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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Those investors who believed they had constructed a “conservative” portfolio by being heavily invested in bonds could be reclassified as “aggressive.” Some also believe the move may be an attempt by the firm to lessen its liability in the event clients who are holding large positions in bonds decide to take legal action against UBS.

Mike Ryan, the chief investment strategist for UBS, said so-called “non consent” letters will be sent out to investors in the coming weeks alerting them of their changed classification – but he says it has little to do with a firm-wide bias against bonds. Rather, UBS is changing “its long-term view” reflecting what it views as a “volatile market…not just in fixed income.”

The Federal Reserve at some point will have to raise short-term interest rates (currently close to 0%), and end its quantitative easing program, which involves the Fed’s purchase of government bonds, which helps depress long-term interest rates and prop up bond prices (yields move in the opposite direction from price). Once this process starts, “conservative” investors with long bond positions will suffer devastating losses or be forced to hold to maturities of which can be decades down the road.

Bonds also carry credit risk and can default if the underlying company can no longer satisfy its obligations. Bonds are not without risk, however in many instances Bonds are presented as the safe alternative.

If you find yourself in this position, call for a free consultation on how to potentially recover your financial losses: 888-760-6552.

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

Kenneth Andrew Mauchin (CRD #2366345, Registered Principal, Sanford, Florida)

was named a respondent in a FINRA complaint alleging that he misappropriated $23,750 from elderly customers’ accounts by converting their funds to cashier’s checks and depositing those checks into a bank account of an entity he controlled.

FINRA’s complaint alleges that Mauchin did so without the customers’ knowledge or authorization. The complaint also alleges that Mauchin prepared a customer’s application for a variable annuity and falsely listed his bank branch office address as the customer’s mailing address, which he knew to be false.

Also, a customer applied for a premiere select IRA brokerage account with Mauchin’s firm and, without the customer’s knowledge or authorization, he falsely listed his bank branch office address as the customer’s mailing address, which he knew to be false. These applications became part of the firm’s books and records, causing his firm’s books and records to be false.

This complaint further alleges that Mauchin failed to appear for FINRA testimony.
(FINRA Case #2011028452701)

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 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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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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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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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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FINRA, the Financial Industry Regulatory Authority announced that it has added features to BrokerCheck to help users more easily access broker-dealer and investment adviser information. Many of the changes implemented by FINRA address recommendations made in a January, 2011. study by the Securities and Exchange Commission (SEC) reported FINRA in an article on their website.

BrokerCheck users now have:

1. Centralized access to licensing and registration information on current and former brokers and brokerage firms, and investment adviser representatives and investment adviser firms;

2. The ability to search for and locate a financial services professional based on main office and branch locations, and the ability to conduct ZIP code radius searches (in increments of 5, 15 or 25 miles); and

3. Access to expanded educational content available on BrokerCheck, including new help icons that clarify commonly referenced terms throughout the system and within BrokerCheck reports.

FINRA Executive Vice President, Derek Linden, of Registration and Disclosure, said, “BrokerCheck is the go-to source for investors to find up-to-date accurate information about their broker or potential brokers. FINRA is constantly looking for new ways to make BrokerCheck easier to use and to make the information more accessible to investors.”

BrokerCheck is available to the public at no charge on FINRA’s website, www.finra.org/brokercheck.

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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The Securities and Exchange Commission alleged three former brokers at JP Turner & Co. in Atlanta, traded excessively in accounts of seven clients from January, 2008, through December, 2009. Regulators reported that these three brokers churned their client’s accounts and received $845,000 in commissions and fees for themselves and the brokerage. Unfortunately, their customers lost $2.7 million. The brokers, Ralph Calabro, Jason Konner and Dimitrios Koutsoubos, were said to have disregarded the customers’ conservative investment objectives and low risk tolerances.

The SEC said the affected accounts had annual turnover rates that were so high during the two-year period that investment returns would have had to have been 73.3% for the accounts to break even writes Liz Skinner of InvestmentNews.com.

Michael Bresner, JP Turner’s head supervisor, was charged with failing to supervise two of the brokers, according to the SEC administrative complaint filed on September 10th., 2012. Mr. Bresner ignored red flags that pointed to the brokers’ churning tactics, the commission said. The firm and its former president, William Mello, also were charged but agreed to settle without admitting to or denying the charges.

The JP Turner Atlanta firm will pay about $416,000 in penalties and Mr. Mello will pay a $45,000 penalty, according to the SEC. Mr. Mello, who helped found the firm in 1997, also is suspended from associating with a firm in a supervisory capacity for five months.

William Hicks, associate director of the SEC’s Atlanta office said,“Broker-dealers’ supervisory systems must provide customers with reasonable protection from churning and similar abuses. JP Turner’s supervisory systems failed to do that.”

If you were a client of JP Turner in Atlanta, or any of the above mentioned brokers, 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 and complete our online form at: http://www.securitieslawyer.com.

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

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It was recently reported that Michael Todd Crosswhite, 42, of Forest, Virginia,  a financial adviser, admitted that he stole more than $1 million from his clients. They stated that Michael Todd Crosswhite pleaded guilty to wire fraud and money laundering during a hearing in U.S. District Court in Lynchburg.

The prosecutors in this case said that Crosswhite liquidated the investment accounts of several of his clients without their knowledge and then transferred these assets into accounts he controlled. Crosswhite was allegedly working from his home as a financial consultant for Allianz Life Insurance Company of North America. Crosswhite then lost these funds to risky investements.

This activity is best described as a ”Ponzi Scheme,” where money from recent clients is used to pay past clients to keep the scheme hidden. Crosswhite faces up 30 years in federal prison.

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, represents clients nationwide. If you or a family member have become a victim of this or any other Ponzi Scheme, 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.

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

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