Soreide Law Group is currently investigating the Phil Scott Group, and Phil Scott  a/k/a Walter Schlaepfer. The Phil Scott Group operated out of Merrill  Lynch’s Bellevue, Washington office. According to FINRA’s BrokerCheck, Scott/Schlaepfer has been the subject of  many customer complaints since 2008. Some of the claims alleged that Scott/Schlaepfer made  unsuitable investment recommendations and misrepresentations.  So far FINRA Arbitration Panels have awarded customers aprox. $3.7  million as a result of these complaints.

If you have sustained losses with the Phil Scott Group and Merrill  Lynch, call for a free consultation on how to potentially recover your losses. To speak with an attorney call Soreide Law Group at 888-760-6552.

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Airlink is a pre-paid nationwide wireless products and service provider.  These private placements were sold to clients by their broker/dealers. Private placements, or private offerings, are securities issued by a corporation to investors outside the public markets.  Most private placements are exempt from SEC registration.

For those investors who were recommended the private placement, Airlink, by a broker or financial advisor, and suffered losses, you may have a claim for recovery. Please contact us to discuss your rights. For a free consultation with an attorney call: 888-760-6552.

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The Financial Industry Regulatory Authority, or FINRA’s, disciplinary actions related to advertising violations continued to climb last year, rising from 45 in 2011 to 50 last year. However, fines from those cases dropped sharply, from $21.1 million in 2011 to $10.4 million in 2012 according to an article in onwallstreet.com.

Advertising violations generated the fourth-largest amount of fines for FINRA in 2012, which was the first year since 2009 that advertising was not ranked first. Suitability, due diligence, and research cases all brought in more fines during 2012. The total number of advertising enforcement actions that FINRA has reported has climbed from 8 in 2006 to 50 last year.

Two cases accounted for a combined $3.2 million in fines, about 30% of the total. FINRA ordered a firm to pay a $2.3 million fine and $12 million in restitution for the sales of a real estate investment trust (REITs) and collateralized mortgage obligations (CMOs).  The firm, the sole distributor of the REIT, used allegedly misleading advertisements in offerings to investors, many of whom were unsophisticated and elderly.  Although FINRA told the firm to stop using those slides, it continued to do so.

In another case, FINRA alleged that a firm made inaccurate representations about the firm’s services, rather than improper advertisements about a particular security. Even after FINRA notified the firm about these advertisements, the firm continued to use them. These alleged violations not only led to a $900,000 fine by FINRA, but the New York Stock Exchange, NASDAQ, BATS Exchange, and the Securities and Exchange Commission also ordered the payment of $5 million in additional fines and disgorgement.

In both of these cases, firms persisted in questionable actions after being put on notice by FINRA.

If you sustained investment losses due to your stock broker or financial advisor’s recommendations, call for a free consultation on how to potentially recover your losses, 888-760-6552.

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The Financial Industry Regulatory Authority, or FINRA, has been warning broker/dealers about the dangers of selling ETFs (Exchange Traded Funds) to their investors. FINRA has said that leveraged ETFs are unsuitable for investors who plan to hold them longer than one trading session, especially in the volatile markets. FINRA also said that the purpose of a leveraged ETF is to have investment results for a single day only and it is to be monitored extremely actively.  Many brokers do not understand these complex and highly speculative investments.  When ETFs are held for weeks or months it can cause greater losses due to the investments’ use of leverage.  Often the broker does not adequately explain the potential risks and ultimately loss of investments.

Investors are bringing litigation over leveraged ETFs countrywide. For example, in February a FINRA arbitration panel awarded investors 100% of their requested damages, plus punitive damages, against Delphi Wealth Advisors for the sale of Direxion leveraged ETFs.

We remind investors that many obscure ETFs like Direxion,  can be hazardous to investors who aren’t careful. These leveraged funds are designed for day-traders and backed by derivatives.  Many investors miss the ‘fine print’ or are not given adequate information by their broker/dealers.

If you have invested in ETFs and lost your investment, call a Securities Arbitration Lawyer at Soreide Law Group for a free consultation on how to potentially recover your losses.  To speak with an attorney, call 888-760-6552.

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Soreide Law Group has begun and investigation into NFP Securities, Inc., for investors who were sold the Hennessey Financial Monthly Income Fund, LP, also known as Capital Solutions (Hennessey Fund).  The Hennessey Fund was sold by Andrew Rosenberg and Stuart Horowitz, of Andrew Stuart Asset Management, Coral Springs, Florida.  There may have been other brokerages/financial advisors who sold the Hennessey Fund to their clients.  Investors were allegedly told they would be receiving 12% annual return, when in fact, the Hennessey Fund was a high risk and unsuitable investment for many conservative clients.

The SEC,  in September 2010, charged Minneapolis attorney, Todd A. Duckson,, and  Michael W. Bozora and Timothy R. Redpath, with defrauding investors in the real estate lending fund.

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Soreide Law Group has file a FINRA arbitration on behalf of an investor who was sold the NNN St. Charles 6, LLC, Tenant in Common Investment along with an investment in a private placement called Commonwealth Capital Corp.’s income and Growth Fund V. These investments were sold by Ellen Erenstein.

Ellen Erenstein, from South Florida, registered as a representative with Investors Capital Corp. (f/k/a Eastern Point Advisors, Inc.), August 2003 to October 2006, and between October 2006 and July 2010, with Workman Securities Corporation, both registered with FINRA, was permanently barred from the securities industry in September, 2012.  Erenstein  sold many Tenant in Common (“TIC”) investments, Doral Court and Shoreview Corporate Center, to name a few.  Erenstein marketed these TIC investments allegedly to retirees and other investors not looking for risky or unsuitable investments to add to their otherwise conservative portfolios.  Due to the real estate market, many TIC investors have lost their entire investment.  TIC investments have often proven to be more profitable to the brokers, due to the high commissions, who sell them, than they are to the clients who buy them.

