Adam George Meister (CRD # 4354400, Registered Representative, Evans, Georgia) was fined $20,000, suspended from association with any FINRA member in any capacity for 15 months and required to requalify by exam before re-entering the securities industry. The fine is due and payable when and if Meister seeks to re-enter the securities industry. The sanctions were based on findings that Meister engaged in a private securities transaction without his member firm’s prior notification and completed a firm compliance questionnaire stating that he understood he could not sell securities away from the firm and falsely represented that he had not engaged in unapproved transactions. The findings stated that Meister omitted material information in connection with the sale of securities with the intent to deceive or defraud, and failed to provide the customer with a stock certificate or receipt for the full amount of her investment. The findings also stated that the customer complained to Meister’s member firm after the stock issuer ceased operations and liquidated its assets, and the firm settled the customer’s complaint. The findings also included that Meister’s recommendations to the customer were unsuitable in light of her financial situation and investment needs.

This information was found on the FINRA website’s Disciplinary Actions.

If you have been a victim of the alleged fraudulent schemes of Adam George Meister, or a similar situation, call a Securities Arbitration Lawyer for a free consultation on how to recover your losses.  To speak with an attorney, call 888-760-6552, or visit www.stockmarketlawsuit.com. Soreide Law Group, PLLC., representing investors nationwide before FINRA  the Financial Industry Regulatory Authority.

Adam G Meister · Adam George Meister · Adam Meister · broker selling securities away from firm · failure to provide customer with stock certificate · Financial Industry Regulatory Authority · FINRA · FINRA arbitration · finra lawyer · finra securities arbitration · finra securities arbitration lawyer · Florida Securities Lawyer · fraudulent sale of securities · Ft. Lauderdale Securities Lawyer · investment fraud · securities arbitraton lawyer · securities fraud lawyer · Soreide Law Group PLLC · stock broker fraud · Stock fraud lawyer · stockbroker misconduct · unauthorized trades

Stephen Dee Linge (CRD # 4604676, Registered Representative, Murray, Utah) submitted a Letter of Acceptance, Waiver and Consent in which he was suspended from association with any FINRA member in any capacity for two years. In light of Linge’s financial status, no monetary sanction was imposed. Without admitting or denying the findings, Linge consented to the described sanction and to the entry of findings that he participated in private securities transactions through the sales of securities totaling approximately $395,000 in the form of promissory notes issued by a company, to which he referred firm customers and received monetary compensation from the company’s affiliate for his referrals. The findings stated that Linge failed and neglected to give written notice to his firm of his intention to engage in such activities, and the firm never authorized Linge to engage in such activities. The findings also stated that Linge engaged in business activity outside the scope of his association with his firm for which he received monetary compensation, and failed to provide the firm with prompt written notice of this outside business activity. The findings also included that Linge received compensation totaling $15,600 as a result of the above-mentioned outside business activities and private securities transactions.

This information was found on the FINRA website’s Disciplinary Actions.

If you have been a victim of the alleged fraudulent schemes of Stephen Dee Linge, or a similar situation, call a Securities Arbitration Lawyer for a free consultation on how to recover your losses.  To speak with an attorney, call 888-760-6552, or visit www.stockmarketlawsuit.com. Soreide Law Group, PLLC., representing investors nationwide before FINRA  the Financial Industry Regulatory Authority.

broker borrowing money from customer · broker selling securities as promissory notes · brokers receiving referral fees · Financial Industry Regulatory Authority · FINRA · FINRA arbitration · finra lawyer · finra securities arbitration · finra securities arbitration lawyer · Florida Securities Lawyer · Ft. Lauderdale Securities Lawyer · investment fraud · securities arbitraton lawyer · securities fraud lawyer · Soreide Law Group PLLC · Stephen D Linge · Stephen Dee Linge · Stephen Linge · Stock fraud lawyer · unauthorized trades

