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December 19, 2011
Boca Raton Rep, Alan Goddard, Jr., Fined and Suspended by FINRA

Alan David Goddard Jr. (CRD #3019681, Registered Representative, Boca Raton, Florida)   has submitted a Letter of Acceptance, Waiver and Consent in which he was fined $10,000 and suspended from association with any FINRA member in any capacity for 45 days. This fine must be paid either immediately upon Goddard’s reassociation with a FINRA member […]

December 19, 2011
Timothy McGinn and David Smith Barred by FINRA

Timothy Michael McGinn (CRD #813935, Registered Principal, Schenectady, New York) and David Lee Smith (CRD #427284, Registered Principal, Saratoga Springs, New York) were barred from association with any FINRA member in any capacity. The sanctions were based on findings that Smith misused investor funds when he sold approximately $89 million in income notes issued by […]

December 8, 2011
DeWaay Financial Network Facing Bankruptcy Because of DBSI Lawsuits

In an article by Bruce Kelly, he writes that failed private placements issued by Medical Capital Holdings Inc. and Provident Royalties LLC have forced dozens of broker-dealers to close, be sold or seek bankruptcy protection. Failed real estate tenant-in-common syndicator DBSI Inc. is threatening to have the same result, with DeWaay Financial Network LLC […]

December 7, 2011
Merrill Lynch Pays $315M to Settle Claims Over Asset-Backed Securities

In a December 6, 2011, article from Bloomberg News, we learn that Bank of America Corp. (BAC) reached a $315 million settlement with class action plaintiffs who sued its Merrill Lynch unit over claims tied to mortgage-backed securities, according to a filing in Manhattan federal court. Merrill Lynch was sued starting in December, 2008, by asset- […]

December 7, 2011
Pacific West Securities to Close in 2012, Reps Moving to Multi-Financial Securities

Pacific West Securities, Inc., a sizable independent broker-dealer with about 290 affiliated reps and advisers, is shutting down due to thin margins and high costs of doing business, with the reps moving to a broker-dealer in Cetera Financial Group, writes Bruce Kelly in a Dec. 6, 2011, ariticle for Kelly writes that Pacific West Securities […]

December 5, 2011
FINRA Fines Wells Investment Securities, Inc., for Misleading Marketing Materials

The Financial Industry Regulatory Authority (FINRA) announced that it has fined Wells Investment Securities, Inc. $300,000 for using misleading marketing materials in the sale of Wells Timberland REIT, Inc., a non-traded Real Estate Investment Trust (REIT).   It was noted that Wells was the dealer-manager and wholesaler for the public offering of Wells Timberland REIT, which […]

December 1, 2011
Oregon Fines LPL Financial Over Risky Sales to Elderly Clients

The brokerage, LPL Financial, LLC, was fined $100,000 November 22, 2011,  by the State of Oregon for failing to supervise a broker that sold high-risk oil and gas partnerships to clients, many of whom were elderly. According to the Oregon Department of Consumer and Business Services, a former LPL representative, Jack Kleck, sold the oil and gas investments […]

December 1, 2011
Raymond James Pays Record $1.8M to 87-year-old Client After Appeal

Raymond James Financial Services Inc., has paid a $1.79 million arbitration award to an 87-year-old client after going to state court to appeal the judgment writes Darla Mercado, in a November 30, 2011, article for the The Honorable Judge Emily Tobolowsky, of the 298th Judicial District Court in Dallas last month confirmed the award […]

November 30, 2011
Due Diligence on Private-Placements Labeled 'Sloppy'

In a November 25, 2011, article in, Bruce Kelly writes that broker-dealers who sold billions of dollars in allegedly fraudulent private placements failed massively in their due-diligence responsibilities to investors, according to the assessment of forensic accountant and expert witness Gordon Yale, who has worked on more than 50 legal claims brought by investors against […]

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