Tag Archives: finra arbitration attorney

Carlo Corzine of Dawson James Securities Suspended by FINRA for 30 Days

UPDATE March 2016-Carlo Corzine discloses customer dispute related to sale of Tactical Air Defense, see this for more.

December 2013-Carlo Wayne Corzine  of Boca Raton, FL, was suspended by FINRA for 30 days in connection with the sale of more than 152 million unregistered shares of a thinly traded OTC security on behalf of his customers, including the president and CEO of the issuer and other accounts he controlled. The findings state that Corzine’s customers opened accounts at his member firm through which they deposited large amounts of the stock, then immediately wired the sale proceeds, which amounted to about $570,000 out of the accounts.

 FINRA findings state that Corzine failed to perform adequate due diligence prior to the execution of these sales and the red flags indicating suspicious activities and various securities law violations. Because the stock was unregistered, it could not be sold absent an applicable exemption from registration. No exemption was available under the circumstances.
According to FINRA records, Corzine is currently registered with Dawson James Securities, Inc. His previous registrations include Hamershlag Sulzberger Borg Capital Markets, Inc. and Buckman, Buckman & Reid, Inc.

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

Berthel Fisher Fined $775,000 by FINRA for Sale of Oil & Gas Investments and Other Alternative Investments

In February 2014, the Industry Regulatory Authority (FINRA) fined Berthel Fisher & Company Financial Services and its affiliate, Securities Management & Research of Marion, Ohio, $775,000 for supervisory deficiencies, including Berthel Fisher’s failure to supervise the sale of alternative investments, including:

  • non-traded real estate investment trusts (REITs)
  • leveraged and inverse exchange traded funds (ETFs)
  • managed futures
  • oil and gas programs
  • equipment leasing programs
  • business development companies
FINRA found that from January 2008 to December 2012, Berthel Fisher had inadequate supervisory systems and written supervisory procedures for the sales of alternative investments .
It was also found that some investors were sold these investments in too high a level of concentration making them unsuitable.
Follow this to read FINRA’s February 24, 2014, press release on this sanction of Berthel Fisher.
March 2014– Rex Securities Law files FINRA arbitration vs. Berthel Fisher seeking damages related to sale of alternative investments to retired single lady from St. Paul, MN.
If you have losses on alternative investments, including oil and gas investments,  purchased from Berthel Fisher, you may be able to recover all or a part of those losses. Call us to discuss your legal rights 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

 

RSL Investigates Berthel Fisher Broker Jonathan Pyne Over Alt Investment Sales-Minneapolis, MN

 

MAY 2017 UPDATEFollow this link for update on customer complaints vs. Berthel Fisher/Jonathan Pyne involving alternative investments.
ORIGINAL POST-February 2014- Minneapolis, MN
Rex Securities Law is investigating Berthel Fisher & Company Financial Services broker Jonathan Pyne on behalf of a retiree from the Minneapolis, MN area. Our client was sold the following alternative investments:
  • Gulf Coast Rig & Equipment
  • Reef Income & Development
  • Leaf Equipment Leasing Fund
  • Inland American
  • Cornerstone Properties (now Summit Health Care)
  • Columbia Properties
We anticipate filing an arbitration claim with the Financial Industry Regulatory Authority (FINRA) in the near future on behalf of our client seeking recovery of damages for misrepresentation, unsuitable investments, breach of contract, negligent supervision and breach of fiduciary duty.
According to FINRA records Jonanthan Pyne has been registered with Berthel Fisher & Company since February 2007. He was previously registered with:
  • United Planners Financial Services of America 8/2003-2/2007
  • Clearing Services of America 8/1999-9/2003
According to FINRA records, Mr. Pyne is also associated with Evergreen Financial Group of Minneapolis.
According to FINRA records Berthel Fisher & Company Financial Services, Inc. discloses 22 final regulatory matters and 9 customer arbitrations. Several of these disclosure items relate to unsuitable investments.
UPDATE FEBRUARY 2014-FINRA FINES BERTHEL FISHER $775,000 FOR SUPERVISORY INADEQUACIES IN CONNECTION WITH THE SALE OF ALTERNATIVE INVESTMENTS. See this for more information.
If you have information you feel would be helpful to this investigation, we would appreciate hearing from you.