If you were a client of Ellen Erenstein,  you may have a potential claim for recovery. Call Soreide Law Group for a free consultation with an attorney: 888-760-6552.

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It was reported in FINRA’s BrokerCheck that October, 2012, FINRA fined and temporarily barred Jeffrey Arthur Cashmore, CRD# 1928725.

The $5000 fine and one month suspension was the result of Cashmore allegedly providing his clients and potential clients with misleading information regarding investments. FINRA found that the materials provided to the clients failed to give them a fair basis for evaluating the investments. Cashmore also allegedly provided his customers with information pertaining to class A mutual fund shares, when in fact most of what he was recommending and selling were class C shares, which have different structures, costs, and rates of return.

According to FINRA’s BrokerCheck, this broker was previously registered with FINRA at the following brokerage:

LPL FINANCIAL LLC
CRD# 6413
WILLIAMSVILLE, NY
11/1994 - 10/2012

If you were a client of Jeffrey Arthur Cashmore, and/or his firm, LPL Financial,  you may have a potential claim for recovery. Call Soreide Law Group for a free consultation with an attorney: 888-760-6552.

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FINRA, the Financial Industry Regulatory Authority, barred a former Wells Fargo broker and ordered him to pay $650,000 plus interest to a former client on the grounds that the advisor allegedly defrauded a client of at least the same amount.

Adorean Boleancu opened two home equity lines of credit for an elderly, widowed client,  shortly after moving to Wells Fargo from Morgan Stanley early in 2008. From 2008 to January 2010, Boleancu converted funds from those credit lines by issuing checks in the client’s name “without her authorization and issuing those checks to others, including his girlfriend,” FINRA wrote.

According to a civil complaint, filed in the Superior Court of California in San Francisco in August of 2012, Boleancu also made an unsuitable investment of $2,000,000 in variable annuities and “risky equity funds.” The client discovered the investments, which had declined by $1,000,000, in January 2012 when she hired a new financial advisor, the civil complaint said.

“At all relevant times, the elderly client was an unsophisticated and inexperienced investor who relied completely on the professional advice and experience of Boleancu for her investments and safekeeping of her financial assets,” FINRA said in the letter. “Boleancu was aware of her lack of experience and sophistication at the outset of their relationship.”

FINRA barred Boleancu and ordered him to pay $650,000 restitution to the former client.

Call Soreide Law Group, and speak to an attorney regarding potential recovery of your losses at 888-760-6552.

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FINRA compiled a list in 2009 of the 25 firms fined over $2.1 million combined for failures related to their completion of FINRA’s firm self-assessment in mutual fund breakpoint discount compliance.  This information was listed on FINRA’s website.

The breakpoint discounts are volume discounts applicable to front-end sales charges (front-end loads) on Class A mutual fund shares. The self-assessment followed findings by NASD, the NYSE and the Securities and Exchange Commission that nearly one in three mutual fund transactions that appeared eligible for a breakpoint discount did not receive one.

The names of the firms that were charged and fines assessed are:

J.J.B. Hilliard, W.L. Lyons Inc.                  $500,000

New England Securities                               $500,000

SunAmerica Securities, Inc.                        $300,000

Multi-Financial Securities Corporation    $150,000

H. Beck, Inc.                                                   $140,000

SWS Financial Services                                 $70,000

Leonard & Company                                       $60,000

Securities America, Inc.                                 $55,000

SIGMA Financial Corporation                     $50,000

Intersecurities, Inc.                                        $50,000

Fox & Company Investments Inc.               $45,000

Chase Investment Services Corp.               $32,500

vFinance Investments, Inc.                         $27,500

Investors Capital Corp.                                 $25,000

ProEquities, Inc.                                            $25,000

National Securities Corporation                $25,000

Gary Goldberg & Co., Inc                            $19,500

FSC Securities Corporation                        $15,000

Lincoln Investment Planning, Inc.           $15,000

Spelman & Co.                                              $10,000

Stephen L. Falk & Associates, Inc.             $7,500

First Midwest Securities, Inc.                     $7,000

GunnAllen Financial, Inc.                           $6,000

Advantage Capital Corporation                 $5,000

Financial West Group                                 $5,000

All 25 firms settled these matters without admitting or denying the findings, but consented to the entry of FINRA’s findings.

This ends the information from FINRA’s website.

Soreide Law Group, PLLC,  represents investors nationwide before the Financial Industry Regulatory Authority (FINRA). For a free consultation on how to potentially recover your financial losses call: 888-760-6552.

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Soreide Law Group is currently investigating claims against John Thomas Financial. John Thomas Financial raised approximately $5,000,000 as the lead underwriter for America West. Many investors have suffered complete losses in this investment. In October 2008, John Thomas Financial acquired 15,000,000 warrants, and 5,000,000 options on America West.

John Thomas Financial, who’s CEO is Anastasios “Tommy” Belesis,  is allegedly being investigated by the FBI, the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority Inc. (FINRA). Mr. Belesis has made many media appearances on cable business/financial shows.

If you were a client of Anastasios “Tommy” Belesis, and/or his firm, John Thomas Financial,  you may have a potential claim for recovery. Call Soreide Law Group for a free consultation with an attorney: 888-760-6552

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