Securities Fraud Blog | Find out if your broker is liable for your losses

TAG | elder abuse by stockbrokers

May/11

7

Jennifer J. Guelinas Barred by FINRA

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Jennifer J. Guelinas (CRD #2814512, Registered Representative, Valparaiso, Indiana)

On FINRA’s website it was announced that they had submitted a Letter of Acceptance, Waiver and Consent in which she was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Guelinas consented to the described sanction and to the entry of findings that she converted at least $500,000 from the brokerage accounts of senior citizen customers of
her member firm by signing, without authorization, wire transfer requests which resulted in the conversion of the funds from the customers’ accounts to outside bank accounts she controlled and to third parties; the customers did not authorize the transfers.

The findings included that Guelinas received compensation from a rental apartment she owned
and failed to disclose the real estate investments, the compensation from the investments
or the rental income to her member firm. FINRA found that Guelinas failed to disclose
material information on her Form U4.

The findings also stated that Guelinas, without authorization, signed wire transfer requests, real
estate purchase agreements and a promissory note on senior citizen customers’ behalf.
The findings also stated that Guelinas arranged and participated in real estate investments
with senior citizen customers of her member firm and received compensation.

(FINRA Case #2010025098101)

If you have become a victim of the alleged fraudulent schemes of Jennifer J. Guelinas, call a Securities Arbitration Lawyer for a free consultation on how you could potentially recover you 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.

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May/11

2

FINAL JUDGMENT ORDERED AGAINST BROKER GREGORY L. OLDHAM

Comments off · Posted by admin in FINRA

On April 22, 2011 on the SEC’s website, it was announced that the Securities and Exchange Commission said, the Honorable Leonard D. Wexler of the United States District Court for the Eastern District of New York entered a final judgment on consent against Defendant Gregory L. Oldham, a former registered representative of Advanced Planning Securities, Inc., a former registered broker-dealer. The judgment (i) permanently enjoins Oldham from violating Section 5 of the Securities Act of 1933 and (ii) finds Oldham liable for disgorgement and prejudgment interest of $673,989, but waives payment of that amount and imposes no civil penalty based on Oldham’s sworn statement of financial condition and other documents. Oldham consented to the entry of the judgment without admitting or denying any of the allegations of the Commission’s complaint.

It was also announced in the SEC article that the Commission’s complaint, filed on October 22, 2009, alleged that from 2004 through 2006, Oldham violated the registration provisions of the securities laws by selling securities for which there was no registration statement in effect.

The complaint also alleges that Oldham sold securities to elderly, unsophisticated investors who could not have been expected to understand the risks associated with the investments.

The article adds that in addition to the relief described above, Oldham consented to the entry of an order in a separate Commission administrative proceeding barring him from association with any broker, dealer, or investment adviser with the right to reapply for association after eighteen months.

If you or a family member have become an alleged victim of Gregory L. Oldham or Advanced Planning Securities, Inc., call a Securities Arbitration Lawyer for a free consultation on how to recover your investment 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.

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Jan/11

26

FINRA Sanctions Richard Totoy

Comments off · Posted by admin in FINRA

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.

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