Securities Attorney

Advisor Clifton Roberts Discharged Over Undisclosed Business Activity – Investment Attorneys

September 25, 2018 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) former advisor Clifton Roberts (Roberts), formerly associated with LPL Financial LLC (LPL Financial) in Houston, Texas was terminated for cause by LPL Financial in April 2018 after the firm made allegations that Roberts violated of firm policy regarding outside business activities (OBAs).

At this time it is unclear the nature or scope of the alleged OBAs that Roberts was involved in. According to Roberts’ public diclsoures the broker was part of number of OBAs including IDLife, Ursus Wealth Management – a d/b/a entity for his LPL Financial business, Ursus and Company – a real estate management and construction company which Roberts claims is not investment related. In addition, an unnamed business for insurance is listed. It is unknown whether LPL’s claims relate to any of these entities.

Wells Fargo Settles Advisor Peter Malis’ Dispute for $1,100,000

September 12, 2018 | by Staff Attorney

The investment fraud attorneys at Gana Weinstein LLP are currently investigating Wells Fargo Clearing Services, LLC (Wells Fargo) broker Peter Malis (Malis). According to BrokerCheck Records kept by the Financial Industry Regulatory Authority (FINRA). According to BrokerCheck Records, Malis has been subject to five customer disputes, the majority concerning unsuitable investments in mutual funds, municipal bonds, and limited partnerships.

Most recently, in December 2017, a customer alleged that from February 2006 to December 2016, Malis placed the customer in unsuitable investments and executed trades in the account without the customer’s consent.

In September 2016, a customer alleged that from March 2002 to January 2016, Malis placed the customer in unsuitable investments and engaged in unauthorized trades and churning of the account. The case was settled at $1,100,000.

In May 1995, a customer alleged that Malis placed the customer in unsuitable mutual funds and limited partnerships. The case was settled at $12,500.

Paul Dangelo Subject to Customer Complaint Alleging Unsuitable Puerto Rico Bond Investments

July 31, 2018 | by Staff Attorney

The securities attorneys at Gana Weinstein LLP are currently investigating previously registered broker Paul Dangelo (Dangelo). According to BrokerCheck Records, Dangelo has been subject to six customer disputes, the majority concerning unauthorized trades and unsuitable investment recommendations in Puerto Rico bonds. In addition, Dangelo has been subject to termination from two firms of employment.

In January 2017, a customer alleged that from March 2005 to January 2017, Dangelo placed the customer in high-risk, uninsured Puerto Rico bonds that were unsuitable for the customer’s investment needs and objectives considering the customers old age of 70 years old and retiree status.

In addition, in September 2016, a customer alleged that from March 2005 to February 2015, Dangelo placed the customer in unsuitable bonds that did not match the customer’s objectives of safe, passive income investments.

FS Energy & Power Fund Investment Loss Options

July 8, 2018 | by Staff Attorney

The securities lawyers of Gana Weinstein LLP are investigating investor losses in FS Energy & Power Fund a business development company (BDC). According to the firm’s website, FS Energy is designed to provide income and growth. It invests primarily in the debt and, to a lesser extent, equity securities of private U.S. energy and power companies.

Because FS Energy in non-traded product there are no market pricing for the value of the securities. Secondary market sources for BDCs are currently pricing the BDC at $5.12 per share based on a tender offer. This is a far drop from the sale price of $10 per share when the BDC issued shares to investors.

Our firm often handles cases involving direct participation products (DPPs), private placements, Non-Traded REITs, and other alternative investments. These products are almost always unsuitable for middle class investors. In addition, the brokers who sell them are paid additional commission in order to hype inferior quality investments providing perverse incentives for brokers to sell high risk and low reward investments.

Mark Chamberlain Subject to Multiple Customer Complaints

June 15, 2018 | by Staff Attorney

The securities attorneys at Gana Weinstein LLP are investigating claims against First Allied Securities, Inc. (First Allied) broker Mark Chamberlain (Chamberlain). According to BrokerCheck records, Chamberlain has been subject to seven customer complaints and one regulatory action. The majority of the complaints concern alternative investments and annuities.

Most recently, in May 2015, a customer alleged that Chamberlain engaged in unsuitable investments requesting $29,700 in damages.

In May 2012, a customer alleged that from October 2009 to May 2011, Chamberlain engaged in breach of fiduciary duty, constructive fraud, and unauthorized transactions. This dispute settled for $13,000.

Gana LLP Investigates LJM Preservation and Growth Fund

February 9, 2018 | by Staff Attorney

Gana Weinstein LLP is investigating the LJM Preservation and Growth Fund (Ticker Symbols LJMAZ, LJMCX, LIMIX). The LJM Funds relied extensively on a strategy that is designed to profit from calm markets. The LJM Preservation and Growth Funds collapsed and lost more than 80% of its value as a result of last week’s market volatility. The combonation of LJMAZ, LJMCX and LIMIX at one point collectively held over $800 million in assets CNC reached out to Chicago-based LJM Partners, Inc. – the funds managers, and no comment was made.

