Churning (Excessive Trading)

Broker Andrew Galy in Cambridge Investment Research, Inc. Firm Has Customer Complaint

April 7, 2025 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Andrew Galy (Galy), previously associated with Cambridge Investment Research, Inc., has been subject to at least one disclosable event. These events include one customer complaint. Several of those complaints against Galy 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 August 14, 2024.

Statement of Claim alleges an investment recommendation was made for the purpose of generating high commissions and fees and that claimants were deprived of the ability to generate reasonable returns that would have been received in a diversified portfolio.

There are Recent Customer Complaints with Broker Alexander Kline in Firm Cambridge Investment Research, Inc.

April 6, 2025 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Alexander Kline (Kline), currently associated with Cambridge Investment Research, Inc., has been subject to at least 3 disclosable events. These events include 3 customer complaints. Several of those complaints against Kline 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 August 14, 2024.

Statement of Claim alleges an investment recommendation was made for the purpose of generating high commissions and fees and that Claimants were deprived of the ability to generate reasonable returns that would have been received in a diversified portfolio.

Broker John Lee in LPL Financial LLC Firm Has Customer Complaint

March 26, 2025 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker John Lee (Lee), currently associated with LPL Financial LLC, has been subject to at least one disclosable event. These events include one customer complaint. Several of those complaints against Lee 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 February 27, 2025.

Statement of Claim alleges an investment recommendation was made for the purpose of generating high commissions and fees and that Claimants were deprived of the ability to generate reasonable returns that would have been received in a diversified portfolio.

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 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 regulatory. 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.