Chelsea Financial Services Broker, Charles Bloom, Barred By FINRA For Allegedly Recommending Unsuitable Investments
The Wolper Law Firm is currently investigating claims against Charles Bloom, a former Financial Adviser at International Asset Advisory and Chelsea Financial Services in Palm Beach County, Florida. Charles Bloom has been in the securities industry since 2000 and worked at myriad brokerages during that period of time.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on July 17, 2018, Charles Bloom was sanctioned by FINRA, barring him from the securities industry. The FINRA order alleges that Charles Bloom recommended unsuitable securities to clients and refused to cooperate in a FINRA investigation regarding same. The FINRA sanction states:
“Without admitting or denying the findings, Bloom consented to the sanction and to the entry of findings that he refused to appear for testimony as requested by FINRA in connection with an investigation into allegations that Bloom engaged in an unsuitable pattern of trading in at least three customer accounts.”
For a full copy of the FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2017056067501%20Charles%20Lewis%20Bloom%20CRD%204144108%20AWC%20jm.pdf
This is not Charles Bloom’s first regulatory infraction. In 2008, Charles Bloom was sanctioned by FINRA for allegedly paying off a customer to avoid the filing of a customer complaint and, in 2009, he was sanctioned by the Florida Division of Securities for violating the terms of his securities registration.
For a full copy of Charles Bloom’s CRD, click https://brokercheck.finra.org/individual/summary/4144108#disclosuresSection.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses. Part of the suitability analysis requires that the trades are quantitatively suitable, meaning that the broker cannot execute excessive trades or engage in churning.
The Wolper Law Firm is interested in speaking with clients of Charles Bloom as part of its investigation. We can be reached at 800.931.8452 or by email at mwolper@wolperlawfirm.com. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.
Read MoreFormer LPL Financial Advisor, Cheryl Ann Stallings, Barred By FINRA For Allegedly Converting Her Clients’ Money For Personal Use
The Wolper Law Firm is currently investigating claims against Cheryl Ann Stallings, a former Financial Advisor at LPL Financial in Amarillo, Texas. Cheryl Ann Stallings has been in the securities industry since the 1990s and previously worked for Bank of America Investment Services.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on November 19, 2018, FINRA sanctioned Cheryl Ann Stallings, barring her from associating with a brokerage firm, following allegations that she converted client money for personal use. Specifically, the FINRA sanction order states:
“Without admitting or denying the findings, Stallings consented to the sanction and to the entry of findings that she circumvented her member firm’s supervisory system and procedures and prevented the firm from properly supervising her by failing to disclose that she was named as power of attorney for a firm customer, had custody of two firm customers’ bank accounts, and was named as successor trustee and beneficiary of a firm customer’s trust. The findings stated that because the two firm customers designated Stallings as their transfer-on-death beneficiary to their accounts, upon the customers’ deaths, more than $60,000 passed to Stallings from the customers’ bank accounts. In addition, because one of the two customers appointed Stallings as successor trustee over the customer’s living trust and named Stallings as a beneficiary of the trust granting her a $248,000 payment from the trust…The findings also included that Stallings made false statements and misrepresentations to her firm on annual compliance questionnaires, falsely stating she had not been granted control over any customer assets and falsely denying she had been granted any power of attorney over a firm customer, and on a request form to act as trustee.”
For a full copy of Cheryl Ann Stallings’ FINRA disclosure report, click https://brokercheck.finra.org/individual/summary/1162913#disclosuresSection.
The Wolper Law Firm is interested in speaking with clients of Cheryl Ann Stallings as part of its investigation. We can be reached at 800.931.8452 or by email at mwolper@wolperlawfirm.com. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.
