RBC Capital Markets broker Paul R. Meyer (CRD #3062534) has agreed to a six-week suspension and a $5,000 fine after the Financial Industry Regulatory Authority (FINRA) alleged that he placed 334 unauthorized discretionary trades in customer accounts. The allegations were resolved through a Letter of Acceptance, Waiver and Consent (AWC), which states that the trades [...]
A new chapter has opened in the ongoing regulatory scrutiny of Spartan Capital Securities. On November 24, 2025, the Financial Industry Regulatory Authority (FINRA) filed Disciplinary Proceeding No. 2021069218305, naming the firm (CRD #146251), its Chief Executive Officer (CEO) John Lowry (CRD #4336146) and its Chief Administrative Officer (CAO) Kim Monchik (CRD #2528972). The complaint [...]
The Financial Industry Regulatory Authority (FINRA) has filed a disciplinary complaint against broker Gustave J. Schmidt (CRD #2709698). The complaint claims Schmidt steered customers into private placement investments marketed as pre-initial public offering (IPO) opportunities while withholding key details about his compensation, including arrangements that reportedly went beyond what investors were told. The complaint, filed [...]
Kirk J. Crossen (CRD #2742256), a former broker registered with Morgan Stanley and later Raymond James & Associates, is facing a Financial Industry Regulatory Authority (FINRA) disciplinary complaint filed in November 2025. The complaint alleges that Crossen borrowed $400,000 from an 84-year-old client suffering from the onset of dementia and then concealed the loans from [...]
Randall E. Duggan (CRD #5559097), a broker and investment adviser based in Bellingham, Washington, is under investigation by the Washington State Securities Division and faces several customer disputes tied to his investment recommendations. Duggan is currently registered with Moloney Securities Co., Inc. and Moloney Securities Asset Management LLC, where he has been affiliated since 2016. [...]
Former broker Brian Richard Marston (CRD #733083), previously registered with Woodbury Financial Services, Inc. in Parker, Colorado, is now facing multiple pending customer disputes alleging unsuitable investment recommendations and misrepresentations. Marston, who left Woodbury Financial in December 2023 and is no longer registered with any FINRA member firm, has six customer disputes on record, three [...]
Sean Sullivan issued the following statement about claims and charges issued against him by FINRA: Background and Factual Inaccuracies The Article purports to summarize a FINRA complaint (Case #2022075569401, filed September 23, 2025) alleging unauthorized trading in June 2022 and failure to disclose a felony charge on my Form U4. However, it sensationalizes unproven allegations, [...]
Regulatory actions and customer complaints continue to mount against Spartan Capital Securities, where chief administrative officer Kim Marie Monchik (CRD #2528972) is accused of failing to meet disclosure requirements and supervisory obligations. Over a career spanning more than 25 years, Monchik has accumulated seven disclosures on her record, including two regulatory proceedings (one pending and [...]
Michael F. Ginestro (CRD #2468911), a long-time Merrill Lynch broker based in Los Angeles, is under scrutiny after an investor filed a $2.4 million Financial Industry Regulatory Authority (FINRA) arbitration complaint in May 2025. The filing accuses Ginestro of unsuitable investment recommendations, misrepresentations and omissions tied to municipal bond strategies. Pending $2.4 Million Customer Complaint [...]
J.P. Morgan broker Richard M. Ciraco (CRD #825969) is once again under scrutiny, with a new $450,000 customer dispute adding to a career marked by past complaints. Currently registered with J.P. Morgan Securities, where he has worked since 2002, Ciraco now has three customer disputes on his record — one pending and two resolved — [...]
