Securities Lawyer Blog | Victim of Fraud?

TAG | securities fraud

Sep/12

7

ROCKWELL GLOBAL CAPITAL, BRUCE GUARINO, AND PETER FERRARA WERE ORDERED TO PAY BACK TO A DEFRAUDED SIMPLY FIT INVESTOR 100% OF THEIR INVESTMENT LOSSES

Comments off · Posted by Securities Lawyer in FINRA

On September 7, 2012, Rockwell Global Capital, Bruce Guarino, and Peter Ferrara, were found liable for sales practice violations in connection with the sale of Simply Fit to a private customer.

The customer brought an arbitration through the Financial Industry Regulatory Authority (“FINRA”) where he alleged: Fraud, Breach of Contract, Negligence, Negligent Supervision and Breach of Fiduciary Duty. The Respondents, Rockwell, Guarino and Ferrara, filed a counter claim against their former customer which was denied, and they were all ordered to pay jointly 100% of the customer’s investment losses back to the defrauded investor.

Lars Soreide, Esq., of Soreide Law Group, PLLC, represented the winning Claimant, and the losing Respondents were represented by Gusrae Kaplan Nusbaum, PLLC, located in New York City.

Soreide Law Group currently represents 19 other Rockwell investors in FINRA arbitrations, who also purchased Simply Fit, that are currently still pending. The published award specifically denies expunging of this arbitration from the CRD records of Bruce Guarino and Peter Anthony Ferrara.

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, represents clients nationwide. Call to speak to an attorney regarding your investment losses. For a free consultation on how to potentially recover those losses call: 888-760-6552, or you may visit our website at: http://www.securitieslawyer.com.

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Jul/11

13

FINRA Awards 80+ year-old Merrill Client $880K

Comments off · Posted by Securities Lawyer in FINRA

In a July 8, 2011, article by Dan Jamieson for InvestmentNews.com he writes that clients of a prominent Bank of America Merrill Lynch have won an $880,000 arbitration award against the firm. Phil Scott of the firm’s Bellevue, Wash., office, was this year ranked No. 30 on the Barron’s list of top advisers, with $1.8 billion under management. He ranks No. 1 on the list for the state of Washington.

The arbitration award, decided June 22, was recently made available by Finra.

The InvestmentNews.com article lists the clients as, Harriet Baker, her son John Baker and his wife Natalie Baker, all of New York state. It claims they were 100% invested in stocks through the financial crisis. That heavy allocation in stocks was not suitable for them. Harriett Baker was in her late 80s when she started doing business with Mr. Scott in 2005. Ms. Baker died the day the award was issued.

Jamieson goes on to say that Mr. Scott runs more than $1 billion of client money in a dividend growth strategy, called the Phil Scott Income Portfolio.

“Everyone has the same position — 100% equities. That’s what our clients had,” he said.

The Bakers “sold at or near bottom” of the market drop, despite Mr. Scott’s recommendation to remain invested in a portfolio that subsequently performed well. The award was about half of the $1.7 million in compensatory damages the Bakers demanded.

The InvestmentNews.com article goes on to say that aside from the arbitration award from last month, Mr. Scott has three other pending arbitrations, according to disclosures he made on his Finra BrokerCheck report. One case was filed in April of this year, and two others were filed last summer. The customers allege misrepresentations and unsuitable stock investments from 2007 through 2009, according to the report.

Securities Attorney, Lars Soreide, of Soreide Law, PLLC, has represented clients nationwide. If you or a family member feel you have become a victim of Bank of America Merrill Lynch, Phil Scott, or Phil Scott Income Portfolio, call a Securities Arbitration Lawyer for a free consultation on how to potentially recover your losses.  To speak with an attorney, call 888-760-6552, or visit www.securitieslawyer.com.

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

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Jul/11

13

Did You Invest in FutureSelect Prime Advisor II?

Comments off · Posted by Securities Lawyer in FINRA

Recently, a FINRA arbitration panel made a monetary award  in the case of Stone & Youngberg v. Kay Family Revocable Trust, No. 3:11-cv-00198 (N.D. Cal., 6/22/11),  which was appealed by the defense and lost.  

 This case involved the challenge by a broker-dealer to a $750,000 award to a former customer, who was advised by Stone & Youngberg to invest funds in a hedge fund known as FutureSelect Prime Advisor II. According to the Court, “each of the Trust’s claims was based on the theory that Stone &Youngberg did not perform requisite due diligence before advising the Trust to invest in the Fund, which, according to the Trust, invested substantially all of its capital with Bernard Madoff….”

Attorney Lars Soreide would like you to know that if you or a family member have invested in the FutureSelect Prime Advisor II Fund with Stone & Youngberg, or another broker/dealer, call Soreide Law Group, PLLC and speak to a Securities Arbitration Lawyer for a free consultation on how to potentially recover your losses.  To speak with an attorney, call 888-760-6552, or visit www.securitieslawyer.com.

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

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