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TAG | FINRA brokercheck

Feb/13

8

FBI, SEC and FINRA Investigating Tommy Belesis’ Firm, John Thomas Financial

Comments off · Posted by Securities Lawyer in FINRA

In an article, Feb. 7, 2013, in the New York Post, it was reported that (broker-dealer owner), Anastasios “Tommy” Belesis’ firm, John Thomas Financial, is being investigated by the FBI, the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority Inc. (FINRA).

Mr. Belesis has made many media appearances on cable business/financial shows.

According to FINRA’s BrokerCheck, S.W. Bach & Co. fired him in 2005 for “inaccurate representation of identity to customer.” In 2001, a client sued him and a firm for $750,000 for churning and a FINRA arbitration panel later awarded the client $259,000. Mr. Belesis and firms he’s worked for have settled two other FINRA arbitration claims for nearly $100,000. Belesis paid $46,000 as his share of the settlements.

John Thomas’ FINRA record shows failures to disclose fees to clients about transaction charges. Arkansas Securities Department fined John Thomas $25,000 last year for allegedly not disclosing to clients handling fees for stock orders. The Connecticut Banking Department fined the firm $20,000 over similar failures on fee disclosures, and FINRA fined it $275,000 for “postage and handling” violations.

If you have been a client of Anastasios “Tommy” Belesis, and/or his firm, John Thomas Financial, and experienced financial losses call a securities lawyer at (888) 760-6552 or visit http://www.securitieslawyer.com.

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Jan/13

29

FINRA’s BrokerCheck May Soon Be Linked to Firm Websites

Comments off · Posted by Securities Lawyer in FINRA

The Financial Industry Regulatory Authority Inc., also known as FINRA, is proposing a new rule that would allow investors to access information about a financial advisor’s business and disciplinary history directly from the firm’s web page.

FINRA filed a regulatory notice in the Jan. 25 edition of the Federal Register. FINRA said the rule would require its broker-dealer members to include “a prominent description of and link to BrokerCheck on their websites, social-media pages and any comparable Internet presence.”

BrokerCheck contains information on brokers, including professional background, the type of practice they run and whether they have been disciplined by FINRA or other regulators. Under the new proposal, a broker or firm’s website would have a direct link to the broker’s or firm’s specific BrokerCheck page. Investors would be able to click and go right to those pages.

“FINRA believes that the proposed rule change would increase investor awareness and use of BrokerCheck, thereby helping investors make informed choices about the individuals and firms with which they conduct business,” the Federal Register notice stated.

This proposal responds to a January, 2011 study by the Securities and Exchange Commission (SEC), mandated by the Dodd-Frank financial reform law, that examined ways to increase investor access to BrokerCheck.

This proposal follows a recent FINRA proposal to make brokers disclose their compensation incentives when they move from one firm to another. This comes at a time when there is much confusion about how investment advisors and brokers can use websites, blogs and social media.

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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Jan/13

23

FINRA Awards Investor $1.3mill From Sale of ETF’s by Wells Fargo

Comments off · Posted by Securities Lawyer in FINRA

Moshar v. Wells Fargo, FINRA ID # 11-00556 (Los Angeles, CA, 1/9/2013)
A couple was recently awarded $1,333,300 in compensatory damages through a FINRA arbitration. The claimants charged Wells Fargo with the following: breach of fiduciary duty, breach of written contract, fraud by misrepresentation and omission, failure to supervise and control, and violation of federal and state securities laws and statutory and common law as well as NASD Rules of fair practice and NYSE Rules.
The causes of the action related to multiple investments in Exchange Traded Funds or ETF’s.

Securities Attorney, Lars Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. If you have sustained investment losses due to your stock broker or financial advisor’s recommendations regarding ETFs, 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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Jan/13

22

Boca Raton Rep Suspended by FINRA

Comments off · Posted by Securities Lawyer in FINRA

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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Jan/13

22

Miami Rep Barred by FINRA

Comments off · Posted by Securities Lawyer in FINRA

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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Jan/13

13

Did You Invest With Beverly Hills Broker Bambi Holzer?

Comments off · Posted by Securities Lawyer in FINRA

Soeide Law Group is currently investigating broker, Bambi I. Holzer, CRD #1088028. Ms. Holzer is currently a registered representative with Newport Coast Securities of Beverly Hills, CA. There have allegedly been numerous (over 50) reports filed against her in her 25+ year career, and over $11 million in awards and settlements. Several of these complaints have been regarding the improper sale of private placements, and the sale of variable annuities, another high-risk product that is now under heavy scrutiny from federal regulators.

