The Financial Industry Regulatory Authority (FINRA) entered into an agreement whereby the regulatory fined National Securities Corporation (NSC) while alleging that in 2013, NSC acted as the exclusive placement agent for two private placements of its parent company, National Holdings Corporation (National Holdings). The FINRA rules require that offerings of…
The Financial Industry Regulatory Authority (FINRA) sanctioned broker Daniel Grieco (Grieco) concerning allegations that Grieco made recommendations of non-traditional exchange-traded funds (Non-Traditional ETFs) to various customers without having reasonable grounds to believe his recommendations were suitable. Non-Traditional ETFs are behave drastically different and have different risk qualities from traditional ETFs.…
According the BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) the agency suspended former Global Arena Capital Corp (Global Arena) broker Niaz Elmazi a/k/a Nick Morrisey (Morrisey) concerning allegations that Morrisey failed to respond to FINRA’s requests for information. Morrisey has a history of regulatory complaints and also…
According to InvestmentNews, the widow of Roy M. Speer, co-founder of the Home Shopping Network, has filed a complaint with The Financial Industry Regulatory Authority (FINRA) against Morgan Stanley Wealth Management along with an adviser Ami Forte (Forte) and branch manager Terry McCoy (McCoy) for $400 million. Morgan Stanley acknowledged…
The Financial Industry Regulatory Authority (FINRA) barred broker Aaron Parthemer (Parthemer) concerning allegations that Parthemer engaged in private securities transactions – also known as “selling away.” FINRA alleged that from June 2009, through March 2013, Parthemer engaged in several undisclosed outside business activities, loaned nearly $400,000 to three firm customers…
The law offices of Gana Weinstein LLP are currently investigating investors who have suffered losses in in now bankrupt oil and gas company, BPZ Resources, Inc. (BPZ Resources) (Stock Symbols: BPZRQ and BPZ) BPZ Resources is an independent oil and gas exploration and production company with license contracts covering approximately…
The Financial Industry Regulatory Authority (FINRA) fined and suspended broker John Miller (Miller) concerning allegations between October 2010, and January 2014, Miller executed discretionary transactions in approximately 90 accounts of customers under a verbal authorization but without prior written authorization from those customers or approval of his brokerage firm City…
The Financial Industry Regulatory Authority (FINRA) sanctioned three firms, H. Beck, Inc. (H. Beck), LaSalle St. Securities, LLC (LaSalle), and J.P. Turner & Company, LLC (JP Turner) – with fines of $425,000, $175,000 and $100,000, respectively concerning inadequate supervision of consolidated reports provided to customers. As a background, a consolidated…
The Financial Industry Regulatory Authority (FINRA) fined and suspended broker Douglas Dannhardt (Dannhardt) concerning allegations that between January 2010, and December 2011 Dannhardt engaged in several different violations of the industry’s rules including: 1( excessive and unsuitable trading in three IRA accounts (also known as churning); 2) improperly exercising discretion…
The Financial Industry Regulatory Authority (FINRA) recently sanctioned and barred broker Paul Godlewski (Godlewski) concerning allegations Godlewski refused cooperate with requests made by FINRA in connection with an investigation into possible outside business activities. Such activities may, under certain circumstances also involve investment transactions referred to as “selling away” in…