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Stories of Interest
- Louisiana Adviser Barred for Hiding Losses from Investors
- Connecticut HF Manager Illegally Diverted Investor Money - Now Owes Nearly $13Mn
- White House Cleaning House of Advisors Without Full Security Clearance
- Goldman Projects 30% Growth in Wealth Management Advisor Force
- Whistleblower Alleges Manipulation of CBOE Volatility Index
- FINRA Looking Into VIX (CBOE Volatility Index) Manipulation: WSJ
- Atlanta-Area Resident Charged with Misusing Investor Funds - SEC
- FINRA Announces 2018 West Region Networking Seminar
- Alberto Arevalo, Associate Director in Office of International Affairs, to Retire From SEC
- A Culprit for Financial Site Glitches: You and Your Apps
- Investor Protection, Capital Formation and Market Integrity Are Top Priorities in SEC Budget Request
- We Must Stop Out-Of-Control Trading or U.S. Capitalist System Will Break Down - Dick Bove
- SEC Launches Share Class Selection Disclosure Initiative to Encourage Self-Reporting and the Prompt Return of Funds to Investors
- BofA CEO Moynihan Got $23Mn Compensation for 2017 – a 15% Pay Raise
- Former Credit Suisse ‘Star’ Gets 5-Year Jail Term For "Clever Fraud"
- FINRA: Perspectives on Customer Arb Award Recovery
- FINRA: Amend Membership App Program to Incentivize Arbitration Award Payments
- Goldman's #2 Allegedly Swindled Out of $1.2Mn of Wine by Assistant
- FINRA Publishes Annual Budget Summary - No Fee Rate Increases for Member Firms
- CFTC Chairman Giancarlo Names Maggie Sklar Senior Counsel
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NEWSLETTERS & ALERTS
Financialish ‘Hall of Shame’ - Broker-Dealer Induction Ceremony
By Howard Haykin
Today, Financialish.com introduces its “HALL OF SHAME,” featuring broker-dealers that we believe were complicit in the abuse of elderly customers.
A broker-dealer is eligible for election to the Financial Hall of Fame if it satisfies the following criteria:
- One or more of the firm’s registered representatives were named in a settled compliant that appeared in a FINRA Monthly Disciplinary Actions report.
- The complaint(s) involved one or more elderly customers of the firm.
- Such customer(s) suffered significant financial losses.
- The financial abuse was carried out over a relatively prolonged period.
- The firm failed to take timely action so as to prevent or deter the financial abuse - even though firm principals were aware, or should have been aware, of the financial abuses, given that typical or basic supervisory reviews would have raised numerous ‘red flags’.
- The firm escaped FINRA sanctions for its so-called ‘complicity’.
In making its determinations, Financialish took into consideration relevant settlement documentation – ‘Orders Accepting Offer of Settlement’ or ‘Letters of Acceptance, Waiver and Consent’ (AWCs) – as well as applicable FINRA BrokerCheck records.
MAY 2017 INDUCTEES:
K.C. WARD FINANCIAL. Registered rep Broker Craig Dima was charged with unauthorized and unsuitable trades, including the numerous sales and buybacks of the customer’s long-term holdings in Colgate-Palmolive stock.
BAY MUTUAL FINANCIAL. Registered rep Christopher Ariola was charged with unsuitable recommendations, loading up customer accounts with high risk gold and energy stocks.
CAMBRIDGE INVESTMENT RESEARCH. Registered rep Curtis Randle El was charged with unsuitable recommendations from February through September 2014, effecting short-term trades in Class A mutual fund shares and Unit Investment Trusts (UITs).
WELLS FARGO ADVISORS. Registered rep Matthew Maczko, was charged with excessive trading in customer accounts from 2009 to 2016.
FINANCIAL WEST GROUP. Registered rep Kelly Althar was charges with high volume trading in customer accounts from 2011 to 2014.
STIFEL, NICOLAUS. Registered rep Harold Pomeranz was charged with unsuitable short-term trading of Unit Investment Trusts (UITs).