Securities Lawyer

Broker David Sosa in Cetera Investment Services LLC Firm Has Customer Complaint

February 5, 2025 | by Staff Attorney

The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that Broker David Sosa (Sosa), currently employed by Cetera Investment Services LLC has been subject to at least one disclosable event. These events include one customer complaint. According to records kept by The Financial Industry Regulatory Authority (FINRA), Sosa’s most recent customer complaint alleges that Sosa recommended unsuitable investments in structured products and makes allegations concerning misconduct relating to the handling of the customer’s accounts.

FINRA BrokerCheck shows a pending customer complaint on December 02, 2024.

Client states he did not authorize the purchase of structures products

There are Recent Customer Complaints with Broker Mark Martin in Firm Integrity Alliance, Llc.

February 5, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Mark Martin (Martin), currently associated with Integrity Alliance, Llc., has at least one disclosable event. These events include one customer complaint, alleging that Martin 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 $5,000.00 on November 26, 2024.

Insurance agent sold client [redacted] a fixed annuity with colorado banker life. Colorado bankers life became insolvent. Agent is named in civil litigation filed by the client in the state of pennsylvania

There are Recent Customer Complaints with Broker James Peterson in Firm Raymond James Financial Services, Inc.

February 5, 2025 | by Staff Attorney

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

FINRA BrokerCheck shows a pending customer complaint on December 27, 2024.

Client alleged the advisor misappropriated funds and accepted forged documents to establish accounts. Allegation activity dates: 4/26/2010 – 12/24/24.

Broker Michael Tannery in Independent Financial Group, LLC Firm Has Customer Complaint

February 5, 2025 | by Staff Attorney

Currently financial advisor Michael Tannery (Tannery), currently employed by brokerage firm Independent Financial Group, LLC has been subject to at least one disclosable event. These events include one customer complaint. According to a BrokerCheck reports most of the recent customer complaints concern either corporate debt securities or alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements. The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $150,000.00 on January 03, 2025.

The statement of claim does not contain any specific information on which investments were not suitable, just that the complexities of the investments were not fully explained, and the risks were not disclosed in a fair and balanced manner (including their illiquidity, lack of transparency and the nature of a complex alternative investment such as a reit).

Broker Joseph Gibbons in Merrill Lynch, Pierce, Fenner & Smith Incorporated Firm Has Customer Complaint

February 5, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Joseph Gibbons (Gibbons), currently associated with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has at least one disclosable event. These events include one customer complaint, alleging that Gibbons recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint on November 13, 2024.

Customer alleges unsuitable investments from april 2011 to november 2024.

Truist Investment Advisor Kultar Bindra Has Structured Products Complaint

February 6, 2024 | by Staff Attorney

The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that financial advisor Kultar Bindra (Bindra), currently employed by Truist Investment Services, Inc. (Truist) has been subject to at least two customer complaints during the course of his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), Bindra’s customer complaint alleges that Bindra recommended unsuitable investments in structured products and makes allegations concerning the misrepresentation of the product among other allegations of misconduct relating to the handling of their accounts.

In August 2023 a customer complained that Bindra violated the securities laws by alleging that Bindra recommended an investment made on July 28, 2020 was misrepresented regarding the term and rate of return. The claim alleges damages and settled for $14,954.

Structured products are a class of derivative products that derive their performance from market linked data. A structured product generally references a source against which market risk is taken. The source can be a single security, a basket of securities such as a market index, commodities, interest rates, or a real estate loan portfolio. The variety of products that can be structured demonstrates the difficulty in formulating a single unified definition of a structured product.

Advisor Byron Treat Permanently Barred From Industry Over Sale of Church Bonds

January 22, 2024 | by Staff Attorney

The law offices of Gana Weinstein LLP are currently investigating claims that advisor Byron Treat (Treat) has been accused by a securities regulator of failing to supervise recommendations of certain illiquid investments. Treat was sanctioned by The Financial Industry Regulatory Authority (FINRA) concerning whether Treat reasonably supervised the sale of certain illiquid investment. According to records kept by The Financial Industry Regulatory Authority (FINRA), Treat was employed by Great Nation Investment Corporation (Great Nation) at the time of the activity. If you have been a victim of Treat’s alleged misconduct, our firm may be able to assist you in recovering funds.

