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Jun/11

7

David Lerner & Associates Charged By FINRA With Soliciting Investors to Purchase REITs Without Fully Investigating Suitability

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WASHINGTON — On FINRA’s website, The Financial Industry Regulatory Authority (FINRA) announced May31,2011, that it has filed a complaint against David Lerner & Associates, Inc. (DLA), of Syosset, NY, charging the firm with soliciting investors to purchase shares in Apple REIT Ten, a non-traded $2 billion Real Estate Investment Trust (REIT), without conducting a reasonable investigation to determine whether it was suitable for investors, and with providing misleading information on its website regarding Apple REIT Ten distributions. DLA has sold and continues to sell Apple REIT Ten targeting unsophisticated and elderly customers with unsuitable sales of the illiquid security.

FINRA’s complaint goes on to say that since January 2011, as sole underwriter for Apple REIT Ten, DLA has sold over $300 million of an open $2 billion offering of the REIT’s shares. Apple REIT Ten invests in the same extended stay hotel properties as a series of other Apple REITs closed to investors. Apple REIT Ten and the closed Apple REITs were founded by the same individual, and are all under common management. DLA has been the sole underwriter for Apple REITs since 1992, selling nearly $6.8 billion of the securities into approximately 122,600 DLA customer accounts. DLA earns 10 percent of all offerings of Apple REIT securities as well as other fees. Apple REIT sales have generated $600 million for DLA, accounting for 60 to 70 percent of DLA’s business annually since 1996.

 This complaint against David Lerner & Associates (DLA) alleges that since at least 2004, the closed Apple REITs have unreasonably valued their shares at a constant price of $11 notwithstanding market fluctuations, performance declines and increased leverage, while maintaining outsized distributions of 7 to 8 percent by leveraging the REITs through borrowings and returning capital to investors. As sole distributor, DLA did not question the Apple REITs’ unchanging valuations despite the economic downturn for commercial real estate.

 The FINRA article goes on to say that in its solicitation of customers to purchase Apple REIT Ten, DLA’s website provided distribution rates for all of the previous Apple REITs. These distribution figures were misleading and omitted material information because they did not disclose recent distribution rate reductions or that distributions far exceeded income from operations and were funded by debt that further leveraged the REITs.

 FINRA alleges that DLA failed to sufficiently investigate the valuation and distribution irregularities of the closed Apple REITs prior to selling Apple REIT Ten. As the sole underwriter of all of the Apple REITs, DLA was aware of the Apple REITs’ valuation and distribution practices. Rather than conduct due diligence into those valuations and distribution irregularities to determine that they were reasonable and that the Apple REITs were suitable, DLA accepted the valuations and continued to record them on customer account statements.

 This issuance of a disciplinary complaint represents the initiation of a formal proceeding by FINRA in which findings as to the allegations in the complaint have not been made, and does not represent a decision as to any of the allegations contained in the complaint. Under FINRA rules, a firm or individual named in a complaint can file a response and request a hearing before a FINRA disciplinary panel. Possible remedies include a fine, censure, suspension or bar from the securities industry, disgorgement of gains associated with the violations and payment of restitution.

This article was obtained on FINRA’s website.

If you or a family member have become a victim of the alleged fraudulent schemes of David Lerner Associates, Inc., 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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Jun/11

6

Broker-Dealers Often Keep Insurance Licenses After Being Fired

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In an article from InvestmentNews.com, May 29, 2011, Bruce Kelly writes that Neal Smalbach was fired by a broker-dealer in 2008 for selling securities while he was unregistered, an infraction that got him suspended by the Financial Industry Regulatory Authority Inc. (FINRA) for six months, according to the organization’s BrokerCheck system. It was the second time that a securities firm had let him go. Though he no longer had a securities license, Mr. Smalbach still had a license to sell insurance, and made good use of it — at least for himself, authorities said.

Kelly writes that on April 29, Mr. Smalbach was arrested in Florida by the Pinellas County sheriff and charged with one count of insurance fraud and one count of organized fraud. Each count carries a maximum of five years in prison, along with a potential $5,000 fine. The charges of insurance fraud against Mr. Smalbach, who also has 37 pending customer disputes from his time as a broker, according to BrokerCheck, highlight a persistent problem in the investment advice business:

Registered representatives who permanently or temporarily lose their license to sell stocks, bonds and mutual funds often retain a license to sell insurance.

