRD #326060)
  • Disclosure: Pending FINRA Arbitration, Docket No. 26-02158 (Filed September 23, 2026)
  • Alleged Damages: $8,500,000
  • Summary of Allegations: According to BrokerCheck, a customer alleges breach of fiduciary duty and unsuitable recommendations of alternative investments, including direct investments, direct participation programs (DPPs), and limited partnership interests while associated with DFPG Investments. The claim is pending and unproven.

3. Enrique Vila (CRD #3113492) (Miami, FL)

  • Former Firm Where Activity Occurred: Morgan Stanley; currently registered with Bulltick, LLC
  • Disclosure: Pending Customer Complaint (Filed October 2026)
  • Alleged Damages: $4,593,125
  • Summary of Allegations: According to BrokerCheck disclosures reported in late October 2026, customers allege that while associated with Morgan Stanley, Vila violated the SEC’s Regulation Best Interest (Reg BI) in connection with an investment strategy implemented in their accounts. The dispute remains pending.

4. John Hooper McKee (CRD #1931547) (Redwood City, CA)

  • Current Firm: Arkadios Capital (CRD #282710) and Arkadios Wealth Advisors (CRD #288863)
  • Disclosure: Pending Customer Complaint (Filed October 2026)
  • Alleged Damages: $3,000,000
  • Summary of Allegations: According to BrokerCheck, a claimant alleges that McKee breached his fiduciary duty in connection with the recommendation of a private placement investment. The complaint remains pending.

5. Louis Anthony “Lou” Tucci (CRD #4508379) (Haledon, NJ / Atlanta, GA)

  • Current Firm: Arkadios Capital (CRD #282710) and Arkadios Wealth Advisors (CRD #288863)
  • Disclosure: Pending FINRA Arbitration (Reported October/November 2026)
  • Alleged Damages: $2,000,000
  • Summary & Broker Response: According to BrokerCheck, a customer alleges failure to perform proper due diligence and breach of duty in connection with a Delaware Statutory Trust (DST) private placement investment. In a detailed BrokerCheck comment, Tucci denies the allegations, stating that he participated in numerous discussions over several months with the client, the client’s son, attorney, and CPA, as well as conference calls with the DST sponsor, and that the client acknowledged the illiquid, long-term nature of the DST.

6. Kelley Slaught (CRD #1126586) (Santa Barbara / Carpinteria, CA)

  • Firm Named in Disclosures: Centaurus Financial, Inc. (CRD #30833)
  • Disclosures: Multiple Pending 2026 Arbitrations (including FINRA Docket No. 26-02153 filed Sept. 28, 2026; Docket No. 26-00838 filed April 24, 2026; and Docket No. 26-00730 filed April 10, 2026) and a Settled April 2026 Arbitration (Docket No. 25-00615)
  • Alleged Damages & Settlements: Over $1,150,000 in combined pending claims ($100,000 in Docket 26-02153; $427,000 in Docket 26-00838; $125,000 in Docket 26-00730; and $500,000 in Case 25CV07928), plus a $65,000 settlement in April 2026 on a $100,000 non-traded REIT claim.
  • Summary & Broker Response: The claims allege unsuitable, high-risk, and illiquid recommendations in non-traded REITs and limited partnerships. Slaught vehemently denies wrongdoing in her BrokerCheck comments, calling the pending claims “completely without merit,” stating that customers confirmed receipt of offering documents in writing, and noting that her broker-dealer settled the prior matter unilaterally without her monetary contribution.

7. Jacob Adams (CRD #4975889) (Austin, TX)

  • Former Firm Named in Disclosures: Realized Financial, Inc.
  • Disclosures: Two Pending FINRA Arbitrations (Docket No. 25-01770, filed September 3, 2026; and Docket No. 25-02736, filed January 29, 2026)
  • Alleged Damages: $500,000 in Docket No. 25-01770 and at least $500,000 in Docket No. 25-02736 ($1,000,000+ combined)
  • Summary & Broker Response: The September 2026 arbitration alleges unsuitability and breach of fiduciary duty involving a Delaware Statutory Trust (DST) / 1031 exchange and private placement, while the January 2026 arbitration involves a real estate / non-traded REIT recommendation. In his BrokerCheck statements, Adams states that the matters involve a real estate investment offered through his prior broker-dealer before his departure in 2024 and notes that the investment’s management company subsequently filed for bankruptcy.

