The Forida-based Soreide Law Group obtained the following information from FINRA’s website under, “Disciplinary and Other FINRA Actions, May 2018.”  Michael Douglas Hanke (Mike Hanke) (CRD #3158013, Tampa, Florida) was assessed a deferred fine of $10,000 and suspended from association with any FINRA member in all capacities for one month for allegations that he executed […]

Alternative Investment Strategies Can Be Costly To Investors and Enrich Brokers Soreide Law Group recently filed a  FINRA arbitration for a customer of Laidlaw & Company for losses in several offerings where the firm is advertising through their website that they were the underwriter of the investments.  The offerings at issue are contained in the […]

JAMES EDWARD KNEE (JIM KNEE) CRD#: 1852920 has been barred by the Financial Industry Regulatory Authority Inc. (FINRA) for allegedly failing to take part in a FINRA hearing regarding his activities at his former employers, Ameriprise Financial Services and Voya Financial Advisors, both located in Concord, New Hampshire. According to FINRA, these allegations stemmed from […]

VAUGHN LEE ANDREWS-MCKAY (VAUGHN LEE ANDREWS) CRD#: 6491985 was barred by the Financial Industry Regulatory Authority Inc. (FINRA) in May of 2018.  Andrews-McKay, a former broker with PRUCO SECURITIES of Shelton, Connecticut, allegedly misappropriated $47,748.19 from two clients and forged signatures on checks taken from one of his clients. Andrews-McKay was discharged by PRUCO SECURITIES […]

AThe Financial Industry Regulatory Authority Inc. (FINRA) fined Fifth Third Securities $4 million and ordered it to pay approximately $2 million in restitution to their clients.  FINRA stated they fined Fifth Third for "failing to appropriately consider and accurately describe the costs and benefits of variable annuity exchanges." FINRA also stated that this was the […]

LEON WILLIAM VACCARELLI CRD#: 3227636, a 41 year-old financial advisor formerly with THE INVESTMENT CENTER of Waterbury, Connecticut, was charged with fraud and money laundering in a 12-count indictment in federal court. The charges against Vaccarelli include three counts of mail fraud, six counts of wire fraud, and three counts of money laundering. Leon Vaccarelli […]

Aclient of broker, MICHAEL JAMES KEANE (MICHAEL J KEANE) CRD#: 265697, and UBS of Melville, NY, was granted damages by the Financial Industry Regulatory Authority Inc. (FINRA) of $805,120. This is just the latest payment Keane faced in the past several years to satisfy client complaints. According to FINRA in this instance, from approximately May […]

JAMES S POLESE CRD#: 2636427, a 51 year-old Boston-area former Morgan Stanley investment advisor, pleaded guilty April 26, 2018, in federal court in Boston to one count of conspiracy and investment advisor fraud, eight counts of bank fraud, and one count of aggravated identity theft. Sentencing is scheduled for August 2, 2018. Polese, of Wenham, […]

Park Avenue Securities, LLC, was fined $300,000.00 and censured by the Financial Industry Regulatory Authority Inc. (FINRA) for its supervision of variable annuity (VA) sales. According to FINRA, from Jan. 1, 2013 through March 3, 2015, Park Avenue Securities allegedly "failed to establish, maintain and enforce a supervisory system and written supervisory procedures reasonably designed […]