Kevin Bradley Martin (CRD # 1704674, Registered Principal, El Dorado Hills, California) submitted a Letter of Acceptance, Waiver and Consent in which he was fined $20,000 and suspended from association with any FINRA member in any principal capacity for six months. Without admitting or denying the findings, Martin consented to the described sanctions and to the entry of findings that he was supervisor of his member firm’s sales and trading operations and direct supervisor of a registered representative who effected pre-arranged and fictitious trades in collateralized mortgage obligations through the firm’s proprietary trading account. The findings stated that the transactions appeared to terminate the firm’s ownership of the securities and to generate profits for the firm and the trader, but they were sham transactions because the firm remained the beneficial owner of the securities and the purported transaction profits concealed actual and substantial losses. The findings also stated that the registered representative was able to accomplish and maintain his scheme because Martin reviewed his activity on a daily basis rather than in a manner that would evidence trading patterns over time and expose the firm’s losses and risk. The findings also included that Martin was responsible for the firm’s overall compliance with applicable laws, rules and regulations and for implementing the firm’s supervisory policies, practices and procedures, and Martin failed to supervise the registered representative in a manner reasonably designed to achieve compliance with applicable laws, rules and regulations. FINRA found that Martin failed to cause the firm to preserve electronic communications.

This information was found on the FINRA website’s Disciplinary Actions.

If you have been a victim of the alleged fraudulent schemes of Kevin Bradley Martin, or a similar situation, call a Securities Arbitration Lawyer for a free consultation on how to recover your losses.  To speak with an attorney, call 888-760-6552, or visit www.stockmarketlawsuit.com. Soreide Law Group, PLLC., representing investors nationwide before FINRA  the Financial Industry Regulatory Authority.

broker concealed losses · broker discipline · CMOs · Collateralized Mortgage Obligations · Financial Industry Regulatory Authority · FINRA · FINRA arbitration · finra lawyer · finra securities arbitration · finra securities arbitration lawyer · Florida Securities Lawyer · Ft. Lauderdale Securities Lawyer · investment fraud · Kevin B Martin · Kevin Bradley Martin · Kevin Martin · phony trades in CMOs · securities arbitraton lawyer · securities fraud · securities fraud lawyer · sham CMOs · Soreide Law Group PLLC · Stock fraud lawyer · stockbroker misconduct · unauthorized trades

Lisa Renee Mello (CRD # 1465948, Registered Principal, Lafayette, California) submitted a Letter of Acceptance, Waiver and Consent in which she was fined $8,000 and suspended from association with any FINRA member in a Financial and Operations Principal (FINOP) capacity for six months. Without admitting or denying the findings, Mello consented to the described sanctions and to the entry of findings that she served as her member firm’s FINOP and was responsible for monitoring the firm’s financial condition to determine whether its net capital was sufficient to conduct a securities business. The findings stated that one of the firm’s registered representatives effected trades in collateralized mortgage obligations (CMOs) through the firm’s proprietary trading account. The findings also stated that the transactions appeared to remove beneficial ownership of the CMOs from the firm, but they were sham transactions because the securities remained in the firm’s inventory. The findings included that the registered representative was able to accomplish and maintain his scheme because Mello and others at the firm reviewed his activity on a daily basis rather than in a manner that would evidence trading patterns over time and expose the firm’s losses and risk.
FINRA found that as a result of the registered representative’s activity and the firm’s method of monitoring it, the firm conducted a securities business on multiple days while failing to maintain its required minimum net capital and, because Mello failed to discern the true effect of the registered representative’s trading on the firm’s net capital, she allowed the firm to conduct a securities business on multiple occasions while in violation of SEC Exchange Act Rule 15c3-1.

This information was found on the FINRA website’s Disciplinary Actions.

If you have been a victim of the alleged fraudulent schemes of Lisa Renee Mello, or a similar situation, call a Securities Arbitration Lawyer for a free consultation on how to recover your losses.  To speak with an attorney, call 888-760-6552, or visit www.stockmarketlawsuit.com. Soreide Law Group, PLLC., representing investors nationwide before FINRA  the Financial Industry Regulatory Authority.

