Articles Tagged with Primary Capital

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Darren Ofsink (Ofsink), previously associated with Primary Capital, LLC, has at least one disclosable event. These events include one tax lien, alleging that Ofsink recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on April 04, 2023.

The Securities and Exchange Commission (‘Commission’) deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted against Darren L. Ofsink (‘Respondent’ or ‘Ofsink’) pursuant to Rule 102(e)(3)(i) of the Commission’s Rules of Practice. The Commission finds that on March 31, 2023, a final judgment was entered by consent against Ofsink, permanently enjoining Ofsink him from future violations of Sections 5(a) and 5(c) of the Securities Act of 1933 thereunder, in the civil action entitled Securities and Exchange Commission v. DiScala, et al., 14-cv-4346 (ENV), in the United States District Court for the Eastern District of New York. The Commission’s complaint alleged that Ofsink helped execute the reverse merger of CodeSmart Holdings, Inc. (‘CodeSmart’) into a public shell company. The complaint further alleges that Ofsink helped restrict the supply of CodeSmart securities available for sale and obscure the holdings of other key individuals. The complaint further alleges Ofsink received and sold shares of CodeSmart, the offer and sale of which was not registered, for substantial proceeds. On January 31, 2023, a judgment of conviction was entered against Ofsink in United States v. DiScala, 14 cr. 399 in the United States District Court for the Eastern District of New York, finding him guilty of one count of conspiracy to commit securities fraud, in violation of Title 18, United States Code, Section 371. On January 20, 2023, Ofsink was sentenced to 21 months imprisonment, and ordered to pay joint and several restitution of over $12 million, and ordered to pay forfeiture of approximately $292,000.

shutterstock_71403175-300x225The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that Travis Justin Lippman, formerly employed by Primary Capital, LLC and now with Spartan Capital Securities, has been subject to at least four customer complaints during his career. According to records kept by the Financial Industry Regulatory Authority (FINRA), Lippman customer complaints allege that Lippman engaged in unsuitable investment practices.

In July 2021, a customer complained that Lippman violated the securities laws by alleging that Lippmann engaged in unsuitable trading. The claim alleges $853,231.33 in damages and is currently pending.

In January 2020, a customer complained that Lippman violated the securities laws by alleging that Lippman breached his fiduciary duty to his customer, recommended unsuitable investments, and engaged in misrepresentation and negligence. The claim settled in the amount of $90,000.

In August 2019, a customer complained that Lippman violated the securities laws by alleging that Lippman engaged in unsuitable trading. The claim alleged $200,000 in damages but was withdrawn.

In May 2017, a customer complained that Lippman violated the securities laws by alleging that Lippman engaged in unsuitable trading and is liable for misrepresentation. The claim alleged $34,000 in damages but was denied.

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shutterstock_182053859According to the BrokerCheck records kept by Financial Industry Regulatory Authority (FINRA) broker Glen Delaney (Delaney) has been the subject of at least 2 customer complaints and 3 judgements or liens. Customers have filed complaints against Delaney alleging securities law violations including unauthorized trades, breach of fiduciary duty, and unsuitable investments among other claims. In addition, Delaney has had difficulty managing his own finances and on August 13, 2015, disclosed a civil judgment of $50,225, on November 19, 2010, disclosed a civil judgement of $9,720, and in 2006 had a civil judgement of $600. Judgements are often a sign that the broker cannot manage their own personal finances and may be tempted to recommend high commission products or strategies to clients in order to satisfy debts.

Delaney entered the securities industry in 2005. Since 2008 Delaney has been registered with Pointe Capital, Inc., until June 2009. From June 2009, until October 2010, Delaney was registered with Global Arena Capital Corp. Thereafter, from October 2010, until April 2012, Delaney was associated with Brookstone Securities, Inc. From April 2012, until June 2015, Delaney was a registered representative of Rockwell Global Capital LLC. From June 2015, until August 2015, Delaney was registered with Primary Capital, LLC. Finally, since August 2015, Delaney has been associated with Craig Scott Capital, LLC out of the firm’s Uniondale, New York office location.

All advisers have a fundamental responsibility to deal fairly with investors including making suitable investment recommendations. In order to make suitable recommendations the broker must have a reasonable basis for recommending the product or security based upon the broker’s investigation of the investments properties including its benefits, risks, tax consequences, and other relevant factors. In addition, the broker must also understand the customer’s specific investment objectives to determine whether or not the specific product or security being recommended is appropriate for the customer based upon their needs.

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