CMD Investigating Claims Against Brent Porges and Zachary Bader for Churning, Unsuitability, Unauthorized Trading and Fraud

Securities law firm Carmel, Milazzo & DiChiara LLP (CMD) is investigating claims against brokers Brent Porges and Zachary Bader for churning (excessive trading), making unsuitable recommendations, unauthorized trading and fraud, particularly related to ETFs (exchange traded funds) and ETNs (exchange traded notes).

According to Brent Porges’ FINRA BrokerCheck, he has been the subject of at least five (5) customer complaints, which include allegations of churning, fraud, unauthorized trading, and unsuitability.

Similarly, according to Zachary Bader’s FINRA BrokerCheck, he has been the subject of at least eight (8) customer complaints, which include allegations of churning, fraud, unauthorized trading, and unsuitability.

These acts may have occurred while Mr. Porges and Mr. Bader were registered with the following broker-dealers: Craig Scott Capital, LLC, National Securities Corporation, Newbridge Securities Corporation and Meyers Associates, L.P.  These broker-dealers have an independent duty to supervise Mr. Porges and Mr. Bader, as well as the customer accounts they service.  If the broker-dealers did not properly supervise Brent Porges and/or Zachary Bader, they can be held liable for their acts.

If you or someone you know lost money investing with Brent Porges and/or Zachary Bader you may be entitled to recover your investment losses through FINRA arbitration. CMD accepts cases on a contingency fee basis, which means we only get paid if you get paid.  Your time to file a claim may be limited, so contact us today at (212) 658-0458 or contact@cmdllp.com for a free and confidential case evaluation.

CMD Investigating Claims Against Mauricio Jaramillo and Ultralat Capital Markets, Inc. for Unsuitable Trading, Unsuitable use of Margin, Short-term Trading and for Failure to Supervise

Securities law firm Carmel, Milazzo & DiChiara LLP (CMD) is investigating claims against Mauricio Jaramillo and Ultralat Capital Markets, Inc. for unsuitable trading, unsuitable use of margin, short-term trading and for failure to supervise.

As reported by FINRA, Mr. Jaramillo recommended unsuitable trades in at least three customer accounts, in that he recommended short-term trading in bonds, undue concentration of positions, and the use of margin to customers who were not suitable for such trading. The findings stated that Jaramillo maintained limited trading authorization over various customer accounts at his member firm and received compensation on trades he placed in such accounts. Two of the customers had long-term growth investment objectives and another customer had a moderate risk tolerance, but their accounts were almost totally concentrated in bonds typically denominated in Brazilian Reais. These customers also had significant margin balances in their accounts. Jaramillo did not have any reasonable basis to believe that such short-term trading, concentrations of positions and use of margin was suitable for the customers, or that such trading was consistent with their investment objectives, risk tolerances, and financial situations and needs.

If you or someone you know lost money investing with Mauricio Jaramillo or Ultralat Capital Markets, Inc., you may be entitled to recover your investment losses through FINRA arbitration. CMD accepts cases on a contingency fee basis, which means we only get paid if you get paid.  Your time to file a claim may be limited, so contact us today at (212) 658-0458 or contact@cmdllp.com for a free and confidential case evaluation.

CMD Investigating K.C. Ward Financial and Craig David Dima for Unauthorized Trading

Securities law firm Carmel, Milazzo & DiChiara LLP (CMD) is investigating claims against K.C. Ward Financial and Craig David Dima for unauthorized trading and failure to supervise.

As reported by FINRA, Craig David Dima, a former K.C. Ward Financial registered rep, allegedly sold off almost all the holdings of one of his 73-year-old retired clients who accumulated Colgate stock during his employment. According to FINRA, the client did not want the stock sold but the broker allegedly sold the stock and then bought the stock back when confronted.  As a result, the customer paid Dima $375,000 in fees, mark-ups and mark-downs, while losing out on “substantial” dividends in the process, according to the press release from FINRA.  FINRA also alleges Dima’s trades in Colgate were unsuitable and broke rules on excessive mark-ups and mark-downs.  In response, FINRA barred Craig David Dima whom FINRA says made $15 million in unsuitable and unauthorized trades in this elderly client’s account.

If you or someone you know lost money investing with K.C. Ward Financial or Craig David Dima, you may be entitled to recover your investment losses through FINRA arbitration. CMD accepts cases on a contingency fee basis, which means we only get paid if you get paid.  Your time to file a claim may be limited, so contact us today at (212) 658-0458 or contact@cmdllp.com for a free and confidential case evaluation.

CMD Investigating Claims Against Broker John Kakonikos for Churning, Excessive Trading, Unsuitable Recommendations and Unauthorized Trading

Securities law firm Carmel, Milazzo & DiChiara LLP (CMD) is investigating claims against stock broker John Kakonikos for churning, excessive trading, unauthorized trading and unsuitable recommendations. According to Mr. Kakonikos’ FINRA BrokerCheck, he has been the subject of at least five (5) customer complaints while registered with Southeast Investments and Caldwell International Securities.

