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FINRA bans Broker Christopher Jorgensen

November 1, 2017 | by Staff Attorney

The investment lawyers of Gana Weinstein LLP are investigating regulatory action brought by the Financial Industry Regulatory Authority (FINRA) against Christopher Stephen Jorgensen (Jorgensen). Jorgensen allegedly refused to appear for on-the-record testimony requested by FINRA resulting in a ban from the securities industry.

In April 2017, Jorgensen was terminated from his position at Summit Brokerage Services after “the firm received a verbal complaint from a customer who alleged that [he] instructed her not to respond to a FINRA inquiry.”

In 2012, he was terminated from his position at Raymond James Financial Services “due to client complaint and settlement relating to unauthorized discretion.”

Adam Gana Interviewed By Jesse Weber on LawNewz

August 31, 2017 | by Staff Attorney

Attorney, Adam Gana was interviewed by long time correspondent Jesse Weber about the leaked photos of Tiger Woods and Lindsey Vonn. The hour long segment touched on a celebrities right to privacy, what legal actions celebrities can take when their nude images are hacked and the steps associated with such actions. For more information contact Gana Weinstein LLP at 212-776-4251.

https://livestream.com/accounts/18968940/events/7055388/videos/161821399

Adam Gana, Managing Partner of Gana LLP Interviewed on LawNewz

August 22, 2017 | by Staff Attorney

Adam Gana was interviewed by LawNewz’s Stephanie Willis, a long time host for the network. Adam spoke about the Steven Jones criminal trial. Watch the clip below.

https://livestream.com/accounts/18968940/events/7055388/videos/161700743

Customers File Complaints Against Broker Sean Mcelduff

July 20, 2017 | by Staff Attorney

The securities lawyers of Gana Weinstein LLP are investigating the customer complaints against Sean Mcelduff (Mcelduff). Mcelduff has been subject to two customer complaints – both of which pertain to suitability concerns over recommendations for investment products. Mcelduff’s BrokerCheck records from the Financial Industry Regulatory Authority (FINRA) shows that the most recent customer complaint against Mcelduff was filed in December 2016. The customer alleged that Mcelduff made unsuitable recommendations of Puerto Rican municipal bonds. The alleged damages are worth $260,000. The case is still pending.

In January 2016, another customer complaint was filed against Mcelduff claiming that the broker allegedly purchased unsuitable bonds for the client. The alleged damages were priced at $21,000 and the case was settled for $12,000.

Brokers have a responsibility to treat investors fairly which includes obligations such as making only suitable investments for the client. In order to make a suitable recommendation the broker must meet certain requirements. First, there must be reasonable basis for the recommendation the product or security based upon the broker’s investigation and due diligence into the investment’s properties including its benefits, risks, tax consequences, and other relevant factors. Second, the broker then must match the investment as being appropriate for the customer’s specific investment needs and objectives such as the client’s retirement status, long or short term goals, age, disability, income needs, or any other relevant factor.

Broker Tracy Rae Turner barred from FINRA

April 25, 2017 | by Staff Attorney

The securities lawyers of Gana Weinstein LLP are investigating customer complaints filed with Financial Industry Regulatory Authority (FINRA) against broker Tracy Rae Turner (Turner). According to BrokerCheck records, Turner has been subject to at least 31 customer complaints, two employment separations for cause, one regulatory, and one financial among other claims during his 22 years of experience. The customer complaints against Turner alleges securities law violations that including unauthorized trading, fraud, breach of contract, negligence, and failure to supervise among other claims.

In a FINRA regulatory action against Turner in November 2016, the agency alleged that he offered and sold interests to investors totaling approximately $4.1 million without giving prior notice to and receiving prior written permission from his member firm. For successfully soliciting these investments, Turner received approximately $270,000 in compensation. A decision was rendered in April 2017 which resulted in barring Turner from FINRA association and fining him for $272, 879.04. The findings of the decision also alleged that Turner created a publically available offering memorandum to market sales of interest in private securities without providing a sound evaluation of investments and included false and misleading statements.

In June 2009, Turner was permitted to resign from his position at CapWest Securities, Inc. for conducting sales in states where he was not registered.

Broker Parks Heard Brown Jr. recipient of multiple customer complaints

April 24, 2017 | by Staff Attorney

The investment attorneys of Gana Weinstein LLP are interested in speaking with clients of broker Parks Heard Brown Jr. (Brown). According to his BrokerCheck records kept by Financial Industry Regulatory Authority (FINRA), Brown has been the subject of at least four customer complaints. The customer complaints against Brown allege securities law violations that claim unsuitable investments, churning, unauthorized trading, breach of fiduciary duty, and negligence among other claims.

The most recent complaint was filed in October 2016, alleging that the broker while employed at VSR Financial Services Inc. made unsuitable investments based on the client’s liquidity needs. In March 2014, FINRA found that Brown violated FINRA rules 2090 and 2111 that require the use of reasonable diligence when recommending investment strategies. In addition, a customer alleged an unsuitable series of investments made in account between June 2012 and January 2014 resulting in damages of $245,750.00. The case settled for $71,500.00.