Read MoreFINRA Barred Broker, John Angelone, For Allegedly Selling Unregistered Securities
The Wolper Law Firm is currently investigating claims against John Angelone, a former Financial Advisor at Network One Financial Securities and Olympus Securities in Weston, Connecticut. Sean Kelly has been in the securities industry since the 1990s and previously worked at three brokerage firms that have since been expelled from the securities industry.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on October 31, 2018, FINRA sanctiond John Angelone, barring him from the securities industry, for allegedly selling unregistered securities in violation of Section 5 of the Securities Act of 1933. Specifically, the FINRA sanction alleges:
“Without admitting or denying the findings, Angelone consented to the sanction and to the entry of findings that he refused to appear for FINRA on-the-record testimony in connection with potential violations of Section 5 of the Securities Act of 1933.”
For a full copy of the FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2017052907902%20John%20Paul%20Angelone%20CRD%202792191%20AWC%20va.pdf
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
If you or someone you know was a customer John Angelone and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at mwolper@wolperlawfirm.com to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.
Read MoreMorgan Stanley Financial Advisor, John Halsey Buck III, Terminated For Failing To Disclose Private Securities Transactions And Now Has Also Been Sanctioned By FINRA
The Wolper Law Firm is currently investigating claims against John Halsey Buck III, a former Financial Advisor at Morgan Stanley in Boston, Mass. John Halsey Buck III has been in the securities industry since the 1970s and previously worked at UBS and Wachovia.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on January 28, 2018, Morgan Stanley discharged John Halsey Buck III for “ALLEGATIONS ABOUT THE TIMING AND COMPLETENESS OF DISCLOSURES TO THE FIRM REGARDING INVOLVEMENT IN PRIVATE INVESTMENTS OUTSIDE THE FIRM.”
The Financial Industry Regulatory Authority (FINRA) strictly prohibits financial advisors from “selling away” or selling securities and investments to clients that are not offered by the brokerage firm with which they are employed. For example, it is illegal and a violation of industry rules for a financial advisor to recommend or even suggest that a client invest in the financial advisor’s own business or a business operated by his or her friends or family. It is not necessary that the financial advisor earn any compensation for recommending an outside investment.
The purpose behind this prohibition is to ensure that a financial advisor only offers to sell securities that have been vetted by his or her employer brokerage firm through a rigorous due diligence process. Most brokerage firms have an approved list of investments, products, and research that can be provided or made available to clients. Any deviation by the financial advisor from the approved product list may constitute selling away.
Subsequent to his employment termination, FINRA initiated an investigation. On October 11, FINRA sanctioned John Halsey Buck II for failing to cooperate in an investigation initiated by FINRA regarding the aforementioned private securities transactions. Specifically, the FINRA sanction states: “On August 31, 2018, in connection with its investigation into Respondent’s potential involvement in certain unapproved private securities transactions.” John Halsey Buck III failed to cooperate and, accordingly, was sanctioned.
A For a full copy of John Halsey Buck III’s FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2018057629701%20John%20Halsey%20Buck%20III%20CRD%2034383%20AWC%20sl.pdf
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
If you or someone you know was a customer John Halsey Buck III and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at mwolper@wolperlawfirm.com to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.
Read MoreFinancial Advisor, Wilfred Rodriguez, Barred By FINRA For Failing To Cooperate With A FINRA Investigation
The Wolper Law Firm is currently investigating claims against Wilfred Rodriguez, a former Financial Advisor at Wells Fargo in Boca Raton, FL. Wilfred Rodriguez has been in the securities industry since the 1990s and previously worked at Prudential and PaineWebber.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on October 9, 2018, FINRA sanctioned Wilfred Rodriguez, barring him from the securities industry for failing to cooperate with a FINRA investigation regarding the conversion of client assets. Specifically, the FINRA sanction states:
“Without admitting or denying the findings, Rodriguez consented to the sanction and to the entry of findings that he failed to provide FINRA with requested documents and information in connection with FINRA’s investigation into allegations reported on his Form U5 and allegations that he converted funds of foreign customers’ and concealed it by falsifying account documents with inflated account values.”