According to FINRA, Mr. Kakonikos engaged in excessive and unsuitable trading in a customer’s account, causing realized trading losses of $72,524.53, while generating $41,617.56 in fees and commissions. The findings stated that Mr. Kakonikos recommended and executed securities transactions in the customer’s account, over which he had de facto control.  Considering the customer’s financial situation, lack of investment experience and needs, and requiring a minimum return of nearly 50 percent just to break even, Mr. Kakonikos’ trading in the customer’s account was excessive and quantitatively unsuitable for the customer.  Overall, the account generated $53,168.22 in cumulative costs, including margin interest.  The findings also stated that Mr. Kakonikos effected purchase and sale securities transactions in the customer’s account without her authorization, knowledge or consent.

If you or someone you know lost money investing with John Kakonikos, you may be entitled to recover your investment losses through FINRA arbitration. CMD accepts cases on a contingency fee basis, which means we only get paid if you get paid.  Your time to file a claim may be limited, so contact us today at (212) 658-0458 or contact@cmdllp.com for a free and confidential case evaluation.

CMD Investigating Claims Against John E. Burns for Unsuitable Recommendation and Unauthorized Trading

Securities law firm Carmel, Milazzo & DiChiara LLP (CMD) is investigating claims against stock broker John E. Burns for unsuitable recommendation and unauthorized trading.   According to Mr. Burns’ FINRA BrokerCheck, he has been the subject of at least six (6) customer complaints.

According to FINRA, John Burns, while registered with SagePoint Financial and Ameriprise Financial, engaged in a pattern of unauthorized trading in customer accounts and made unsuitable, risky investments for seniors.  The findings stated that John Burns did not have written discretionary authority to place trades in any of these customer accounts. In some of the customer accounts, John Burns executed the trades without any authorization, while in other customer accounts, John Burns had some verbal authorization to exercise discretion generally, but exceeded that verbal authorization by executing trades in excess of the available funds in the account.  The findings also stated that John Burns made unsuitable and unauthorized investments over a two-year period in the account of a senior retired couple, both of whom were over 65 years old.  These transactions involved repeated high-risk investments in small drug company stocks which were unsuitable for the customers’ moderate risk tolerance and investment profile.

If you or someone you know lost money investing with John Burns, you may be entitled to recover your investment losses through FINRA arbitration. CMD accepts cases on a contingency fee basis, which means we only get paid if you get paid.  Your time to file a claim may be limited, so contact us today at (212) 658-0458 or contact@cmdllp.com for a free and confidential case evaluation.

CMD Investigating Claims Against Dougherty & Company LLC for Failure to Supervise, Unsuitability and Unauthorized Trading

Securities law firm Carmel, Milazzo & DiChiara LLP (CMD) is investigating claims against Dougherty & Company LLC for failure to supervise, unsuitability and unauthorized trading.

According to FINRA, Dougherty & Company LLC was censured, fined $140,000 and required to pay $78,910 in restitution to a customer. According to FINRA, for more than four years, Dougherty & Company LLC, did not adequately supervise a representative who initiated hundreds of trades for two elderly customers without contacting them, and unsuitably recommended dozens of transactions to those customers. The findings also stated that Dougherty & Company LLC did not have supervisory resources that were reasonably designed to detect the representative’s misconduct. The findings also included that Dougherty & Company LLC failed to respond appropriately to warning signs about the representative’s business, such as a dramatic increase in his commissions without a commensurate change in the number of accounts that he handled or the type of products that he sold.

Dougherty & Company LLC’s system of supervision was not reasonably designed under the circumstances to prevent violations of securities laws and rules, including rules governing trading without customers’ approval (unauthorized trading) and unsuitable recommendations.

If you or someone you know lost money investing with Dougherty & Company LLC, you may be entitled to recover your investment losses through FINRA arbitration. CMD accepts cases on a contingency fee basis, which means we only get paid if you get paid.  Your time to file a claim may be limited, so contact us today at (212) 658-0458 or contact@cmdllp.com for a free and confidential case evaluation.

CMD Investigating Claims Against Elliot Harris and Triad Advisors, Inc. for Unauthorized Trading and Unsuitable Recommendations

Securities law firm Carmel, Milazzo & DiChiara LLP (CMD) is investigating claims against securities broker Elliot Harris and brokerage firm Triad Advisors, Inc. for unsuitable recommendations, unauthorized trading and failure to supervise.  According to Mr. Harris’ FINRA BrokerCheck he has been the subject of at least five (5) customer complaints.

In September 2016, Elliot Harris was barred from association with any FINRA member.  FINRA has alleged that Mr. Harris recommended unsuitable trades and engaged in unauthorized trading.  Triad Advisors, Inc. as Mr. Harris’ broker-dealer, had an obligation to supervise Mr. Harris and the customer accounts he was servicing.