Although state agencies that regulate insurance agents and securities brokers try to work together to keep an eye on brokers who get fired from either side of the industry, regulators are sometimes limited in their authority because of a lack of information sharing about reps and agents, observers said.

A common criticism among registered reps is that insurance agents who lose a license to sell securities products often sell equity-indexed annuities, an insurance product that is nonetheless marketed as an investment that can compete with a mutual fund or variable annuity.

“It’s been an issue, and still is, among states,” said Joseph Borg, director of the Alabama Securities Commission. “If you’ve been kicked out of one end of the financial markets, you probably don’t need to be in another.”

According to the InvestmentNews.com article, Mr. Smalbach, 48, was selling mortgage insurance policies that promise to pay the balance of a policyholder’s mortgage in the event that he or she dies, according to Jeremy Powers, an assistant state attorney in Florida’s Fifth Judicial Circuit. But instead of mortgage insurance, Mr. Smalbach’s clients were, in fact, sold whole-life policies that were worth no more than $20,000.

“Somebody who’s had the level of problems that [Mr.] Smalbach appears to have had would create a risk for consumers,” Mr. Powers said. “The activities alleged in this case are pretty serious and had the potential to create multiple hundreds of thousands of dollars in victim losses.”

 Smalbach, whose sales practices were profiled last month by the St. Petersburg (Fla.) Times, serve as a backdrop to efforts by lawmakers in Washington and regulators across the country to create a single fiduciary standard for investment advisers, registered reps and insurance agents. This year, a law went into effect in Florida that gives the state’s Department of Financial Services the power to revoke an insurance agent’s license immediately if the agent has his or her securities license revoked.

“Fraud is fraud,” said Nina Ashley, a department spokeswoman.

Kelly reminds us that when confronted with a broker whose securities license had been pulled — but who maintained an insurance license — regulators’ hands are, at times, tied. To take actions against a broker’s insurance license, Ms. Ashley said a specific insurance violation has to be found. “That didn’t always exist,” she said.

Florida already has used the new law to revoke the insurance license of a broker who misrepresented information when selling securities to a senior citizen, Ms. Ashley said. In February, the Florida Office of Financial Regulation permanently barred Jeffrey Donner on charges that he failed to disclose to clients that their accounts would automatically be billed advisory fees of 30% annualized, according to a statement from the agency. Approximately $40,000 in management fees were deducted from clients’ accounts. While Mr. Donner neither admitted nor denied the findings, Florida regulators revoked his insurance license this month according to the InvestmentNews.com article.

THEY ARE FINDING LOOPHOLES

We’ve learned that Mr. Smalbach, however, still has a license to sell insurance products such as life and health policies, and variable annuities, according to the Florida Department of Financial Services’ website.

The broker in question exploited another loophole in the law when he sold stock in a firm called Transfer Technology International Corp., whose shares are currently listed at less than a penny a share. At least a dozen elderly investors, some in their 80s and 90s, bought nearly $1 million of the stock from Mr. Smalbach, according to the St. Petersburg Times. Although he didn’t have a securities license, Mr. Smalbach was an employee of Transfer Technology and could sell shares in the company to accredited investors legally, the newspaper reported.

THEY ARE SMOOTH OPERATORS

Bruce Kelly writes that one longtime client of Mr. Smalbach who invested in the Wesley Chapel, Fla.-based company was Bob Fox, 78, of Sebring, Fla. A client of Mr. Smalbach’s for over a decade, Mr. Fox said he has lost $100,000 in his Transfer Technology investment.

“He was a really smooth talker,” Mr. Fox said, adding that Mr. Smalbach often hurried him through paperwork when buying an investment.

Mr. Smalbach’s former accountant, Robert Ferreira, corroborated Mr. Fox’s statement said the ex-broker often rushed clients through the process of buying investment products, including variable annuities.

“His method was to say, “Sign here, fill in this and that — I’m in a hurry and will fill in the rest at the office,’” Mr. Ferreira said.

