Securities Lawyer Blog | Victim of Fraud?

TAG | Lars K. Soreide

Jan/13

23

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

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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

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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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Jan/13

22

Miami Rep Barred by FINRA

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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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Jan/13

14

SEC’s Statistics Positive News for Investors

Comments off · Posted by Securities Lawyer in FINRA

The Securities and Exchange Commission, also known as the ‘SEC,’ has filed 734 enforcement actions the fiscal year that ended Sept. 30, 2012. That is one less than last year’s record of 735.

The SEC’s report should remind investors that investment fraud is still a threat to investors. The SEC filed 147 enforcement actions in 2012 against investment advisors and investment companies, one more than 2011’s record number. The SEC filed 134 enforcement actions related to broker-dealers, a 19% increase over 2011.

On the positive side for investors, the SEC was able to secure more payments for the victims of the fraud. The SEC was able to secure over $3 billion in penalties and disgorgement in 2012 for wronged investors. This is an increase of 11 % over the 2011.

In 2011 and 2012, the SEC obtained orders for $5.9 billion in penalties and disgorgement for the investors who became victims of fraud.

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

10

FINRA Fines Total Over $68 Million in 2012

Comments off · Posted by Securities Lawyer in FINRA

FINRA, the Financial Industry Regulatory Authority levied a total of $68 million in civil fines during 2012, according to statistics released by FINRA on Tuesday, January 8, 2013. This was slightly less than $71.9 million imposed by FINRA in 2011. The high-profile cases against large brokerages accounted for about one-third of total fines in 2012.

It was also noted that FINRA ordered brokerages to repay harmed investors a record $34 million.

FINRA oversees about 4,290 brokerages and 630,000 brokers.

Many of FINRA’s cases against Wall Street’s largest brokerages in 2012, including Morgan Stanley, Merrill Lynch, UBS, AG, and Wells Fargo Corp. These cases stem from FINRA’s increased interest in potential conflicts of interest and complex products, such as certain types of exchange-traded funds, said Richard Ketchum, FINRA’s chairman and chief executive, in an interview with Reuters.

These priorities “will result in more cases against large firms because they’re the ones engineering those products and the ones that have many of the conflicts because of their complexity,” Ketchum said. For example, brokerage units that underwrite offerings of certain risky products stand to profit when retail brokers in the same firm boost sales of those products by pushing them to investors, even though they may not be suitable.

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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Jan/13

8

Did You Invest in Private Placement Funds with Gramercy Securities?

Comments off · Posted by Securities Lawyer in FINRA

Securities Lawyer, Lars Soreide, of Soreide Law Group, is currently investigating Gramercy Securities, Inc. This brokerage has been alleged to have placed unsophisticated investors’ money into unsuitable investments. There have been claims, for example, of a recent widow losing her entire net worth by investing in risky private placements. Some of these risky private placements were in the Inland American Real Estate Investment Trust, LaeRoc Edge Funds, and Arciterra Whitefish Opportunity Fund.

LaeRoc funds are real estate private placements. LaeRoc Partners is a real estate investment firm managing over $650 million in assets. The LaeRoc private placement was promoted by brokers as a safe or conservative investment. These representations allegedly were misleading.

Soreide Law Group, PLLC, represents clients nationwide. Call for a free consultation on how to potentially recover your private placement financial 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

7

Broker Jason T. Knapp Arrested in Alleged Ponzi Scheme

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Jason T. Knapp, Corinth, New York, was arrested in connection with a nationwide Ponzi scheme, which allegedly involves hundreds of thousands of dollars. Knapp was a registered representative of Dawson James Securities of Boca Raton, FL, and had raised investment capital with a company call SteepleChase Group, making claims that returns on investments would be over 18%. He was terminated in June, 2012, because he allegedly falsified internal documents and documents that were provided to customers.

Knapp is charged with second-degree larceny for allegedly stealing from a New York investor. There are also several victims from Boca Raton, FL.
There are currently investigations in Florida, Arizona, Rochester, New York City
and Maryland.

If you feel you may have a claim against former broker Jason Knapp 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

19

Were You a Client of Gary Harrison Lane?

Comments off · Posted by Securities Lawyer in FINRA

Securities Attorney, Lars Soreide, of Soreide Law Group was recently quoted in an article from the Reno Gazette-Journal, written by Jaclyn O’Malley regarding former broker Gary Harrison Lane. The quote reads as follows:

“Florida securities attorney Lars Soreide said Tuesday he has represented a few clients who have recently settled with broker firms connected to Lane, that he accused of negligently superivising Lane’s activities and “selling away” investments. He said he could not give specifics because the civil cases were resolved under confidential agreements. Soreide said had the brokers properly supervised Lane, they would have uncovered the fraud.”

Soreide Law Group first brought attention to Gary Lane in the website blog entitled, “ATTENTION CLIENTS OF GARY LANE,” dated October 7, 2011. Since then, Lane was indited on federal charges. The above article from the website blog listing the award for Mr. Soreide’s clients, was dated September 5, 2011.

Gary Harrison Lane had worked for Banc of America Investment Services in Reno, Nevada, from July 1999 through October 2009 and for Merrill Lynch in Reno, Nevada, from October 2009 through March 2011, where he was terminated for the alleged improprieties. Lane allegedly targeted inexperienced investors, and the elderly. He is accused of a Ponzi scheme which had bilked his clients over $2 million.

Securities Attorney, Lars Soreide, successfully settled the claims in favor of his clients though a FINRA arbitration.

If you or a loved one experienced financial losses because of Gary Harrison Lane, call Soreide Law Group, and speak to an attorney regarding potential recovery of YOUR losses. Please call 888-760-6552 or visit us on the web at http://www.securitieslawyer.com.