According to its annual report to shareholders, LJM explained that it options “to deliver solid returns while maintaining risk parameters.” LJM also suggested that it used techniques to mitigate losses in extreme market conditions. The fund was designed to take advantage of the spread between realized and implied volatility. According to CNBC, “LJM Preservation and Growth Fund had been run by Anthony Caine, a veteran of the 1990s technology boom who later founded LJM, and Anish Parvataneni, a former trader for well-known investor Ken Griffin’s Citadel.”

According to reports, LJM was infused with almost $400 million in new capital in 2017 alone.

Washington Post says Gana LLP “will fight tooth and Nail” for Its Clients.

January 29, 2018 | by Staff Attorney

Gana Weinstein LLP represented 19 Claimants in a FINRA arbitration against Anthony Diaz. A panel of arbitrators awarded the Claimants over $4 million. The case was picked up by major publications including the Washington Post and InvestmentNews. Adam Gana, managing partner of Gana Weinstein LLP said his clients “gave their life savings to [Diaz], and he was just a predator who was looking out for his own best interest and not the best interest at my clients.” Gana said he will go after Diaz’s assets and earnings in an attempt to recover the judgment. “We will fight tooth and nail to get these people their money,” he said. “This is not money that our clients can afford to lose.”

Gana Weinstein LLP is a full service law firm that specialized in Securities Arbitration. The firm tenaciously defends investors and aggressively pursues brokerage firms for misconduct.

Berthel Fisher Broker Jonathan Pyne Subject to Customer Complaints Over Alternative Investments

January 8, 2018 | by Staff Attorney

Current Berthel, Fisher & Company Financial Services, Inc. (Berthel Fisher) broker Jonathan Pyne (Pyne) has been subject to five customer complaints. According to a BrokerCheck provided by The Financial Industry Regulatory Authority (FINRA), the primary regulator for securities broker dealers, many of the complaints concern alternative investments. Alternative investments include a group of speculative securities such as non-traded real estate investment trusts (Non-Traded REITs), oil & gas programs, equipment leasing, and other direct participation programs. Our firm has experience handling investor losses caused by these products.

In July 2017 a customer filed a complaint trying to redeem her investment and is alleging that she was misled by the representative into purchasing an investment that she didn’t know was illiquid. The claim is currently pending.

In September 2016 another customer filed a complaint alleging that the investments she purchased in 2008 and 2009 were unsuitable and misrepresented to her by the representative. The claim was settled for $48,175.

James Lowther Alleged to Have Recommended Unsuitable Oil & Gas Securities

January 5, 2018 | by Staff Attorney

According to BrokerCheck records financial advisor James Lowther (Lowther), employed by Merrill Lynch, Pierce, Fenner & Smith Incorporated (Merrill Lynch), has been subject to two customer complaints. According to records kept by The Financial Industry Regulatory Authority (FINRA) Lowther has been accused by a customers of unsuitable investment advice concerning various investment products including energy stocks that likely include master limited partnerships (MLPs). The law offices of Gana Weinstein LLP continue to report on investor related losses and potential legal remedies due to recommendations to investor in oil and gas and commodities related investments.

The most recent claim was filed in August 2017 and alleges unauthorized trading, unsuitable investment recommendations, and misrepresentation and omission of material facts from November 2010 to July 2017. The customer claimed $300,000 in damages and the claim is currently pending.

In July 2016 another customer alleged that Lowther engaged in unauthorized trading, unsuitable investment recommendations, failure to follow instructions, and misrepresentation and omission of material facts from January 2013 to July 2016. The customer claims $1,000,000 in damages and the claim is currently pending.

John Schneider Has Multiple Customer Complaints Over Investment Losses

December 27, 2017 | by Staff Attorney

According to BrokerCheck records financial advisor John Schneider (Schneider), formerly employed by PWA Securities, Inc. (PWA Securities), has been subject to five customer complaints and one regulatory action. According to records kept by The Financial Industry Regulatory Authority (FINRA), in August 2017 a customer filed a complaint alleging that Schneider made unsuitable recommendations, over-concentration of accounts, and failed to supervise. The claim is currently pending.

In June 2017 a customer claimed that after receiving a 50% return of principal on a real estate private placement investment the investment became worthless.

In July 2016 a customer alleged unauthorized trading, inadequate supervision, and unsuitable investments that took place from June of 2010 through May of 2016 causing $100,000 in damages. The claim was settled for $60,000.