CMOs · Collateralized Mortgage Obligations · Financial Industry Regulatory Authority · FINOP · FINRA · FINRA arbitration · finra lawyer · finra securities arbitration · Florida Securities Lawyer · Ft. Lauderdale Securities Lawyer · investment fraud · Lisa Mello · Lisa R Mello · Lisa Renee Mello · risky CMO investments · SEC Exchange Act Rule 15C3-1 · securities arbitraton lawyer · securities fraud lawyer · sham CMOs · Stock fraud lawyer · stockbroker misconduct · unauthorized trades

Matthew Norman O’Brien (CRD # 4655082, Registered Representative, West Branch, Michigan) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, O’Brien consented to the described sanction and to the entry of findings that he signed the name of a customer of his member firm on a Letter of Authorization form and then used the form to effect a transfer of $3,000 from the customer’s brokerage account to O’Brien’s personal bank account without the customer’s knowledge or approval. The findings stated that O’Brien borrowed $13,000 from the customer, who was not related to O’Brien and contrary to his member firm’s written procedures prohibiting its registered persons from entering into lending agreements with customers unless the customer was an immediate family member. The findings also stated that O’Brien executed a trade in the customer’s account without the customer’s knowledge or consent. The findings also included that O’Brien failed to respond to FINRA requests for information and documents.

This information was found on the FINRA website’s Disciplinary Actions.

If you have been a victim of the alleged fraudulent schemes of Matthew Norman O’Brien, or a similar situation, call a Securities Arbitration Lawyer for a free consultation on how to recover your losses.  To speak with an attorney, call 888-760-6552, or visit www.stockmarketlawsuit.com. Soreide Law Group, PLLC., representing investors nationwide before FINRA  the Financial Industry Regulatory Authority.

broker borrowing money from customer · broker theft · broker theft from customers · Brokers forged names of customer · Financial Industry Regulatory Authority · FINRA · FINRA arbitration · finra lawyer · finra securities arbitration · Florida Securities Lawyer · Ft. Lauderdale Securities Lawyer · investment fraud · Matthew N. O'Brien · Matthew Norman O'Brien · Matthew O'Brien · securities arbitraton lawyer · securities fraud lawyer · Soreide Law Group PLLC · Stock fraud lawyer · stockbroker misconduct · unauthorized trades

FINRA’s website has prepared an article stating, “Seniors Beware: What You Should Know About Life Settlements”

More and more seniors are hearing about opportunities to sell their existing life insurance for cash in transactions known as life settlements. A life settlement, or senior settlement, as they are sometimes called, involves selling an existing life insurance policy to a third party—a person or an entity other than the company that issued the policy—for more than the policy’s cash surrender value, but less than the net death benefit.

Life settlements can be a valuable source of liquidity for people who would otherwise surrender their policies or allow them to lapse—or for people whose life insurance needs have changed. But they are not for everyone. Life settlements can have high transaction costs and unintended consequences. And even if you decide a life settlement is generally right for you, it can be hard to tell whether you are getting a fair price.

 FINRA reminds us that if you are considering selling your life insurance policy to a third party, you can help protect yourself by familiarizing yourself with your existing policy so that you fully understand your options, becoming fully informed about life settlements, shopping around for the best offer, and dealing only with licensed buyers and brokers. We are issuing this Alert to highlight the questions you should ask and the factors to consider before entering into a life settlement.

You Should Know What Is a Life Settlement?

 If you owned a life insurance policy that you no longer wanted or needed, you had two choices: surrender the policy for its cash value or allow it to lapse. Now, there is a third option: selling your policy (or the right to receive the death benefit) to an entity other than the insurance company that issued the policy in a transaction known as a life settlement.

 Life settlement market emerged as an offshoot of the viatical settlement industry that developed in the 1980s as a source of liquidity for AIDS patients and other terminally ill policyholders with life expectancies of less than two years. Unlike viaticals, however, life settlements involve policyholders who are not terminally ill, but generally have a life expectancy of between two and ten years. Life settlements also tend to involve policies with higher net death benefits than viaticals.

 The life settlement market has continued to expand rapidly in recent years. One recent report estimates that existing policies with a collective face value of $11.8 billion were sold by policyholders to investors in 2008.

 Ask Yourself “How Do Life Settlements Work?”

 The purchasers of life settlements, sometimes called life settlement companies or life settlement providers, generally are institutions that either hold the policies to maturity and collect the net death benefits or resell policies—or sell interests in multiple, bundled policies—to hedge funds or other investors. In exchange, you receive a lump sum payment. The amount you will receive in the secondary market depends on a range of factors, including your age, health and the terms and conditions of your policy—but it is generally more than the policy’s cash surrender value and less than the net death benefit.