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Dec/12

13

SEC Charges in Oil Drilling Scam by South Floridian Joseph Hilton/Yurkin

Comments off · Posted by Securities Lawyer in FINRA

The Securities and Exchange Commission (SEC) recently announced that it has obtained an emergency court order to freeze the assets of a South Florida man who has been charged with fraudulently offering investments in oil drilling projects in an article posted on the SEC’s website.

The SEC’s complaint, unsealed in federal court in West Palm Beach, Fla., alleges that Joseph Hilton made numerous misrepresentations to investors while selling limited partnership units in two oil drilling projects earlier this year through his firm Pacific Northwestern Energy LLC. Hilton falsely told potential investors that Pacific acquired its wells from Exxon Mobil Corp., and he overstated Pacific’s experience in the oil and gas industry and the historical accomplishments of its drillers. Hilton raised approximately $789,000 from investors. The SEC’s action froze the assets of Hilton, Pacific, and the two limited partnerships — Rock Castle Drilling Fund LP and Rock Castle Drilling Fund II LP. Hilton’s securities offerings were not registered with the SEC as required under the federal securities laws.

In the SEC’s complaint, there were allegations against Hilton, Pacific, and another company that was controlled by Hilton called New Horizon Publishing Inc. Through Pacific and New Horizon, Hilton sold $2.5 million worth of investments in oil drilling projects sponsored by United States Energy Corp. while deceiving investors about his identity, the anticipated returns on the investments, the amount of oil being produced by U.S. Energy’s wells, and the existence of natural gas wells.

The SEC’s complaint adds that Hilton changed his name from Joseph Yurkin late last year following a final judgment for fraud in a previous SEC enforcement action against him for securities offerings he made through another company he worked for — Homeland Communications Corp.

It was reported that the SEC is seeking disgorgement of ill-gotten gains plus prejudgment interest, financial penalties, and permanent injunctions against Hilton and his entities.

If you or a family member were sold oil and gas offerings by Joseph Hilton (aka Joseph Yurkin) or any of the above companies, and experienced financial losses, contact an attorney at Soreide Law Group for a free consultation on how to recover your investment losses. To speak with an attorney, call 888-760-6552, or visit http://www.securitieslawyer.com.

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Nov/12

28

Tampa Rep, Rafael Calleja, Censured and Barred by FINRA

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

Rafael Antonio Calleja (CRD #2777245, Registered Representative, Tampa, Florida)

submitted a Letter of Acceptance, Wavier and Consent in which he was censured and barred from association with any FINRA member in any capacity. Calleja consented to the described sanctions and to the entry of findings that he falsely told a customer that he had transferred 14 accounts from a previous member firm to his new member firm in accordance with the customer’s instructions when he had already closed four of the accounts at the previous firm and opened only 10 accounts at his new firm.

Calleja continued to make false representations to the customer that all the accounts existed and that certain trades and transfer of funds and securities
were effected in the accounts that no longer existed.

FINRA’s findings stated that Calleja recommended and effected hundreds of securities transactions that were inconsistent with the customer’s objectives for his accounts and risk tolerance. Calleja recommended that the customer open a Loan Management Account (LMA) with the bank affiliated with
his firm. Without the customer’s knowledge or consent, Calleja transferred funds from the LMA to the customer’s various securities accounts, including accounts that Calleja opened two weeks prior to the LMA application and funded with nominal amounts of money.

After a few months, the customer’s LMA balance was $531,863.11, all of which had been transferred to the accounts the customer pledged as collateral. With the proceeds from the LMA deposited into the various securities accounts, Calleja recommended and effected numerous unsuitable transactions in the customer’s securities accounts at his firm.

The FINRA findings also stated that at the time the customer transferred his accounts to Calleja’s firm, the customer’s securities accounts were opened as fee-based accounts rather than commission-based accounts, and Calleja received a percentage of the fees charged to the customer’s accounts. Calleja falsely told the customer that he was no longer receiving any compensation related to servicing the customer’s securities accounts. The customer told
Calleja that he wanted him to receive compensation so that Calleja would closely monitor his accounts and provide quality customer service.

FINRA’s findings also included that the customer agreed to allow Calleja to withdraw funds each week from one of his accounts using an automated teller machine (ATM) card linked to that account, based on the false premise that the funds would compensate Calleja for his services. Calleja withdrew $67,300
for his personal use.

FINRA found that without the customer’s knowledge or consent, Calleja funded the account to make these withdrawals by transferring money from the customer’s other securities accounts and from the LMA, thereby incurring interest expenses for the customer in addition to the money being withdrawn.

Although the customer told Calleja to stop making withdrawals from his accounts, Calleja continued to make such withdrawals until the customer told him that he would contact Calleja’s supervisor about the withdrawals.

FINRA also found that Calleja began to repay the customer the money he had withdrawn from the account; to prevent his firm from becoming aware of any such payments to the customer, Calleja instructed the customer to open an account at another bank where Calleja would deposit the repayment. Calleja wired $45,000 to one of the customer’s accounts from an account he controlled, which did not list his name because he did not want his firm to learn that he was wiring money to a firm customer. Although Calleja repaid the funds to the customer, at the time he took the money, he had no intention of repaying the customer and falsely represented to him that the money was for services rendered.

In addition, FINRA determined that Calleja effected securities transactions in the customer’s account without the customer’s knowledge or authorization. When the customer saw the account statement reflecting the stock purchases, he confronted Calleja and eventually sold the stocks.
(FINRA Case #2008015214901)
This ends the information from FINRA’s website.

If you invested with Rafel Antonio Calleja, call and speak at no charge to a securities attorney who may potentially help you recover your losses. Call 888-760-6552, or visit http://www.securitieslawyer.com.

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

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