FINRA Arbitration Panel Orders Morgan Stanley to Pay $519K for Client Losses Timothy J. Prouty A couple from New Mexico claiming that a Morgan Stanley financial advisor, Timothy J. Prouty, persuaded them to buy complex financial instruments were awarded $519,089, plus interest by a FINRA Arbitration Panel. In 2016, a couple alleged that Morgan Stanley’s […]

FINRA Rogue Broker Rule

As part of its crackdown on rogue brokers, the Financial Industry Regulatory Authority Inc. has identified 61 firms that would face restrictions under a newly proposed FINRA rule. https://www.investmentnews.com/article/20190515/FREE/190519952/finra-rogue-broker-rule-would-affect-61-firms

Christhian Palacios of Garden State Securities Subject to Two Customer Complaints

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Christhian Palacios (Palacios) has been subject to two customer complaints and four tax liens during the course of his career.  Palacios is currently employed by Garden State Securities, Inc. (Garden State Securities).  One of the customer complaints against Palacios concern allegations of […]

Scott Mass of David Lerner Associates has been subject to five customer complaints

According to BrokerCheck records financial advisor Scott Mass (Mass), currently employed by David Lerner Associates, Inc. (David Lerner) has been subject to five customer complaints.  According to records kept by The Financial Industry Regulatory Authority (FINRA), most of Mass’ customer complaints allege that Mass made unsuitable recommendations in a variety of investments including REITs, Puerto Rico bonds, […]

Mitchell Rock of Wells Fargo Subject to Numerous Customer Complaints

According to BrokerCheck records financial advisor Mitchell Rock (Rock), currently employed by Wells Fargo Clearing Services, LLC (Wells Fargo) has been subject to nine customer complaints.  According to records kept by The Financial Industry Regulatory Authority (FINRA), most of Rock’s customer complaints allege that Rock made unsuitable recommendations in a variety of investments structured products. In July […]

Thomas Williams of IFS Securities has been subject to five customer complaints

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Thomas Williams (Williams) has been subject to five customer complaints and one termination for cause during his career.  Williams is currently employed by IFS Securities.  Several of the the customer complaints against Williams concern allegations of high frequency trading activity also referred […]

Lynn Faust of Stifel Nicolaus

According to BrokerCheck records financial advisor Lynn Faust (Faust), currently employed by Stifel, Nicolaus & Company, Inc. (Stifel Nicolaus) has been subject to at least three customer complaints and one employment termination for cause during her career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), the complaints against Faust concern allegations of unsuitable investments […]

Advisor Wenjinn Chang subject to complaints over alternative investments and REITs

Advisor Wenjinn Chang (Chang), currently employed by Independent Financial Group, LLC (Independent Financial) has been subject to at least two customer complaints.  According to a BrokerCheck report the customer complaints concern alternative investments and direct participation products (DPPs) such as non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and equipment leasing programs. In October 2018 a […]

CMD Partner Ross D. Carmel Wins Over $2.7 Million in Damages, Including Punitive Damages

Press Release – New York, NY – December 12, 2017 – Securities and corporate law firm Carmel, Milazzo & DiChiara LLP announced today that attorney Ross D. Carmel successfully represented four clients in an AAA Arbitration which awarded over $2.7 million dollars in damages. The underlying case involved four former employees, who were also investors in […]

Investors Harmed By Faulty Variable Annuity Exchanges Have Recourse

Two recent enforcement actions from the Financial Industry Regulatory Authority Inc. demonstrate FINRA’s attention on variable annuities, especially faulty annuity exchanges. Brokers typically recommend clients replace annuities under Section 1035 of the tax code. That provides a tax-free transfer for the client, but also generates additional commission for the broker. As such, 1035 exchanges are […]