MetLife Securities Broker Barred by FINRA

According to FINRA’s Disciplinary and Other FINRA Actions publication, Kwen Young Chun (CRD #3136403) of New Jersey, was barred by FINRA for allegedly converting approximately $201,144 from client accounts, which he then used for his personal use and benefit.

Allegations stated that between 2010 and 2013 Chun made nine (9) unauthorized disbursements from a Customer’s MetLife Variable Annuity and MetLife Insurance Policy.  Allegedly, Chun forged the Customer’s name on withdrawal forms, and also requested two (2) loans from the Customer’s MetLife Insurance Policy, which were all conducted without the knowledge or consent of the customer.  Allegations further stated that Chun then opened an account in the customer’s name without the customer’s authorization, made himself beneficiary, and directed the funds to the account by using electronic funds transfer and direct deposit.  As a result of such misconduct, Chun was in direct violation of FINRA rules. (See FINRA AWC No. 2014041664801)

According to FINRA’s Broker Check, Kwen Young Chun has been permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public.  Chun was registered in the securities industry for fifteen (15) years, and was registered with the following firm(s):

METLIFE SECURITIES INC.

CRD #14251

FAIRFIELD, NJ

11/1998 – 07/2014

 

METROPOLITAN LIFE INSURANCE COMPANY

CRD #4095

LAKE SUCCESS, NY

11/1998 – 07/2007

 

If you have suffered investment losses as a result of your broker’s or brokerage firm’s misconduct, contact the Law Offices of Place & Hanley, LLC to discuss your legal options.  The Law Offices of Place & Hanley, LLC is dedicated to helping investors nationwide.  If you have lost money as a result of your broker’s recommendations, you may be entitled to recover your investment losses.  Contact our office toll free at (866) 318-4725 for a complimentary initial consultation.

 

Categories: Broker Investigations and Securities Broker Misconduct.

Thomas Hogle Barred by FINRA for Unsuitable Recommendations and Failing to Cooperate with FINRA Investigation

According to FINRA’s Disciplinary and Other FINRA Actions publication, Thomas Morley Hogle (CRD #3047483) of Houston, Texas, was barred by FINRA for allegedly making unsuitable investment recommendations in the securities account of a 101-year-old client.  Furthermore, Hogle refused to provide FINRA with documents and information pursuant to an investigation into the allegations of misconduct, thereby violating FINRA rules. (See FINRA AWC No. 20150443048)

According to FINRA’s Broker Check, Thomas Morley Hogle has been permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public.  Hogle was registered in the securities industry for sixteen (16) years, and was registered with the following firm(s):

B.B. GRAHAM & COMPANY, INC.

CRD #42533

ORANGE, CA

10/2011 – 05/2015

 

NELSONREID, INC.

CRD #45503

HOUSTON, TX

04/2008 – 09/2011

 

AURORA FINANCIAL SERVICES, L.L.C.

CRD #4

  1. LOUIS, MO

10/2001 – 05/2005

 

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED

CRD #7691

NEW YORK, NY

07/1998 – 06/2001

If you have suffered investment losses as a result of your broker’s or brokerage firm’s misconduct, contact the Law Offices of Place & Hanley, LLC to discuss your legal options.  The Law Offices of Place & Hanley, LLC is dedicated to helping investors nationwide.  If you have lost money as a result of your broker’s recommendations, you may be entitled to recover your investment losses.  Contact our office toll free at (866) 318-4725 for a complimentary initial consultation.

Categories: Broker Investigations and Securities Broker Misconduct.

Former Merrill Lynch Broker Thomas Buck Barred by FINRA Over Numerous Allegations of Misrepresentations and Misconduct

According to FINRA’s Disciplinary and Other FINRA Actions publication, former top Merrill Lynch Broker Thomas Buck (CRD #1024868) of Indianapolis, Indiana, was barred by FINRA over numerous allegations of engaging in misrepresentations and other misconduct in the handling of customer accounts.

