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Former Ryan Beck and Oppenheimer Financial Advisor William Bucci Barred From the Financial Industry

The Financial Industry Regulatory Authority (FINRA) recently barred financial advisor William D. Bucci (Bucci) for allegedly accepting 19 personal loans totaling $635,000 from nine customers in violation of FINRA rules.  Bucci also allegedly willfully failed to amend his Form U4 to disclose material facts relating to two judgments that were…

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Former LPL Financial Broker Stephen Brown Accused of Selling Private Real Estate Investments

The Financial Industry Regulatory Authority (FINRA) recently barred broker Stephen Michael Brown (Brown) for failing to comply with FINRA’s requests for information concerning allegations that Brown engaged in the unlawful sale of securities.  Specifically, at least two customers had brought complaints against Brown alleging that Brown had solicited them to…

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Coker & Palmer Broker Sanctioned Over Allegations of Failure to Conduct Due Diligence on Private Placement Offering

The Financial Industry Regulatory Authority (FINRA) recently sanctioned broker Michael A. Barina (Barina) over allegations that Barina failed to conduct reasonable due diligence into the offering a private placement security.  In addition, FINRA alleged that the broker commingled certain funds. Barina first became registered with FINRA in 1999.  Barina was…

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Michael Blake Sanctioned Over Sales of Real Estate Securities

The Financial Industry Regulatory Authority (FINRA) recently sanctioned broker Michael James Blake (Blake) over allegations that Blake engaged in the unlawful sale of securities including, upon information and belief, securities linked to Longest Drive, LLC and Grace Communities, LLC.  According to FINRA, Blake participated in private securities transactions involving the…

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Broker James Tallant Suspended Over Allegations of Excessive Trading and Quantitative Unsuitable Investments

The Financial Industry Regulatory Authority (FINRA) suspended broker James Glenn Tallant (Tallant) for three months and fined him $15,000 including the disgorgement of $8,560.44 in commissions.  FINRA alleged that Tallant exercised discretionary trading authority without written authorization in four securities accounts in violation of NASD Conduct Rule 2510(b) and FINRA…

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Merrimac Corporate Securities, Inc.’s President and CEO Suspended Over Failure to Supervise Allegations

Stephen Douglas Pizzuti (Puttuti) and David Walton Matthews, Jr. (Matthews) were recently suspended for three months by the Financial Industry Regulatory Authority (FINRA) over allegations that Pizzuti failed to adequately inquire into Richard’s Pizzuti (Richard) and Daniel Voccia’s (Voccia) outside business activities and involvement in private securities transactions despite his…

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FINRA Arbitration Panel Awards BBVA Securities’ Investors $1.2 Million

The Financial Industry Regulatory Authority (FINRA) Arbitration Panel has awarded damages to investors in the amount of $1.2 million in compensatory damages and cost of fees associated with the arbitration. The alleged claim was asserted against BBVA Securities of Puerto Rico, Inc. (BBVA Securities) and employees of the brokerage firm. BBVA Securities is…

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What are Leveraged or Non-Traditional ETFs?

A leveraged Exchange Traded Fund (non-traditional or leveraged ETFs) is a security that employs debt, or leverage, in order to amplify the returns of an underlying stock position.  Leveraged ETFs are generally available for most security indexes such as the S&P 500 and Nasdaq 100.  A leveraged ETF with 300%…

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FINRA Files Regulatory Action Against Beverly Hills Broker Bambi Holzer

The Financial Industry Regulatory Authority (FINRA) filed a civil enforcement action on October 18, 2013 against Bambi Holzer, a formerly registered broker and investment advisor in Beverly Hills, California. FINRA alleged in its complaint that between February and March 2008, Holzer, then a broker at Wedbush Securities, Inc. in Los…

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Broker Sanctioned Over Unsuitable Sales of Private Placement Securities

All brokers and broker-dealers have an obligation to ensure that their investment or investment strategy recommendation is suitable for the customer.  All sales efforts must be reasonable and appropriate for the investor based upon the investor’s risk tolerance, investment objectives, age, financial circumstances, other investment holdings, experience, and other facts…

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