Soreide Law Group, a Securities Arbitration Law Firm, (888) 760-6552, found the following information on FINRA’s website under “Disciplinary and Other FINRA Actions, March, 2013.”

Johan Mary-Lyn Akal (CRD #4050242, Registered Representative, Sarasota, Florida)
was barred from association with any FINRA member in any capacity. This sanction was based on findings that Akal forged a bank customer’s signature on cash withdrawal slips and effected cash withdrawals from the customer’s account totaling $47,186.58 without the permission or authority from the customer or the bank, thereby misappropriating the funds. The bank later reimbursed the customer in full.

FINRA’s findings stated that Akal failed to respond to FINRA requests for information and testimony.
(FINRA Case #2011030662501)

This ends FINRA’s information from their website.

If you have experienced a financial loss call Soreide Law Group for a free consultation with an attorney at: 888-760-6552.

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The following information is from FINRA’s website under “Disciplinary and Other FINRA Actions, January, 2013.”

Steven Jay Oshinsky (CRD #2339197, Registered Principal, Boca Raton, Florida)

was suspended from association with any FINRA member in any capacity for one year.

Without admitting or denying FINRA’s allegations, Oshinsky consented to the described sanction and to the entry of findings that he failed
to timely respond to FINRA requests for documents and information to investigate his potential failure to disclose tax liens and outside business activities on his Form U4.

FINRA’s findings stated that Oshinsky’s failure to timely respond impeded FINRA’s investigation.

The suspension is in effect from December 17, 2012, through December 16, 2013.

(FINRA Case #2012030894301)

This ends the information from FINRA’s website.

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, represents clients nationwide before FINRA. If you or a loved one have sustained investment losses due to your stock broker or financial advisor’s recommendations, call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website at: http://www.securitieslawyer.com.

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The following information is from FINRA’s website under “Disciplinary and Other FINRA Actions, January, 2013.”

William Earl Manley (CRD #1177744, Registered Representative, Sarasota, Florida)

was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Manley consented to the described sanction and to the entry of findings that he failed to respond to a FINRA request for information regarding his arrest, felony charge and termination from his member firm. The findings stated that Manley advised FINRA he would not respond to a request for information.

(FINRA Case #2012031461701)

This ends the information from FINRA’s website.

If you feel you may have a claim against William Earl Manley, contact
Securities Lawyer, Lars K. Soreide, of Soreide Law Group, who represents clients nationwide before FINRA. For a free consultation with an attorney on how to potentially recover your losses, call 888-760-6552, or visit our website at: http://www.securitieslawyer.com.

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The following information is from FINRA’s website under “Disciplinary and Other FINRA Actions, January, 2013.”

David Scott Isolano (CRD #2504880, Registered Principal, Harrisburg, Pennsylvania)

was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Isolano consented to the described sanction and to the entry of findings that he failed to respond to a FINRA request to appear for on-the-record testimony concerning an investigation into fixed income transactions executed with excessive markups.

(FINRA Case #2009019803302)

This ends the information from FINRA’s website.

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, represents clients nationwide before FINRA. If you or a loved one have sustained investment losses due to your stock broker or financial advisor’s recommendations, call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website at: http://www.securitieslawyer.com.

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The following information is from FINRA’s website under “Disciplinary and Other FINRA Actions, January, 2013.”

John Boyd Dexter (CRD #1354376, Registered Principal, North Miami, Florida)

was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Dexter consented to the described sanction and to the entry of findings that he failed to appear for
testimony as FINRA requested in connection with an investigation that FINRA had initiated concerning alleged suspicious activity at a member firm’s branch, where Dexter was employed as branch office manager.

The findings stated that in a telephone conversation with FINRA, Dexter stated that he would not provide testimony or cooperate with the
investigation because he was no longer employed in the securities industry. (FINRA Case #2011030204601)
This ends the information from FINRA’s website.

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, represents clients nationwide before FINRA. If you or a loved one have sustained investment losses due to your stock broker or financial advisor’s recommendations, call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website at: http://www.securitieslawyer.com.

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The following information is from FINRA’s website under “Disciplinary and Other FINRA Actions, November, 2012.”

Brennan R. Lollar (CRD #5287737, Registered Representative, St. Petersburg, Florida)

was barred from association with any FINRA member in any capacity. The sanction was based on findings that Lollar misappropriated funds from a bank where he worked as a branch manager.

FINRA’s findings stated that without the bank’s permission or authority, Lollar transferred funds into customers’ accounts and labeled the transfers as refunds of bank fees. No bank fees had ever been assessed to the customers, and Lollar knew the customers we’re not entitled to any refunds. Through a series of several small transactions, Lollar misappropriated a total of $3,242.90 into customers’ accounts.

The FINRA findings also stated that Lollar admitted to the bank that he issued the false refunds and claimed that he did so to assist, or to curry favor with, certain customers. The bank obtained reimbursement through the liquidation of Lollar’s retirement fund.

The findings also included that other than Lollar providing FINRA with a photocopy of a written statement previously provided to the bank admitting to certain aspects of his misconduct, he did not respond to FINRA requests for information and failed to appear for a FINRA on-the-record interview.

(FINRA Case #2010024098101)
This ends the information from FINRA’s website.

Securities Lawyer, Lars Soreide, of Soreide Law Group, represents clients nationwide before FINRA. If you or a loved one have sustained investment losses due to your stock broker or financial advisor’s recommendations, call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website at: http://www.securitieslawyer.com.

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The following information is from FINRA’s website under “Disciplinary and Other FINRA Actions, November, 2012.”

Ellen Joyce Erenstein (CRD #3244253, Registered Representative, Boynton Beach, Florida)

was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Erenstein consented to the described sanction and to the entry of findings that she failed to respond to FINRA requests to provide testimony concerning customer complaints prior securities customers and their heirs had filed against her.

