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Articles Posted in securities fraud

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FINRA Bars Former PFS Investments Broker Malcolm Babin From the Industry

The Financial Industry Regulatory Authority (FINRA) barred (FINRA AWC No. 20150454876-01) former PFS Investments, Inc. (PFS Investments) broker Malcolm Babin (Babin) after the broker failed to respond to a letter from the regulator requesting information. While BrokerCheck records kept by FINRA do not disclose the nature of the regulatory inquiry,…

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FINRA Bars Former Stifel, Nicolaus Broker Kenneth Hornyak Over Short Term Trading

The Financial Industry Regulatory Authority (FINRA) sanctioned and barred broker Kenneth Hornyak (Hornyak) (Case No. 2013038511901) alleging that the broker failed to respond the regulator’s requests for documents and information. FINRA’s investigation appeared to focus on claims that Hornyak engaged in potential discretionary trading, unauthorized trading, and unsuitable short-term trading…

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Customers Files Churning Complaints Against Patrick Teutonico

According to the BrokerCheck records kept by Financial Industry Regulatory Authority (FINRA) broker Patrick Teutonico (Teutonico) has been the subject of at least nine customer complaints and one regulatory action over the course of his career. Customers have filed complaints against Persaud alleging a litany of securities law violations including…

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Broker Spotlight: Claims Against Former AXA Advisors Broker Dennis Lee

According to the BrokerCheck records kept by Financial Industry Regulatory Authority (FINRA) broker Dennis Lee (Lee) has been the subject of one customer complaint, four financial disclosures, and one employment separation. The customer complaint against Lee alleges that the broker made unsuitable investments, transferred funds to a new account without…

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FINRA Bars Merrill Lynch Broker Kai Cheng Over Unauthorized Trading Investigation

The Financial Industry Regulatory Authority (FINRA) barred (Case No. 201303930510) broker Kai Cheng (Cheng) concerning the broker’s failure to respond to requests for information concerning the regulators investigation into claims that Cheng engaged in conduct including entering into personal financial transactions with a customer, using a personal email address to…

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Customers File Complaints Against National Securities Corporation Broker Leonard McAbee

According to the BrokerCheck records kept by Financial Industry Regulatory Authority (FINRA) broker Leonard McAbee (McAbee) has been the subject of at least three customer complaints, one regulatory action, one judgment and/or lien, and one employment separation. The customer complaints against McAbee allege a number of securities law violations including…

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Broker Investigation: Customer Complaints Against RBC Capital Broker David Peirce

According to the BrokerCheck records kept by Financial Industry Regulatory Authority (FINRA) broker David Peirce (Peirce) has been the subject of at least four customer complaints. The customer complaints against Peirce allege a number of securities law violations including that the broker made unsuitable investments, churning (excessive trading), among other…

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Gana LLP Investigation: Complaints Against Coastal Equities Broker Douglas Bevers

According to the BrokerCheck records kept by Financial Industry Regulatory Authority (FINRA) broker Douglas Bevers (Bevers) has been the subject of at least five customer complaints, two regulatory actions, and one employment separation. The customer complaints against Bevers allege a number of securities law violations including that the broker made…

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Broker Investigation: Churning Claims Against Mark Kaplan

According to the BrokerCheck records kept by Financial Industry Regulatory Authority (FINRA) broker Mark Kaplan (Kaplan) has been the subject of at least four customer complaints and one termination. The customer complaints against Kaplan allege a number of securities law violations including that the broker made unsuitable investments, churning (excessive…

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FINRA Suspends Broker David Ledoux Over Failure to Disclose Certain Liens

According to the BrokerCheck records kept by Financial Industry Regulatory Authority (FINRA) broker David Ledoux (Ledoux) was recently fined and suspended by the regulator for failing to disclose certain liens on his registration. FINRA alleged that between May 1, 2006 and June 20, 2014, LeDoux failed to timely update his…

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