Securities Lawyer Blog | Victim of Fraud?

TAG | supervisory failures

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

Comments off · Posted by Securities Lawyer in FINRA

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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Jan/13

3

Were You a Former Client of Tracey Crownover?

Comments off · Posted by Securities Lawyer in FINRA

Soreide Law Group is currently investigating potential claims regarding the sale of variable life insurance policies and certain Real Estate Investment Trusts (REITs) sold by former Ameriprise financial advisor, Tracey Crownover. Ms. Crownover was terminated by Ameriprise for failing to follow firm policies. Tracey Crownover has over 25 reported customer disputes through the Financial Industry Regulatory Authority (FINRA).

If you feel you may have a claim against former Ameriprise broker Tracey Helaine Crownover, 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

Did You Purchase Fannie Mae/Freddie Mac Preferred Stock through Rep Michele Kief?

Comments off · Posted by Securities Lawyer in FINRA

Securities Attorney, Lars Soreide, of Soreide Law Group is investigating claims on behalf of clients of Michele Kief and Wells Fargo, formerly Wachovia, who may have purchased shares of Fannie Mae and Freddie Mac preferred stock. Michele Kief is employed at Wells Fargo, Naples, Florida. According to FINRA, she has had eight customer complaints, several involving the sale of Fannie Mae or Freddie Mac preferred stock.

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 Michele Kief and the sale of Fannie Mae or Freddie Mac preferred stock, 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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Dec/12

18

Reps Fined and 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, December, 2012.”

Shari Robin Frimer (CRD #2503895, Registered Representative, Eastport, New York) and Thomas Joseph Heaphy Jr. (CRD #2540325, Registered Representative, Boynton Beach, Florida)

submitted an Offer of Settlement in which Frimer was fined $32,407.50, which
includes disgorgement of financial benefits of $17,407.50, and suspended from association with any FINRA member in any capacity for seven months. The amount of the fine has been reduced to reflect Frimer’s payment of a $20,000 fine to the State of Florida Office of Financial Regulation. Heaphy was fined $40,827.50, which includes disgorgement of financial benefits of $30,827.50, and suspended from association with any FINRA member in any capacity for nine months.

Without admitting or denying the allegations, Frimer and Heaphy participated
in private securities offerings by selling securities offerings to customers and receiving selling compensation for their sales.

FINRA’s findings stated that prior to participating in the private securities transactions, Frimer and Heaphy did not provide written notice to their
member firm and did not receive the requisite approval from their firm to participate in the transactions.

FINRA reported that Frimer’s and Heaphy’s participation in the transactions was outside the regular scope or course of their employment with their firm. The findings also stated that Frimer guaranteed, in writing, to a customer that he would be able to sell shares of a stock within a certain time period for his cost to acquire them.

The findings also included that Frimer sent, or caused to be sent, marketing newsletters regarding a company to firm customers, without requesting or receiving the firm’s approval to disseminate the newsletters. The newsletters were not fair and balanced, failed to provide a sound basis for evaluating the facts in regard to the company, and contained exaggerated, unwarranted,
and misleading claims and unreasonable and unwarranted forecasts.

FINRA found that Heaphy willfully failed to timely amend his Form U4 to disclose a material fact, a lien placed on his property for unpaid taxes, and willfully failed to disclose the material fact on the Form U4 that a member firm filed for him.

Frimer’s suspension is in effect from November 5, 2012, through June 4, 2013. Heaphy’s suspension is in effecfrom November 5, 2012, through August 4, 2013. (FINRA Case #2008012059501)

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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Dec/12

18

Morgan Keegan Fined and Censured by FINRA Over Sales of ETFs

Comments off · Posted by Securities Lawyer in FINRA

Recently, Morgan Keegan entered into a settlement with FINRA for conduct surrounding non traditional etfs sold to retail customers. The following is information from FINRA’s website.

Morgan Keegan & Company, Inc. (CRD #4161, Memphis, Tennessee)

submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $365,000. The firm consented to the described sanctions and to the entry of findings that it failed to establish and maintain a supervisory system, including written procedures reasonably designed to achieve compliance with NASD® and/ or FINRA rules in connection with the sale of Non-Traditional Exchange-Traded Funds (NonTraditional ETFs) in accounts where the firm provided brokerage services to certain retail customers, and failed to provide adequate formal training to its registered representatives and supervisors regarding the features, risks and characteristics of Non-Traditional ETFs.

Also, the findings stated that the firm supervised Non-Traditional ETFs as it supervised traditional ETFs until FINRA issued its June, 2009, Regulatory Notice. Morgan Keegan relied on its general supervisory procedures to supervise transactions in Non-Traditional ETFs during the relevant period, but the general supervisory system the firm had in place was not sufficiently tailored to address the unique features and risks involved with these products. They did not create a procedure to address the risks associated with longerterm holding periods in Non-Traditional ETFs.

FINRA’s findings also stated that the firm allowed certain of its registered representatives to recommend to customers a Non-Traditional ETF without performing reasonable diligence to understand the risks and features associated with it.
(FINRA Case #2009019113501)

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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Dec/12

12

Did You Invest with Ft. Lauderdale Broker, Donald Horras?

Comments off · Posted by Securities Lawyer in FINRA

Donald Dean Horras CRD# 1056123

Soreide Law Group is investigating claims on behalf of investors who were clients of Ft. Lauderdale broker, Donald Horras, who was with Morgan Stanley Smith Barney, and according to FINRA’s BrokerCheck, is currently with Raymond James and Associates of Ft. Lauderdale. Allegedly, Donald Horras, made unsuitable recommendations to elderly customers resulting in financial losses.

Horras is alleged to have recommended variable annuities that were inappropriate for the elderly clients’ portfolios and resulted in the loss of their retirement savings.

On FINRA’s BrokerCheck, Donald Horras’ record shows several client complaints, primarily relating to the sale of annuities.

If you or a family member were sold variable annuities by Donald Dean Horras 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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Dec/12

10

Did You Invest In Praetorian?

Comments off · Posted by Securities Lawyer in FINRA

Securitites Lawyer, Lars Soreide, has announced an investigation into Praetorian Global Fund (Praetorian). There was an SEC complaint filed against the principals of the Praetorian Global Fund. The SEC complaint alleges that the principals and others used the hedge fund to obtain funds from it’s investors. According to the SEC complaint, investors were told that Praetorian and its entities owned millions of dollars worth of shares in privately-held companies such as Facebook, Twitter, Zynga, and Groupon that were expected to soon hold initial public offerings (IPOs).

The pre-IPO shares were held by these and other entities: Praetorian G Power VIII, LLC, Praetorian G Power IV, LLC, The Praetorian Fund, Ltd, Praetorian G Power XII, LLC, and Praetorian G Power VI, LLC,. The SEC complaint alleges that Praetorian NEVER owned the pre-IPO shares.

Allegedly, the money was said to have been escrowed with First American Service Transmittles (FAST), a Florida escrow agent, when in fact the money was NEVER placed with them, and transferred to the principals’ personal accounts.

If you invested in Praetorian, and sustained a significant loss of your investment, call Securities Lawyer, Lars Soreide, at 888-760-6552 for a free consultation, or visit Soreide Law Group’s 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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