 At the time you sell your life insurance policy, whoever buys it is acquiring a financial interest in your death. In addition to paying you a lump sum for your policy, the buyer agrees to pay any additional premiums that might be required to support the cost of the policy for as long as you live. In exchange, the buyer will receive the death benefit when you die.

 The Factors to Consider When Deciding to Sell Your Life Insurance Policy

 Life settlements have proven profitable not only for institutional investors that purchase policies, but also for the providers and brokers who handle these transactions. As a result, competition among life settlements providers for individuals seeking to sell or otherwise terminate their life insurance policies has become increasingly intense. Because the life settlement industry is relatively new and may target seniors who may be in poor health, it can be prone to aggressive sales tactics and abuse.

 It does not mean that you should never consider a life settlement. A life settlement might make sense for you if you no longer want or need your current policy—or if you can no longer afford the expense of paying insurance premiums and are willing to give up or replace the coverage. Even then, however, you should proceed with caution. Here are some of the key factors you should consider:

Ongoing Life Insurance Needs—If you are considering buying a new policy with the proceeds of the life settlement, you will need to determine whether you will be able to get a new policy with equivalent coverage—and at what cost. Your old policy will still be in force and may affect your ability to get additional coverage. Even if you can get a new policy, you may have to pay higher premiums because of your age or changes in your health status. If your goal is to retain coverage but lower the premiums you pay or otherwise obtain different features, you might want to consider options such as reducing your existing amount of policy coverage or making a “1035 Exchange.”

• Less Costly Alternatives—If one of the factors driving your decision is a need for cash, be aware that surrendering your life insurance policy for its cash value or pursuing a life settlement are not your only options—especially if you would ideally like to retain your coverage. For example, you might want to see whether you can borrow against your policy. You might also be eligible for accelerated death benefits, which allow an individual with a long-term, catastrophic, or terminal illness to receive benefits on his or her policy prior to dying. Check with the company that issued your policy before leaping into a life settlement. You may still decide that a life settlement is the best alternative for you, but you should be aware of all of your options before making up your mind.
• Difficulty Determining Fair Prices—One of the hardest things to know when you are selling a life insurance policy is whether you are getting a fair price for your policy. There is no transparent secondary market for life insurance policies. The best way to make sure you are getting a fair price is to shop around. This can mean directly contacting multiple life settlement companies, using a licensed life settlement broker who will shop your policy around on your behalf, or contacting your broker or other financial services provider.
• Impact on Your Finances—A cash payment from a life settlement can have unintended financial consequences, especially if your financial circumstances have changed from when you first bought the policy. For example, if you currently receive state or federal public assistance, such as Medicaid, a life settlement can negatively impact your ability to participate in that program. Before you proceed with a life settlement, be sure you fully understand the financial implications for you and your family. You may want to consult your attorney, accountant, or other legal or financial professional.
• Impact on Your Survivors—Consider carefully your need for current income against the future financial needs of your survivors. Even if you have determined that they do not need the proceeds from your insurance policy at this time, ask whether there could be a chance that this situation could change. If so, ask yourself whether you can obtain the liquidity you seek from other sources or by trying alternative ways to tap into the insurance proceeds as suggested above.

 Can I Protect Myself?

If you decide to go forward with a life settlement, here are some questions you should be sure to ask.

Is the life settlement broker or provider licensed in my state? A growing number of states regulate life settlement companies and life settlement brokers to some degree, and may require that they be licensed. Be sure to ask your state insurance commissioner whether the life settlement company or broker you are dealing with is properly licensed—and whether either has a record of complaints. If you are working with a securities broker, FINRA BrokerCheck should be your first resource to learn about his or her professional background, registration/license status and disciplinary history.