8. Paulette Treguboff (CRD #2699595) (Glendale, AZ)

  • Current Firm: LPL Financial LLC (CRD #6413, d/b/a Homestead Wealth Management)
  • Disclosure: Pending FINRA Arbitration, Docket No. 26-01915 (Filed August 24, 2026)
  • Alleged Damages: $650,000
  • Summary & Broker Response: According to BrokerCheck, a customer alleges that Treguboff did not act in the retail customer’s best interest when recommending an allegedly unsuitable securities investment in the fall of 2025 (the same docket number also appears on the BrokerCheck report of Beaux Guthrie Treguboff, CRD #5533615). Treguboff denies all allegations in her BrokerCheck comment, stating that the recommended investments fit the customer’s objectives and were offered only after reviewing all material documentation.

9. Salvatore Bonomo (CRD #5733048) (Staten Island, NY)

  • Current Firm: Merrill Lynch, Pierce, Fenner & Smith Incorporated
  • Disclosure: Pending FINRA Arbitration, Docket No. 26-02196 (Filed September 29, 2026)
  • Alleged Damages: $500,000
  • Summary of Allegations: According to BrokerCheck, a Merrill Lynch client alleges an unsuitable investment recommendation and material omissions regarding a Loan Management Account (LMA) securities-backed credit line. The arbitration remains pending.

10. Dorris Glenn Jones (CRD #735200) (Nashville / Brentwood, TN)

  • Former Firm Where Activity Occurred: Moloney Securities Co., Inc.; currently registered with Berthel, Fisher & Company Financial Services, Inc.
  • Disclosures: Pending Customer Complaints (Filed August 2026 and May 8, 2026)
  • Alleged Damages: $500,000 (August 2026 filing) and $280,000 (May 2026 filing)
  • Summary & Broker Response: According to BrokerCheck, claimants allege that while at Moloney Securities, Jones recommended high-risk alternative investments, including GWG investments / GWG Wind Down Trust interests and closed-end funds, that exceeded the customers’ low-risk tolerances. Jones denies the allegations.

11. Brian Cohen (CRD #4482183) (Rockville, MD)

  • Former Firm Where Activity Occurred: National Securities Corporation; currently registered with Ceros Financial Services and ATCAP Partners
  • Disclosure: Pending Customer Complaint (Filed October 2026)
  • Alleged Damages: $355,000
  • Summary of Allegations: According to BrokerCheck records updated in October 2026, a claimant alleges that while associated with National Securities Corporation, Cohen made unsuitable investment recommendations, executed unauthorized trades, and engaged in excessive trading or churning. The dispute remains pending.

12. Nagib Massoud (CRD #6784059) (Riverside, CA)

  • Current Firm: PFS Investments Inc.
  • Disclosure: Pending Customer Complaint (Filed September 2026)
  • Alleged Damages: $209,000
  • Summary of Allegations: According to BrokerCheck, a customer alleges that Massoud borrowed money from the customer and breached the repayment agreement, raising compliance concerns under FINRA Rule 3240 (Borrowing From or Lending to Customers). The complaint is pending.

13. Ernesto Chavez (CRD #4315877) (Pasadena / Los Angeles, CA)

  • Former Firm Named in Disclosure: Western International Securities, Inc.
  • Disclosure: Pending FINRA Arbitration, Docket No. 26-01586 (Filed July 17, 2026)
  • Alleged Damages: $180,000
  • Summary of Allegations: According to BrokerCheck, a retired couple alleges negligence, breach of fiduciary duty, and negligent supervision in connection with recommendations to purchase GWG L Bonds, preferred stock, and Spring Hills Holdings, LLC private placement interests. The arbitration remains pending.

