Churning (Excessive Trading)

Broker Jordan Meadow in Spartan Capital Securities, LLC Firm Has Customer Complaint

March 25, 2025 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Jordan Meadow (Meadow), previously associated with Spartan Capital Securities, LLC, has been subject to at least one disclosable event. These events include one tax lien. Several of those complaints against Meadow concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a final customer complaint on March 10, 2025.

Without admitting or denying the findings, Meadow consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony requested by FINRA in connection with an investigation into potential excessive trading at his member firm.

Broker Shadi Barakat in Alexander Capital, L.p. Firm Has Customer Complaint

March 22, 2025 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Shadi Barakat (Barakat), previously associated with Alexander Capital, L.p., has been subject to at least one disclosable event. These events include one tax lien. Several of those complaints against Barakat concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a pending customer complaint on September 09, 2024.

Barakat was named a respondent in a FINRA complaint alleging that he failed to provide on-the-record testimony requested by FINRA as a part of its investigation into whether he engaged in churning and excessive trading in his customers’ accounts. The complaint alleges that Barakat’s refusal to appear for testimony impeded FINRA’s investigation into his potential misconduct.

There are Recent Customer Complaints with Broker Richard Mireles in Firm Independent Financial Group, LLC

March 20, 2025 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Richard Mireles (Mireles), currently associated with Independent Financial Group, LLC, has been subject to at least one disclosable event. These events include one tax lien. Several of those complaints against Mireles concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a final customer complaint on September 13, 2024.

Without admitting or denying the findings, Mireles consented to the sanctions and to the entry of findings that he failed to reasonably respond to red flags, which were escalated to him, of excessive trading by a registered representative who excessively traded customers’ accounts. The findings stated that Mireles supervised his member firm’s lower-level supervisors who reviewed certain of the firm’s trade alerts and blotters, including a ‘high-principal solicited trade’ alert. Numerous trades placed by the registered representative in all of the affected customers’ accounts repeatedly appeared on that alert, which was based on a ruleset whose parameters were designed to flag solicited trades with a high principal amount. The lower-level designated supervisors reviewing trade alerts developed concerns that the registered representative was excessively trading customers’ accounts and brought these concerns to Mireles’s attention. Mireles, however, directed the supervisor to perform only trade-by-trade assessments to review for compliance with Reg BI and suitability, and not to review the series of trades that the registered representative was placing within an account for potential excessive trading. The registered representative excessively traded the customers’ accounts, causing a level of trading inconsistent with the customers’ investment profiles and that was not in their best interest or was not suitable. Collectively, these customers paid more than $2.2 million in total trading costs and incurred realized losses totaling approximately $2.2 million.

There are Recent Customer Complaints with Broker Jose Candelario padilla in Firm Nationwide Planning Associates Inc.

March 18, 2025 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Jose Candelario padilla (Candelario padilla), previously associated with Nationwide Planning Associates Inc., has been subject to at least 17 disclosable events. These events include 16 customer complaints, one tax lien. Several of those complaints against Candelario padilla concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a pending customer complaint on September 23, 2024.

Plaintiff Office of the Commissioner of Financial Institutions (‘OCFI’) alleges that this matter concerns violations by registered representative and investment advisor representative (‘IAR’) Jos\\u00e9 Manuel Candelario Padilla (‘Candelario’) of securities rules that caused serious harm to multiple clients. Most of the accounts were IRA or pension plan accounts of clients over 60 years old, at or near retirement, with annual income below $50,000.00, net worth and liquid net worth between $100,000.00 and $500,000.00, and monthly withdrawal instructions in place, which was indicative of a need to draw monthly retirement income from investments. The OCFI’s complaint alleged that, during the period from October 1, 2019 to November 30, 2022, Candelario violated Sections 101(2) and 101(3) of Puerto Rico Uniform Securities Law and Sections 25.1, 25.3.2, 25.3.3, 25.3.4, 25.3.5, 25.3.7, 25.3.9, 25.4.10 and 25.6.6 of Regulation No. 6078 thereunder by, among other things, making untrue statements and omission of material facts in connection with the offer, sale and purchase of securities; engaging in acts, practices, or course of business which operated as a fraud or deceit upon his clients; making unsuitable investment recommendations to his customers; churning customers’ accounts; engaging in switching of unit investment trusts and mutual funds; unauthorized trades; and the conversion of accounts from brokerage to advisory accounts. In the advisory accounts, Candelario also engaged in the deceptive practices of making unsuitable recommendations, non-compliance with fiduciary duty and guaranteeing accounts of clients against losses in any securities at the investment adviser.