1. What will happen to my policy? Ask what the life settlement company that is buying your policy will do with it. Will they hold it themselves? Sell it individually? Or package it with other policies and sell interests in the package to other investors? The ultimate buyer of your policy will become responsible for paying the premiums and will collect the death benefit when you die—and, as noted below, any interim and ultimate buyers of your policy will also have access to a great deal of personal information about you, including your health status.
2. What information will I have to provide? To whom? For how long? When you sell your life insurance policy, you will have to sign a release authorizing the release of medical and other personal information so that the buyer can determine how much to offer for your policy. You may also have to agree to provide periodic updates about your health. Once the buyer obtains that information, it may be shared with other parties, including lenders or third party investors.
3. How can I protect my privacy? Before accepting any offer from a life settlement company, you should carefully read the application, and make sure that the company has procedures in place to protect the confidentiality of your information. If it will be sold, ask to whom, and whether the end buyers will have access to your personal information. If you use a life settlement broker, find out the names of the life settlement companies from whom the broker solicits bids, and ask about the privacy policies of all parties or potential parties to the transaction. In many cases, state regulations govern the handling of confidential information. Contact your state insurance commissioner to find out what regulations apply.
4. What’s the best price I can get for my policy? If you are using a life settlement broker, ask what bids were received, and what steps the broker used to make sure you are being offered the most competitive price available. If you are approached by someone soliciting you to sell your life insurance policy, make sure you understand that person’s role in the transaction: is he or she a life settlement broker who represents you, or is the person affiliated with a particular life settlement company? If the answer is the latter, the person may only obtain an offer from that company, making it hard for you to know whether you are being offered a competitive price for your policy.
5. What are the transaction costs? Life settlements can have high transaction costs. The commissions paid by life settlement companies to life settlement brokers and other financial professionals involved in the transaction can be as high as 30%. Ask your broker or other financial adviser what they are being compensated for their role in the transaction and how their compensation is being calculated. Also inquire about what other parties are receiving commissions. If someone recommends a particular life settlement to you, find out what they are being paid, and by whom.
6. What are the tax consequences? The lump sum payment you receive in exchange for your life insurance policy can be taxable, depending on your circumstances. Before entering into a life settlement, check with a tax professional about the tax implications of any transaction you are considering.
7. What if I change my mind? Always remember that you do not have to accept an offer to purchase your life insurance policy, even if you shopped around for the best price. If you do accept an offer and later reconsider, be aware that some states have laws that allow you to change your mind within a certain amount of time.
8. Is the life settlement in my interest or my investment professional’s? At least one marketing brochure targeted at investment professionals not only touts the potential commissions from life settlements, but also emphasizes that additional revenues can be generated from the seller’s purchase of other investment products using the proceeds from the life settlement. Citing industry statistics, the brochure notes that almost half of all life settlement transactions result in the purchase of new life insurance. In other words, your investment professional stands to make two commissions off of a life settlement transaction. And you may end up replacing a perfectly good policy with a costly new one.
9. Am I being pressured to make a fast decision? If you feel that you are being subjected to high-pressure sales tactics, and other aggressive advertising, marketing and sales efforts, beware. A legitimate investment professional will provide clear answers to your questions and will give you the time you need to make an informed decision.

Read these Reminders:

 Life settlements may make sense for people who no longer need or want their insurance policies, and would otherwise surrender their policies or allow them to lapse. But even then, you should proceed with caution. Consult with your broker or other financial services provider, and make sure that you:

• are dealing with properly licensed entities;
• are aware of the confidentiality policies of the parties involved;
• are getting a fair price; and
• understand the tax and other implications of the transaction.

FINRA Tells US Where to Turn for Help and Additional Resources

Life settlements can involve almost any kind of insurance policy, including variable policies. However, because only variable insurance products are securities, FINRA only has jurisdiction over life settlements involving variable policies.

If you have questions or wish to file a complaint about a life settlement, be sure to call or write your state insurance commissioner. If your complaint concerns a variable life insurance policy, you may also file a complaint with FINRA.

For more information, please see the following materials:

• Notice to Members 09-42 (which discusses regulatory concerns about member firm activity involving variable life settlement transactions)
• Notice to Members 06-38 (which discusses concerns about, and member firm obligations in the context of, sales of existing variable life insurance policies to third parties) 
• Selling Your Life Insurance Policy: Understanding Viatical Settlements (NAIC alert)
• Viatical Settlements: Buying Viaticals as Investments (NAIC alert)
• NASAA Alert Concerning Viatical Settlements
• Should You Exchange Your Life Insurance Policy? (FINRA alert)
• FINRA Investor Podcast, Seniors Beware: What You Should Know About Life Settlements

Glossary of Terms: Life Settlements

 Accelerated Death Benefits

Also known as “living benefits,” accelerated death benefits provide payments to policy holders who have a long-term, catastrophic, or terminal illness-payments that ordinarily would not be available prior to the policy holder’s death. Rules concerning accelerated death benefits vary from company to company and from policy to policy. In some cases, depending on the term of the policy or contract, the beneficiaries of the policy may be entitled to a reduced death benefit.