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

Florida Certified Financial Planners Disciplined by CFP Board-Oct. 2016 UPDATE

According to their website, the “Certified Financial Planner (CFP) Board is a non-profit organization acting in the public interest by fostering professional standards in personal financial planning through its setting and enforcement of the education, examination, experience, ethics and other requirements for CFP. “

The CFP Board can discipline those holding the CFP title in one of three ways:

  • Public Letter of Admonition
  • Temporary Suspension of CFP certification
  • Revocation of individual’s CFP certification

The list below, taken from the CFP board disciplinary page of their website in OCTOBER 2016 , is the currently published record of  Florida individuals who have been disciplined by CFP Board and does not imply that any listed discipline is currently in force. To verify an individual’s current certification status visit the CFP website here.

Administrative Revocations
Marc H. Baldinger (Stuart)

Joseph M. Browne (Jacksonville Beach)
Jamie D. Pope (Winter Park)
Ronald W. Vaught (Melbourne)

Revocations
Carol M. Allen (Deland)
Diane L. Barriga (Parkland)
Kenneth W. Brown (Ocean Ridge/Boca Raton)
Scott Browning (Tampa)
Richard N. Davis (Tampa)
Charles E. Foy (Saint Augustine)
Gregory L. Fuhrman (Englewood)
Jay J. Gelfenbaum (Coral Springs)
Robert N. Gest Jr. (Lighthouse Point)
Joseph E. Giewartowski (Orlando)
Thomas J. Gregory (Maitland)
Gail G. Griseuk (Saint Petersburg)
Robert Gutner (Boynton Beach)
Robert Hedges (Deerfield Beach)
Kirk F. Henderson (North Palm Beach)
Thomas S. Jackman (Cape Coral)
Robert C. Jensen (Miami Lakes)
Mark P. Koestner (Naples)
David J. Kury (Coral Springs/Lake Butler)
Richard J. Lanigan (Laurel/Port Charlotte)
Thomas R. Lomas (Longwood)
Ramona V. MacKinnon (Naples/Tallahassee)
Clifford W. Maher (Fort Lauderdale)
Marcus R. Michles (Winter Park)
Allen R. Montgomery (Lakeland)
Blake S. Murray (Deland/Lake Mary)
Robert J. Nies (Saint Petersburg)
Mark E. Nichols (Naples)
Carl W. Nolting (Fort Lauderdale)
Robert J. Papolos (Tallahassee)
Aaron R. Parthemer (Fort Lauderdale)
Bruce Pivar (Naples)
Nicholas J. Ruggeri (Clearwater)
Craig P. Scanlon (Madeira Beach)
Brenda M. Scott (Belleair/Clearwater)
David E. Sears (Nokomis)
C. Douglas Sedlak (Boca Raton)
Brian J. Sheen (Boca Raton)
Neal S. Smalbach (Palm Harbor)
Donald C. Smith (University Park)
Sandee G. Tanner (Brooksville)
Steven W. Taylor (Stuart)
Frederic W. Tokars (Palm Beach)
David E. Trotter, Sr. (Windermere)
Glen R. Walker (Pinellas Park/Tampa)
Pearlena Wallace (West Palm Beach)
Michael J. Wells (Winter Park)
Richard I. Weise (Naples)
Samuel L. Williams (Lake Worth/Boca Raton)

Denial of CFP® Certification
Christopher V. Eardley (Ocala)

