According to FINRA’s BrokerCheck, in May of 2017 there were allegations brought against, PHILIP JAY PATLIS (CRD#: 1256755), a broker who is currently with SHEARSON FINANCIAL SERVICES, LLC, of Boca Raton, Florida. The Claimant alleged that his accounts were over-concentrated in collateralized mortgage obligations (CMOs) from September of 2015 through November of 2016. The Claimant […]

In May, a FINRA arbitration panel fined Brookstone Securities Inc., $1 million over the sale of risky CMOs (collateralized mortgage obligations) and said they made “fraudulent misrepresentation and omissions of material fact in selling complex, esoteric and risky tranches of [fusion_builder_container hundred_percent="yes" overflow="visible"][fusion_builder_row][fusion_builder_column type="1_1" background_position="left top" background_color="" border_size="" border_color="" border_style="solid" spacing="yes" background_image="" background_repeat="no-repeat" padding="" margin_top="0px" margin_bottom="0px" […]

The following information is from FINRA’s website under “Disciplinary Actions, April, 2012:” Stone & Youngberg LLC (CRD #795, San Francisco, California) submitted a Letter of  Acceptance, Waiver and Consent in which the firm was censured, fined $350,000 and ordered to pay $206,054.72, without interest, in restitution to customers. Without admitting or denying the findings, the […]

THE FOLLOWING ARTICLE WAS OBTAINED FROM THE SEC'S WEBSITE: "On March 1, 2012, a federal judge ordered the former CEO of Brookstreet Securities Corp. to pay a maximum $10 million penalty in a securities fraud case related to the financial crisis. In December of 2009, the U.S. Securities and Exchange Commission filed a civil injunctive […]

The following information was obtained on FINRA’s website’s ‘Disciplinary Actions, February 2012.”   Bulltick Securities, LLC (CRD #132092, Miami, Florida)   submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $125,000. Without admitting or denying the findings, the firm consented to the described sanctions and to the entry […]

WASHINGTON —On FINRA's website, it was announced that the Financial Industry Regulatory Authority (FINRA) has fined Northern Trust Securities $600,000 for deficiencies in supervising sales of collateralized mortgage obligations (CMOs) and failure to have adequate systems in place to monitor certain high-volume securities trades. The article said that FINRA found from October 2006 through October 2009, Northern […]