Category Archives: High Pressure Sales

Joseph Stone Capital Brokers Named in Regulatory Complaint

August 2016- Mineola, NY

The FINRA records of  Lawrence P. Sullivan,  a  stock broker who is not currently licensed and who was last employed by Joseph Stone Capital  disclose  a currently pending regulatory event and a termination from employment.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

Office of the Commissioner of Securities and Insurance, Montana State Auditor Case No. SEC-2016-124

On June 8, 2016, the Montana Commissioner of Securities and Insurance (CSI) filed a complaint (CSI Case Number SEC-2016-124) naming Lawrence Sullivan, who at the time was a salesperson with Joseph Stone Capital  and the following company and individuals:

  • Joseph Stone Capital, Lawrence’s  former employing firm
  • James Pardy-Chief Compliance Officer of Joseph Stone
  • Adam Maggio-a salesperson with Joseph Stone
  • David Manashea salesperson with Joseph Stone
  • Ross Barisha salesperson with Joseph Stone
  • Frank Spadaro-a salesperson with Joseph Stone

The Montana CSI complaint alleges that in January 2016, the Montana CSI received a cold call from Sullivan who was transferred to an analyst for CSI. Sullivan pitched an investment about Paypal to the Montana CSI employee who then informed Sullivan that he had called the Montana State securities regulators. At that point, Sullivan denied he was trying to solicit an investment and hung up.

That same day Montana CSI requested complete records regarding all of Joseph Stone’s Montana clients. Analysis of the records revealed churning in the accounts of Montana residents , overcharging of commissions and other statutory violations.

According to the Montana CSI complaint with regard to one of the accounts handled by Frank Spadaro : “The total of all trades resulted in $4,052,938.36 in purchases and $3,747,491.70 sales, with corresponding Looper[l] tumover rates of 30.52 and,28.22 respectively “

Churning & The Looper Formula

The Looper turnover rate calculates the dollar amount of purchases during a time period divided by the average account equity annualized. The 2-4-6 ‘rule of thumb’ turnover rate is often used to generally analyze trading:

  • Twice a year is ‘suggestive’ of excessive trading
  • Four times a year is ‘indicative’ of excessive trading
  • Six times a year turnover is ‘conclusive’ of excessive trading

According to public records:

  • On January 19, 2016, Lawrence Sullivan was discharged by Joseph Stone Capital
  • David Manashe is now registered with Newbridge Securities Corporation

If you have questions about an account handled by Joseph Stone Capital  call to speak with an experienced securities attorney.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Steve J. Pabon-Joseph Stone/Rothschild Lieberman Broker-Discloses Pending Customer Disputes

August 2016- Syosset, New York

The FINRA records of  Steve J. Pabon,  a  stock broker who is currently employed by Joseph Stone Capital and Rothschild Lieberman,  disclose  3 currently pending customer disputes and a prior termination from employment.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In currently pending FINRA arbitration 15-0735, a customer of Pabon’s former employer Craig Scott Capital, alleges damages of $1,000,000 for trades that were highly speculative and unsuitable.

In 1/2012, Pabon was discharged by Brookstone Securities who made the following statement on Pabon’s FINRA record: “1.Violated telemarketing rules by making cold-call to an individual whose phone number was listed on the FTC’s national do not call list. 2.Violated industry rules by using exaggerated and promissory language to induce a prospective customer to engage in a securities transaction. 3.Violated suitability rules by recommending securities to a prospective customer without first obtaining the customer suitability information.”

Pabon’s employment history includes:

  • Joseph Stone Capital                       since 8/2016
  • Rothschild Lieberman                     since 9/2015
  • Craig Scott Capital                       2/2012-12/2015

He also worked for Brookstone Securities , a firms that was expelled by FINRA in 10/2012.

If you have losses in an account handled or supervised by Steve J. Pabon you may be able to recover damages from his former employer through FINRA arbitration.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Nick E. Son-Aegis Capital Corp. Broker-Discloses Customer Dispute Alleging High Pressure Sales Tactics

July 2016-New York

The FINRA records of Nick E. Son ,  a  stock broker currently employed  by Aegis Capital Corp. , disclose a pending customer dispute, 4 prior customer disputes, and 2 outstanding  judgment/liens.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

 

In the currently pending matter received by the company in April 2016, a customer of Aegis Capital  alleges damages of $65,985 for high pressure sales tactics, misrepresentation and misleading information.

