Reg BI

There are Recent Customer Complaints with Broker Stephen Sperling in Firm Wintrust Investments LLC

April 1, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Stephen Sperling (Sperling), previously associated with Wintrust Investments LLC, has at least 3 disclosable events. These events include 3 customer complaints, alleging that Sperling recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $22,739.76 on September 10, 2024.

Client alleges she was sold a five-year fixed annuity that did not meet her liquidity needs and overconcentrated her assets in annuities.

There are Recent Customer Complaints with Broker Christopher Michalman in Firm LPL Financial LLC

April 1, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Christopher Michalman (Michalman), previously associated with LPL Financial LLC, has at least one disclosable event. These events include one customer complaint, alleging that Michalman 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 $50,000.00 on August 30, 2024.

Claimant alleges the RR recommended an unsuitable Oil & Gas investment

There are Recent Customer Complaints with Broker Ralph Trigg in Firm Nylife Securities Inc.

April 1, 2025 | by Staff Attorney

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

FINRA BrokerCheck shows a final customer complaint on September 16, 2024.

The Securities and Exchange Commission (“Commission”) deems it appropriate and in the public interest that public administrative and cease-and-desist proceedings be, and hereby are, instituted against Ralph M. Trigg (“Trigg” or “Respondent”). In anticipation of the institution of these proceedings, Respondent has submitted an Offer of Settlement which the Commission has determined to accept. The commission finds that from at least November 2016 through May 2018, Trigg acted as an unregistered broker for Black Hawk Funding, Inc. (“Black Hawk”) and one of its affiliated entities. Trigg solicited investors through his network of contacts, advised them on the merits of investing in various Black Hawk funds, discussed with investors the amount of their investments, and facilitated the purchase of the securities involved by ensuring that certain investors executed participation agreements to purchase the securities. Similarly, Trigg also solicited investors to purchase securities on behalf of a separate entity affiliated with Black Hawk and facilitated those transactions. For his fundraising and broker services, Black Hawk and the affiliated entity paid Trigg transaction-based commissions that totaled at least $211,000. As a result of his conduct, Trigg willfully violated Section 15(a) of the Exchange Act.

Broker Thomas Hamlin in Somerset Securities, Inc. Firm Has Customer Complaint

April 1, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Thomas Hamlin (Hamlin), currently associated with Somerset Securities, Inc., has at least one disclosable event. These events include one customer complaint, alleging that Hamlin 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 $101,000.00 on September 11, 2024.

In December 2022, [REDACTED] (“the Claimant”), had agreed to invest $100,000 in a 10% Senior Unsecured Note in iCap Fund III (“iCap”) under advice from Somerset Securities Inc. The securities were sold under the exemption of Regulation D of the Securities Act of 1933. On September 29, 2023, iCap Equity, LLC, along with twenty-five affiliated entities, filed Chapter 11 bankruptcy in the Eastern District of Washington, which caused loss of funds for investors in this entity. The Claimant claims improper advice to invest in unsuitable securities and filed for FINRA arbitration seeking compensation for damages incurred.

Broker Matthew Forlano in Morgan Stanley Smith Barney Firm Has Customer Complaint

April 1, 2025 | by Staff Attorney

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

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

The Securities and Exchange Commission (‘Commission’) deems it appropriate that cease-and-desist proceedings be, and hereby are, instituted against Matthew P. Forlano (‘Forlano’ or ‘Respondent’). In anticipation of the institution of these proceedings, Respondent has submitted an Offer of Settlement which the Commission has determined to accept. The commission finds that this proceeding concerns insider trading by Forlano in the securities of Maxar Technologies, Inc. (‘Maxar’) based on material nonpublic information provided to him by his nephew, Stephen A. Forlano Jr. (‘Forlano Jr.’). Forlano Jr. had received the material nonpublic information from his friend Anthony Viggiano (‘Viggiano’) who was employed at a global investment bank (the ‘Investment Bank’). Viggiano, in connection with his employment at the Investment Bank, was notified about a potential acquisition of Maxar by at least November 15, 2022. That same day, Viggiano tipped Forlano Jr. about the acquisition. Forlano Jr., in turn, tipped Forlano. Between December 2 and December 15, 2022, Forlano purchased Maxar securities in his brokerage account and tipped a close friend (the ‘Friend’) who also purchased Maxar securities. On December 16, 2022, a press release announced that Maxar had agreed to be acquired in an all-cash transaction valued at approximately $6.4 billion (the ‘Maxar Deal’) and Maxar’s stock price increased nearly 125%. As a result of their purchases of Maxar securities, Forlano profited by more than $8,000 and the Friend generated a profit of over $10,000. Forlano’s conduct violated Section 10(b) of the Exchange Act and Rule10b-5 thereunder.

Broker Peter Decaprio in Thomas Weisel Partners LLC Firm Has Customer Complaint

April 1, 2025 | by Staff Attorney

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

FINRA BrokerCheck shows a final customer complaint on August 30, 2024.