Allegations stated that Buck held customer assets in commission-based accounts rather than fee-based accounts in order to generate higher revenues. According to FINRA, registered representatives are required to assess the comparative costs to customers of commission-based or fee-based accounts, and discuss those alternatives with their customers, which Buck failed to do. FINRA alleges that Buck not only failed to fully assess the suitability of the fee structure for certain clients, but in fact decided to use commission-based accounts despite knowing that it would have been less expensive for those clients to maintain fee-based accounts. As such, Buck allegedly misled customers regarding the relative costs of commission-based or fee-based trading for their accounts, in order to keep them in higher-cost commission-based accounts.

Furthermore, allegations also stated that Buck exercised discretion and made unauthorized trades in customer accounts without prior authorization from the customers or his member firm, Merrill Lynch. Allegedly, Buck placed trades in customer accounts without obtaining his customers’ consent in advance or even after placing the trade, exercised discretionary authority without obtaining authorization, and placed trades which he assumed the customers would want without obtaining their authorization to do so. As a result of engaging in such conduct, Buck, according to FINRA, directly violated FINRA rules and his obligation to observe high standards of commercial honor and just and equitable principles of trade

According to a recently published InvestmentNews Article, Buck has been Merrill Lynch’s top broker in Indiana since at least 2009, overseeing approximately $1.3 billion in assets. Since that time, Buck has allegedly pursued unethical and improper business practices which generated increased revenues and commissions, which in turn enhanced his status as a top-producing broker. Buck has accrued nearly a dozen customer complaints for unsuitable investments and unauthorized trading.

According to FINRA’s Broker Check, Thomas Buck (CRD #1024868) has been permanently barred by FINRA from acting as a broker or otherwise associating with firms that sell securities to the public. Buck was registered in the securities industry for thirty three (33) years, and was registered with the following firm(s):

RBC CAPITAL MARKETS, LLC
CRD #31194
INDIANAPOLIS, IN
Registered with this firm since 04/2015

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
CRD #7691
INDIANAPOLIS, IN
12/1981 – 04/2015

If you have suffered investment losses as a result of your broker’s or brokerage firm’s misconduct, contact the Law Offices of Place & Hanley, LLC to discuss your legal options. The Law Offices of Place & Hanley, LLC is dedicated to helping investors nationwide. If you have lost money as a result of your broker’s recommendations, you may be entitled to recover your investment losses. Contact our office toll free at (866) 318-4725 for a complimentary initial consultation.

Categories: Broker Investigations.

Federal Court Orders Florida Attorney to Pay Civil Penalty and Restitution

According to the U.S. Commodity Futures Trading Commission (CFTC), Florida Attorney Jay Bruce Grossman was ordered by a Federal Judge to pay $150,000 civil monetary penalty and restitution of $733,000 for allegedly aiding and abetting multiple clients in their operation of fraudulent and illegal precious metals schemes.  Allegations stated that Grossman crafted the illusion that these illegal precious metal schemes were legitimate and compiled with the law, when in fact they were neither.  Furthermore, as a result of his involvement in such unlawful practices, Grossman has been ordered not to appear or practice as an attorney before the U.S Commodity Futures Trading Commission until such time as he has been reinstated by Order of the CFTC.

 

  • On May 16, 2014, a federal court in Florida found that Grossman client Hunter Wise and its owners committed “repeated, callous, and blatant” fraud in their operation of a precious metals scheme and ordered Hunter Wise and its owners to pay $52.6 million in restitution to defrauded customers and a $55.4 million civil monetary penalty in U.S. Commodity Futures Trading Commission v. Hunter Wise Commodities, LLC, Case No. 9:12-cv-81311-DMM (S.D. Fla.) (see CFTC Press Release 6935-14, May 22, 2014).