For a full copy of the FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2018059379401%20Wilfred%20Rodriguez%20Jr.%20CRD%202504369%20AWC%20va.pdf
If you or someone you know was a customer Wilfred Rodriguez and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at mwolper@wolperlawfirm.com to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.
Read MoreFormer FSG Advisors Broker, Michael Bressman, Terminated By FSG And Now The Subject Of An SEC Action For Fraudulent Charry Picking Scheme
The Wolper Law Firm is currently investigating claims against Michael Bressman, a former Financial Advisor at FSG Advisors in Chatham, NJ. Michael Bressman has been in the securities industry since 1970s and previously worked at Merrill Lynch.
According to publicly available records released by the Securities and Exchange Commission (SEC), on September 24, 2018, the SEC commenced an enforcement proceeding against Michael Bressman for allegedly facilitating a fraudulent cherry picking scheme in which he made trades in a brokerage firm house account and waited to see how the stock performed before assigning gains and losses to particular accounts, including his own. It is alleged that Michael Bressman placed winning trades in his own account while placing losing trades in customer accounts. The SEC action remains pending. This same conduct led to Michael Bressman’s termination from FSG in May 2018.
In addition, Michael Bressman has four prior customer complaints, alleging, among other things, unauthorized trading and unsuitable investment recommendations. These matters were all settled with monetary compensation being paid to the customer.
For a full copy of Michael Bressman’s FINRA disclosure report, click https://brokercheck.finra.org/individual/summary/873973#disclosuresSection
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
If you or someone you know was a customer of Michael Bressman and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at mwolper@wolperlawfirm.com to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.
Read MoreFinancial Advisor, Jeffrey Sigman, Barred By FINRA After Being Terminated By First Financial Equity Corp.
The Wolper Law Firm is currently investigating claims against Jeffrey Sigman, a former Financial Advisor at First Financial Equity Corp. in Greenwood Village, Colorado. Jeffrey Sigman has been in the securities industry since the 1980s and previously worked at Neidiger, Tucker & Bruner.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on September 13, 2018, FINRA sanctioned Jeffrey Sigman after he refused to cooperate with a FINRA investigation into his alleged participation in outside business activities that were not approved by his employer. Participation in outside business activities often leads to “selling away,” which is when financial advisors sell products and securities to clients that are not approved by the firm.
The Financial Industry Regulatory Authority (FINRA) strictly prohibits financial advisors from “selling away” or selling securities and investments to clients that are not offered by the brokerage firm with which they are employed. For example, it is illegal and a violation of industry rules for a financial advisor to recommend or even suggest that a client invest in the financial advisor’s own business or a business operated by his or her friends or family. It is not necessary that the financial advisor earn any compensation for recommending an outside investment.
The purpose behind this prohibition is to ensure that a financial advisor only offers to sell securities that have been vetted by his or her employer brokerage firm through a rigorous due diligence process. Most brokerage firms have an approved list of investments, products, and research that can be provided or made available to clients. Any deviation by the financial advisor from the approved product list may constitute selling away.
To review a full copy of the FINRA sanction, click http://www.finra.org/sites/default/files/fda_documents/2016050093401%20Jeffrey%20Sigman%20CRD%201418621%20AWC%20jm.pdf
The FINRA sanction follows Jeffrey Sigman’s separation of employment from Neidiger, Tucker & Bruner in 2016 and subsequent termination by First Financial Equity Corp. for allegedly failing to accurately disclose the circumstances of his outside business activities and separation from Neidiger, Tucker & Bruner.
To review a full copy of Thomas Logue’s FINRA disclosure report, click https://brokercheck.finra.org/individual/summary/1418621#disclosuresSection
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
If you or someone you know was a customer of Jeffre Sigman and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at mwolper@wolperlawfirm.com to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.
Read MoreFormer Woodbury Financial Broker, Daniel Flores, Barred By FINRA
The Wolper Law Firm is currently investigating claims against Daniel Flores, a former Financial Advisor at Woodbury Financial Services in Appleton, Wisconsin. Daniel Flores has been in the securities industry since the 1990s and previously worked at Princor Financial Services Corp..