Son discloses the following outstanding judgment/liens:

  • $2,628 in favor of AMEX Travel Services, filed in civil court for New York County
  • $4,890 in favor of CitiBank filed in civil court for New York County.

Son has been employed by Aegis Capital since 9/2014. He was with Alexander Capital from 3/2012-9/2014 and WTS Proprietary Trading Group 12/2011-6/2012.

 

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Francis L. Smookler-Former Legend Securities Broker-Discloses Numerous Customer Disputes

Syosset, New York

According to FINRA records,  Francis L. Smookler, Jr.    a stockbroker  who  is currently employed by Cova Capital Partners , discloses one pending and twelve prior customer disputes. He also discloses a final regulatory event and a pending judgment/lien.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In currently pending FINRA Case 16-0405, a customer while Smookler while he was employed by New Castle Financial Services, Brookville Capital Partners and Legend Securities alleges damages of $750,000 for high pressure sales techniques, unsuitable investments, churning and excessive and hidden commissions.

If you have questions about an account handled  by Francis L. Smookler, call for a no charge consultation.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Yousuf Saljooki Named In $750K Customer Complaint Alleging High Pressure Sales Techniques

April 2016- Farmingdale, New York

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

FINRA records are public and can be accessed on the BrokerCheck website. 

The FINRA records of Yousuf Saljooki  disclose  2 final customer disputes and 1 pending customer disputes .

In  the pending case, FINRA Case 16-00405, a customer of Saljooki while he was previously employed by New Castle Financial Services ,now known as Brookville Capital Partners, and Legend Securities alleges that Saljooki used high pressure sales techniques, made unsuitable investments, churned the account and charged excessive and hidden commissions. Damages, which include punitive and exemplary damages exceed $750,000 are alleged.

Saljooki has been registered with Salomon Whitney Financial  since 8/2015.  He was previously registered with  Legend Securities 3/2015-8/2015, Tryco Securities 3/2015-3/2015  and Brookville Capital Partners 7/2009-3/2015

If you have losses in an account handled by Yousuf Saljooki  , and believe that your account was mishandled, call to discuss your options.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Michael Oromaner Named In Customer Complaint Alleging High Pressure Sales

April 2016- Farmingdale, New York

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

FINRA records are public and can be accessed on the BrokerCheck website. 

The FINRA records of Michael L. Oromaner  disclose 1 regulatory matter that has been finalized, 9 final customer disputes, 2 pending customer disputes and 2 outstanding judgements or liens.

In one of the pending cases, FINRA Case 16-00405, a customer of Oromaner’s while he was previously employed by New Castle Financial Services ,now known as Brookville Capital Partners, and Legend Securities alleges that Oromaner used high pressure sales techniques, made unsuitable investments, churned the account and charged excessive and hidden commissions. Damages of $750,000 are alleged.

Oromaner has been registered with Salomon Whitney Financial  since 3/2016.  He was previously registered with Avenir Financial Group 1/2015-3/2016. Prior to that he was registered with Legend Securities 1/2014-1/2015 and Brookville Capital Partners 11/2009-1/2014.

If you have losses in an account handled by Michael L. Oromaner , and believe that your account was mishandled, call to discuss your options.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Shawn Burns Named in Customer Arbitrations Alleging High Pressure Stock Sales

April 11, 2016-New York

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

FINRA records are public and can be accessed on the BrokerCheck website. 

The FINRA records of Shawn E. Burns, a stock broker who works for Salomon Whitney Financial, report that he is currently named in 4 pending arbitrations and has resolved 10 other arbitrations. The pending arbitrations include:

FINRA Case 15-00107– customer alleges that Burns used high pressure tactics to purchase securities and/or equities from February 2012-August 2012. Damages are alleged to be $75,000.

FINRA Case 14-02953- customer alleges that Burns practiced high pressure sales , churned his account and recommended unsuitable trades. Damages of $130,000 are alleged.

Burns has previously been employed by Cape Securities , First Midwest Securities and Murphy & Durieu. He was discharged from Murphy & Durieu in 2002 for alleged unauthorized trading in a customer account.

FINRA records report that Burns filed for Chapter 7 bankruptcy in February 2016.

If you have losses in an account handled by Shawn E. Burns you may be able to recover damages from his employer.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870