Cash Surrender Value

The cash surrender value of a life insurance policy is the amount you can collect if you cancel (or “surrender”) the policy before it matures or before you die. The amount is typically based on the cash you’ve built up in the policy over time (your tax-deferred savings) minus any surrender charges or outstanding loan balances.

Lapse

Lapse refers to the termination of an insurance policy when an individual fails to pay his or her premiums on time. If you allow a policy to lapse, you typically cannot collect any cash surrender value that would otherwise be available.

Net Death Benefit

A death benefit is the amount an insurance company pays to a policy holder’s beneficiary when the policy holder dies. Not all life insurance policies or annuity contracts provide for this sort of benefit, and not all death benefits are calculated the same way. The net death benefit is the amount specified in the insurance policy or annuity contract, minus any unpaid premiums that are due and outstanding loan balances or other withdrawals. In the case of variable life insurance or variable annuities, investment gains and losses can impact the amount of the death benefit.

This very valuable information comes from the FINRA website.

Do you feel you were alledgedly scammed in the Life Insurance Market by your broker?  You may have legal rights to recover your money from the broker or brokerage firm that sold you your insurance. To speak with an attorney, call 888-760-6552, or visit www.stockmarketlawsuit.com. Soreide Law Group, PLLC., representing investors nationwide before FINRA  the Financial Industry Regulatory Authority.

1035 Exchange · accelerated death benefits · Cash Surrender Value · cash surrrender value · death benefit · Financial Industry Regulatory Authority · FINRA · finra lawyer · finra securities arbitration · Ft. Lauderdale Securities Lawyer · impacting survivors selling life insurance · insurance for cash · investment fraud · Lapse · life insurance lawyer · life insurance policy · life settlements · Living benefits · net death benefit · private placement fraud · private placement losses · selling life insurance policy · senior insurance fraud · Senior investors · senior settlement · Stock fraud lawyer · stockbroker misconduct · surrendering life insurance for cash value · tax consequences for selling life insurance · viatical fraud · viatical fraud lawyer · viatical investment · viatical life expectancy · viatical settlement · viaticals

Robert A. Signore (CRD # 5401120, Registered Representative, Yonkers, New York) was barred from association with any FINRA member in any capacity. The sanction was based on findings that Signore prepared checks totaling $233,732.40, signed the customer’s name to the checks, and used the checks to purchase a variable annuity for the customer’s account, without the customer’s knowledge or authorization. The findings stated that after detecting the unauthorized purchase, the customer complained to the firm, which cancelled the transaction and returned the funds. The findings also stated that Signore’s purchase of the annuity generated a $15,000 commission, of which $11,000 went to him.

This information is available on the FINRA website’s Disciplinary Actions.

If you have been a victim of the alleged fraudulent schemes of Robert A. Signore, or a similar situation, call a Securities Arbitration Lawyer for a free consultation on how to recover your losses.  To speak with an attorney, call 888-760-6552, or visit www.stockmarketlawsuit.com. Soreide Law Group, PLLC., representing investors nationwide before FINRA  the Financial Industry Regulatory Authority

annuities · broker theft · broker theft from customers · broker unauthorized purchase · Financial Industry Regulatory Authority · FINRA · FINRA arbitration · finra lawyer · finra securities arbitration · Ft. Lauderdale Securities Lawyer · investment fraud · Robert A Signore · Robert Signore · securities arbitraton lawyer · securities fraud · securities fraud lawyer · Stock fraud lawyer · stockbroker misconduct · unauthorized fraudulent trading · unauthorized trades · unauthorized trading activity · variable annuities

Michael Scott Silva (CRD # 3056607, Registered Supervisor, Petaluma, California) submitted a Letter of Acceptance, Waiver and Consent in which he was fined $5,000 and suspended from association with any FINRA member in any capacity for 10 business days. Without admitting or denying the findings, Silva consented to the described sanctions and to the entry of findings that he recommended that a customer invest approximately $140,000 in a principal-protected note (PPN) and caused the purchase of the PPN in the customer’s account without having reasonable grounds for believing that the recommendation was suitable for the customer in light of the customer’s annual income and total net worth. The findings stated that the PPN issuer filed for bankruptcy protection and defaulted on the PPN, resulting in the PPN’s value dropping precipitously, and the customer ultimately sold the PPN for approximately $8,800.