 

  • On July 24, 2014, a federal court in Florida ordered Grossman client AmeriFirst Management and its owners to pay $25 million in restitution and a $10 million civil monetary penalty for their operation of a fraudulent precious metals scheme in U.S. Commodity Futures Trading Commission v. AmeriFirst Management LLC. Case No. 0:13-cv-61637-WPD (S.D. Fla.) (see CFTC Press Release 6973-14).

 

  • In the same action, the court also ordered Grossman clients James Burbage and Frank Gaudino, and their companies Lloyds Commodities, LLC, Lloyds Commodities Credit Company, LLC, and Lloyds Services, LLC, to pay restitution totaling over $2 million and civil monetary penalties totaling over $2.9 million for engaging in unlawful retail off-exchange precious metals transactions (see CFTC Press Release 6850-14).

 

  • Additionally, the CFTC filed and settled charges with two Grossman clients, Secured Precious Metals and Joseph Glenn Commodities, for engaging in unlawful retail off-exchange precious metals transactions while acting as metals dealers for Hunter Wise (see CFTC Press Releases 6503-13 and6542-13).

 

If you have suffered investment losses as a result of your broker’s or brokerage firm’s misconduct, contact the Law Offices of Place & Hanley, LLC to discuss your legal options.  The Law Offices of Place & Hanley, LLC is dedicated to helping investors nationwide.  If you have lost money as a result of your broker’s recommendations, you may be entitled to recover your investment losses.  Contact our office toll free at (866) 318-4725 for a complimentary initial consultation.

Categories: Uncategorized.

NFA Bars Wealth Creation Investments LLC of Boca Raton and Fox Financial Group LLC of Delray Beach

According to the National Futures Association (NFA), Wealth Creation Investments LLC, an introducing broker, Fox Financial Group LLC, a commodity trading advisor, and Marcy F. Javor, a principal and associated person of Fox Financial Group LLC, were barred from NFA membership for fraudulent sales practices and failure to comply with NFA requirements.

The NFA alleged that Wealth Creation Investments LLC, Fox Financial Group LLC, as well as associated person Marcy F. Javor (NFA ID #233463) conducted misleading sales solicitations by using a disclosure document containing misleading performance information and by sending promotional emails to customers that also included misleading performance information.  Furthermore, Javor and Fox Financial Group LLC provided false information to the NFA regarding the firm’s activities.

If you have suffered investment losses as a result of your broker’s or brokerage firm’s misconduct, contact the Law Offices of Place & Hanley, LLC to discuss your legal options.  The Law Offices of Place & Hanley, LLC is dedicated to helping investors nationwide.  If you have lost money as a result of your broker’s recommendations, you may be entitled to recover your investment losses.  Contact our office toll free at (866) 318-4725 for a complimentary initial consultation.

Categories: Broker Investigations and Investor Protection.

Illinois Broker Barred by FINRA for Alleged Misappropriation of Client’s Funds

According to FINRA’s Disciplinary and Other FINRA Actions publication, Margaret Kopecki (CRD #1260147) of Illinois, was barred by FINRA and ordered to pay restitution to Client in the amount of $14, 793.99 for using the Client’s funds for own personal benefit.

FINRA alleged that an elderly client of LPL Financial Corporation gave Kopecki $75,000 to sponsor a community outreach program.  However, rather than using all of the funds for the intended purpose, Kopecki allegedly commingled $14,793 with her own personal funds. (See FINRA Disciplinary Proceeding No. 2011030781201)

According to FINRA’s Broker Check Margaret Kopecki has been permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public.  Kopecki was licensed in the securities industry for twenty seven (27) years, and was licensed with the following firm(s):

INDEPENDENT FINANCIAL GROUP, LLC

CRD #7717

GLENVIEW, IL

06/2010 – 09/2012

 

LPL FINANCIAL CORPORATION

CRD #6413

GLENVIEW, IL

09/2009 – 05/2010

 

AUSDAL FINANCIAL PARTNERS, INC.

CRD #7995

GLENVIEW, IL

04/2010 – 04/2010

 

WATERSTONE FINANCIAL GROUP, INC.

