Suitability

Steven Crawford Subject to Multiple Complaints Alleging Unsuitable Alternative Investments

September 24, 2018 | by Staff Attorney

The securities attorneys at Gana Weinstein LLP are currently investigating Kestra Investment Services, LLC (Kestra Investment) broker Steven Crawford (Crawford). According to BrokerCheck, Crawford has been subject to four customer disputes, one of which is still pending. The majority of these disputes concern the unsuitable recommendation of alternative investments, including Variable Universal Life polices (VULs), variable annuities, and Real Estate Investment Trusts (REITs).

Most recently, in April 2018, Crawford was subject to a customer complaint in which a customer alleged that in 2001, Crawford misrepresented a VUL contract by failing to disclose the fact that the premium payment was not fixed – and could substantially or materially change over time. In 2016, the premium rose and policy lapsed – resulting in customer losses. The customer has requested $622,903.05 in damages. This dispute is currently still pending,

In August 2017, a customer alleged that from June 2016 to August 2017, Crawford recommended the Allianz Index Advantage Variable Annuity to the customer which was unsuitable to the customer’s investment objectives.

In June 2011, a customer alleged that from August 2007 to March 2008, Crawford recommended an REIT investment that was an unsuitable investment to the customer. The customer had requested $9,500 in damages.

In addition, Crawford has been subject to bankruptcy. Bankruptcy is a potential sign that financial advisors are struggling with their finances. The Financial Industry Regulative Authority (FINRA) makes this information public so that investors can have a better sense of their brokers.

Broker Michael Morrissett Subject to $2,300,000 Unsuitable Hedge Fund Dispute

August 22, 2018 | by Staff Attorney

The securities attorneys at Gana Weinstein LLP are currently investigating Wells Fargo Clearing Services, LLC (Wells Fargo) broker Michael Morrissett (Morrissett). According to BrokerCheck Records kept by the Financial Industry Regulative Authority, Morrissett has been subject to 4 disputes, one of which is still pending. The majority of these concern unsuitable alternative investments.

Most recently, in April 2018, a customer alleged that from 2013 to 2015, Morrissett misrepresented two hedge funds by providing misleading information to the customer about the suitability of the funds, when in fact the hedge funds were unsuitable to the customer’s investment objectives. The customer has requested $2,300,000 in damages. This dispute is currently still pending.

in January 2014, a customer alleged that in 2000, Morrissett placed the customer into an unsuitable investment strategy that made the customer suffer vast losses in the global financial crisis. The case settled for $85,000.

Broker Miguel Murillo Subject to Pending Complaint Alleging Unsuitable Investments

July 31, 2018 | by Staff Attorney

The securities attorneys at Gana Weinstein LLP are currently investigating Joseph Stone Capital L.L.C. (Joseph Stone) broker Miguel Murillo (Murillo). According to BrokerCheck Records, Murillo has been subject to three customer disputes, one of which is still pending. In addition, Murillo has been sanctioned by the Financial Industry Regulatory Authority (FINRA) for being in violation of various securities laws.

In September 2017, a customer alleged that Murillo engaged in recommending unsuitable investments, executing unauthorized transactions, excessively trading the account, and security fraud. The customer has requested $800,000 in damages. This dispute is currently still pending.

In August 2008, a customer alleged that Murillo failed to follow customer instructions and engaged in unauthorized trading and false representation of the nature of the investments recommended. The case settled at $35,000.

Thomas O’Brien Subject to Customer Complaint Alleging over $5,000,000 in Damages

July 26, 2018 | by Staff Attorney

Securities attorneys at Gana Weinstein LLP have been investigating Raymond James & Associates, Inc. (Raymond James) broker Thomas O’Brien (O’Brien). According to BrokerCheck records, O’Brien has been subject to three customer disputes, one of which is still pending. The majority of these disputes involve the misrepresentation and unsuitable recommendation of annuities.

Most recently, in November 2017, customers alleged that from January 2001 to present, O’Brien engaged in fraudulent representation of investments, over-concentration of investments, and failure of the firm to properly supervise O’Brien’s activities. The customer is requesting $5,000,000 in damages. This dispute is still pending.

In September 2006, a customer alleged that O’Brien falsely represented an annuity purchase to the customer by failing to disclose crucial information that the investor can’t withdraw funds from his annuity investment. The customer requested $5,000 in damages.

Jeffrey Eglow Subject to Multiple Complaints Alleging Unsuitable Alternative Investments

July 23, 2018 | by Staff Attorney

Securities firm Gana Weinstein LLP is investigating Newbridge Securities Corporation (Newbridge Securities) broker Jeffrey Eglow (Eglow). According to BrokerCheck records, Eglow has been subject to 4 customer complaints and one criminal action. The majority of these disputes involve unsuitable, over-concentrated alternative investments.

