On April 8, 2015, the Securities and Exchange Commission (SEC) charged Los Angeles-based Pacific West Capital Group Inc. and its owner Andrew B. Calhoun IV, of Beverly Hills, with fraud in the sale of "life settlement" investments. ( "Life settlements" are securities which are structured when a life insurance policy "matures" after the insured individual […]

A Financial Industry Regulatory Authority (FINRA) arbitration panel awarded $1.3 million in damages to a Mississippi investor over the handling of her finances by Lanis Dale Noble, a former broker for Stifel Nicolaus & Co. Inc. The investor also is Noble's former daughter-in-law. The case was filed in August 2012, accusing Noble with churning, breach […]

Robert Durant Tucker (CRD #1725356, New York, New York) was barred by FINRA and the SEC dismissed Tucker’s appeal of the NAC decision. This sanction was based on FINRA's findings that Tucker allegedly improperly approved the transfer of client funds to his personal checking account by falsifying a wire transfer form to give it the […]

Nilda Lee Vasey (CRD #4842504, Dorchester, Massachusetts was barred by FINRA for allegedly converting client funds for her own personal use and benefit. FINRA's findings stated that Vasey gained access to the clients funds by requesting, and against her member firm’s policy, that her clients make their annual firm financial planning fee checks, or wire […]

Sean Anthony Spearman (CRD #2945116, Redondo Beach, California) was barred by FINRA member and ordered to disgorge unlawful profits of $66,771 for allegedly liquidating a position held by a client of his member firm to meet margin requirements; but instead of selling the shares to the market and maximizing the return to his client, Spearman […]

Soreide Law Group, (888) 760-6552, obtained the following summation of information found on FINRA's website under “Disciplinary and Other FINRA Actions March 2015.” Brian Michael Seifert (CRD #4547658, Rochester, Minnesota) was barred by FINRA for allegedly failing to provide FINRA-requested on-the-record testimony involving an investigation into allegations that he, among other things, forged documents and […]

Talman Anthony Harris (CRD #3209947, Garden City, New York) and William John Scholander (CRD #2938044, Brooklyn, New York) were barred by FINRA for allegedly fraudulently omitting material facts when soliciting purchases of securities and engaging in outside business activities without providing their member firm with written notice. FINRA's findings stated that Harris and Scholander, in […]

RONALD P. RAFALOFF (CRD# 1045883) former broker from Bakersfield, California, was barred by FINRA for allegedly using the investment of a 74 year-old woman from Red Bank for his own personal use, guaranteed the client against losses, and making false statements to his employer. According to FINRA, the client made a $405,000 investment with Rafaloff, […]

The Financial Industry Regulatory Authority (FINRA) announced that it has fined Berthel Fisher & Company Financial Services, Inc. and its affiliate, Securities Management & Research, Inc., of Marion, Iowa, a combined total of $775,000. This fine was for supervisory deficiencies, which included Berthel Fisher's failure to supervise the sale of non-traded real estate investment trusts […]