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on July 27, 2018, FINRA sanctioned Daniel Flores, barring him from associating with any brokerage firm. The basis for the sanction is that Daniel Flores failed to respond to a FINRA issued subpoena, requesting information concerning an alleged unapproved investment transaction entered into between Daniel Flores and a client.
This sanction follows Daniel Flores’ termination by Woodbury for this same alleged misconduct. Separately, in May 2018, a customer filed a complaint against Daniel Flores for unauthorized and excessive trading.
To review a full copy of Daniel Flores’ FINRA disclosure report, click https://brokercheck.finra.org/individual/summary/2908027#disclosuresSection
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
If you or someone you know was a customer of Daniel Flores and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at mwolper@wolperlawfirm.com to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.
Read MoreFormer Morgan Stanley Financial Advisor, Lloyd Layton, Sanctioned By FINRA For The Improper Sales Of Unit Investment Trusts (UITs)
The Wolper Law Firm is currently investigating claims against Lloyd Layton, a former Financial Advisor at Morgan Stanley in Washington D.C. Lloyd Layton previously worked at Morgan Stanley until 2015 and has been in the securities industry since the 1980s.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on August 13, 2018, FINRA sanctioned Lloyd Layton based on his conduct while employed at Morgan Stanley. As part of the findings made by FINRA, Lloyd Layton “engaged in an unsuitable pattern of short-term trading of UITs in 54 customer accounts.” It was determined that “the majority of the UITs that Llayton recommended had maturity dates of at least 24 months and carried sales charges ranging from 1.95% to 3.95%….but that Llayton repeatedly recommended that his customers sell their UIT positions less than a year after purchase.” Lloyd Layton has been suspended for a period of three months and fined for his misconduct.
To review the full terms of the sanction, click http://www.finra.org/sites/default/files/fda_documents/2017055691701%20Lloyd%20Thomas%20Layton%20CRD%201618414%20AWC%20va%20.pdf.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Trading long-term investment vehicles in short duration is per se improper as it presents very little benefit to the customer and only benefits the Financial Advisor, who earns commissions. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
If you or someone you know was a customer of Lloyd Layton and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at mwolper@wolperlawfirm.com to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.
Read MoreINVESTOR WARNING—Former Janney Montgomery Broker, Scott William Palmer, Barred From Industry By FINRA
The Wolper Law Firm is currently investigating claims against Scott Palmer, a former Financial Advisor at Janney Montgomery in Hackensack, New Jersey. Scott Palmer has been in the securities industry since 1973 and previously worked at Citigroup, and Dean Witter.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on April 10, 2018, FINRA barred Scott Palmer from working as a Financial Advisor after he failed to cooperate with an investigation regarding his sales practices. A copy of the sanction can be accessed by clicking https://www.finra.org/sites/default/files/fda_documents/2016051156901%20Scott%20W%20Palmer%20CRD%20817586%20AWC%20sl.pdf
In 2017, Scott Palmer resigned from Janney Montgomery after a “loss of confidence related to complaint disclosure history,” which included five (5) customer complaints for “unsuitability,” “excessive trading” and other sales practice violations. Since his resignation, six (6) additional customer complaints have been filed and remain pending, including the following:
- March 2018—“Claimant alleges that financial advisor made unsuitable investments in her account.” Alleged damages are $100,000 and the matter remains pending.
- February 2018—“Claimants allege that financial advisor made unsuitable investments and overconcentrated in the energy sector.” Alleged damages are $500,000 and the matter remains pending.
- July 2017—“Claimant alleges that FA made unsuitable investments by creating a high concentration in energy stocks…” The alleged damages are $235,000 and the matter remains pending.
To review the entire disclosure history for Scott Palmer, click https://brokercheck.finra.org/individual/summary/817586#disclosuresSection
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
If you or someone you know was a customer of Scott Palmer and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at mwolper@wolperlawfirm.com to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.
Read More