This information is available on the FINRA website’s Disciplinary Actions.

If you have been a victim of the alleged fraudulent schemes of Michel Scott Silva, or a similar situation, call a Securities Arbitration Lawyer for a free consultation on how to recover your losses.  To speak with an attorney, call 888-760-6552, or visit www.stockmarketlawsuit.com. Soreide Law Group, PLLC., representing investors nationwide before FINRA  the Financial Industry Regulatory Authority

Financial Industry Regulatory Authority · FINRA · FINRA arbitration · finra lawyer · finra securities arbitration · Florida Securities Lawyer · Ft. Lauderdale Securities Lawyer · investment fraud · Michael S Silva · Michael Scott Silva · Michael Silva · PPN · principal protected notes · securities arbitraton lawyer · securities fraud · securities fraud lawyer · Soreide Law Group PLLC · Stock fraud lawyer · stockbroker misconduct

Julie Sheau Lin Ting (CRD # 1683235, Registered Representative, Monterey Park, California) submitted a Letter of Acceptance, Waiver and Consent in which she was suspended from association with any FINRA member in any capacity for 12 months. In light of Ting’s financial status, no monetary sanction was imposed. Without admitting or denying the findings, Ting consented to the described sanction and to the entry of findings that she participated in private securities transactions without prior written notice to, or written permission from, her member firm to engage in the transactions, for which she received compensation. The findings stated that Ting referred investors, some of whom were her firm’s customers, to entities from which some of these investors purchased securities in the form of promissory notes and stock. The findings also stated that Ting received approximately $259,958 as compensation for her referrals of investors.

This information is available on the FINRA website’s Disciplinary Actions.

If you have been a victim of the alleged fraudulent schemes of Julie Sheau Lin Ting, or a similar situation, call a Securities Arbitration Lawyer for a free consultation on how to recover your losses.  To speak with an attorney, call 888-760-6552, or visit www.stockmarketlawsuit.com. Soreide Law Group, PLLC., representing investors nationwide before FINRA  the Financial Industry Regulatory Authority.

Financial Industry Regulatory Authority · FINRA · FINRA arbitration · finra lawyer · finra securities arbitration · Florida Securities Lawyer · Ft. Lauderdale Securities Lawyer · illegal referrals from stockbrokers · investment fraud · Julie Sheau Lin Ting · Julie Ting · promissory note fraud · promissory notes · securities arbitraton lawyer · securities for stocks · securities fraud lawyer · securities in the form of promissory notes · Soreide Law Group PLLC · Stock fraud lawyer · stockbroker misconduct

Richard Totoy (CRD # 5423558, Registered Representative, New York, New York) was barred from association with any FINRA member in any capacity. The sanction was based on findings that Totoy converted $1,000 from an elderly customer by using an automatic teller machine (ATM) card to withdraw the funds from the customer’s account without her knowledge or consent. The findings stated that Totoy admitted that he made the withdrawals and later returned the funds to the bank. The findings also stated that Totoy failed to respond to FINRA requests for information and to appear for a FINRA on-the-record interview.

This information is available on the FINRA website’s Disciplinary Actions.

If you have been a victim of the alleged fraudulent schemes of Richard Totoy, or a similar situation, call a Securities Arbitration Lawyer for a free consultation on how to recover your losses.  To speak with an attorney, call 888-760-6552, or visit www.stockmarketlawsuit.com. Soreide Law Group, PLLC., representing investors nationwide before FINRA  the Financial Industry Regulatory Authority.

brokers involved in elder abuse · elder abuse · elder abuse by stockbrokers · elder abuse in investments · Financial Industry Regulatory Authority · FINRA · FINRA arbitration · finra lawyer · Florida Securities Lawyer · Ft. Lauderdale Securities Lawyer · investment fraud · Richard Totoy · Stock fraud lawyer · stockbroker misconduct · targeting elderly investors · theft by brokers