CRD #10078

GLENVIEW, IL

08/2003 – 09/2009

 

LINSCO/PRIVATE LEDGER CORP.

CRD #6413

BOSTON, MA

01/2002 – 08/2003

 

RAYMOND JAMES FINANCIAL SERVICES, INC.

CRD #6694

  1. PETERSBURG, FL

04/1991 – 12/2001

 

STIFEL, NICOLAUS & COMPANY, INCORPORATED

CRD #793

  1. LOUIS, MO

10/1995 – 04/1991

 

FIRST BANK EQUITIES, INC.

CRD #5269

07/1985 – 10/1985

 

If you have suffered investment losses as a result of your broker’s or brokerage firm’s misconduct, contact the Law Offices of Place & Hanley, LLC to discuss your legal options.  The Law Offices of Place & Hanley, LLC is dedicated to helping investors nationwide.  If you have lost money as a result of your broker’s recommendations, you may be entitled to recover your investment losses.  Contact our office toll free at (866) 318-4725 for a complimentary initial consultation.

 

 

Categories: Broker Investigations, Investor Protection, and Securities Broker Misconduct.

Kansas Broker Barred by FINRA for Failing to Cooperate with FINRA Investigation

According to FINRA’s Disciplinary and Other FINRA Actions publication, Nicholas Hansen Harper (CRD #2767911) of Topeka, Kansas, was barred by FINRA for allegedly refusing to appear for on-the-record testimony involving allegations of trading in Client accounts. (See FINRA AWC No. 2013038203401)

According to FINRA’s Broker Check, Nicholas H. Harper has been permanently barred by FINRA from acting as a broker or otherwise associating with firms that sell securities to the public.  Harper was registered in the securities industry for fifteen (15) years, and was registered with the following firm(s):

WELLS FARGO ADVISORS, LLC

CRD #19616

TOPEKA, KS

10/1997 – 09/2013

If you have suffered investment losses as a result of your broker’s or brokerage firm’s misconduct, contact the Law Offices of Place & Hanley, LLC to discuss your legal options.  The Law Offices of Place & Hanley, LLC is dedicated to helping investors nationwide.  If you have lost money as a result of your broker’s recommendations, you may be entitled to recover your investment losses.  Contact our office toll free at (866) 318-4725 for a complimentary initial consultation.

 

 

Categories: Broker Investigations, FINRA Arbitration, and Investor Protection.

Kansas City Morgan Stanley Broker Fined and Suspended by FINRA

According to FINRA’s Disciplinary and Other FINRA Actions publication, Natalie H. Hall (CRD #3114938) of Westwood, Kansas, was fined and suspended by FINRA for copying and pasting customers’ signatures.

FINRA alleged that Hall copied and pasted a customer’s signature on an Outgoing Wire Transfer Request form, copied and pasted another customer’s signature on an Electronic Funds Transfer Service Form, and also forged the same customer’s initials on that form.  Although the customers authorized the transfers, Hall was not authorized to copy and paste their signatures on the either the Outgoing Wire Transfer Form or the Electronic Funds Transfer Service Form, and was not authorized to forge the initials of the customer on the Electronic Funds Transfer Service Form.

As a result Hall violated FINRA rules and was fined $5,000 and suspended for thirty (30) days from associating with any FINRA broker-dealer in any capacity. (See FINRA AWC. No. 2013038702801)

According to FINRA’s Broker Check, Natalie H. Hall is not currently licensed to act as a broker (buying or selling securities on behalf of customers) or as an investment adviser (providing advice about securities to clients).  Hall was registered in the securities industry for thirteen (13) years and was registered with the following firm(s):

MORGAN STANLEY

CRD #149777

KANSAS CITY, MO

06/2009 – 10/2013

 

MORGAN STANLEY & CO. INCORPORATED

CRD #8209

KANSAS CITY, MO

04/2007 – 10/2013

 

MORGAN STANLEY DW INC.

