Category Archives: Discretionary Trading

Joseph I. Yanofsky-Former Merrill Broker-Subject of $2.2M Customer Dispute-Greenwood, CO

April 2018-Greenwood Village, Colorado

According to FINRA records, former Merrill Lynch broker Joseph I. Yanofsky , discloses a recent regulatory suspension, a pending customer dispute, a termination from employment and 8 prior customer disputes that are final.

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 September 2017 Yanofsky was fined $10,000 and suspended for 20 business days to resolve FINRA allegations that he exercised discretion in nine customer accounts while at Merrill Lynch.

Yanofsky was registered with Merrill Lynch from 2/1990-5/2015, when he was discharged. In connection with his discharge  , Merrill made the following allegations:

“allegations relating to exercising discretion in non-discretionary accounts, providing inaccurate responses to related internal compliance questionnaires, directing an employee to enter trades utilizing another employee’s user identification and password and failing to report a customer complaint on a timely basis”

In a pending matter, a customer of Merrill Lynch alleges that Yanofsky failed to follow instructions, made unauthorized trades, excessively traded the account and made unsuitable investment recommendations from 2/2013-4/2015. Damages are alleged to be $2,268,095.

In a prior FINRA Case 15-2143, a Merrill Lynch customer alleged unsuitable recommendations and misrepresentations from 2012 to 2015 and sought damages of $400,000. That matter was settled in 7/2016 for $75,000.

Joseph Yanofsky is currently registered with First Financial Equity Corp. in Greenwood, CO.

If you have losses in an account handled by Joseph I. Yanofsky   you may be able to recover damages through FINRA arbitration. Call for a no charge consultation 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

Brian Berger-Former Newbridge Securities Broker-Sentenced for Fraud-Boca Raton, FL

April 2018-Boca Raton, FL

The FINRA records of former stockbroker Brian M. Berger disclose a pending regulatory matter and two prior regulatory matters, a criminal conviction, 4 customer disputes and a termination from employment.

In 7/2015 Berger  entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that he failed to cooperate with a FINRA investigation into allegations that he had misappropriated funds from elderly customers while registered with Wells Fargo Advisors and MetLife Securities.As a result, Berger   was  barred from the securities industry.

There is an SEC administrative proceeding pending in connection with the misappropriation of funds.

In 2/2017, in the U.S. District Court for the Southern District of Florida in Miami, Berger pleaded guilty to wire fraud and was sentenced to 18 months and ordered to pay restitution of $372,643.

Over $300,000 has been paid in settlements to former customers of Berger.

According to FINRA records, Berger was registered with Wells Fargo Advisors in Boca Raton from 7.2010-7/2014 and with MetLife Securities from 7/2014-4/2015. After that he was briefly registered with Newbridge Securities from 4/2015-6/2015.

If you have questions about an account handled by Brian Berger, call for a no charge consultation 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

Buckman Buckman Reid Broker Ron Ison Barred From Securities Industry

April 2018- Little Silver, New Jersey

Ron Jason Ison , a former stockbroker who last was employed by Buckman, Buckman & Reid, was permanently barred from the securities industry by FINRA for failing to appear at FINRA hearings investigating potential unauthorized and unsuitable trading.

Ison testified before the FINRA investigators on March 15, 2018, for part of the day, then requested an adjournment. FINRA granted the adjournment and set a continuation of the hearing later in the month. Ison’s attorney advised that he would no longer participate in the proceeding resulting in FINRA’s bar from the industry.

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.

Ron Ison’s FINRA record discloses 6 prior customer disputes.

Ison had been employed by Buckman, Buckman & Reid since 1/2010.

If you have questions about an account handled by Ron J. Ison  contact us for a no charge consultation 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

Sanders Spangler-Former LPL Financial Broker-Barred From Securities Industry-San Antonio, TX

March 2018-San Antonio, Texas

On March 26, 2018, former LPL Financial stockbroker  Sanders Spangler was permanently barred from the securities industry by the Financial Industry Regulatory Authority (FINRA).

In connection with a FINRA investigation into potential unauthorized trading in five customers’ accounts, FINRA requested that Spangler appear for on the record testimony pursuant to FINRA Rule 8210. Spangler acknowledged receiving the request and stated that he will not cooperate with the investigation.

By refusing to appear for on the record testimony Spangler violated FINRA Rules 8210 and 2010 and was barred from associating with any FINRA member in any capacity.

The FINRA records of Sanders Spangler disclose 1 pending and 4 prior customer disputes, including:

  • August 2017-a customer of LPL Financial alleged unauthorized trading, poor account performance from 1/2012-5/2017. The case was settled for $20,000.
  • July 2017-a customer of LPL Financial alleged that discretion was used in the account resulting in poor performance for the period from 10/2009-4/2017. The case was settled for $40,000.
  • June 2017-a customer of LPL Financial alleged poor investment performance  for the time period of 3/9/16-6/16/16 and claimed damages of $500,000. That case was settled for $500,000
  • December 2017-a customer of LPL Financial alleged unsuitable investments made without client knowledge and damages of $100,000-$500,000. That case (FINRA Case 17-1513) was settled for $225,000.

In currently pending FINRA case 17-02661 a customer of LPL is alleging that Spangler over concentrated their accounts with energy stocks and that the account was liquidated without the client’s knowledge. In addition the customer alleges that Spangler altered monthly statements. Damages are unspecified.

 

In February 2017 Spangler was discharged by LPL Financial. LPL made the following allegation on Spangler’s  FINRA record:“Exercising discretionary power in customer account(s) in violation of firm policy. ” Spangler had worked for  LPL Financial since 10/2005.

Brokers have a responsibility to make suitable recommendations to customers, taking into account their age, net worth, investment experience and risk tolerance. Oil and gas investments can be very risky and over concentrating the account of a retiree in such investments is generally not appropriate.

If you have losses in an account in an account handled by Sanders Spangler , you may be able to recover damages through FINRA arbitration. 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