The securities lawyers of Gana Weinstein LLP recently filed a complaint on behalf of a client alleging that William Fox (Fox) and The Fox Alliance, registered with New England Securities (now MML Investors Services LLC) and First Allied Securities, Inc., (First Allied) and the firms failed to supervise Fox’s recommendations…
The law offices of Gana Weinstein LLP are investigating broker Douglas Hyer (Hyer), currently associated with First Allied Securities, Inc. (First Allied) out of Great Neck, New York. According to a BrokerCheck report, Hyer has been subject to at least four customer disputes and one termination for cause during his…
The securities attorneys at Gana Weinstein LLP are investigating claims against First Allied Securities, Inc. (First Allied) broker Mark Chamberlain (Chamberlain). According to BrokerCheck records, Chamberlain has been subject to seven customer complaints and one regulatory action. The majority of the complaints concern alternative investments and annuities. Most recently, in May 2015,…
On September 15, 2015 FINRA suspended former First Allied broker, Herbert Leonard Kaye, for four months and fined him $25,000 which includes the disgorgement of $11,000 in commissions. According to FINRA, Mr. Kaye entered over 2,000 discretionary trades in the account of a customer between June 2010 and April 2013 without…
On July 15, 2014, FINRA suspended Frank N. Dettenrieder, a former financial adviser with First Allied, for twelve days and fined him $5,000 for effectuating discretionary transactions in the accounts of six customers without obtaining prior written authorization from the customers and without having the accounts accepted as discretionary accounts…
This post continues our investigation into the recent bar of broker William (Bill) Tatro by the Financial Industry Regulatory Authority (FINRA) and his relationship with Mary Helen Caprice Mallett (Mallett), Tatro’s wife, colleague, and business partner. Mallett has also had a large number of customer complaints initiated against her. Mallett’s…
The Financial Industry Regulatory Authority (FINRA) recently barred broker William (Bill) Tatro, formerly registered with First Allied Securities, Inc. (First Allied), concerning allegations that he failed to respond to two requests for information by FINRA staff in connection with an investigation into whether he violated federal securities laws or FINRA…
Broker David Charles Kauffman (Kauffman) was recently barred by The Financial Industry Regulatory Authority (FINRA) over his failure to respond to FINRA’s investigation over allegations that he engaged in personal private securities transactions, used unapproved email addresses, and introduced clients to individuals associated with non-approved investment opportunities. Kauffman began his…
This article continues my in depth look into how unsuspecting investors are sold speculative private placements. While investors were told that Fisker Auto’s prospects were fantastic, nothing could have been further from the truth. In February 2012, the DOE loan had been frozen after $192 million had been given to…
In August, I wrote an article about how the brokerage firm Advanced Equities, Inc. (Advanced Equities) and First Allied Securities, Inc. (First Allied) sold nearly $1 billion in private placement offerings linked to clean technologies (clean-tech) to investors that have since become nearly worthless. Some of those investors have now…