CRD #7556

KANSAS CITY, MO

11/1999 – 04/2007

 

If you have suffered investment losses as a result of your broker’s or brokerage firm’s misconduct, contact the Law Offices of Place & Hanley, LLC to discuss your legal options.  The Law Offices of Place & Hanley, LLC is dedicated to helping investors nationwide.  If you have lost money as a result of your broker’s recommendations, you may be entitled to recover your investment losses.  Contact our office toll free at (866) 318-4725 for a complimentary initial consultation.

 

Categories: Broker Investigations, Investor Protection, and Securities Broker Misconduct.

Waxhaw North Carolina Broker Barred by FINRA

According to FINRA’s Disciplinary Actions publication, John (“Jack”) Michael Bannon (CRD #1062813) of Waxhaw, North Carolina, was barred by FINRA for failing to appear for a requested on-the-record interview involving allegations in a civil complaint that John Bannon converted at least $74,000 in client funds.

Furthermore, FINRA was also investigating Bannon’s alleged failure to disclose unsatisfied liens and judgments on his Uniform Application for Securities Industry Registration or Transfer, and his potential unapproved and undisclosed outside business activities. (See FINRA AWC No. 2013037771802)

According to FINRA’s Broker Check, John Michael Bannon has been permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public. Bannon was registered in the securities industry for thirty (30) years, and was registered with the following firm(s):

AUSDAL FINANCIAL PARTNERS, INC.

CRD #7995

WAXHAW, NC

09/2009 – 07/2013

 

WATERSTONE FINANCIAL GROUP, INC.

CRD #10078

CHICAGO HEIGHTS, IL

03/1985 – 09/2009

 

RESOURCE DEVELOPMENT INTERNATIONAL, LTD.

CRD #8435

SCHAUMBURG, IL

09/1983 – 03/1985

 

AMERICAN CAPITAL FINANCIAL SERVICES, INC.

CRD #146

09/1982 – 01/1984

 

If you have suffered investment losses as a result of your broker’s or brokerage firm’s misconduct, contact the Law Offices of Place & Hanley, LLC to discuss your legal options.  The Law Offices of Place & Hanley, LLC is dedicated to helping investors nationwide.  If you have lost money as a result of your broker’s recommendations, you may be entitled to recover your investment losses.  Contact our office toll free at (866) 318-4725 for a complimentary initial consultation.

 

Categories: Broker Investigations, FINRA Arbitration, Investor Protection, Securities Broker Misconduct, and Securities Fraud.

Broker Dealer Financial Services Corporation Fined by FINRA for Unsuitable Recommendations and a Failed Supervisory System

According to FINRA’s Disciplinary and Other FINRA Actions publication, Broker Dealer Financial Services Corp. (CRD#8073), an Iowa Firm, was censured and fined $75,000 for failing to establish and maintain a supervisory system, including written procedures, that were reasonably designed to ensure that the firm’s sales of leveraged or inverse exchange-traded funds (“ETFs”) compiled with applicable securities laws and NASD and FINRA rules.

Allegedly, representatives of Broker Dealer Financial Services Corp. made unsuitable recommendations to their customers by recommending high-risk ETFs. FINRA further alleged that Broker Dealer Financial Services Corp. did not investigate nontraditional ETFs before allowing its registered representatives to recommend them to customers. Furthermore, Broker Dealer Financial Services Corp. allegedly did not train its personnel in the appropriate use of nontraditional ETFs, and did not adequately monitor and supervise ETF activity in customer accounts. (See AWC No. 2012030436501)

If you have suffered investment losses as a result of your broker’s or brokerage firm’s misconduct, contact the Law Offices of Place & Hanley, LLC to discuss your legal options. The Law Offices of Place & Hanley, LLC is dedicated to helping investors nationwide. If you have lost money as a result of your broker’s recommendations, you may be entitled to recover your investment losses. Contact our office toll free at (866) 318-4725 for a complimentary initial consultation.

Categories: Broker Investigations.