On March 5th., 2014, a Financial Industry Regulatory Authority Inc. (FINRA) arbitration panel awarded three clients of Signator Investors Inc., owned by John Hancock Financial Network Inc., nearly $1.6 million because of a former broker's investments in failed land deals in Texas. The former broker was James Robert Glover. The three clients met Glover in […]

On March 4, 2014, 41 year-old, Wing K. Lim, who is also known as Kent Lam, was indicted by a New York County grand jury on 31 counts of felony charges for money laundering, grand larceny and falsification of business records, and securities fraud violations under the Martin Act. Allegedly, Lim/Lam operated a multi-million-dollar securities […]

Mark Kraus, a 28-year old former financial advisor with Chase Bank in Ledgewood, New Jersey, was charged with stealing $44,000 from his 74-year client over one year, from October, 2012 through August, 2013. When the Chase Bank in Ledgewood, New Jersey, suspected Mark Kraus of misappropriating a client's funds, they alerted the police. The Roxbury […]

The following information is located on FINRA’s website under “Disciplinary and Other FINRA Actions, February, 2014.” Violeta Maria Godoy Zuniga (CRD #5792585, Registered Representative, Doral, Florida) was barred by FINRA for alleged misappropriation of $7,000 from a bank customer for her own personal use. Godoy Zuniga assisted a customer in opening a savings account. The […]

Soreide Law Group, at (888) 760-6552, has obtained this summation of information from FINRA’s website listed as “Disciplinary and Other FINRA Actions, February, 2014.” Charles William Doller III (CRD #2389795, Registered Principal, Yorktown Heights, New York) was fined $20,000 and suspended for two years by FINRA for allegedly failing to supervise a broker engaged in […]

Charles B. Davis, a former broker with Transamerica Financial Advisors Inc., was ordered by the Financial Industry Regulatory Authority Inc. (FINRA) arbitration panel to pay a former client $250,000 in punitive damages. The punitive damages ordered by FINRA against Charles B. Davis, sends a message to brokers/financial advisers that they will be fined heavily for […]

Ridgewood Energy Corporation, of Ridgewood, New Jersey, manages private investment funds that develop and drill oil and gas projects located in the United States waters in the Gulf of Mexico. Many broker/dealers have sold Ridgewood Funds to their clients without conducting the a proper suitability analysis for such investments. These funds were not suitable for […]

Soreide Law Group, (888) 760-6552, obtained this information from FINRA’s website listed as “Disciplinary and Other FINRA Actions, February, 2014.” Gary Joel Chackman (CRD #1705039, Registered Principal, North Wales, Pennsylvania) was barred by FINRA. According to the FINRA investigation, Gary Chackman recommended real estate investment trusts (REITs) and other alternative investments to his member firm […]

On February 24th., 2014, the Financial Industry Regulatory Authority, also known as FINRA announced that it fined Berthel Fisher & Company Financial Services, Inc. and its affiliate, Securities Management & Research, Inc., of Marion, Iowa. The fine totaled $775,000 for supervisory deficiencies. This fine included Berthel Fisher's failure to supervise the non-traded real estate investment […]