The Securities and Exchange Commission (‘Commission’) deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted against Peter J. DeCaprio (‘DeCaprio’ or ‘Respondent’). In anticipation of the institution of these proceedings, Respondent has submitted an Offer of Settlement which the Commission has determined to accept. The Commissions finds that it’s complaint alleged that during the period from about July 2020 through late 2023, FlowPoint and DeCaprio misrepresented to investors that the Funds were audited annually by an independent auditor. While FlowPoint and DeCaprio engaged an auditor to audit two of the four Funds, that auditor did not produce any audit reports, and none of the Funds were audited. FlowPoint and DeCaprio did not correct their ongoing misstatements to investors despite knowing that the Funds were not actually audited by the auditor they had engaged. FlowPoint and DeCaprio breached their fiduciary duty to two of the Funds they advised by failing to obtain annual audits for those two Funds, as those Funds’ organizational documents (a limited partnership agreement and limited liability company agreement) required. FlowPoint and DeCaprio were investment advisers to the Funds. By failing to operate those Funds as they were required to be operated, they failed in their duty as investment advisers to those Funds and operated a fraud on the Funds and their investors. They also defrauded investors in the Funds by making material misstatements about audits of the Funds and the identify of their auditor to investors. The Commission’s complaint also alleged that between July 2020 until September 2023 FlowPoint failed to maintain or enforce written policies and procedures regarding the misuse of material nonpublic information and that DeCaprio aided and abetted this violation.

Broker Daniel Madasz in Multi-financial Securities Corporation Firm Has Customer Complaint

April 1, 2025 | by Staff Attorney

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

FINRA BrokerCheck shows a final customer complaint on October 02, 2024.

The Securities and Exchange Commission (‘Commission’) deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted against Daniel Stephen Madasz (‘Respondent’ or ‘Madasz’). In anticipation of the institution of these proceedings, Respondent has submitted an Offer of Settlement (the ‘Offer’) which the Commission has determined to accept. On the basis of this Order and Respondent’s Offer, the Commission finds that: On December 2, 2020, Madasz pleaded guilty to two counts of securities fraud and one count of acting as an unregistered investment adviser representative and, on February 19, 2021, he was sentenced to twelve months in prison and two years supervised release, and he was ordered to pay $550,000 in restitution. State of Kansas v. Daniel Stephen Madasz, Case No. 2019-CR-2440, December 2, 2020, Tenth Judicial District, District Court of Johnson County, Kansas. Facts presented to the Court at the plea hearing, which were also contained in a Statement of Facts contained in the State’s Response to Defendant’s Motion for Downward Departure and Sentencing Memorandum (‘Sentencing Memorandum’) asserted that during September and October 2014, Madasz transacted business as an investment adviser representative in Kansas without being registered as such in Kansas, as required by Kansas law. The Sentencing Memorandum contained additional facts alleging that while Madasz acted as an investment adviser representative, he recommended that two advisory clients, who resided in Kansas, purchase securities issued by Skytec Security Services LLC (‘Skytec’), an Arizona company which installed security systems, but Madasz did not inform them that Skytec had hired him to find investors for it. One client invested in a two-year $200,000, 10%, promissory note issued by Skytec, and the second investor invested in a $350,000 subscription agreement with Skytec. The Sentencing Memorandum also asserted that Madasz failed to disclose amounts Skytec owed to other investors. According to the Sentencing Memorandum, owners of Skytec embezzled the entire amount invested by the two clients. The Sentencing Memorandum asserted that the clients’ investments were securities and that Madasz’s omissions were material and therefore constituted fraud.

There are Recent Customer Complaints with Broker Lavern Bills in Firm Nylife Securities LLC

April 1, 2025 | by Staff Attorney

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

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

Customer alleges the Variable Annuity policy he purchased in January 2021 was not clearly understood including the limitation to withdraw funds.

There are Recent Customer Complaints with Broker Briggs Matsko in Firm Osaic Wealth, Inc.

April 1, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Briggs Matsko (Matsko), currently associated with Osaic Wealth, Inc., has at least one disclosable event. These events include one customer complaint, alleging that Matsko 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 $50,000.00 on August 30, 2024.

Claimant alleges their representative recommended an unsuitable oil and gas program

Broker Travis Wolfe in Ausdal Financial Partners, Inc. Firm Has Customer Complaint

March 31, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Travis Wolfe (Wolfe), currently associated with Ausdal Financial Partners, Inc., has at least one disclosable event. These events include one customer complaint, alleging that Wolfe 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 $400,000.00 on November 19, 2024.

Customer alleges Violation of Federal Securities laws; Violation of IL consmer fraud and deceptive business practices act; Violation of IL securities laws; Breach of contract; Common law fraud; Breach of fiduciary duty; Negligence and Gross negligence.