If you or a family member have purchased policies through Neal Smalbach or other brokers and experienced a similar situation, contact an insurance fraud attorney for a free consultation on how to potentially recover your investment losses.  To speak with an attorney, call 888-760-6552, or visit stockmarketlawsuit.com. 

We stand up and fight for the rights of consumers. Soreide Law Group, PLLC, representing Insurance Fraud Victims in Federal Court, State Court and before the Financial Industry Regulatory Authority (“FINRA”).

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May/11

25

John Hancock to Pay $1 millon to State of Louisiana in Death Benefit Fallout

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In an InvestmentNews.com article by Darla Mercado, May 24, 2011, it was reported that the State of Louisiana will collect about $1 million in a settlement with John Hancock Life Insurance Co. as part of a massive investigation into the insurer’s payment of death benefits. This agreement will go into effect next month, according to an announcement from Louisiana’s Treasury Department. Some 35 states are also participating in the settlement with the insurer.

This is the third such announcement for John Hancock, which last week reached a settlement with Florida that included a $3 million payment to three Florida regulatory agencies. They also agreed to return funds to beneficiaries and to establish a $10 million fund to facilitate payments to beneficiaries who can’t be contacted. In April, John Hancock reached a settlement with California valued at $20 million.

In the InvestmentNew.com article it was reported that an audit into John Hancock revealed that the insurer failed to report unclaimed life insurance benefits properly, according to Louisiana’s Treasury Department.

“In many cases, those who were owed benefits because of the death of a loved one were never even notified,” said Louisiana’s treasurer, John Kennedy. “We will do everything we can to find these families and return the money that rightfully belongs to them.”

Mercado reports that the announcement happens to fall on the same day that regulators in California are holding a hearing with MetLife Inc. executives. State officials plan to question the execs about the carrier’s use of the Social Security Administration’s master death list, as well as its process for notifying beneficiaries who are owed money.

If you or a family member have become alleged victims of non-payment of death benefits through John Hancock Life Insurance Co, or MetLife, or any other life insurance company, contact an insurance fraud attorney for a free consultation on how to recover your investment losses.  To speak with an attorney, call 888-760-6552, or visit stockmarketlawsuit.com. 

We stand up and fight for the rights of consumers. Soreide Law Group, PLLC, representing Insurance Fraud Victims in Federal Court, State Court and before the Financial Industry Regulatory Authority (“FINRA”).

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May/11

20

Susan Mae Karn Fined and Suspended by FINRA

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Susan Mae Karn (CRD #5218398, Registered Representative, Wimbledon, North Dakota)

submitted a Letter of Acceptance, Waiver and Consent in which she was fined $5,000 and suspended from association with any FINRA member in any capacity for six months. The fine must be paid either immediately upon Karn’s reassociation with a FINRA member firm following her suspension, or prior to the filing of any application or request for relief from any statutory disqualification, whichever is earlier. Without admitting or denying the findings, Karn consented to the described sanctions and to the entry of findings that she allowed a customer to sign relatives’ names on life insurance applications, and before Karn submitted them for processing, she signed the insurance applications and certified that she had witnessed each of the proposed signatures on the insurance applications. The findings stated that Karn falsely certified on the Representative’s Information Supplement document for each insurance application that she had personally seen each proposed insured at the time the application was completed. The findings also stated that one of Karn’s clients completed an application to purchase a municipal bond fund by signing her name on an electronic signature pad, and later that same day, Karn signed the client’s name on the electronic signature pad and thereby affixed the client’s signature on an application without the client’s authorization, consent or knowledge.

The FINRA findings also included that the application Karn’s member firm processed and sent to the client reflected the signature Karn had affixed rather than the client’s authentic signature. FINRA found that when the firm questioned Karn about the authenticity of the client’s signature, Karn initially stated it was the client’s original signature, but when questioned further, admitted she had signed the client’s name and in doing so, Karn misled her firm during its internal investigation into a customer complaint.

The suspension is in effect from March 7, 2011, through September 6, 2011. (FINRA Case #2010022067901)

This information was obtained on FINRA’s website.