If you or someone you know lost money investing with Elliot Harris and/or Triad Advisors, Inc., you may be entitled to recover your investment losses through FINRA arbitration. CMD accepts cases on a contingency fee basis, which means we only get paid if you get paid.  Your time to file a claim may be limited, so contact us today at (212) 658-0458 or contact@cmdllp.com for a free and confidential case evaluation.

CMD Investigating Claims Against Steven Douglas Ridley and International Assets Advisory, LLC for Unauthorized Trading and Failure to Supervise

Carmel, Milazzo & DiChiara LLP (CMD) is investigating potential claims against securities broker Steven Douglas Ridgley (CRD #4263203, Louisville, Kentucky) and International Assets Advisory, LLC for unauthorized trading and failure to supervise.

In May, Steven Douglas Ridgley submitted an Acceptance, Waiver & Consent in which he was fined $10,000 and suspended from association with any FINRA member in any capacity for two months. Without admitting or denying the findings, Mr. Ridgley consented to the sanctions and to the entry of findings that he exercised discretion in effecting hundreds of securities transactions in customer accounts, without obtaining his customers’ prior written authorization or his member firm’s prior written approval to exercise discretion in these accounts.

If you or someone you know lost money investing with Steven Douglas Ridgley and/or International Assets Advisory, LLC, you may be entitled to recover your investment losses through FINRA arbitration.  CMD accepts cases on a contingency fee basis, which means we only get paid if you get paid.  Your time to file a claim may be limited, so contact us today at (212) 658-0458 or contact@cmdllp.com for a free and confidential case evaluation.

CMD Investigating Claims Against Bahram Mirhashemi and Accelerated Capital Group for Churning, Unauthorized Trading and Unsuitable Recommendations

Burning Money

Carmel, Milazzo & DiChiara LLP (CMD) is investigating potential claims against securities broker Bahram Mirhashemi and Accelerated Capital Group for churning (excessive trading), unauthorized trading and unsuitable recommendations.

Recently, Mr. Mirhashemi submitted an Acceptance, Waiver and Consent (AWC) in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Mirhashemi consented to the sanction and to the entry of findings that he churned customer accounts, engaged in excessive and unauthorized trading and made unsuitable recommendations to customers. Mirhashemi consistently spread mutual fund purchases across multiple fund families, and in so doing, failed to obtain break point discounts for customers. These short-term mutual fund trades were both excessive and unsuitable, and cost the customers more than $150,000 in overall commissions. Mirhashemi also churned customers’ accounts by conducting short-term equity trades in customer accounts. Such trading was unsuitable and cost the customers more than $665,000 in overall commissions. As a result of his conduct, Mirhashemi willfully violated Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and FINRA Rules 2020, 2111 and 2010. The findings also included that Mirhashemi distributed materially false and misleading communications to customers..

According to Mr. Mirhashemi’s FINRA BrokerCheck, he has been the subject of five (5) customer complaints and three (3) regulatory events.

If you or someone you know lost money investing with Bahram Mirhashemi and Accelerated Capital Group, you may be entitled to recover your investment losses through FINRA arbitration. CMD accepts cases on a contingency fee basis, which means we only get paid if you get paid.  Your time to file a claim may be limited, so contact us today at (212) 658-0458 for a free and confidential case evaluation.

CMD Investigating Claims Against Clay Emerson Hoffman and Summit Brokerage Services, Inc. for Unauthorized Trading

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Carmel, Milazzo & DiChiara LLP (CMD) is investigating potential claims against securities broker Clay E. Hoffman and Summit Brokerage Services, Inc. for engaging in the unauthorized trading of securities.

Recently, Mr. Hoffman submitted an Acceptance, Waiver and Consent (AWC) in which he was fined $5,000 and suspended from association with any FINRA member in any capacity for 15 business days. Without admitting or denying the findings, Mr. Hoffman consented to the sanctions and to the entry of findings that he executed discretionary transactions in a customer’s account without the customer’s prior written authorization to exercise discretionary trading power and without his member firm’s written approval of the account as discretionary.

According to Mr. Hoffman ‘s FINRA BrokerCheck, he has been the subject of fourteen (14) customer complaints and one (1) regulatory event.

Prior to placing an order to buy or sell securities for an investor a broker or advisor must obtain the express permission of that investor on the day the transaction occurs.  If not, the transaction is unauthorized.

NYSE Rule 408(a) and FINRA Rules 2510(b) and 2020 explicitly prohibit brokers from making discretionary trades in a customers’ non-discretionary accounts. The SEC has also found that unauthorized trading violates just and equitable principles of trade and constitutes violations of Rule 10b and 10b-5 due to its fraudulent nature.

If you or someone you know lost money investing with Clay Emerson Hoffman or Summit Brokerage Services, Inc., you may be entitled to recover your investment losses through FINRA arbitration.  CMD accepts cases on a contingency fee basis, which means we only get paid if you get paid.  Your time to file a claim may be limited, so contact us today at (212) 658-0458 for a free and confidential case evaluation.