Category Archives: Unsuitable Investments

Paul Petrillo-Former Thrivent Investment Broker- Barred from FINRA-Discloses a Customer Dispute-Appleton, WI

June 2020- Appleton, WI

According to publicly available records, former Thrivent Investment Management, Inc.,  financial advisor Paul W. Petrillo,  is barred from FINRA and discloses a settled customer dispute.

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 1/2020  in FINRA case 2018058262001 Petrillo was  permanently barred from the securities industry to resolve allegations that he placed discretionary orders to purchase or sell securities in customers’ outside securities accounts without notifying his member firm of his authority to do so or the executing firm of his association with this firm.    The findings stated that Petrillo also opened a family trust securities account over which he had trading authority away from his firm, but did not notify it of the accounts existence.   The findings also stated that Petrillo participated in undisclosed private securities transactions.   The findings included that Petrillo provided a false response to a request for information made by FINRA.   Petrillo deliberately failed to inform FINRA about customers’ accounts in which he effected trades away from his firm.   Sanctions were that he was permanently barred from FINRA in all capacities.

In October of 2017, a customer with Thrivent Investment Management, Inc., alleged that Petrillo placed trades in her  account without consulting her.    The case settled for almost  $33,500.

Petrillo  was employed by Thrivent Investment Management, Inc.  and Thrivent Financial for Lutherans from July 2002 until April of 2018.

If you have losses in an account handled by Paul Petrillo, call 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

Jacquin P. Fink-Former Merrill Lynch Broker-Discloses almost $3.9M in Settlements and a Pending Customer Dispute-New York

June 2020-New York

According to publicly available records.  Jacquin P. Fink (CRD#207807), a  stockbroker who last worked for Merrill Lynch,  discloses 10 prior customer disputes and 1 pending customer dispute.

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.

From July of 1994 until December of 2019, 10 customers of Merrill, Lynch, , filed customer disputes alleging that Fink made unsuitable investment recommendations,  and other wrongdoing, including omission of material facts, misrepresentation, excessive trading, aggressive trading, unauthorized trading and churning.    These cases were settled for a cumulative amount of about $3.9 million.

In February of 2020 FINRA case #20-00416 was filed by a Merrill Lynch customer alleging unsuitable investment recommendations by Fink and seeks damages of $43,434.   This case is still pending.

Fink was employed by Merrill Lynch, Pierce, Fenner & Smith, Inc. from March of 1968 until January of 2020. He is not currently registered with any FINRA broker dealer.

If you had an account with Jacquin P. Fink  that suffered losses, you may be entitled to collect damages from his prior employer. 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

Cindy Chiellini-Centaurus Financial Broker- Discloses Pending Customer Disputes of Nearly $5M- Lexington, SC

June 2020- Lexington, SC

The FINRA records of Cindy Lucille Chiellini (CRD#1015592)  , a broker with Centaurus Financial, Inc., discloses  prior customer disputes and 27 pending customer disputes seeking damages of nearly $5,000,000 .

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.

From December 2016 to March 2019 nine customers of J.P. Turner/Centaurus Financial, Inc., alleging unauthorized and unsuitable trades, breach of fiduciary duty and misrepresentation.  These cases were collectively settled for $300,000.

From May 2018 to February 2020 twenty seven customer disputes were filed with FINRA and three other customer disputes were brought forth against Chiellini alleging among other things, unsuitable investments, breach of fiduciary duty, misrepresentation, negligence, unexplained withdrawals,  engaged in potentially fraudulent activity and facilitated unsuitable investments.   The alleged damages in these combined twenty seven cases is nearly $5,000,000.   These cases are all still pending.

Chiellini  has worked for Centaurus Financial, Inc./J.P. Turner & Company since March 2010.   Before that time she was with First Allied Securities, Inc. and D.E. Frey & Company.  

If you have questions about an account handled by Cindy Lucille Chiellini  call for a no charge consultation 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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Bethel Fisher Discloses SEC Investigation and Customer Lawsuits

June 2020

Cedar Rapids based Berthel Fisher & Company Financial Services, Inc. discloses that the company is being investigated by the Securities and Exchange Commission (SEC) regarding whether the company   breached its fiduciary duties by receiving SEC Rule 12b-1 fees from mutual funds and other fees in investment advisory accounts. Berthel discloses that they may be facing costs of up to $600,000 in connection with the SEC investigation.

In addition Berthel discloses that they are currently defending customer lawsuits seeking damages from  ranging $40,000 to $4.6 million, for which it  has reserved $1.8 million.

Berthel Fisher has been the subject of several recent regulatory sanctions, including:

  • FINRA assessed a fine of $675,000 and censured Berthel over its sales of non traded REITs and other alternative investments.
  • New Hampshire regulators sanctioned Berthel over $400,000 in fines, restitution and costs in connection with unsuitable sales of Unit Investmetn Trusts (UITs)

Link to Berthel Fisher’s recent Financials

Link to Berthel Fisher’s FINRA CRD

If you have questions about an account handled by Berthel Fisher, call to learn 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

Jovannie Aquino-Former Spartan Capital Securities Broker- Is Barred and Discloses Regulatory Events, Customer Disputes and a Termination-New York, NY

June 2020- New York, NY

According to publicly available records Jovannie Aquino (CRD#4876661), a  former stockbroker who last worked for Spartan Capital Securities,  discloses a regulatory event, a civil event, 3 final customer disputes,  1 pending 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 June 2019  Aquino was permanently barred from the securities industry as a result of the following:

In September 2018, the United Sates Securities and Exchange Commission filed case #1:18-cv-08191 in Federal Court in the United States District Court of the Southern District of New York alleging that from December 2015 to November 2017, Aquino engaged in a fraud involving excessive trading in the accounts of his retail customers that generated substantial commissions to enrich himself while his customers experienced significant losses.    Aquino’s fraudulent acts and omissions resulted in approximately $881,000 in losses for customers and $935,000 in ill-gotten gains for Aquino.    He was permanently barred from the securities industry and given a monetary sanction of $75,000 and ordered to pay   disgorgement of  $568,805.

In July 2018, a customer of Aquino’s previous employer, Windsor Street Capital filed case #58-SV-18-327 in Pine County District Court alleged that Aquino was properly served with all the necessary court papers and that he failed to timely respond.   The alleged damages are $171,851.  The case is still pending.

In November 2011, Aquino was discharged from employment from Rockwell Global Capital after allegations that he entered into a written commission agreement with a client without the firm’s knowledge and permission.

Aquino worked with Spartan Capital Securities from November 2017 until September 2018.   Before that he was with Windsor Street Capital, John Carris Investments, John Thomas Financial and Rockwell Global Capital.   

If you had an account with Jovannie Aquino that suffered losses, you may be entitled to collect damages from his prior employer. 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