Suspensions
Fred J. Anderson (Lehigh Acres)
Juan Jose Barberis (Jacksonville)
W. Steve Brown (Jacksonville)
Jeffrey Cimbal (Parkland)
Melvyn D. Cohen (Lake Worth)
Adam S. Deane (Naples)
James B. Evans (Clearwater)
Mario J. Ferrari (Boca Raton)
Kenneth A. Friedman (Jacksonville)
Michael C. Gainer (Jacksonville Beach)
Larry L. Galantis (Saint Petersburg)
Frederick G. Gartz (Naples)
Henry T. Goode (Melbourne)
Michael Hanke (Lutz)
Larry C. Hill (Boca Raton)
Scott D. Krause (Windemere)
Robert D. Lovett (Coral Springs)
Andrew W. MacGill (Tampa)
Lynne Marcus (Boynton Beach)
Bernard E. Ribordy (Seminole)
T. “Jerry” Royer (Altamonte Springs)
Riad Shanawany (Tamarac)
Jason E. Stephens (Naples)
Lewis N. Waltzer (Sanibel)
William G. Whitcomb (Fort Myers)
Bruce E. Winter (Boca Raton)
Mark N. Wright (Sarasota)
Herman W. Yurman (Saint Petersburg)

Interim Suspensions
Diane L. Barriga (Parkland)
Brian G. Doherty (Naples)
Jamie D. Pope (Winter Park)
Neal S. Smalbach (Palm Harbor)
Ronald W. Vaught (Melbourne)
William G. Whitcomb (Fort Myers)

Letters of Admonition
James A. Barry, Jr. (Highland Beach)
Jason K. Chepenik (Winter Park)
Robin S. Davis (Stuart)
Duncan C. DeWahl (Maitland)
Nathaniel Goldenberg (Tampa)
Kirk L. Gravelle (Jacksonville)
Richard Happle (Tampa)
William R. Hutchisson, Jr. (Palm Harbor/Clearwater)
Robert R. Liggero (Atlantic Beach)
Mark A. Lurz (Bradenton)
Matthew E. Marone (St. Petersburg)
Thomas W. Markowsky (Orlando)
William F. Perkins (Tarpon Springs)
Richard T. Salter (Boynton Beach/Juno Beach)
C. Douglas Sedlak (Boca Raton)
Steve I. Shrago (Sun City Center)
Russell Bruce Simmons (Tampa)
Christopher F. Wendland (Fort Myers)
Robert G. Yarbrough (Ormond Beach)
William P. Yurkovac (Naples)

Investors who have suffered damages as a result of the negligence or fraud of their stock broker, investment adviser or brokerage firm may be able to recover all or a part of those losses 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

FINRA Targets Brokers With Too Many Customer Complaints

According to a recent article in the Wall Street Journal, FINRA (the Financial Industry Regulatory Authority) has formed a new group which will attempt to make the investment industry a safer place for investors by cracking down on securities brokers whose records show too many customer complaints and rules violations.

FINRA announced this new priority at it recent annual meeting to discuss priorities for the upcoming year. FINRA oversees the 4,180 brokerage firms and 636,000 brokers nationwide. Investors would be wise to check out the record of their broker by visiting the BrokerCheck website maintained by FINRA. Input the name of your broker and follow the on line instructions to obtain a detailed report of the employment, educational, regulatory and disciplinary history of the broker handling your nest egg. There is no charge and results are instantly available.

FINRA’s program to weed out brokers with bad records  began last year and 294 were barred from the industry in 2013. Twenty-two of those who lost their licenses were barred expeditiously.

FINRA is also focussing on another problem, referred to as “cockroaching” in the industry. It is the practice of brokers moving from one problem firm to another. It is believed that more than 5,000 brokers are still licensed by FINRA to sell securities even though they have previously worked for firms already expelled by FINRA.

FINRA is also scrutinizing “frontier funds”, funds that focus on regions not yet considered emerging markets, like Argentina, Bangladesh, Nigeria and Viet Nam. Heightened risk is associated in these frontier markets and FINRA is trying to protect the unsophisticated investor from unscrupulous brokers.

If you have suffered losses in your brokerage account you may be able to recover all or a part of those losses through FINRA arbitration.

Rex Securities Law , located in Boca Raton, FL, 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.

Rex Securities Law

561 391 1900