Andrew Martin Abern (CRD #1610607, Registered Principal, Miami, Florida)

was censured and fined $25,000. Without admitting or denying the findings, Abern consented to the described sanctions and to the entry of findings that he provided some customers with VA expense disclosure forms that contained inaccurate information; the forms understated the annual expenses that would be charged on the new annuities the customers were purchasing.

FINRA’s findings stated that Abern recommended that a customer purchase a VUL policy (Variable Universal Life Insurance Policy) and recommended that the customer refinance his home and use a portion of the refinance proceeds to partially fund the purchase of the VUL policy. This transaction was unsuitable
due to the significant potential risks posed by using mortgage proceeds to make securities investments and the high concentration level in the VUL investment.

This customer purchased the VUL for $332,000 using $100,000 in mortgage proceeds, and the remainder representing more than two-thirds of his liquid assets.
(FINRA Case #20100235351010)

The above information is from FINRA’s website listed under “Disciplinary and Other FINRA Actions, October, 2012.”

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, will represent clients nationwide. For a free consultation on how to potentially recover your losses call: 888-760-6552, or you may visit our website and complete the online form at: http://www.securitieslawyer.com.

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Stephanie Lee Webster (CRD #2424488, Registered Representative, Fort Lauderdale, Florida)

was fined $5,000 and suspended from association with any FINRA member in any capacity for 15 business days. Without admitting or denying the findings, Webster consented to the described sanctions and to the entry of findings that she attempted to settle a customer’s complaint, without notifying her current or previous member firm.

FINRA’s findings stated that Webster offered to settle the customer’s complaint by either paying him approximately $70,000 or by creating a consulting agreement with the customer, whereby Webster would pay the customer for consulting services as a method of resolving the customer’s complaint.

The suspension was in effect from September 17, 2012, through October 5, 2012.
(FINRA Case #2010024798801)

The above information was obtained from FINRA’s website listed under “Disciplinary and Other FINRA Actions, October, 2012.”

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, represents clients nationwide. For a free consultation on how to potentially recover your losses please call: 888-760-6552, or you may visit our website and complete the online form at: http://www.securitieslawyer.com.

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FINRA Case Number 11-01278, awards $158,250.00 to the defrauded Claimants for the alleged supervisory failures of Harvest Capital, LLC, of Gregg Rennie and his branch office. Rennie is now serving a prison sentence for selling fictitious notes to investors.

Since early 2007, Gregg Rennie, the popular radio host and financial advisor, defrauded numerous clients approximately $3,200,000.00. Rennie told clients that their money would be invested in “federal housing certificates” that paid up to 12% per year, tax free, and that were offered by real estate investment companies, Ambit Funding, and Boston Capital, LLC.

Rennie’s scam included providing his clients documentation for their investments, in some instances “certificates” as well as periodic account statements purporting to show substantial returns. Unfortunately, there were no such “federal housing certificates”, and Rennie had no relationship with Boston Capital,LLC. Rennie occasionally provided some of the clients with small payments that purportedly reflected a return on their investment, but made no legitimate investments on any client’s behalf. Instead, Rennie diverted his client’s funds for his personal use and admitted to “co-workers” at the various firms he was registered, with that he “borrowed” funds while the fraud was ongoing.

With the assistance of the Financial Industry Regulatory Authority (FINRA), the Securities and Exchange Commission (SEC) and the Massachusetts District Attorney, Rennie plead guilty to 13 counts of securities fraud and 1 count of wire fraud. Rennie did not steal from the fabulously wealthy. Rennie stole no less than $3.2 million from a number of victims, including the elderly, childhood friends, a church congregation and individuals who listened to Rennie’s radio show, “Money Matters.”

The Claimants are Massachusetts residents and are very happy with the result of the FINRA arbitration against Harvest Capital, LLC, which was the firm that Rennie was registered with at the time of the sale of the notes to the Claimants. The Claimants, although Massachusetts residents, hired the Florida-based firm, Soreide Law Group, PLLC, headed by Massachusetts native, Lars Soreide. The Claimants located the firm though the firm’s website: http://www.securitieslawyer.com. Soreide Law Group handles FINRA arbitrations and mediations for investors nationwide and can be reached at (888) 760-6552.

