Category Archives: Salomon Whitney (SW Financial)

Stephen Sullivan-Former Newbridge Securities Broker-Subject of $500K Customer Suit-Melville, NY

August 2018-Melville, New York

According to FINRA records,  Stephen J. Sullivan  a stockbroker who currently works for SW Financial (formerly Salomon Whitney Financial) ,   discloses  a prior regulatory event, a pending customer dispute, a prior customer dispute and 3 currently pending 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 February 2016, without admitting or denying the findings, Sullivan consented to sanctions and entry of findings that while employed by First Midwest Securities, he exercised discretion in the accounts of two customers without obtaining their prior written approval. He was suspended for 10 business days and fined $5,000.

In currently pending FINRA Case 18-01444 a customer of one of his prior employers, Newbridge Securities, alleges that Sullivan made unsuitable recommendations and traded the account excessively. The customer is seeking damages of $540,618.

According to his FINRA record, sInce obtaining his Series 7 broker’s license in 1998, Sullivan has been employed by  14 different brokerage firms. His current employment with  SW Financial began in 5/2018.

Sullivan’s recent prior employment includes Worden Capital Management, Newbridge Securities and Legend Securities. 

If you have losses in an account handled  Stephen Sullivan, call for a no charge consultation to learn about your legal 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

Dennis Hayes-Former Newbridge Securities Broker-Discloses Numerous Customer Suits-Charlotte, N. Carolina

March 2019- Charlotte, N. Carolina

According to FINRA records,  Dennis Allen Hayes  a stock broker who  is not currently registered and who formerly worked for Newbridge Securities Corp. , discloses a pending regulatory investigaton, 2 pending and 4 prior final customer disputes, 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 1/2019 FINRA initiated a regulatory investigation in which the regulator alleges that Hayes recommended that customers of Newbridge Securities purchase securities from privately held companies without notice to his firm. The complaint alleges that the principal of the companies was a friend of Hayes’ family and that Hayes received a payment of $130,000.

In recently resolved FINRA Case 17-3125, a customer of Newbridge Securities alleged that they were sold unsuitable securities. That case was settled in 10/2018 for $760,000.

In FINRA Case 16-02002, a customer of Newbridge Securities alleged that they were sold unregistered securities. That case was settled in 8/2017 for $120,000.

In FINRA Case 16-0899 a customer of Newbridge Securities alleged fraud, misrepresentation and violations of the N. Carolina Securities Act. The case was settled in 7/2016 for $12,500.

The pending cases include:

  • FINRA Case 17-2853. A Newbridge Securities customer seeks damages of $650,000 and alleges that Hayes recommended unsuitable investments in promissory notes and private placements. The customer also alleges that Hayes engaged in unauthorized transactions.
  • A pending customer complaint involving a promissory note which seeks damages of $66,246.

Hayes was employed by Newbridge Securities from 2/2010-9/2016. In 9/2016  he was “permitted to resign” from Newbridge who made the following allegation on Hayes’ FINRA record: “He was permitted to resign based on two issues, first the firm has an open internal review regarding a customer complaint that evolved into an arbitration for possible selling away and private securities transactions. Second, had little or no production in the last 12 months.”

Hayes discloses business affiliations with Dennis A Hayes, CPA, and Dennis A. Hayes Financial Services in Charlotte. He was employed briefly by Salomon Whitney Financial during 4/2017.

If you have questions about losses  an account handled  by Dennis A. Hayes , call 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

Jeffrey L. Offen-Craft Capital Management Broker-Discloses Customer Disputes & Judgements-Garden City, NY

February 2019- Garden City, NY

According to publicly available records Jeffrey L. Offen  , (CRD# 2893980) ,  a  stockbroker who is not currently employed as a stockbroker and who was last employed by  Craft Capital Management  discloses:

  • 2  prior regulatory events
  • 2 prior customer disputes
  • 12 currently outstanding liens/judgments

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 July 2018 FINRA suspended Offen for three months for failing to respond to information in connection with a FINRA investigation.