If you or a family member have become  victims of the alleged fraudulent schemes of Susan Mae Karn, or have experienced a similar situation, 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

11

Deceptive Insurance Practices

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The following are some of the deceptive practices involving insurance sales:

*The definition of “twisting” insurance is when the insurance agent, for the purposes of generating his or her commission, persuades the client to lapse, surrender, or otherwise terminate an insurance product and replace it with another product that provides little or no economic benefit to the client. Often, the accumulated cash value of an older policy is used to mask the true cost of the new policy, allowing the agent to provide a favorable (but misleading) comparison.

*”Churning,” sometimes referred to also as twisting in the insurance industry, is an attempt by an unscrupulous agent from an insurance company to cancel your existing policy and replace it with a new one, drawing down your cash value (called “juice” in industry jargon) to pay for it. This activity generates additional commission for the agent and may result in your having to pay more down the line.

*”Vanishing premiums” refers to the inflated claims about the length of time a policyholder will need to pay premiums, such as “you only have to pay premiums for seven years, and then the policy will pay for itself.” Unfortunately, many consumers who were sold vanishing premium policies in the 1980s and 1990s later found they needed to pay more premium dollars to keep their policies from lapsing.

Before it was made illegal, some insurance agents used a sales pitch for universal life insurance that suggested the premiums could vanish.

The pitch went like this:

You start out by putting a large, lump sum into the universal life policy. The policy has the potential for making money, much like an investment (but it is illegal for an agent to sell life insurance by calling it an investment). The company may pay interest, if the company has a good year. If the company does have a good year, the percentage of interest could be very high. If you left the interest and dividends in your policy to build up with your cash value after a few years, you could have enough cash value in the policy to pay the premiums.

The “vanishing premiums” scenario depended on three big “IFs:”

Only if the company has very good years. Only if the company pays high dividends. Only if you do not withdraw cash value.

*The term “sliding” means an agent slips you extra coverage you didn’t ask for — but do pay for. This can easily add $100, $200 or more to your premium.  The agent says it’s part of a “package,” or won’t mention the coverage at all. The motor club memberships, accidental death coverages and guaranteed renewable life insurance are three policies that agents sometimes sell to policyholders without their knowlege.

The primary motive in these scenerios is financial profit.  These practices not only are misleading and unethical, but can be illegal.

If you or a family member have become victims of these alleged insurance frauds, contact an insurance fraud attorney for a free consultation on how to recover your investment losses.  To speak with an attorney, call 888-760-6552, or visit stockmarketlawsuit.com. 
We stand up and fight for the rights of consumers. Representing Insurance Fraud Victims in Federal Court, State Court and before the Financial Industry Regulatory Authority (“FINRA”).

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May/11

6

Florida and California Insurers’ Death Benefit Payout Practices Targeted

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In an April 26th, 2011, article from InvestmentNews.com, Darla Mercado writes that attorneys have set their sights on life insurers as state regulators investigate the carriers for their failure to pay out death benefits or submit the money to the state in a timely fashion, allegedly while still collecting fees in some cases, and leading the way is California’s controller and insurance regulator, which announced jointly a subpoena and investigative hearing of MetLife Inc.’s practices on paying death benefits.

Ms. Mercado goes on to say that the preliminary findings from a three-year audit by the state revealed that for 20 years, the carrier failed to pay benefits to named beneficiaries or the state after learning that a customer had died. MetLife’s hearing has been set for May 23. That same audit, which covered 21 life insurers, led to a settlement between John Hancock Financial Services Inc. and California on Friday. That day, Florida’s Office of Insurance Regulation announced a May 19 hearing on the same topic. That office also had subpoenaed MetLife and Nationwide Life Insurance Co., asking that the companies bring representatives to discuss the carriers’ practices.

The regulatory activity has garnered the attention of plaintiff’s attorneys, who are watching the drama unfold and expect some litigation fallout as a result. According to the InvestmentNews.com article, the key legal question is what exactly were the insurer’s responsibilities in performing the due diligence to find the beneficiaries. Carriers use the Social Security Administration’s death master list database for reference.

The beneficiaries of these policies are supposed to submit a claim for the death benefits, but if a carrier doesn’t hear from a beneficiary and has information on hand to show that an insured person has died, then at what point does the company escheat the money to the state?