14. Matthew Patrick “Matt” Brennan (CRD #4658620) (Reston, VA) & Eric Heiting (CRD #3052881) (Madison, WI)

  • Matt Brennan (Former Broker with The Strategic Financial Alliance, Inc.; currently IAR with Covenant Wealth Advisors): Named in a pending October 2026 BrokerCheck complaint seeking between $150,000 and $500,000 in alleged damages, asserting breach of fiduciary duty, failure to supervise, negligence, fraudulent concealment, and material misrepresentations.
  • Eric Heiting (Former Broker with NYLife Securities; currently IAR with Central Wealth Management and PMMSF Partners): Named in a pending September 2026 BrokerCheck complaint seeking $146,619.05 in alleged damages over private placement investments, alleging breach of fiduciary duty, negligent misrepresentations, and deceptive trade practices.

15. Keith Dagostino (CRD #2837860) (Melville, NY) & Tim Daniel Clairmont (CRD #2847591) (Lake Oswego, OR)

  • Keith Dagostino (Aegis Capital Corp. / D. Boral Capital): Following a FINRA AWC in which Dagostino consented to findings that he willfully violated Reg BI’s Care Obligation (Case No. 2022075471001), BrokerCheck reflects a newly settled customer arbitration on October 26, 2026 for $140,000 (FINRA Docket No. 25-02340), adding to prior settlements of $70,000 (Feb. 2026, Docket 25-00076), $150,000 (Dec. 2025, Docket 25-00283), and $496,500 (June 2025, Docket 24-01807).
  • Tim Clairmont (Former Representative of Lion Street Financial and Woodbury Financial Services; currently with Cetera Wealth Services): Named in a pending September 2026 customer complaint seeking $100,000 in alleged damages over an allegedly unsuitable and misrepresented investment at Lion Street Financial, alongside a pending May 2026 arbitration (Docket No. 26-00915) involving TriLinc Global Impact Funds.

Part II: Recent FINRA Enforcement Bars, Suspensions, and Investigations Involving $100K+ Customer Issues

16. William Nicholas Pugh (CRD #4855771) (Los Angeles, CA)

  • Former Firm: Columbia Capital Securities, Inc.
  • Action & Docket: FINRA AWC No. 2024083338701 (Reported in FINRA’s October 2026 Disciplinary Actions)
  • Sanction: 10-month suspension in all capacities (August 11, 2026 through June 10, 2027) and a $10,000 fine
  • Rules Cited: FINRA Rule 3280 (Private Securities Transactions) and FINRA Rule 2010
  • Summary of Findings: Without admitting or denying the findings, Pugh consented to findings that he participated in private securities transactions without providing prior written notice to his member firm. According to FINRA, Pugh held a 3% ownership stake in the general partner of a private equity fund and helped solicit and facilitate the sale of $8,000,000 in promissory notes to 18 accredited investors, nearly all of whom were customers of Columbia Capital Securities.

17. Joseph Frank Lauzon (CRD #2773510) (Clovis / Fresno, CA)

  • Former Firm: LPL Financial LLC (CRD #6413)
  • Action & Disclosures: Permanent FINRA Bar (Case No. 2025087697101, reported in FINRA’s October 2026 Disciplinary Actions) & Three 2026 Settled Customer Misappropriation Complaints
  • Total 2026 Settlements: $485,500 across three complaints ($250,000 settled March 10, 2026; $165,000 settled February 5, 2026; and $70,500 settled February 5, 2026)
  • Summary of Record: After LPL Financial resolved three 2026 customer complaints alleging misappropriation and unauthorized disbursements from client accounts for 100% of the alleged damages ($485,500 total), FINRA automatically barred Lauzon under FINRA Rule 9552 when he failed to respond to requests for information and did not seek termination of his suspension.