In another case filed in March 2004 a customer alleged that in June 2003 Brown misrepresented and failed to inform the account activity that caused $7,000.00

Broker Gerald O’Halloran Customer Complaints Alleging Securities Law Violations

April 18, 2017 | by Staff Attorney

Gana Weinstein LLP’s securities fraud investigation has uncovered a complaint filed by the Financial Industry Regulatory Authority (FINRA) against broker Gerald O’Halloran (O’Halloran). O’Halloran was formerly associated with Kovack Securities Inc. The complaint alleges that O’Halloran has been the subject of at least eight customer complaints, two employment separations for cause, and one criminal charge. The customer complaints against O’Halloran is a makeup of allegations of numerous securities law violations, including that O’Halloran engaged in unauthorized trades, misrepresentation, breach of fiduciary duty & breach of contract among other claims.

The most recent complaint against O’Halloran was filed in August 2016, alleging $135,000.00 in damage stemming from violation of trading negligently, misrepresentation, omission of a material fact, breach of fiduciary duty & breach of contract in customer’s account while employed at Credit Suisse Securities. The claim is currently pending.

In 2011 a customer filed a complaint alleging unauthorized trades in the account during February 2011 claiming $14,000.00 in damages. The case was resolved with the customer receiving $27,000.00.

New York Times Investigates Broker Walter Marino’s Annuity Sales

December 7, 2016 | by Staff Attorney

Our firm’s investment attorneys are investigating reports in a New York Times article and customer complaints filed with The Financial Industry Regulatory Authority (FINRA) against Walter Marino (Marino) currently associated with Benjamin Securities, Inc. (Benjamin Securities) alleging unsuitable recommendations to invest in variable products such as variable annuities and equity indexed annuities. According to brokercheck records Marino has been subject to seven customer complaints and three employment separations for cause.

According to the New York Times, Marino solicited teachers to invest in high cost low quality annuities with their retirement savings. The Legend Group was alleged to be the provider of the investments all these teachers held. The firm fired Marino on grounds other than the investment fee issue. According to Marino’s brokercheck records the cause of the separation was that Marino represented to the firm that an annuity investment was not a replacement when in fact the firm determined it was. Legend has stated that their investments and charges “were consistent with the firm’s policies.”

Variable annuities and equity indexed annuities are complex financial and insurance products. In fact, recently the Securities and Exchange Commission (SEC) released a publication entitled: Variable Annuities: What You Should Know encouraging investors to ask questions about the variable annuity before investing. Essentially, a variable annuity is a contract with an insurance company under which the insurer agrees to make periodic payments to you. The investor chooses the investments made in the annuity and value of your variable annuity will vary depending on the performance of the investment options chosen. The primary benefits of variable annuities are the death benefit and tax deferment of investment gains.

Paul Mata Accused of Engaging in a $14 Million Investment Fraud Scheme through Secured Capital Investments

October 24, 2016 | by Staff Attorney

In September 2015, The Securities and Exchange Commission (SEC) announced fraud charges and an asset freeze to halt an ongoing real estate investment scheme being conducted by a trio of business associates in California accused of stealing investors’ money. The SEC alleged in their complaint that the fraud was orchestrated by Paul Ricky Mata (Mata), a former registered investment adviser with an extensive disciplinary history. Even though Mata was terminated from Ameriprise Financial Services, Inc. (Ameriprise) and had other disciplinary suspensions, Mata formed two unregistered advisory firms, Logos Wealth Advisors, Inc. (Wealth Advisors) and Lifetime Enterprises, Inc., dba Logos Lifetime University (Lifetime University). According to the SEC, Mata together with David Kayatta (Kayatta) and Mario Pincheira (Pincheira) defrauded investors.

The complaint alleges that from 2008 through the 2015, defendants raised over $14 million from over 100 investors from California and several other states, by soliciting investments in Secured Capital Investments, LLC (SCI) and Logos Real Estate Holdings, LLC (LREH). Many of the investors were claimed to be retirees who were duped into selling their existing securities holdings and investing in the fraudulent funds using online videos, investment seminars promising “Indestructible Wealth,” and presentations to church groups promising “Finances God’s Way.” Mata, Kayatta, Wealth Advisors, and Lifetime University have been accused of inducing investors by falsely promising guaranteed returns, misrepresenting investment proceeds use, and failing to disclose Mata’s disciplinary history to his advisory clients.

According to Mata’s BrokerCheck records, he has 15 disclosure events including 7 regulatory or civil events and eight customer complaints.

The Difference Between Arbitration and Mediation in a Divorce

August 2, 2016 | by Staff Attorney

GUEST POST By Steven Madel

As you already know, it can get ugly fast during a divorce. Or, on occasion, the married couple holds no animosity toward one another and is ready to split amicably.

Depending on your particular situation, you may consider arbitration, mediation, or hiring divorce attorneys for a typical divorce.