Category Archives: Finra Investigation of Stockbroker

Finra Investigation of Stockbroker, Fraud, Morgan Stanley, Outside Business Activities, Stockbroker Discharged, Stockbroker Malpractice, StockBroker Misconduct, Theft, Wells Fargo

Herbert “Elias” Hafen-Former Morgan Stanley Broker-Pleads Guilty to Fraud- New York, NY

November  2019- New York, NY

The FINRA records of  Herbert “Elias” Hafen ,  a  financial advisor previously employed by  Morgan Stanley, disclose a prior regulatory event,  a pending criminal matter, a pending civil matter, a prior customer dispute 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.

In 2/2019  Hafen failed to respond to FINRA request for information in connection with a FINRA investigation and was permanently barred from the securities industry.

In September 2019 Hafen pled guilty to investment adviser fraud. Sentencing is scheduled for January 2020.

The Securities and Exchange Commission filed a complaint against Hafen in 9/2019 alleging that from July 2011-April 2018 Hafen defrauded clients of the financial institutions he worked for at that time. VIctims were promised 6% interest in an investment that had little risk. In reality there was no investment and Hafen used the money for personal expenses. Of the $1.6 million he raised from victims only about $650,000 was returned.

In 5/2019, a Morgan Stanley Smith Barney customer was paid $430,000 to resolve allegations that Hafen  misappropriated funds.

In 8/2018 Hafen was discharged from Wells Fargo Clearing Services  after he admitted to entering into financial arrangements with clients that were not approved by the firm.

Hafen was registered with Wells Fargo Clearing Services  from March to September of 2018.  Prior to that he was employed by Morgan Stanley Smith Barney from 6/2009-4/2018.

If you have losses in an account  handled by Herbert “Elias” Hafen , contact us for a no charge consultation to learn how you may be able to recover damages 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

Churning, Finra Investigation of Stockbroker, First Midwest Securities, Global Arena Capital Corp, Joseph Stone Capital, Stockbroker Malpractice, StockBroker Misconduct

Erik Pica-Joseph Stone Capital Broker-Discloses Customer Disputes & FINRA Investigation- New York, NY

October 2019 – New York, New York

The FINRA records of Erik Patrick Pica  , a  stockbroker who is employed by Joseph Stone Capital , disclose 3 pending customer dispute, 4 prior customer disputes and a currently pending FINRA investigation.

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 May of 2018,  a customer Global Arena Capital Corp. was paid $30,000 to resolve allegations of negligent supervision, over-concentration and suitability in  FINRA Case 18-01555.

In December of 2011, a customer of First Midwest Securities, Inc.  was paid $4,999 to resolve allegations that Pica owned the ETF he was recommending the customer to purchase.

In pending FINRA case 18-01506 a customer of Joseph Stone Capital alleges that Pica made unauthorized trades in the account with alleged damages of $7,600.

In pending customer dispute filed by a Joseph Stone Capital customer, alleges unsuitable securities, highly speculative recommendations, churning and negligent supervision and seeks damages of $500,000.

Pending FINRA case 17-01681, filed by a Joseph Stone Capital customer, alleges failure to treat claimant in a a just and equitable manner; breach of fiduciary duty; breach of contract; negligence and negligent misrepresentation and seeks damages of $120,000.

In July 2019, FINRA initiated Investigation Matter #20190619475 alleging that Pica made various violations of FINRA rules, including wrongfully taking customer funds and providing false and misleading information to his firm as well as FINRA staff. The matter is currently pending.

Pica is currently employed with Joseph Stone Capital.   From January of 2012 until April of 2015, he was employed by Global Arena Capital Corp.,  before that he was employed with First Midwest Securities, Inc., Chicago Investment Group and Eastbrook Capital Group, all in New York City.

If you have problems in an account  handled by Erik Patrick Pica  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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Capital One Investing, Capital One Investment Services, CUSO Financial Services, Failure to Supervise, FInancial Exploitation of the Elderly, Finra Investigation of Stockbroker, HSBC Securities, Stockbroker Malpractice, StockBroker Misconduct, Theft

Jaime R. Rodriguez- Former Cuso Financial Services Broker – Permanently Barred from Industry by FINRA for Stealing from Elderly, Blind Customer- Port Chester, NY

September 2019 – Port Chester, NY

The FINRA records of  Jamie R. Rodriguez,  a  former stockbroker who was last employed by Cuso Financial Services disclose he  has been barred from the securities industry by FINRA who found that he converted funds from an elderly, blind customer.

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 August of 2017  Jaime R. Rodriguez was permanently barred from the securities industry by FINRA.   “Rodriguez consented to the sanction and to the entry of findings that he converted approximately $200,000 from an elderly and legally blind customer and used these funds to purchase two apartments in Rodriguez’ name.  The findings stated that when the customer’s apartment lease was terminated, Rodriguez offered with assist the customer with locating and purchasing a residence.  Rodriguez purchased an apartment for approximately $70,000 in the Bronx, NY using the customer’s funds.  The apartment was supposed to be purchased in the customer’s name.  Unbeknownst to the customer, Rodriguez was the sole beneficial owner of the residence.  The customer was unable to see or read the documents due to his disability. ”    

Rodriguez  was employed by HSBC Securities from 12/2010-7/2014, followed by terms of employment with Capital One Investment Services, Capital One Investing and CUSO Financial.

If you have questions about an account  handled by Jaime R. Rodriguez 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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870