Securities Attorney

Centaurus Financial Broker Atul Makharia Has Several Suitability Complaints

February 6, 2019 | by Staff Attorney

According to BrokerCheck records financial advisor Atul Makharia (Makharia), currently employed by Centaurus Financial, Inc. (Centaurus Financial) has been subject to at least three customer complaints. According to records kept by The Financial Industry Regulatory Authority (FINRA), most of Makharia’s customer complaints allege that Makharia made unsuitable recommendations in a variety of investments including debt securities.

In November 2018 a customer brought a complaint against Makharia alleging the broker violated the securities laws by recommending unsuitable investments and several other allegations associated therewith causing $200,000 in damages. The claim is currently pending.

In October 2018 a customer brought a complaint against Makharia alleging the broker violated the securities laws by recommending unsuitable investments causing $333,000 in damages. The claim is currently pending.

Ghazaleh Ebrahimi Subject to Investment Complaints

February 6, 2019 | by Staff Attorney

Advisor Ghazaleh Ebrahimi (Ebrahimi), currently employed by Stifel, Nicolaus & Company, Incorporated (Stifel, Nicolaus) has been subject to at least four customer complaints. According to a BrokerCheck report some of the customer complaints concern alternative investments and direct participation products (DPPs) such as non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and equipment leasing programs. The attorneys at Gana Weinstein LLP have extensive experience handling investor losses caused by these types of products.

In November 2018 a customer filed a complaint alleging that Ebrahimi violated the securities laws by violation of standards of reasonable basis suitability, just and equitable principles of trade, fraud, misleading statements, misleading omissions of material information; breach of fiduciary duty; negligent misrepresentation; negligence; breach of contract and warranty; third party beneficiary breach of contract; breach of the covenant of good faith and fair dealing; elder abuse; and aiding and abetting financial elder abuse. The customer alleged $1.3 million in damages and the claim is currently pending.

In June 2018 a customer filed a complaint alleging that Ebrahimi violated the securities laws by violation of breach of fiduciary duty; negligence; breach of contract; common law fraud and deceit; and violations of FINRA rules The customer alleged $1.3 million in damages and the claim is currently pending.

Capitol Securities Broker Ian Greenblatt Sanctioned By Regulator Over Customer Disputes

February 4, 2019 | by Staff Attorney

According to BrokerCheck records financial advisor Ian Greenblatt (Greenblatt), currently employed by Capitol Securities Management, Inc. (Capitol Securities) has been subject to at least four customer complaints and one regulatory action. According to records kept by The Financial Industry Regulatory Authority (FINRA), most of Greenblatt’s customer complaints allege that Aziz made unsuitable recommendations in a variety of investments.

In September 2018 FINRA brought a regulatory action against Greenblatt where he consented to sanctions and findings that he settled a customer complaint away from his member firm. FINRA found that customers became dissatisfied with the performance of their brokerage account since their account had declined in value by over $170,000. FINRA found that after one of these customers complained verbally to Greenblatt about the losses they incurred Greenblatt did not report customer’s complaint to the firm and instead met with customers at their home to discuss their complaint. At that meeting, FINRA determined that Greenblatt wrote a personal check for $46,000 to the customers’ son in settlement of customers’ complaint.

Advisor Gregory Williams Subject to Multiple Suitability Complaints

January 22, 2019 | by Staff Attorney

According to BrokerCheck records financial advisor Gregory Williams (Williams), currently employed by Presidential Brokerage, Inc. (Presidential Brokerage) has been subject to four customer complaints. According to records kept by The Financial Industry Regulatory Authority (FINRA), most of Williams’ customer complaints allege that Williams made unsuitable recommendations in a variety of investments.

In June 2018 a customer complained that Williams violated the securities laws by engaging in unsuitable investments and making misrepresentations. The customer alleges $151,337 in damages. The claim is currently pending.

In June 2018 a customer complained that Williams violated the securities laws by engaging in unsuitable investments, making misrepresentations, making unauthorized transfers, fraud, and breach of fiduciary duty from May 2012 through March 2018. The customer alleges $1,200,000 in damages. The claim is currently pending.

Kovack Securities Advisor Barbara Ralston Subject to Investor Complaints

January 4, 2019 | by Staff Attorney

According to BrokerCheck records financial advisor Barbara Ralston (Ralston), currently employed by Kovack Securities Inc. (Kovack Securities) has been subject to at least eight customer complaints and one bankruptcy discharge during her career. According to records kept by The Financial Industry Regulatory Authority (FINRA), the complaints against Ralston concern allegations of unsuitable investments.

In October 2018 a customer complained that Ralston recommended investments that violated the securities laws from 2008 through 2016 by making unsuitable investments and failed to supervise the sale of securities in their accounts. The complaint is currently pending.

In April 2010 Ralston declared bankruptcy.