(FINRA Case #2010022093401)
This ends the information from FINRA’s website.

Securities Attorney, Lars Soreide, of Soreide Law Group, has represented clients nationwide before FINRA. If you sustained investment losses due to your stock broker or financial advisor’s recommendations, call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website at: http://www.securitieslawyer.com.

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FINRA, the Financial Industry Regulatory Authority, alleges Roman Sledziejowski, the Polish president and owner of TWS Financial, LLC, in Brooklyn, N.Y., used customer funds for his own use and gave false statements to clients from June, 2009, through August, 2012.

FINRA alleges Sledziejowski defrauded three Polish customers of more than $4 million by taking money out of their accounts, and in other cases, having them transfer funds that he said would be invested in a Polish vodka company. Mr. Sledziejowski refused to testify and cooperate with FINRA.

Sledziejowski told one client that his funds were being put into a Polish bank and the stock of a Polish vodka maker, but no such investments were ever made. Two other customers said they didn’t authorize the wire transfers that he made from their accounts to Innovest Holdings, LLC, which Sledziejowski controlled.

“In order to mask his misconduct, Sledziejowski provided customers with falsified account statements or ‘account snapshots,’ which were fictional accounts of their holdings in their TWS brokerage accounts or the values of those accounts,” FINRA said.

Sledziejowski was previously registered with Wachovia Securities LLC, Prudential Securities Inc. and Salomon Smith Barney Inc., according to FINRA’s BrokerCheck. TWS Financial filed to withdraw its broker-dealer registration on Nov. 9th.

If you have invested with Roman Sledziejowki, TWS Financial, LLC, or Innovest Holdings, LLC, and experienced financial losses, call and speak at no charge to a securities attorney who may potentially help you recover those losses. Call: 888-760-6552, or visit our website at: http://www.securitieslawyer.com.

Soreide Law Group, PLLC, representing investors nationwide before FINRA the Financial Industry Regulatory Authority.

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FINRA, the Financial Industry Regulatory Authority, filed a Temporary Cease-and-Desist Order (TCDO) on November 5th., 2012, halting further fraudulent sales activities by Michigan-based WR Rice Financial Services and its owner Joel I. Wilson. FINRA also issued a complaint against WR Rice and Wilson charging fraud in the sales of limited partnership interests in entities affiliated with the Diversified Group and American Realty Funds Corporation, companies in which Wilson has ownership interest and control. FINRA announced that it is filing the TCDO based on the belief that ongoing customer harm and depletion of customer assets would likely continue before a formal disciplinary proceeding against WR Rice and Wilson could be completed, as reported in an article on FINRA’s website.

FINRA alleges that WR Rice, Wilson and other registered representatives at the firm sold more than $4.5 million in limited partnership interests. These were sold to approximately 100 investors from mostly low-to-moderate-income households. FINRA charges that Wilson and WR Rice raised funds promising that the proceeds would be invested in land contracts on residential real estate in Michigan and would pay an interest rate of 9.9 percent. When in reality, investors’ funds were used to make unsecured loans to companies Wilson owned or controlled. FINRA also alleges that WR Rice and Wilson failed to disclose to investors that Wilson extended the improper loans due to an inability to pay them as they became due.

The FINRA article states that Wilson is also charged with providing fabricated documents to FINRA. These documents were related to the limited partnership offerings. Wilson is also charged with failing to provide full and complete testimony during FINRA’s investigation of him and his firm after he was confronted with the falsified documents.

Securities Attorney, Lars Soreide, of Soreide Law Group, PLLC, has represented clients nationwide before FINRA. If you have sustained investment losses due to your stock broker or financial advisor’s recommendations call for a free consultation on how to potentially recover your losses. To speak with an attorney call: 888-760-6552, or visit our website at: http://www.securitieslawyer.com.

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Do security futures, a high risk investment, have a place in your investment portfolio? Depending on your risk tolerance, a key component of financial planning, and your understanding of security futures contracts, writes Adriana Reyneri, in an October article from “Millionare Corner.”

“Security futures involve a high degree of risk and are not suitable for all investors,” says the Financial Industry Regulatory Authority, the self-regulating agency that oversees the brokerage industry, also known as FINRA. As with all high risk investments, says FINRA, “if you don’t understand it, you shouldn’t buy it. You could lose a substantial amount of money in a very short period of time.”

FINRA says that a securities futures contract legally binds two parties to buy or sell a set number of shares of a company’s stock for a set price at a specified date in the future. Why are these securities futures contracts such high risk investments? Securities futures contracts require an initial payment, sometimes called a “margin payment,” to cover potential losses. This margin can be used to leverage a futures contract of much high value. According to FINRA, as the degree of leverage increases, so does the potential for large gains or losses over a short period of time.

Ms. Reyneri writes that a drop in stock price can trigger a margin call – a demand for investors to deposit additional funds into the margin account. Consequently, if an investor is unable to meet a margin call, the brokerage firm may liquidate the securities futures position and hold the investor liable for any losses. “Because of the always-present possibility of margin calls, security futures contracts are not appropriate if you cannot come up with the additional funds on short notice,” FINRA said.

Trading security futures can result in “potentially unlimited losses” and the dangers of these high risk investments can be compounded by trading halts, computer system failures, day trading strategies and illiquid markets, FINRA states.

With high risk investments, FINRA says, “you should not risk any money that you cannot afford to lose, such as your retirement savings, medical and other emergency funds, funds set aside for education or home ownership or funds required to meet your living expenses.”

FINRA advises investors contemplating high risk investments, such as security futures contracts, to do a thorough background check on prospective brokers.

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. For a free consultation with an attorney, please call 888-760-6552, or visit our website at: http://www.securitieslawyer.com.

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