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Stephen Paul Tommelleo (CRD #1597585, Registered Principal, Boca Raton, Florida)

submitted a Letter of Acceptance, Waiver and Consent in which he was fined $5,000, suspended from association with any FINRA member in any capacity for three months and ordered to pay $14,990, plus interest, in restitution to a customer.

Without admitting or denying the findings, Tommelleo consented to the described sanctions and to the entry of findings that he borrowed money from customers without his member firm’s authorization and contrary to his firm’s WSPs, which did not permit loans between registered representatives and their customers.

These findings also stated that Tommelleo completed two firm annual compliance attestations indicating he had not and would not borrow money
from any firm customer. Tommelleo borrowed a total of $34,875 and repaid the customers a total of $5,800. One customer sued Tommelleo in state court for $15,000 and another was not repaid at all.

The suspension is in effect from August 6, 2012, through November 5, 2012. (FINRA Case #2010025098401)

The above information is from FINRA’s website listed under “Disciplinary and Other FINRA Actions, September, 2012.”

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, represents clients nationwide. For a free consultation on how to potentially recover your losses call: 888-760-6552, or you may visit our website and complete the online form at: http://www.securitieslawyer.com.

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Stephen Nietsch (CRD #3111082, Registered Representative, Boynton Beach, Florida)

was barred from association with any FINRA member in any capacity and ordered to pay $20,000, plus interest, in restitution to a customer. The sanctions were based on findings that Nietsch borrowed $20,000 from an elderly customer contrary to his member firm’s procedures prohibiting him from borrowing from customers. Nietsch has not repaid the loan.

(FINRA Case #2009020385001)

The above information appears on FINRA’s website under “Disciplinary and Other FINRA Actions, September, 2012.”

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, represents clients nationwide. For a free consultation on how to potentially recover your financial losses call: 888-760-6552, or you may visit our website and complete the online form at: http://www.securitieslawyer.com.

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David Marasek (CRD #2866848, Registered Representative, Boca Raton, Florida)

submitted a Letter of Acceptance, Waiver and Consent in which he was fined $5,000 and suspended from association with any FINRA member in any capacity for 10 business days. Without admitting or denying the findings, Marasek consented to the described sanctions and to the entry of findings that he participated in private securities transactions, not for compensation, for some of his member firm’s foreign customers through another broker-dealer.
Marasek exercised limited trading authority in the customers’ accounts.

These findings also stated that Marasek did not provide his firm with written notice of the proposed transactions at the other brokerdealer and his proposed role therein, and failed to receive his firm’s prior written approval
to participate in the private securities transactions. The findings also stated that Marasek’s supervisor was aware that he was assisting the firm’s customers with liquidating their stock, but not aware of Marasek’s limited trading authority.
The suspension was in effect from July 16, 2012, through July 27, 2012. (FINRA Case #2010022695202)

This information appeared on FINRA’s website under “Disciplinary and Other FINRA Actions, September, 2012.”

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, represents clients nationwide before FINRA. For a free consultation on how to potentially recover your financial losses call: 888-760-6552, or you may visit our website and complete our online form at: http://www.securitieslawyer.com.

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Brent Keith Deviney (CRD #2131402, Registered Representative, West Palm Beach, Florida)

was barred from association with any FINRA member in any capacity. The sanction was based on findings that Deviney failed to respond to FINRA requests for information and documents, and to appear for on-the-record interviews in connection with an investigation of allegations that Deviney had converted funds and forged documents to do so.

(FINRA Case #2012031125701)

The above information appeared on FINRA’s website under “Disciplinary and Other FINRA Actions, September, 2012.”

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, represents clients nationwide before FINRA. For a free consultation on how to potentially recover your losses call: 888-760-6552, or you may visit our website and complete our online form at: http://www.securitieslawyer.com.

