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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Mehdi El sayed mohamad (El sayed mohamad), previously associated with J.P. Morgan Securities LLC, has at least one disclosable event. These events include one tax lien, alleging that El sayed mohamad recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on August 27, 2024.

Without admitting or denying the findings, El Sayed Mohamad consented to the sanction and to the entry of findings that he refused to produce information and documents requested by FINRA in connection with its investigations of allegations made by his member firm on a Form U5. The findings stated that El Sayed Mohamad was discharged by his firm for making unauthorized charges to a customer’s affiliate bank credit card for his personal use.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Richard Davalos (Davalos), previously associated with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has at least one disclosable event. These events include one tax lien, alleging that Davalos recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on August 28, 2024.

Without admitting or denying the findings, Davalos consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony requested during FINRA’s review of the amended Form U5 filed by his previous member firm. The findings stated that the firm filed an amended Form U5 stating that it had initiated an internal investigation of Davalos related to his personal automobile loan application and outside business activity.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Jason Bostian (Bostian), previously associated with Wells Fargo Clearing Services, LLC, has at least one disclosable event. These events include one tax lien, alleging that Bostian recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on August 28, 2024.

Respondent Bostian failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Nicklas Volbi (Volbi), currently associated with Morgan Stanley & Co. LLC, has at least one disclosable event. These events include one tax lien, alleging that Volbi recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on August 29, 2024.

The Panel of the Chicago Mercantile Exchange (“CME”) Business Conduct Committee (the “Panel”) found that on multiple occasions, the representative placed buy and sell orders in various futures contracts that matched opposite each other for accounts owned by his employer in violation of CME Rule 534. The Panel found that the representative entered the opposing orders to transfer positions between firm accounts he should have known shared common beneficial ownership and that the representative reasonably should have known that the execution of the orders would achieve a wash result.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker James Hecker (Hecker), previously associated with Park Avenue Securities LLC, has at least one disclosable event. These events include one customer complaint, alleging that Hecker recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint on August 29, 2024.

Client alleges the RR made certain representations about the death benefit rider on a variable annuity purchased by the client, that turned out to be incorrect.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Sandeep Madhavan (Madhavan), currently associated with Ameriprise Financial Services, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Madhavan recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $9,291.85  on August 30, 2024.

The client alleged the advisor sold out of  her managed fund account prior to authorization

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Alan Felenchak (Felenchak), currently associated with Citizens Securities, Inc., has at least one disclosable event. These events include one customer complaint, alleging that Felenchak recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint on August 28, 2024.

The client alleges that the Financial Advisor did not disclose critical information regarding the investments choices within the indexed annuity and how the performance would be impacted by market performance. Client notes that had all relevant information been provided on how the investment choices worked that they would not have chosen this investment

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Perry Santillo (Santillo), previously associated with Questar Capital Corporation, has at least one disclosable event. These events include one tax lien, alleging that Santillo recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on August 28, 2024.

The Securities and Exchange Commission (‘Commission’) deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted against Perry Santillo (‘Respondent’ or ‘Santillo’). In anticipation of the institution of these proceedings, Respondent has submitted an Offer of Settlement (the ‘Offer’) which the Commission has determined to accept. The commission finds that it’s complaint alleged that, from at least 2011 to 2017, Santillo participated in a fraudulent Ponzi scheme that defrauded hundreds of investors. Santillo and another individual bought or took over books of business of retiring investment professionals from around the country. Then Santillo or others persuaded these newly acquired clients to withdraw their savings from traditional investments and invest their savings in issuers controlled by Santillo or his associates. Although these issuers purported to conduct legitimate business, their operations were apparently limited or non-existent. Santillo offered and sold securities in these issuers to a number of investors and also provided investment advice to those same investors and to potential investors. Santillo told investors that their funds would be invested in the issuers, but instead, among other things, Santillo, along with others involved in the scheme, enriched himself by misappropriating investor funds. On October 2, 2019, Respondent pled guilty to one count of conspiracy to commit mail fraud in violation of Title 18 United States Code Sections 1349, one count of mail fraud in violation of Title 18 United States Code Section 1341, and one count of conspiracy to launder money in violation of Title 18 United States Code Section 1956(h) before the United States District Court for the Western District of New York, in United States v. Perry Santillo et al., 6:19-CR6135. On January 28, 2022, a judgment in the criminal case was entered against Santillo. He was sentenced to a prison term of 210 months followed by three years of supervised release and ordered to make restitution in the amount of $102,952,582.77, of which $18,683,251 was jointly and severally owed with one co-defendant, and an unidentified amount was jointly and severally owed with a second co-defendant.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Eric Fenn (Fenn), currently associated with Raymond James Financial Services, Inc., has at least one disclosable event. These events include one customer complaint, alleging that Fenn recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $11,088.35  on August 28, 2024.

Claimant alleges margin loan initiated in 2009 was not authorized. Claim was denied.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Robert Hesse (Hesse), previously associated with Edward Jones, has at least one disclosable event. These events include one customer complaint, alleging that Hesse recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $7,201.70  on August 28, 2024.

The client purchased a zero-coupon Leander Texas School Distribution Bond on 10/27/2016 and the bond was called in full on 8/15/2024. The client alleges she was unaware the bond had a feature that would permit the bond to be called prior to maturity and she anticipated receiving $30,000.00 to assist her grandchildren with further education.

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