Clifford Jagodzinski, formerly of Morgan Stanley Smith Barney LLC (MSSB), claims he was fired for blowing the whistle on one of the firm's newest wealth managers, Harvey Kadden. According to the complaint, filed in U.S. District Court in the Southern District of New York, Kadden “was flipping preferred securities in a manner that was generating […]

The Securities and Exchange Commission alleged three former brokers at JP Turner & Co. in Atlanta, traded excessively in accounts of seven clients from January, 2008, through December, 2009. Regulators reported that these three brokers churned their client's accounts and received $845,000 in commissions and fees for themselves and the brokerage. Unfortunately, their customers lost […]

Recently, certain United States based brokerage firms have been contacting investors located in England, Scotland, Wales, and Ireland, soliciting customers to open accounts at USA based brokerage firms. The Securities Lawyers at Soreide Law Group have recently been receiving a large number of inquires from overseas investors. The UK investors are now looking to initiate […]

The following is an article from the Reno Gazette-Journal, from Sept. 4th., 2012, written by Jaclyn O'Malley: Former Reno financial advisor indicted by feds related to ponzi scheme Sep 04 A former Reno financial advisor has been indicted on federal charges related to duping elderly and inexperienced investors of at least $2 million with a […]

Valerie Helen Silverstein (CRD #1413711, Registered Representative, Coconut Creek, Florida) was barred from association with any FINRA member in any capacity. Without admitting or denying FINRA's findings, Silverstein consented to the described sanction and to the entry of findings that she had a pre-existing relationship with an individual when he became a customer of her […]

William Thomas Johnson Jr. (CRD #1189117, Registered Representative, North Palm Beach, Florida) was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Johnson consented to the described sanction and to the entry of findings that he received approximately $47,000 from a customer after Johnson made the representation, which […]

It was recently reported that Michael Todd Crosswhite, 42, of Forest, Virginia,  a financial adviser, admitted that he stole more than $1 million from his clients. They stated that Michael Todd Crosswhite pleaded guilty to wire fraud and money laundering during a hearing in U.S. District Court in Lynchburg. The prosecutors in this case said that Crosswhite […]

In a recent SEC complaint, there were allegations made against The Nutmeg Group, LLC, and others, that Nutmeg has invested fund assets almost entirely in private investments in public equity ("PIPE") transactions. Nutmeg was an investment adviser of 15 funds.  The SEC alleges in it's complaint that Nutmeg improperly commingled investor and fund assets, and misappropriated over $4 million in fund assets, failed to maintain […]

JHS Capital Advisors Inc. and a former broker, Enver R. Alijaj, were fined $1.9 million in a Finra arbitration last week stemming from allegations that the broker traded in a client's account excessively to generate commissions. The broker was also forced to pay $500,000 to settle a previous charge of churning. Churning is illegal and unethical. On the […]