The Financial Industry Regulatory Authority (FINRA) published a news release on their website, May 22, 2012, announcing that it has fined Citigroup Global Markets, Inc. $3.5 million.  This fine was for 'providing inaccurate mortgage performance information, supervisory failures and other violations in connection with subprime residential mortgage-backed securitizations (RMBS).' FINRA notes in their article that the issuers of RMBS […]

Many of our clients ask about FINRA's BrokerCheck.  Located on FINRA's website, finra.org, BrokerCheck is defined by FINRA as "a free tool to help investors research the professional backgrounds of current and former FINRA-registered brokerage firms and brokers, as well as investment adviser firms and representatives. It should be the first resource investors turn to […]

Soreide Law Group, PLLC, is currently investigating claims against Douglas A. Leone of Newport Coast Securities, Irvine, California.  Leone was previously, according to FINRA's Brokercheck,  located in New York. Currently, according to FINRA's Brokercheck, Leone has 3 pending customer disputes against him and has other cases that have been settled in arbitration.  The alleged charges against him that were settled […]

In a May 21, 2012 article from the InvestmentNews.com website, Bruce Kelly writes that the SEC is looking at “several areas of high risk” in the securities industry. Some of the areas they are looking into  include broker-dealer due diligence, net capital levels at broker-dealers and “dark pools” of liquidity, said Julius Leiman-Carbia, associate director […]

Patel v. Balchandani, FINRA ID # 11-00973 (Louisville, KY, 5/4/2012) - A FINRA Arbitration Panel awarded approximately $1 million, including $200,000 in punitive damages, to a pair of customers who alleged a churning scheme targeting Indian-Americans. The following is part of the "Case Summary" that was presented on FINRA's website: "Claimants asserted the following causes […]

The following information is from FINRA’s website under, “Disciplinary and Other FINRA Actions, May, 2012.” Harrison A. Hatzis (CRD #2640978, Registered Principal, Hallandale, Florida)   was fined $30,000 and suspended from association with any FINRA member in any capacity for two years.   The NAC imposed the sanctions following appeal of an Office of Hearing […]

The following information is from FINRA’s website under, “Disciplinary and Other FINRA Actions, May, 2012.” Paul Andrew Fischetti (CRD #2300161, Registered Supervisor, Palm Harbor, Florida)   submitted a Letter of Acceptance, Waiver and Consent in which he was fined $5,000 and suspended from association with any FINRA member in any capacity for six months. The […]

The following information is from FINRA's website under, "Disciplinary and Other FINRA Actions, May, 2012." Philip Christopher Crescimanno (CRD #4412658, Registered Representative, Land O’Lakes, Florida) submitted an Offer of Settlement in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the allegations, Crescimanno consented to the described […]

John Brian Busacca III (CRD #2302780, Registered Principal, Orlando, Florida) was fined $30,000 and suspended from association with any FINRA member in any principal capacity for six months. The SEC sustained the sanctions following appeal of a NAC decision. The U.S. Court of Appeals denied Busacca’s petition for review.   The sanctions were based on […]