Recent Blog Posts
Wedbush Settles Failure to Supervise Charge
The Securities and Exchange Commission announced today that Wedbush Securities Inc. will pay a $250,000 penalty and has agreed to be censured to settle its failure to supervise charge in a pending administrative proceeding. According to the SEC’s March 2018 order instituting proceedings, Wedbush ignored numerous red flags indicating that one of its registered… Read More »
With Wild Swings, Stocks Have their Worst December Since the Great Depression
In a volatile market, is your portfolio too risky? As the bell rang to close the New York Stock Exchange (NYSE) on the afternoon of December 31st, a difficult month for stocks finally came to an end. As reported by The Street, this was the worst December for American stocks since 1931 — during… Read More »
Customers Sue LPL Financial Over Unsuitable ETFs And Mutual Funds
Jane Ruth Everingham (CRD: 1727956) is a former registered representative of LPL Financial LLC from Larkspur, California. According to Everingham’s FINRA BrokerCheck disclosures, she is currently, or has been previously, subject of eight customer-initiated, investment-related arbitrations containing allegations of her sales practice violations including unsuitability, excessive fees, and breach of fiduciary duty. The customers’… Read More »
FINRA Bars Invest Financial Corporation Broker Roger Kroeger
Roger Kroeger (CRD: 1526864) is a prior stockbroker of Invest Financial Corporation located in Fort Lauderdale, Florida who Financial Industry Regulatory Authority (“FINRA”) has barred in all capacities pursuant to Letter of Acceptance, Waiver and Consent No. 2017056614402 dated September 5, 2018. According to FINRA Department of Enforcement, Kroeger failed to appear for testimony… Read More »
Morgan Stanley Settles Customer Arbitrations Over Unsuitability
Scott J. Donato (CRD: 2336331) is a prior registered representative of Morgan Stanley from the Miami, Florida area who was terminated on March 21, 2017. He disclosed on Financial Industry Regulatory Authority (“FINRA”) BrokerCheck that his activities have resulted in a customer-initiated investment-related arbitration dated October 27, 2017. The arbitration alleges that Donato engaged… Read More »
Wells Fargo Broker Suspended For Defaulting On Promissory Note
Darren Thomas Walton (CRD: 2936629) is a former registered representative of Wells Fargo Advisors, LLC located in Los Angeles, California. According to Walton’s Financial Industry Regulatory Authority (“FINRA”) BrokerCheck profile, he has been suspended in all registration capacities by FINRA on December 1, 2017 for failing to repay a loan to Wells Fargo Advisors,… Read More »
Cetera’s Kerry Shaye Craig Discharged Over Customer Complaints
Kerry Shaye Craig (CRD: 4750237) is a former general securities representative of Cetera Investment Services LLC located in Tyler, Texas. He was employed with the FINRA member brokerage firm until December 6, 2017, at which time he was discharged for becoming subject of several customer complaints. Craig’s Financial Industry Regulatory Authority (“FINRA”) BrokerCheck profile… Read More »
Morgan Stanley’s Stewart Malloy Charged With Failing To Testify to FINRA
Stewart Clinton Malloy (CRD: 1029931) is a former registered representative of Morgan Stanley located in Riverhead, New York. Financial Industry Regulatory Authority (“FINRA”) Department of Enforcement filed a Complaint against Malloy on August 24, 2018 (Disciplinary Proceeding #2016051299201) alleging that he violated FINRA Rules 8210 and 2010 by twice failing to testify in an… Read More »
Customers File Suits Against B. Riley & Co. For Mismanaging Accounts
Norman Joel Caris (CRD: 40535) is a registered representative of B. Riley FBR, Inc. based in Los Angeles, California. According to Caris’ Financial Industry Regulatory Authority (“FINRA”) BrokerCheck file, he was previously referenced in five customer-initiated, investment-related disputes containing allegations of sales practice violations which include suitability, account mismanagement, excessive commissions, and fraud. Those… Read More »
Ameriprise Fined Millions For Failing To Protect Customers From Misappropriation
Ameriprise Financial Services Inc. (CRD: 6363) is a Securities and Exchange Commission (SEC) registered broker-dealer and investment adviser based in Minneapolis, Minnesota, who has been censured and ordered to pay a $4,500,000.00 civil penalty as part of resolving the SEC’s allegations that the firm neglected to establish and apply procedures and policies with a… Read More »
