Fort Lauderdale-based Soreide Law Group obtained the following summation of information from FINRA's Website under "Disciplinary and Other Actions, December 2014." Dennis Todd Witthoeft (CRD #1631137, Wesley Chapel, Florida) was fined $5,000 and suspended by FINRA for 30 business days for allegedly improperly exercising discretion by effecting stock and option transactions in a single customer […]

BRYAN W. ANDERSON (CRD# 3116269), a 40 year-old Hoover, Alabama broker, was charged with fraud and money laundering December 29, 2014. Allegedly Anderson, who was a registered broker for 14 years, conducted a Ponzi scheme between 2009 and May of 2014. State and federal investigators announced that the investors/victims lost over $3 million. Anderson has […]

JEFFERY C. MCCLURE (CRD# 4869698) a former Wells Fargo Advisors broker from Chico, CA, was permanently barred by the Financial Industry Regulatory Authority (FINRA) for allegedly stealing almost $89,000 from his elderly client. Allegedly, McClure wrote 36 checks totaling $88,850 between December 2012 and August 2014 without his client's consent and deposited them into his […]

A REIT, Real Estate Investment Trust, is a company that owns, finances, and in the majority of cases, operates income-producing real estate. They can be publically traded, private, or public but not listed. The two main types of REITs are 1) Mortgage REITs which deal in investment and ownership of property mortgages. The revenue is […]

On December 10, 2014, the SEC filed civil fraud charges against TIMOTHY S. DEMBSKI and WALTER F. GRENDA JR., from the Buffalo area and their company, Reliance Financial Advisors. According to the SEC, financial advisor, Timothy S. Dembski, allegedly lost nearly $4 million of his client’s money through investing it in a hedge fund. His […]

MICHAEL J. FREW (CRD# 812805) San Francisco, has been permanently barred by FINRA for allegedly accepting loans from his clients and/or converting clients funds. Frew has not cooperated completely with FINRA in their investigation. Michael Frew was also permanently barred from the securities industry in the State of California. Michael J. Frew was employed by […]

JEFFREY A. CASHMORE (CRD# 1928725) former LPL broker, was suspended and fined by FINRA for alleged misconduct for distributing misleading sales information to his clients and prospective clients. According to a recent article in Reuters, in one case, six retirees of the former Niagara Mohawk Power Corp, now a part of National Grid USA, a […]

The Fort Lauderdale-based Soreide Law Group has obtained the following summation of information from FINRA's Website under "Disciplinary and Other Actions, November 2014." Herbert Leonard Kaye (CRD #265572, Delray Beach, Florida) was assessed a deferred fine of $25,000, which includes disgorgement of $11,000 of commissions and was suspended by FINRA for four months for allegedly […]

Clark Smith Gardner (CRD #2930356, Orem, Utah) was barred by FINRA member for allegedly converting client funds for his own use and benefit. FINRA's findings stated that Gardner's client gave him a check for $243,000 to invest, however Gardner deposited that check into his own personal bank account and did not invest any of the […]