Reg BI

Broker Michael Lickiss in Purshe Kaplan Sterling Investments Firm Has Customer Complaint

March 25, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Michael Lickiss (Lickiss), previously associated with Purshe Kaplan Sterling Investments, has at least 5 disclosable events. These events include 5 customer complaints, alleging that Lickiss recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $561,257.00 on March 04, 2025.

Breach of Fiduciary Duty From 2006 to 2023

Broker David Jerke in LPL Financial LLC Firm Has Customer Complaint

March 25, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker David Jerke (Jerke), previously associated with LPL Financial LLC, has at least one disclosable event. These events include one tax lien, alleging that Jerke recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on March 03, 2025.

Without admitting or denying the findings, Jerke consented to the sanction and to the entry of findings that he refused to provide documents and information as requested by FINRA in connection to its investigation of allegations made by his member firm on a Form U5 filling. The findings stated that Jerke was terminated from his firm because he had solicitated a loan from a customer without notice to and approval from his firm.

There are Recent Customer Complaints with Broker Richard Perlongo in Firm Spartan Capital Securities, LLC

March 25, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Richard Perlongo (Perlongo), currently associated with Spartan Capital Securities, LLC, has at least one disclosable event. These events include one tax lien, alleging that Perlongo recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

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

Without admitting or denying the findings, Perlongo consented to the sanctions and to the entry of findings that he excessively and unsuitably traded a customer’s account. The findings stated that the customer relied on Perlongo’s advice and routinely followed his recommendations and, as a result, Perlongo exercised de facto control over the account. Perlongo recommended frequent in-and-out trading even when the price of his recommended securities did not materially change. As a result of Perlongo’s recommendations, the customer paid $18,925 in commissions and suffered $70,107 in realized losses.

Broker Syauching Hung in Independent Financial Group, LLC Firm Has Customer Complaint

March 25, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Syauching Hung (Hung), currently associated with Independent Financial Group, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Hung recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint on March 04, 2025.

Claimant alleges they were sold an alternative investment that was unsuitable. Additionally, the claimant alleges the Representative misrepresented the investment as riskless and that it would provide guaranteed income.

There are Recent Customer Complaints with Broker Kevin Reed in Firm U.s. Bancorp Investments, Inc.

March 25, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Kevin Reed (Reed), previously associated with U.s. Bancorp Investments, Inc., has at least 2 disclosable events. These events include one customer complaint, one tax lien, alleging that Reed recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $135,000.00 on March 04, 2025.

Client alleges financial advisor did not fully explain the risks and tax impact associated with the investment recommendation

There are Recent Customer Complaints with Broker James Bowman in Firm Edward Jones

March 25, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker James Bowman (Bowman), previously associated with Edward Jones, has at least one disclosable event. These events include one tax lien, alleging that Bowman recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

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

Without admitting or denying the findings, Bowman 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 its investigation into whether he personally reimbursed his customers for losses and fees in their accounts.

Broker Todd Blessing in Cuso Financial Services, L.p. Firm Has Customer Complaint

March 25, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Todd Blessing (Blessing), currently associated with Cuso Financial Services, L.p., has at least one disclosable event. These events include one customer complaint, alleging that Blessing recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $70,000.00 on March 12, 2025.

Unsuitable recommendation

There are Recent Customer Complaints with Broker David Geake in Firm American Trust Investment Services, Inc.

March 25, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker David Geake (Geake), previously associated with American Trust Investment Services, Inc., has at least 27 disclosable events. These events include 25 customer complaints, 2 tax liens, alleging that Geake recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint on March 05, 2025.

Unsuitable recommendations of alternative investments.

There are Recent Customer Complaints with Broker Daniel Loy in Firm Independent Financial Group, LLC

March 25, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Daniel Loy (Loy), currently associated with Independent Financial Group, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Loy recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint on March 04, 2025.

Claimant alleges they were sold an alternative investment that was unsuitable. Additionally, the claimant alleges the Representative misrepresented the investment as riskless and that it would provide guaranteed income.

Broker Michael Molinaro in Network 1 Financial Securities Inc. Firm Has Customer Complaint

March 25, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Michael Molinaro (Molinaro), currently associated with Network 1 Financial Securities Inc., has at least 2 disclosable events. These events include 2 tax liens, alleging that Molinaro recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on March 04, 2025.

Without admitting or denying the findings, the firm and Molinaro consented to the sanction and to the entry of findings that they developed and implemented an AML compliance program (AMLCP) that was not reasonably designed to achieve compliance with the requirements of the Bank Secrecy Act (BSA) and its implementing regulations. The findings stated that the firm’s Customer Identification Program (CIP) was not reasonably designed to verify the identity of foreign customers opening accounts at the firm who did not appear in person at the firm or to reasonably verify the identity of many customers who opened accounts to invest in initial public offerings (IPOs) for small-cap issuers. In addition, the firm and Molinaro did not establish and implement policies and procedures that could be reasonably expected to detect and cause the reporting of suspicious transactions concerning the firm’s investment banking business. As a result of these deficiencies, the firm did not detect or reasonably investigate AML red flags across multiple areas of its investment banking business. Molinaro was designated as the firm’s AMLCO and was responsible for all aspects of its AML program. Despite having knowledge of the AML red flags, Molinaro never conducted an AML investigation concerning any of this activity.