In January 2021, FINRA brought a regulatory action and found that Treat consented to sanctions and findings that he failed to provide documents and information requested by FINRA in connection with an investigation into whether Treat reasonably supervised the sale of certain illiquid investments while at Great Nation.

In February 2021 Great Nation terminated Treat alleging that he failed to supervise the sale of certain church bonds and failed to provide information related to the investigation.

In May 2013, Treat consented to a fine of $5,000 for failing to establish, maintain, and enforce an adequate supervisory system regarding the offering of certain investments at Great Nation.

Securities Arbitration – The Basics: What you need to know.

February 23, 2023 | by Staff Attorney

Securities arbitration is a method of resolving disputes between investors and their brokers or brokerage firms, which is governed by the Financial Industry Regulatory Authority (FINRA). FINRA is a self-regulatory organization that oversees the securities industry and provides a forum for resolving disputes between investors and their brokers or brokerage firms.

Securities arbitration through FINRA is a legal process that allows investors to seek redress for claims arising out of their investment accounts, such as fraud, breach of fiduciary duty, unsuitable investment recommendations, selling away or other misconduct. Securities arbitration is generally faster and less expensive than going to court, and the decision of the arbitrator is final and binding on both parties. It is important for investors to understand their rights and legal options if they believe they have been the victim of misconduct by their broker or brokerage firm.

To initiate a securities arbitration through FINRA, an investor must file a Statement of Claim with FINRA, which sets forth the facts and legal basis for the claim. The Statement of Claim must be filed within six years from the occurrence or event giving rise to the claim. However, the occurrence or event that gives rise to a claim is usually considered the date of damages, or the date a reasonable investor knew or should have known about the claim. While brokerage firms usually argue it is the date of purchase, most arbitration panels disagree with that analysis.

Broker Jerry Tuma Has Customer Suitability Complaints

October 6, 2022 | by Staff Attorney

Advisor Jerry Tuma (Tuma), currently employed by brokerage firm Independent Financial Group, LLC (Independent Financial) has been subject to at least five disclosures and customer complaints. According to a BrokerCheck report the customer complaints concern investment advisory activity and one complaint involves alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements. The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products and have recovered in excess of $50 million in investor losses.

In January 2022 a customer complained that Tuma violated the securities laws by alleging that Tuma made investment recommendations that were not suitable and was not in line with stated objectives. The claim is currently pending and the investor seeks $200,000 in damages.

In January 2022 a customer complained that Tuma violated the securities laws by alleging that the client engaged CFS in an advisory relationship beginning in 12/2017. The client also alleged her account was not managed in accordance with her best interests, that certain management and product fees were excessive, and in inappropriate products given her risk profile. The claim is currently settled for $14,906 in damages.

First Allied Advisor Terry Anderson Terminated for Misconduct

August 30, 2022 | by Staff Attorney

The attorneys at Gana Weinstein LLP are investigating BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) that financial advisor Terry Morris Anderson (Anderson) was terminated by his employer and has been subject to at least six customer complaints during the course of his career. Mr. Anderson was most recently associated with First Allied Securities, Inc. (First Allied Securities). According to records kept by FINRA, Mr. Anderson’s customer complaints alleges Mr. Anderson recommended unsuitable investments in various investments. Unsuitable investment allegations involving oil & gas securities, private placements, and other alternative investments, among other allegations of misconduct relating to the handling of their accounts.

In March 2020, a customer complained that Mr. Anderson violated the securities laws by alleging that Mr. Anderson failed to invest the customer’s money. The claim settled in the amount of $8,000.

In September 2010, a customer complained that Mr. Anderson violated the securities laws by alleging that Mr. Anderson engaged in breach of fiduciary duty, and negligence, resulting in losses. The claim settled in the amount of $27,468.41.

In July 2010, a customer complained that Mr. Anderson violated the securities laws by alleging that Mr. Anderson engaged in negligence, breach of fiduciary duty, breach of contract, misrepresentation, and unsuitability. The claim settled in the amount of $626,661.98.

In April 2010, a customer complained that Mr. Anderson violated the securities laws by alleging that Mr. Anderson engaged in negligence, breach of fiduciary duty, misrepresentation, and unsuitability. The claim settled in the amount of $278,516.44.