In May 2017, a customer alleged that Eglow overcharged customers fees for trading which resulted in damages of $48,758. The customer’s request for damages was fully remedied by the court.

In July 2016, a customer alleged that Eglow placed over-concentrated investments in Unit Investment Trusts (UITs) and energy securities which was unsuitable to the customer and resulted in unrealized losses. In addition, Eglow leveraged Exchange-Traded Funds (ETF) in long positions also resulted in losses to the customer. The case was settled at $115,000.

Michael Hagan subject to Multiple Customer Disputes for Unsuitable Investment Recommendations

July 11, 2018 | by Staff Attorney

The securities attorneys at Gana Weinstein LLP are investigating claims against Voya Financial Advisors Inc. (Voya Financial) broker Michael Hagan (Hagan). According to BrokerCheck records, Michael has been subject to seven customer complaints. The majority of these complaints concern the misrepresentation and unsuitable recommendation of variable annuities, equity indexed annuities, and Variable Universal Life (VUL) insurances.

Most recently, in April 2017, a customer alleged that Hagan recommended unsuitable investment products for the customer and misrepresented the nature of the investments. The dispute was settled at $164,455.

In January 2010, a customer alleged that in February 2000, Hagan’s recommendation of John Hancock Variable Universal Life (VUL) insurance was unsuitable and should be reexamined.

Bruce Musselman Subject to Customer Complaints Alleging Unsuitable Investments

July 8, 2018 | by Staff Attorney

The securities attorneys at Gana Weinstein LLP are investigating claims against Fortune Financial Services, Inc. (Fortune Financial) broker Bruce Musselman (Musselman). According to BrokerCheck records, Musselman has been subject to nine customer complaints and one criminal regulatory action.

Most recently, in February 2013, customers alleged that Musselman recommended unsuitable investments, misrepresented securities, over-concentrated customer funds into aggressive investments, and excessively used margin. The dispute was settled at $14,900.

In August 2011, a customer alleged that from 2007 to 2009, Musselman recommended highly risky investments that were unsuitable and inappropriate to customer’s needs. The customer requested $80,000 in damages.

David Watkins Subject to Pending Customer Complaint Alleging $5,000,000 in Damages

June 30, 2018 | by Staff Attorney

Securities attorneys at Gana Weinstein LLP are investigating UBS Financial Services Inc. (UBS Financial) broker David Watkins (Watkins). According to BrokerCheck records, Watkins has been subject to two customer disputes, one of which is still pending. In addition, Watkins has been subject to two tax liens. The majority of these disputes concern unsuitable recommendations in bonds, stocks, and exchange-traded funds (ETFs).

In August 2017, a customer alleges that from May 2013 to October 2016, Watkins recommended for the customer to buy fixed-income securities and ETFs which were unsuitable to the customers investment needs. The customer has requested $5,000,000 in damages. This dispute is currently still pending.

In September 2015, a customer alleged that from January 2011 to August 2015, Watkins placed the customer in bonds that were unsuitable to the customer and not rated AA or higher as the customer had approved. The case settled for $60,000.

Thomas Curtis Subject to Unsuitable Investment Complaint Alleging Over $4,000,000 in Losses

June 28, 2018 | by Staff Attorney

Investment fraud attorneys at Gana Weinstein LLP have been investigating Dawson James Securities, Inc. (Dawson James Securities) broker Thomas Curtis (Curtis). According to BrokerCheck Records, Curtis has been subject to 6 customer disputes, one of which is still pending. The majority of these disputes involve unsuitable investment recommendations and the false representation of investments.

In August 2017, a customer alleged that Curtis misrepresented the nature of securities and provided unsuitable investment recommendations to the customer. The customer is requesting $4,952,610 in damages. This dispute is currently still pending.

In October 2015, a customer alleged that from October 2014 to September 2015, Curtis misrepresented the material facts of the investments recommended. The customer has requested $100,000 for damages.

Thomas Logue Subject to Multiple Pending Complaints for Unsuitable Investments

June 27, 2018 | by Staff Attorney

The investment attorneys at Gana Weinstein LLP have been investigating previously registered broker Thomas Logue (Logue). According to BrokerCheck Records, Logue has been subject to 5 customer complaints concerning misrepresentation and unsuitable investment recommendations, two of which are still pending. In addition, Logue has been subject to a financial regulation.

In February 2018, a customer alleged that Logue misrepresented the material facts about an investment and that this investment recommendation was unsuitable. The customer has requested $188,025.76 in damages. This dispute is currently still pending.

In December 2017, a customer alleged Logue made unsuitable transactions and is requesting them to be rescinded. The customer has requested $127,520.30 in damages. This dispute is currently still pending.