She was previously employed by these Beverly Hills, CA, brokerages: Wedbush Morgan Securities, Sequoia Equities Securities Corp., and Brookstreet Securities Corp.

If you feel you may have a claim against Bambi Holzer call 888-760-6552.

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. Visit our website at: http://www.securitieslawyer.com.

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Dec/12

12

Year End Investment Considerations for Individual Investors

Comments off · Posted by Securities Lawyer in FINRA

The Financial Industry Regulatory Authority (FINRA), and the SEC’s Office of Investor Education and Advocacy,have issued a new Investor Alert called Year-End Investment Considerations for Individual Investors. This new alert provides individual investors with a few suggestions for year-end investment planning as the year draws to a close.

“The end of the year is a great time to take stock of your financial situation and make sure your investment plan is meeting your needs,” said Gerri Walsh, FINRA’s Vice President for Investor Education. “Taking some time to carefully manage your investment portfolio can pay dividends in the coming year.”

The Year-End Investment Considerations outlines five areas investors should focus on when making decisions regarding their investments:

Consider Rebalancing. Some of your investments will grow faster than others. Rebalancing your investments will allow you to adjust your investment portfolio so not to overemphasize one or more asset categories.

Asset Allocation. The end of the year is a time to review your overall investment portfolio and evaluate your existing asset allocation.

Check Out Your Investment Professional. Many investors do not realize that they can check the background of a broker or investment adviser by using FINRA BrokerCheck or the Investment Adviser Public Disclosure (IAPD) website.

Tax Considerations. Investors interested in learning what impact tax rates, including potential changes in the tax laws, may have on their investments under different financial scenarios should consult their tax adviser or visit the IRS website.

Locate Your Financial Records. Prepare a list identifying your financial records, including a list of financial accounts and all user names and passwords.

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 through a FINRA arbitration. To speak with an attorney call 888-760-6552, or visit our website at: http://www.securitieslawyer.com.

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Dec/12

4

FINRA Statistics Regarding Disciplinary Actions

Comments off · Posted by Securities Lawyer in FINRA

The following are statistics compiled by FINRA, the Financial Industry Regulatory Authority, posted recently to their website. The statistics show that investor complaints are down while disciplinary action is at a 5 year high.

Investor Complaints Received by FINRA

In 2007 there were 4,552 complaints received by FINRA.
However, in 2011 there were 2,979 down over 1500 in just four years.

New Disciplinary Actions Filed at FINRA

In 2007 there were 1,177 disciplinary actions filed and in 2011, 1,488, up by over 300.

Formal Actions Resolved

In 2007 there were 1,107 formal actions resolved and in 2011, 1,287, up over 100.

Individuals Suspended

In 2007, there were 288 individuals suspended by FINRA. In 2011, there were 475 up by almost 200.

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 through a FINRA arbitration. To speak with an attorney call 888-760-6552, or visit our website at: http://www.securitieslawyer.com.

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Nov/12

29

Boynton Beach, FL, Rep Barred by FINRA

Comments off · Posted by Securities Lawyer in FINRA

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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Nov/12

28

FINRA Warns Against Electronic Devices At Arbitration Hearings

Comments off · Posted by Securities Lawyer in FINRA

FINRA, the Financial Industry Regulatory Authority, plan to warn parties in its arbitration hearings against using electronic devices to secretly record and transmit the proceedings writes Dan Jamieson in a recent article in InvestmentNews.com.

This warning began by complaints from the Securities Experts’ Roundtable Inc., a group of expert witnesses, about several instances of “electronic eavesdropping.” Witnesses were recorded and their testimony apparently made available to others outside the hearings writes Jamieson.

In a September letter to FINRA, the Roundtable described three separate instances in which its members had encountered eavesdropping, and they asked FINRA to create policies and issue guidance about the practice. Roundtable also said that allowing outsiders to view a hearing could give one of the parties the ability to benefit from the assistance of unnamed co-counsel.

“It’s a private forum,” Jeffrey Schaff, president of the Roundtable said in an interview. “It’s a controlled forum [where] people sign in, sign out and there are some facts [presented] that some witnesses are not allowed to hear.”

The InvestmentNews.com article goes on to say that FINRA told Mr. Schaff in a letter this month that the regulator would be “educating our [arbitrators] about this concern” in an upcoming article in its “Neutral Corner” newsletter for arbitrators and mediators. The article should be out by the March issue, Finra spokeswoman Michelle Ong wrote in an email.

“Anything that would give an unfair advantage to one side would not be allowed” by arbitrators, Ms. Ong said. In its letter, Finra also said it will consider changes to the opening script that arbitrators use to “alert parties to the importance of seeking approval of the other participants and the arbitrators before attempting to transmit or record the proceedings.”

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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