It was noted that aside from following regulatory and statutory requirements, the insurer used its electronic death master file in 2006 and 2007 to identify individual life insurance policies for which a death benefit was due but no claim had been filed to date. The carrier will expand its use of the electronic death master file to identify potentially payable policies this year.

Depending on applicable state law, when beneficaries can’t be located within 3 to 5 years after the company receives notice of a death, the policy proceeds are considered unclaimed and go to the appropriate state. MetLife escheated $51 million to the states in 2010.

If you or a family member have become victims of this alleged fraud, contact an insurance fraud attorney 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. 
We stand up and fight for the rights of consumers. Representing Insurance Fraud Victims in Federal Court, State Court and before the Financial Industry Regulatory Authority (“FINRA”).

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Apr/11

29

SEC Filed Civil Action Against Magnum d’Or Resources, Inc., & Four Individuals

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On April 29, 2011, it was announced on the SEC’s website that the Securities and Exchange Commission filed a civil action in the United States District Court for the Southern District of Florida against Magnum d’Or Resources, Inc. and its former chief executive officer and president Joseph J. Glusic of Henderson, Nevada, for antifraud and registration violations and against Dwight Flatt of Delray Beach, Florida, David Della Sciucca, Jr. of Fort Lauderdale, Florida, and Shannon Allen of Miami, Florida for registration violations.

In the SEC’s complaint, Magnum issued stock pursuant to false Form S-8 registration statements, and used bogus consultants to funnel more than $7 million in illicit stock proceeds back into the company. The SEC alleges that in facilitating this kickback scheme, Magnum garnered the assistance of Flatt, Sciucca, and Allen who liquidated Magnum S-8 stock, kept a portion of the sales proceeds, and then returned more than $7 million of the remaining sales proceeds to Magnum under the guise of loan agreements. The SEC’s complaint also alleges that Magnum made false and misleading statements in its Form S-8 registration statements and in various press releases during the relevant time period.

In the SEC report it was announced that without admitting or denying the allegations in the Commission’s complaint, and subject to court approval, Glusic and Allen have consented to the entry of judgments that would enjoin them from future violations of Sections 5(a) and 5(c) of the Securities Act, and enjoin Glusic from future violations of Section 17(a) of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5 thereunder. Glusic has also agreed to pay disgorgement of $1,878 with prejudgment interest of $231, and a $50,000 civil penalty. Glusic has further agreed to entry of an order imposing permanent officer and director and penny stock bars. Allen has agreed to pay disgorgement of $80,742 with prejudgment interest of $6,258 and a $25,000 civil penalty. He has also agreed to entry of an order imposing a five-year penny stock bar and requiring him to surrender for cancellation approximately 1.4 million shares of Magnum common stock.

Also, the SEC alleges that Magnum and Glusic violated Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The SEC also alleges Section 5(a) and 5(c) violations against Flatt, Sciucca, and Allen.

The Commission today issued an Order Instituting Administrative Proceedings and Notice of Hearing Pursuant to Section 12(j) of the Securities Exchange Act of 1934 against Magnum, to determine whether the registration of each class of its securities should be revoked or suspended for a period not exceeding twelve months based on its failure to file required periodic reports. The Division of Enforcement alleges that Magnum has failed to comply with Exchange Act Section 13(a) and Rules 13a-1 and 13a-13 thereunder by failing to file periodic reports required by these provisions. A hearing will be scheduled before an Administrative Law Judge to determine whether the allegations of the Division contained in the Order are true, and to provide Magnum an opportunity to respond to these allegations.

It was also reported that the Commission acknowledges the assistance of the Financial Industry Regulatory Authority (FINRA) in this matter.

If you or a family member has become an alleged victim of Magnum d’Or Resources, Inc., or it’s brokers, 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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Apr/11

29

Steven Brasner Charged With Scamming Seniors in Insurance Fraud

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Steven M. Brasner, an agent with Infinity Financial Group LLC in Davie, Fla., was arrested April, 2010 and charged with 22 counts of grand theft, insurance fraud and aggravated white collar crime.

Axa Equitable Life Insurance Co., which sued Mr. Brasner in 2008 in connection with this case, had notified Florida’s state regulators of the suspicious policies. Axa notified the regulators in adherence to state rules that require carriers to report suspected fraud activity.

