Did you suffer investment losses due to recommendations by Wedbush Securities Inc. broker Raymond Chow (CRD# 2860124)? Sonn Law Group is currently reviewing disclosures and customer complaints involving Mr. Chow, who has been registered with Wedbush Securities Inc. in Elk Grove, California, since 2008. Investors who experienced losses may have legal recourse through FINRA arbitration. [...]
Borrowing money from a customer is one of the most tightly restricted activities in the securities industry, given the conflicts and supervisory risks it creates. A recent enforcement action by the Financial Industry Regulatory Authority (FINRA) involving broker Eduardo Leon (CRD #2232647) highlights how seriously regulators view undisclosed financial relationships between brokers and their clients. [...]
Recent regulatory and customer dispute developments involving Patrick Alexander Moriarty (CRD #4764378) have raised concerns about client authorization, supervision and internal compliance controls at major brokerage firms. Moriarty, a former registered broker previously associated with UBS Financial Services Inc. and Citigroup Global Markets, is no longer registered in the securities industry. The issues arose from [...]
The Financial Industry Regulatory Authority (FINRA) has sanctioned former LPL Financial broker Kyle Ray Critcher (CRD #7351555) after finding he negligently misrepresented the nature of investments he recommended to senior customers. According to FINRA, Critcher falsely described corporate bonds as FDIC-insured certificates of deposit (CDs), a misstatement that materially altered the risk profile of the [...]
Key Takeaways You can sue a stockbroker, but only when losses are tied to misconduct such as negligence, breach of fiduciary duty, fraud, unauthorized trading or unsuitable recommendations — not ordinary market declines. Common broker misconduct claims include misrepresentation, failure to follow instructions, excessive or unauthorized trading, and recommendations that do not align with an [...]
Early redemptions of Unit Investment Trusts can significantly increase investor costs, particularly when proceeds are rolled into new products that carry additional sales charges. A recent Financial Industry Regulatory Authority (FINRA) enforcement action against Carter, Terry & Company, Inc. (CRD #16365) focuses on whether the firm’s supervisory systems were equipped to identify and address those [...]
The Financial Industry Regulatory Authority (FINRA) has taken disciplinary action against David J. Taddeo (CRD #1163829), a former broker associated with LPL Financial. According to FINRA, the action resolves allegations that Taddeo participated in undisclosed private securities transactions involving firm customers and later settled related complaints outside the firm without disclosure. FINRA alleges the conduct [...]
Former Fort Lauderdale, Florida financial advisor Shomari Hearn (CRD# (https://www.google.com/url?q=https://adviserinfo.sec.gov/individual/summary/5026079&sa=D&source=editors&ust=1766341195965711&usg=AOvVaw1SXQzKi7ZQIlWzuhgUeBVR)5026079 (https://www.google.com/url?q=https://adviserinfo.sec.gov/individual/summary/5026079&sa=D&source=editors&ust=1766341195965863&usg=AOvVaw2_ENIkevB5VwKbj36djd0r)) was recently terminated from his former member firm in connection with alleged rule violations. Securities and Exchange Commission records show that Shomari Hearn is not currently registered with any investment advisory or broker-dealer firm. Mr. Hearn’s Investment Adviser Public Disclosure form discloses his termination [...]
The Financial Industry Regulatory Authority (FINRA) has issued a Letter of Acceptance, Waiver and Consent (AWC) against Keith M. Dagostino (CRD #2837860), resolving allegations that he made unsuitable investment recommendations to retired and senior investors in violation of Regulation Best Interest (Reg BI). According to FINRA, the alleged misconduct occurred between July 2020 and June [...]
The Financial Industry Regulatory Authority (FINRA) has filed a new disciplinary complaint against Spartan Capital Securities, LLC and several members of its supervisory leadership — Kim M. Monchik (CRD #2528972), Frederick Joseph Cammarano III (CRD #2277307), James Pecoraro (CRD #2440231), John Stapleton (CRD #2791194) and Michael Darvish (CRD #3243141) — alleging systemic failures to supervise [...]