Advisor Charles Bloom Barred by Regulator Over Unsuitable Trading

December 4, 2018 | by Staff Attorney

According to BrokerCheck records former financial advisor Charles Bloom (Bloom), formerly employed by Chelsea Financial Services (Chelsea Financial) has been subject to at least two customer complaints. In addition, Bloom has been subject to three regulatory actions, one employment termination for cause, and two financial disclosures including a bankruptcy filing. According to records kept by The Financial Industry Regulatory Authority (FINRA), many of the complaints against Bloom concern allegations of unsuitable investments.

In July 2018 Bloom consented to a FINRA sanction and findings that he refused to appear for testimony in connection with an investigation into allegations that Bloom engaged in an unsuitable pattern of trading in at least three customer accounts. Bloom accepted a bar from the securities industry.

In November 2017 a customer filed a complaint alleging that Bloom engaged in unsuitable recommendations and made misrepresentation with regard to a REIT purchase. The customer alleged $99,326 and the claim is currently pending.

Amerprise Financial Advisor James Kujawski Has Customer Complaints and Regulatory Action

November 27, 2018 | by Staff Attorney

According to BrokerCheck records former financial advisor James Kujawski (Kujawski), currently employed by Ameriprise Financial Services, Inc. (Ameriprise Financial) has been subject to at least seven customer complaints, one employment termination for cause, and one regulatory action. According to records kept by The Financial Industry Regulatory Authority (FINRA), many of the complaints against Kujawski concern allegations of unsuitable investments and material misrepresentations concerning investments being recommended.

In February 2018 Kujawski was terminated by UBS Financial Services, Inc. (UBS) after the firm claimed that Kujawski’s continued failure to disclose some of his outside business activities/outside business investments was in violation of firm policies.

Thereafter, in August 2018 FINRA brought a regulatory action against Kujawski which Kujawski consented to the findings that he engaged in a private securities transaction by facilitating the repurchase of a call option between two individuals, neither of whom were customers at his member firm. FINRA found that Kujawski’s participation included the repurchase of the option by introducing a commercial lender to participate in the transaction, attending meetings with the parties, reviewing draft sale contracts and providing comments, and accepting $73,444.90 in compensation for his participation. Kujawski was suspended for four months and agreed to pay financial penalties.

Advisor Jason McBride Has Customer Complaints Over REIT Investments

November 13, 2018 | by Staff Attorney

Presidential Brokerage, Inc. (Presidential Brokerage) advisor Jason McBride (McBride) has been subject to at least five customer complaints. According to a BrokerCheck report many of the customer complaints concern alternative investments and direct participation products (DPPs) such as non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and equipment leasing programs. The attorneys at Gana Weinstein LLP have extensive experience handling investor losses caused by these types of products.

In May 2018 a client alleged that McBride made unsuitable investments, breached his fiduciary duty, was negligent, and made misrepresentations in the purchase of two REITs and a limited partnership between February 2006 and august 2008. The complaint claims $251,317 in damages and is currently pending.

Our firm often handles cases involving direct participation products, Non-Traded REITs, oil and gas offerings, equipment leasing products, and other alternative investments. These products are almost always unsuitable for investors. In addition, the brokers who sell them are paid additional commission in order to hype inferior quality investments which provides a perverse incentives by brokers to create an artificial market for products that no honest advisor would sell.

Ameriprise Advisor Eric Stuckey Subject to Multiple Complaints Over Unsuitable Investments

November 9, 2018 | by Staff Attorney

According to BrokerCheck records financial advisor Eric Stuckey (Stuckey), currently employed by Ameriprise Financial Services, Inc. (Ameriprise) has been subject to five customer complaints and two liens. According to records kept by The Financial Industry Regulatory Authority (FINRA), most of a Stuckey’s customer complaints allege that Stuckey made unsuitable recommendations in different investments including variable annuities and energy stocks.

In May 2018 a customer alleged the broker recommended unsuitable investments, misrepresented features of the investments and failed to disclose risks in the investments causing $220,000 in damages. The claim is currently pending.

In January 2018 a customer alleged that the broker placed them in high risk funds which are not suitable causing $79,000 in damages. The claim was settled for $25,000.

Hilltop Securities Advisor Walter Valenzuela Subject to Multiple Customer Complaints

October 10, 2018 | by Staff Attorney

According to BrokerCheck records financial advisor Walter Valenzuela (Valenzuela), currently employed by Hilltop Securities Inc. (Hilltop Securities) has been subject to at least seven customer complaint. According to records kept by The Financial Industry Regulatory Authority (FINRA), many of the complaints against Valenzuela concern excessive trading of unit investment trust (UITs) securities.

In July 2018 a customer complained that Valenzuela engaged in unsuitable recommendations, misrepresentation, and excessive trading involving UITs causing $3 million in damages. The claim is currently pending.

In August 2017 a customer complained of unsuitable recommendations, unsuitable use of margin, churning, financial exploitation, elder abuse and excessive mark-up/mark-down with respect to municipal bond and UIT trades executed in the account. The complaint also alleged that the representative failed to obtain proper breakpoint discounts for UIT purchases. The customer alleges $9.5 million in damages and the claim is currently pending