SEC Bars Raymond James Broker Joel Burstein The Securities and Exchange Commission (“SEC”) announced that it barred Raymond James securities broker Joel Burstein (CRD#: 3257591, Coral Gables, FL) on September 20, 2018. Evidently, SEC accepted Burstein’s Offer of Settlement and issued an Order under File #: 3-18804. The Order comes after SEC filed a Complaint […]

FINRA Bars Lisa Acca The Financial Industry Regulatory Authority (“FINRA”) announced August 8, 2019 that it barred Arive Capital Markets securities broker, Lisa Acca (CRD#: 4661358, Bay Ridge, New York) for stonewalling a FINRA investigation. Apparently, the investigation concerned Acca’s potential private securities transactions with an Arive client. Evidently, the general securities representative, who worked […]

A broker/dealer, FSC SECURITIES CORPORATION, which is in the Advisor Group, is facing a multi-million dollar arbitration claim by thirteen investors alleging that three of their brokers made unsuitable recommendations by over-concentrating the clients’ portfolios with high-commission, illiquid alternative investments. Many of the investors who filed the claim on July 23, 2019, with the Financial […]

On August 5, 2019, KAREN PAEK CRD#: 5985441, a former PRUCO SECURITIES of El Segundo, California, was barred by FINRA from acting as a broker or otherwise associating with a broker-dealer firm following allegations that Paek created, signed and submitted six fictitious variable annuity applications to meet her minimum production requirements at Pruco Securities. FINRA’s […]

MICHAEL GIOKAS Barred By FINRA Did you invest with Fortune Financial Services securities broker Michael Giokas (CRD#: 1398674, Clarence, New York)? The securities broker, who FINRA barred in March 2018 for refusing to cooperate in a regulatory investigation, reports more than six client disputes since November 2017. Notably, clients suggest in those disputes that Giokas […]

Soreide Law Group Investigating DAVID BINDELGLASS Soreide Law Group is reviewing possible claims of unsuitability against Morgan Stanley securities broker David Bindelglass (CRD#: 3201389, Paramus, New Jersey). Morgan Stanley disaffiliated with Bindelglass for unauthorized transactions and inappropriate recommendations. Also, clients brought six disputes contesting Bindelglass’ sales practices. Here’s a summary of some of the recent […]

RICHARD COLEMAN Dealt FINRA Suspension The Financial Industry Regulatory Authority (“FINRA”) announced August 8, 2019 that it suspended securities broker Richard Coleman (CRD#: 2720422, Melville, New York) for excessive trading and mismarking order tickets. In fact, Coleman, who worked for securities firms including Legend Securities (March 2015 through February 2016) and Salomon Whitney Financial (February […]

Losses from Austin Dutton? Clients continue to dispute the sales practices of securities broker Austin Dutton (CRD#: 2739167, Doylestown, Pennsylvania). Namely, Financial Industry Regulatory Authority (“FINRA”) BrokerCheck shows that Dutton, who worked for Newbridge Securities Corporation from 2007 to 2017, reports 21 client disputes and a regulatory sanction for his unsuitable recommendations. More specifically, between […]

A Eric Nichols CRD#: 2710703, former broker with Morgan Stanley of Rolling Hills, California, was fined $5,000 by the Financial Industry Regulatory Authority (FINRA) for allegedly attempting to settle one of his client’s complaints on his own.  Nichols also agreed to serve a 15 day suspension from the industry. Nichols allegedly wrote $28,000 of checks […]