Broker Jeffrey Wright in Garden State Securities, Inc. Firm Has Customer Complaint

March 16, 2025 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Jeffrey Wright (Wright), currently associated with Garden State Securities, Inc., has been subject to at least one disclosable event. These events include one customer complaint. Several of those complaints against Wright concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $36,000.00 on September 27, 2024.

Churning, unauthorized trading. Period May 2024 – August 2024.

Broker Bryan Moskowitz in Nylife Securities LLC Firm Has Customer Complaint

February 27, 2025 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Bryan Moskowitz (Moskowitz), previously associated with Nylife Securities LLC, has been subject to at least one disclosable event. These events include one tax lien. Several of those complaints against Moskowitz concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a final customer complaint on November 11, 2024.

Without admitting or denying the findings, Moskowitz consented to the sanctions and to the entry of findings that he excessively and unsuitably traded a customer account. The findings stated that Moskowitz recommended high frequency in-and-out trading to the customer, a veterinarian in his mid-60s, even when the price of his recommended securities did not materially change. The customer relied on Moskowitz’ advice and routinely followed his recommendations, and as a result, Moskowitz exercised de facto control over the account. Moskowitz’ recommendations resulted in an annualized turnover rate of 18 and an annualized cost-to-equity ratio of approximately 93 percent. Moskowitz’ in-and-out trading in the customer’s account generated total trading costs of $16,902, including $13,145 in commissions, and caused $81,614 in total realized losses.

Broker Robert Moon in Rockefeller Financial LLC Firm Has Customer Complaint

February 20, 2025 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Robert Moon (Moon), currently associated with Rockefeller Financial LLC, has been subject to at least one disclosable event. These events include one customer complaint. Several of those complaints against Moon concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $4,490,000.00 on December 20, 2024.

Client alleges misappropriation of funds, unauthorized trades, and excessive trading.

Broker John Mickelson in Creativeone Securities, LLC Firm Has Customer Complaint

February 14, 2025 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker John Mickelson (Mickelson), currently associated with Creativeone Securities, LLC, has been subject to at least one disclosable event. These events include one customer complaint. Several of those complaints against Mickelson concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a pending customer complaint on January 21, 2025.

The Statement of Claim alleges RR recommended speculative alternative investments. Claimants allege RR recommended these investments for the purpose of generating high commissions and fees.

There are Recent Customer Complaints with Broker Justin Deiter in Firm Spartan Capital Securities, LLC

February 12, 2025 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Justin Deiter (Deiter), previously associated with Spartan Capital Securities, LLC, has been subject to at least one disclosable event. These events include one tax lien. Several of those complaints against Deiter concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a final customer complaint on February 06, 2025.

Without admitting or denying the findings, Deiter consented to the sanction and to the entry of findings that he willfully violated Reg BI by recommending to two retail customers a series of trades that were excessive and not in the best interest of the customers, one of whom was an 89-year-old retiree. The findings stated that Deiter’s trading resulted in high turnover rates and cost-to-equity ratios that exceeded the traditional guideposts of six and 20 percent. Deiter’s recommended transactions in the first customer’s account generated $19,792 in commissions and caused $25,291 in realized losses. The trading in the elderly customer’s account generated $28,264 in commissions and caused $33,363 in realized losses.

Broker James Hart in Raymond James & Associates, Inc. Firm Has Customer Complaint

February 6, 2025 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker James Hart (Hart), currently associated with Raymond James & Associates, Inc., has been subject to at least one disclosable event. These events include one customer complaint. Several of those complaints against Hart concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a pending customer complaint on June 13, 2024.

Client’s guardian alleges client’s account is not being managed in the best interests of an elderly client and or is being charged excessive fees.