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Patrick Alan Deramus (CRD #1718409, Registered Principal, Tampa, Florida)

submitted a Letter of Acceptance, Waiver and Consent in which he was fined $5,000 and suspended from association with any FINRA member in any capacity for six months.

Without admitting or denying the findings, Deramus consented to the described sanctions and to the entry of findings that he failed to timely notify his member firm of a felony charge and guilty plea. The findings stated that
Deramus willfully failed to amend his Form U4 to disclose the felony charge.

This suspension is in effect from July 16, 2012, through January 15, 2013. (FINRA Case #2010024694301)

The above information appears on FINRA’s website under “Disciplinary and Other FINRA Actions, September, 2012.”

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, represents clients nationwide. For a free consultation on how to potentially recover your losses call: 888-760-6552, or you may visit our website and complete our online form at: http://www.securitieslawyer.com.

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Robert Nunes Da Frota (CRD #2137208, Registered Representative, Fort Myers, Florida)

submitted a Letter of Acceptance, Waiver and Consent in which he was fined $10,000, suspended from association with any FINRA member in any capacity for six months and ordered to make full repayment of the outstanding balance on a customer’s loan. Without admitting or denying the findings, Da Frota consented to the described sanctions and to the entry of findings that
he borrowed $10,000 from a customer and executed a promissory note. Da Frota repaid $4,550 to the customer and his member firm paid the balance. Da Frota represented on a firm compliance questionnaire that he understood that loans with customers were prohibited.

These findings also stated that while previously employed with another member
firm, Da Frota borrowed $10,000 from a customer, executed a promissory note and has repaid only $5,236.05 to the customer. Da Frota never disclosed this loan to his previous member firm.
The suspension is in effect from August 6, 2012, through February 5, 2013. (FINRA Case #2011029306401)

This information was listed on FINRA’s website under “Disciplinary and Other FINRA Actions, September, 2012.”

Soreide Law Group, PLLC, has represented clients nationwide. 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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Clifford Jagodzinski, formerly of Morgan Stanley Smith Barney LLC (MSSB), claims he was fired for blowing the whistle on one of the firm’s newest wealth managers, Harvey Kadden. According to the complaint, filed in U.S. District Court in the Southern District of New York, Kadden “was flipping preferred securities in a manner that was generating tens of thousands of dollars in commissions but causing losses or minimal gains for his clients and exposing (them) to unnecessary risks.”

Harvey Kadden, who was with Merrill Lynch for 30 years, listed regularly on the Barron’s Top 1,000 advisers list, joined MSSB October, 2011. According to the lawsuit, he received a $25 million guarantee for signing on.

“Consequently, [MSSB] had very significant earnings expectations for Harvey Kadden and did not want to take any steps to jeopardize his book of business,” the complaint alleges. Mr. Jagodzinski was thus “told to stop investigating Mr. Kadden,” according to the complaint.

The Dodd-Frank Act prohibits retaliation against whistle-blowers, according to the complaint filed by Mr. Jagodzinski.

Harvey Kadden manages assets in excess of $1 billion.

MSSB acknowledged that Mr. Jagodzinski was asked to investigate certain trades in customer accounts served by Harvey Kadden’s team and that he had discussed those trades with his superiors. The firm, however, denied the other allegations.

From December 2011 to April, when he was fired, Mr. Jagodzinski reported several violations by brokers. They included improper trades of Treasuries by another MSSB employee, the failure of some of the firm’s brokers to register home offices as alternate work locations and drug abuse by one of the firm’s brokers.

“Finally, during a conversation during the week of April 4, Mr. Jagodzinski told Mr. Turetzky (his superior) that these violations should be reported” to the Financial Industry Regulatory Authority Inc., according to the complaint. “Mr. Turetzky bristled at this declaration, and less than 10 days later, Mr. Jagodzinski was fired.”

If you were a client of Harvey Kadden of MSSB, or another broker who may have been churning your accounts, 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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