Soreide Law Group is currently investigating 'TNP 12 Percent Notes Program LLC' issued by Thompson National Properties, LLC. Recently the interest payments to investors have been suspended in the TNP 12 Percent Notes Program LLC issued by Thompson National Properties LLC. The TNP 12 Percent Notes were sold by 22 independent broker-dealers. The minimum investment […]

FINRA, the Financial Industry Regulatory Authority Inc., issued an investor alert about the risks of ETNs, exchange-traded notes, after an investigation of Credit Suisse and Barclays ETNs this year. ETNs are often thought of as as ETFs, exchange-traded funds, but in reality, the two are very different.  ETNs are promissory notes written by banks to deliver the returns of an […]

 Joel William Carlson (CRD #2844760, Registered Representative, Vadnais Heights, Minnesota)  was barred from association with any FINRA member in any capacity. Carlson consented to the described sanction and to the entry of findings that he solicited his member firm’s customers to give him a total of at least $734,000, fraudulently misrepresenting to the customers that he would […]

  Alan Jay Davidofsky (CRD #1389312, Registered Representative, Delray Beach, Florida) has been fined by FINRA in the amount of $11,741.78, which represents disgorgement, and he has been barred from association with any FINRA member in any capacity. These sanctions were based on the findings that Davidofsky made unauthorized transactions in his customer’s account, controlled the customer’s […]

Soreide Law Group, PLLC, is currently investigating IMH Secured Loan Fund sold by broker Randy Albers for possible claims. IMH Financial Corporation is a real estate finance company operating in the southwest United States. The company, formerly known as IMH Secured Loan Fund, LLC, focuses on the acquisition and origination of mortgage loans, mezzanine loans, other debt […]

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" […]

Soreide Law Group, PLLC, is currently investigating Tim Cerny and M & I Financial Advisors. Tim Cerny recently entered into a Letter of Acceptance, Waiver and Consent with FINRA, suspending him for 10 days and was fined $20,000. This action was related to the sales practices of the First Trust Income Allocation UIT (Unit Investment Trust) for a 66 year-old […]

A group of retirees ambushed financial advisor James Amburn, 56, outside his home in Speyer, Germany. The group attacked him and put him into the trunk of a car. "It took them quite a while because they ran out of breath," said Amburn, who was then driven to one of their homes where he was held prisoner. They were angry because Amburn had […]

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 […]