Tag Archives: churning by stock broker

Northeast Securities Ordered to Pay Former Customer $1.8 Million-Mitchelfield, NY

July 2017-New York

An arbitration panel of the Financial Industry Regulatory Authority (FINRA) ordered Northeast Securities, Inc. a broker dealer headquartered in  Mitchelfield , NY, and three of their brokers to pay a former customer nearly $1.8 million dollars in a case involving investments in corporate bonds. The customer alleged common law fraud, churning, breach of fiduciary duty, misrepresentation, failure to supervise, improper use of margin borrowing and other claims.

The all public FINRA arbitration panel assessed the award jointly and severally against Northeast Securities and brokers Stephen J. Perrone, Diane Hawkins and Jonathan M. Zucker. In addition the panel awarded interest of 9% on the award from March 2012 until the award is paid and expert witness fees of nearly $34,000. McLaughlin v Northeast Securities, et al, FINRA Case 16-1806.

If you have suffered losses in your brokerage account due to the fraud or negligence of your stockbroker, we may be able to help you recover damages through FINRA arbitration, a process that is generally much quicker and less costly than court litigation.

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

Craig S. Forster-Former Oppenheimer Broker-Discloses Customer Disputes-Hawthorne, NY

May 2017-Hawthorne, NY

The FINRA records of  Craig S. Forster  ,  a  stockbroker who is currently  registered with Woodstock Financial Group  disclose 9 prior customer disputes .

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.

The prior customer disputes include:

  • In 11/2016 a customer of his prior employers Andrew Garrett and Oppenheimer was paid $165,000 to resolve allegations that Forster made unsuitable investments and breached his fiduciary duty.
  • In 11/2016 a customer of Oppenheimer was paid $250,000 to resolve allegations that Forster engaged in unsuitable and unauthorized transactions in order to generate commissions and that he was no licensed in the state where the customer resides. Subject investments include oil & gas, real estate securities, mutual funds and debt-municipal.
  • In 9/2015 a customer of Oppenheimer was paid $160,000 to resolve allegations that Forster made unsuitable recommendations and made excessive trades in her account from 11/2011-11/2014.

Craig S. Forster  has been employed by Woodstock Financial Group since 7/2016. He was employed by Andrew Garrett  from 4/2015-8/2016, Clark Dodge & Co. from 1/2015-4/2015 and Oppenheimer 10/2011-2/2015.

If you have questions about an account  handled by Craig S. Forster  , contact us 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

Steven J Shmulewitz-Former Woodstock Financial Group Broker-Discloses Numerous Customer Disputes-Garden City, NY

May 2017-Garden City, NY

The FINRA records of  Steven J Shmulewitz  ,  a  stockbroker who is currently  registered with Craft Capital Management disclose  10 prior customer disputes .

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.

The prior customer disputes include:

  • In 12/2016 a customer of Craft Capital Management was paid $30,000 to resolve allegations that Shmulewitz failed to enter stop loss orders in October 2016.
  • In 6/2016 a customer of Woodstock Financial was paid $52,800 to resolve allegations that Shmulewitz used margin borrowing without authority from 2011-March 2014.
  • In 1/2016 a customer of Woodstock Financial was paid $125,000 to resolve allegations that Shmulewitz made unsuitable investments, churned the account, committed fraud and other claims.

Steven J Shmulewitz  has been employed by Craft Capital Management since 5/2015. He was employed by Woodstock Financial Group  from 2/1999-12/2014.

If you have questions about an account  handled by Steven J Shmulewitz , contact us 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

Silvano R. Trino-Northeast Securities Broker-Discloses $3.9M Customer Dispute Alleging Churning-Miami, FL

April 2017-Miami, FL

The FINRA records of  Silvano R. Trino ,  a  broker with Northeast Securities   disclose a pending customer dispute and 3 prior final customer disputes.

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 14-02908,  a customer of Northeast Securities  seeks damages of $3,900,000 and alleges unauthorized use of margin, unsuitable trades and churning.

Silvano has been registered with Northeast Securities since 11/2008 and discloses a business affiliation with Global Capital Insurance. .

If you have questions about an account  handled by Silvano R. Trino  , contact us to discuss 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