18. Raymond Trey Brown (CRD #6170291) (Frisco, TX)

  • Former Firm: Northwestern Mutual Investment Services, LLC
  • Action & Disclosures: Permanent FINRA Bar (AWC under FINRA Rule 8210) & Eight Customer Disputes ($324,463.57 in Settled Claims + Pending July 2026 Dispute)
  • Summary of Record: Following his resignation from Northwestern Mutual amid an internal review into his variable universal life (VUL) insurance sales practices, FINRA permanently barred Brown for refusing to appear for on-the-record testimony under FINRA Rule 8210. His BrokerCheck report reflects eight customer disputes alleging misrepresented and unsuitable VUL policies sold between 2022 and 2024, six of which have settled for a combined $324,463.57.

19. Michael Montalvo (CRD #4549103) (Orlando, FL)

  • Former Firm: Raymond James & Associates, Inc.
  • Action & Disclosures: Permanent FINRA Bar (Rule 9552) & Pending $189,500 Customer Loan Dispute (plus a $32,169.04 Settled Loan Dispute)
  • Summary of Record: Raymond James discharged Montalvo in June 2025 over allegations of borrowing money from clients in violation of firm policy. BrokerCheck reflects a pending customer dispute seeking $189,500 over an alleged undisclosed, unpaid client loan (alongside a second client loan complaint that settled for $32,169.04), and FINRA permanently barred Montalvo after he failed to respond to regulatory requests.

20. Paul Ivan Fishman (CRD #2299643) (Fresh Meadows, NY) & Robert Borea (CRD #7236153) (Shelton, CT)

  • Paul Ivan Fishman (Former Broker with Edward Jones, CRD #250): On November 9, 2026, FINRA issued an AWC (Case No. 2026089250701) permanently barring Fishman in all capacities under Rules 8210 and 2010 after he refused to produce documents and information in an investigation into his potential misuse of customer signatures following his termination from Edward Jones.
  • Robert Borea (Former Broker with Money Concepts Capital Corp.; currently IAR with Stone Wall Money Management LLC): In a regulatory disclosure filed on BrokerCheck in November 2026, FINRA notified Borea of a preliminary determination to recommend disciplinary action alleging that he violated industry rules including FINRA Rule 2020 by making intentional misrepresentations and omissions of material fact to a customer and providing false and misleading documents regarding the existence and value of an annuity in the customer’s account.

Frequently Asked Questions

What should I do if my financial advisor appears on a FINRA disciplinary or complaint roundup?

First, pull your monthly account statements, trade confirmations, and any emails or text messages regarding the investments in your portfolio. Even if your advisor was fired or barred by FINRA, the brokerage firm that employed them can generally be held financially responsible in FINRA arbitration under FINRA Rule 3110 if it failed to reasonably supervise your accounts.

Does a FINRA suspension or bar automatically return lost money to customers?

No. When FINRA bars a broker under Rule 8210 or suspends an advisor for selling away under Rule 3280, that sanction removes the broker from the industry but rarely includes full restitution for harmed clients. To recover your investment losses, you must file a private Statement of Claim in FINRA arbitration before the six-year eligibility cutoff under FINRA Rule 12206 expires.

Can investors aged 70 or older qualify for faster FINRA arbitration timelines?

Yes. Under FINRA Rule 12808, which took effect on March 30, 2026, any claimant who is at least 70 years old or who certifies a serious health condition qualifies for mandatory accelerated processing throughout the arbitration proceeding.

Speak With a FINRA Arbitration Attorney at Sonn Law Group

If you suffered investment losses of $100,000 or more due to unsuitable investment recommendations, private placement or REIT overconcentration, unauthorized trading, or a broker’s unapproved selling-away scheme, our legal team can help you evaluate whether you have a viable recovery claim.

Sonn Law Group represents individual and institutional investors nationwide in FINRA arbitration and securities litigation on a contingency-fee basis, meaning you pay no legal fees unless we recover money for you. Contact our office today for a free, confidential consultation.