In December 2016 Offen was fined $5,000 and suspended for 60 days by FINRA for failing to timely disclose reportable information. FINRA Case 2016048415301.

In FINRA Case 9-5377 a customer of New Castle Financial Services alleged damages of $98,000 for breach of fiduciary duty, fraud and negligence. That case was settled for $60,000 in 1/2011.

The 12 outstanding judgment/liens against Offen include:

  • $4,970 to Sharton T. McLaughlin, MD
  • $17,049 to Daimler Chrysler
  • $58,970 to the Internal Revenue Service
  • $35,621 to the Family Court of the State of New York
  • $6,117 to Salvatore Albanese & Co.

Offen was employed by Craft Capital Management since 10/2016-9/2017. His prior employment includes Salomon Whitney Financial, Network 1 Financial Securities, Laidlaw & Company and Obsidian Financial Group. 

If you have questions about an account handled by Jeffrey L. Offen, call for a no charge consultation to discuss your situation 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

Thomas J. Tedeschi-Former Joseph Stone Capital Broker-Discloses Regulatory Suspension

October 2016-Farmingdale, NY

The FINRA records of  Thomas J. Tedeschi,  a  stockbroker who is currently employed by  Salomon Whitney Financial  disclose 5 prior customer disputes that are final and one recently resolved regulatory matter.

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 a complaint filed in 2015 by a customer of Tedeschi’s prior employer Aegis Capital Corp. who alleged damages of $117,102 for unauthorized purchases between 10/2013-12/2013. That case was settled for $60,000.

In September 2016, FINRA suspended Tedeschi for six days to resolve allegations that Tedeschi failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to FINRA request to provide information concerning the status of compliance. FINRA Case# 15-0563. 

Tedeschi has been registered with Salomon Whitney Financial since 8/2016. Prior to that he was registered with Joseph Stone Capital from 8/2014-8/2016.

If you have losses in an account in an account handled by Thomas J. Tedeschi , contact us to discuss how you may be able to recover damages for those losses.

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

Emil Botvinnik-Former SW Financial/ Worden Capital Broker-Accused of Churning by Regulator

UPDATED January 2019-In 9/2018, the US Securities & Exchange Commission filed a civil suit alleging that Botvinnik engaged in fraud involving excessive commissions to enrich himself while his customers experienced significant losses. As a result his customers lost about $2.7 million while he earned about $3.7 million, according to the complaint.

As of January 2018 Botvinnik is not currently registered with any brokerage firm. After leaving SW Financial in 10/2017, he was employed by Worden Capital Management from 10/2017-2/2018.

UPDATED APRIL 2017Botvinnik discloses the settlement FINRA Case 16-3284 filed by a customer of Salomon Whitney Financial (SW Financial ) alleging damages of$50,000 for unsuitable and high frequency trades, highly leveraged account and not minimizing risk. In February 2017 the case was settled for $30,000.

Original Post—July 2016

The FINRA records of Emil Botvinnik  , a stockbroker who is currently employed by  Salomon Whitney Financial  disclose 4 prior customer disputes , a 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 July 2014 a customer of Meyer Associates alleged damages of $385,000 for excessive commissions. That matter was settled for $385,000 with Botvinnik contributing $192,500 toward the settlement.

In currently pending FINRA Case#16-01051 a customer of Meyers Associates alleges damages of $99,000 for suitability and churning.

Botvinnik has been  employed by   Salomon Whitney Financial since 11/2015.  Prior to that he was with Newport Coast Securities from 11/2014-11/2015 and before that with Meyers Associates 6/2012-11/2014.

In 9/2009 Botvinnik was permitted to resign from Liberty Partners Financial Services who alleged unauthorized trades and use of discretion over a client.

Investors who suffered losses in an account handled by Emil Botvinnik may be entitled 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