According to an InvestmentNews.com article, officials in Florida, including the state finance chief and attorney general, charged that Mr. Brasner created a scheme to sell policies taken out on the lives of senior citizens on the secondary market, then identified his victims and scammed them into buying a policy. As part of the scheme, he falsified the clients’ net worth. Though it’s legal to sell policies over the secondary market, purchasing insurance with the express purpose of selling it violates state insurable interest laws.

Brasner made more than $1.6 million in commissions on the policies, based on some $78 million in total death benefits, according to regulators.

Florida State officials also claim that Mr. Brasner told the senior clients that he would pay them between 3% to 5% of the face value of the life insurance policies following the two-year contestability period when the contracts were sold over the secondary market. He also allegedly told the elderly Axa clients that they wouldn’t have to pay for the premiums out of pocket.

If you or a family member have become victims of this alleged fraud, contact an insurance fraud attorney 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. 
 

We stand up and fight for the rights of consumers.

Representing Insurance Fraud Victims in Federal Court, State Court and before the Financial Industry Regulatory Authority (“FINRA”).

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Apr/11

28

Do You Have Investments in CapWest Securities, Inc.?

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CapWest Securities Inc. has reported in its recent filing with the SEC that three years of losses, a decline in net capital and many lawsuits — “raise substantial doubt about the company’s ability to continue as a going concern.” CapWest, is owned by Capstone Financial Group, reported a net loss of $109,000 last year on revenue of nearly $3 million.

Many broker-dealers who sold private placements have gone under.

“If, as a result of losses from operations of from litigation, the company were to fail to meet regulatory net-capital requirements, it would be required to raise additional capital to continue operations,” the firm’s management noted in the filing. “Although the company’s parent may assist from time to time with funding for the company, there can be no assurance that the company will be successful in obtaining additional capital on terms favorable to the company, or at all.”

In the court filings it was noted that, CapWest brokers sold around $22 million of private placements issued by Provident Royalties LLC, which the SEC charged with fraud in 2009. CapWest also sold an unknown amount of DBSI Inc., a packager of real estate deals that was popular among independent broker-dealers.

Currently CapWest is working with its insurance company to settle several outstanding legal actions against the firm, and faces other claims in FINRA arbitrations this year. It also faces five pending civil actions in court according to the filings.

If you or a family member bought private-placements with CapWest 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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Apr/11

28

The Top 25 Broker-Dealers in the Country

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Soreide Law Group, PLLC, would like you, the investor, to know when pursuing a FINRA arbitration to recover your investments losses, it is important to make sure the award is collectable. The following list represents the firms with the top 25 highest excess net capital.  We represent clients against the following firms:
Rank Firm Excess net capital ▼
1 Raymond James Financial Services Inc. $253,341,000
2 Ameriprise Financial Services Inc. $118,000,000
3 LPL Financial LLC $88,946,000
4 Royal Alliance Associates Inc. $40,318,190
5 Waddell & Reed Inc. $39,313,114
6 Northwestern Mutual $34,338,000
7 Axa Advisors LLC $30,233,807
8 PrimeVest Financial Services Inc. $28,570,000
9 H.D. Vest Financial Services $28,028,550
10 SagePoint Financial Inc. $27,421,973
11 NFP Advisor Services Group (& Affiliates) $25,559,905
12 FSC Securities Corp. $24,950,133
13 ING Financial Partners Inc. $24,571,000
14 Woodbury Financial Services $24,526,893
15 Financial Network Investment Corp. $23,253,000
16 Lincoln Financial Network $22,028,919
17 Genworth Financial Securities Corp. $13,419,377
18 MML Investors Services LLC $12,626,782
19 Princor Financial Services Corp. $12,484,271
20 Multi-Financial Securities Corp. $12,081,000
21 Commonwealth Financial Network $9,943,447
22 National Planning Corp. $9,922,000
23 Park Avenue Securities LLC $8,663,000
24 Lincoln Investment Planning Inc. $8,621,208
25 Cadaret Grant & Co. Inc. $7,217,251

 This information was obtained from InvestmentNews.com website.

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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