Articles Posted in Featured Investigations

The securities fraud attorneys at Malecki Law are interested in hearing from investors with complaints involving Adam F. Coblin. Per his BrokerCheck Report, maintained by the Financial Industry Regulatory Authority (“FINRA”), Mr. Coblin is currently not a registered stock broker or investment advisor. He was previously registered with the Gilford Securities Incorporated in New York.

Mr. Coblin’s BrokerCheck Report indicates that he has been the subject of at least ten customer complaints.  At the center of several of these complaints was unsuitable investments leading to huge financial losses, negligence in handling customer accounts, unauthorized sales. In 2013, Adam Coblin resigned from Gilford Securities while he was being reviewed for customer complaints involving unsuitable investments, activity and negligence.

According to BrokerCheck, there are numerous customer disputes in the past, dating from 2012 to 1995, involving Mr. Coblin which have been settled by awarding damages of $910,000, $3,000, $107,500 and $32,000. He has also been registered with the GMS Group LLC, Spencer Clarke LLC, Broadband Capital Management LLC, Dalton Kent Securities Group, Bluestone Capital Partners, Gruntal & Co., Prudential Securities Inc., Oppenheimer & Co., Merill Lynch, Pierce, Fenner & Smith Co., Bear Stearns & Co.

If you or a family member lost money invested with Adam Coblin, you are encouraged to contact the securities fraud lawyers at Malecki Law for a free consultation and case evaluation at (212) 943-1233.

Malecki Law has successfully brought securities actions on behalf of investors who suffered losses as a result of unscrupulous actions taken in their securities accounts, recovering millions of dollars for their clients.

Malecki Law takes a proactive and informed approach to the financial news of today: actively engaging in fact-finding analysis on prospective cases from around the world. Our thorough knowledge of securities law’s history and fine points makes us ideal consultants for investors who have suffered losses due to misadvice from their broker or other financial counsel.

 

The securities fraud team at Malecki Law is interested in investigating possible claims on behalf of investors who have complaints regarding broker and investment advisor Jeffrey A. Fladell. Registered with RBC Capital Markets, Fladell has been the subject of multiple investigations, customer disputes and settlements since 1987, according to Financial Industry’s Regulatory Authority (FINRA’s) BrokerCheck.

In 2014, there was a customer complaint reported against Fladell for alleged unsuitable investments and overconcentration in municipal bonds which was adverse to their investment objectives, and the claimant was granted $75,000 in damages. In another customer complaint involving similar securities misconduct allegations, the customer dispute was settled for $1,000,000 in 2013. Previous complaints registered with FINRA against Fladell involve allegations of unsuitability, overconcentration and misrepresentation dating back to 1987.

In 1992, National Association of Securities Dealers (NASD) subjected him to a statutory disqualification as a result of his guilty plea to one misdemeanor count of submitting a false document to the IRS in connection with his income tax return. Fladell was previously registered with J.B. Hanauer & Co, Halpert and Company, Travelers Equities Sales, Swanton Securities, Hermes Securities and Bernard Schnitzer.

If you or a family member lost money with Jeffrey A. Fladell, please call the Securities Fraud attorneys at Malecki Law to discuss your options at (212) 943-1233. Initial consultation is free of charge. Malecki Law takes a proactive and informed approach to the financial news of today: actively engaging in fact-finding analysis on prospective cases from around the world. Our thorough knowledge of securities law’s history and fine points makes us ideal consultants for investors who have suffered losses due to misadvice from their broker or other financial counsel.

The securities fraud attorneys at Malecki Law are investigating claims on behalf of investors who may have complaints against broker Michael J. Norton of David Lerner Associates, Inc. According to FINRA’s BrokerCheck, Mr. Norton has been the subject of multiple investigations in the past 19 years. Prior to David Lerner Associates, Mr. Norton was registered with two firms which were expelled by the Financial Industry’s Regulatory Authority (FINRA) in 2001, namely Meyers Pollock Robbins, Inc. and Marlowe and Company. According to reports, Meyers Pollock Robbins was at the center of a pump and dump and stock fraud scheme that caused 16,000 investors to lose more than $176 million from 1992 to 1997. Several ex-brokers from the firm were reported to have admitted to using high-pressure “boiler room” tactics to sell overpriced stock to unsuspecting investors.

There are currently 4 disclosure events about him on BrokerCheck. Per FINRA, there was a customer dispute case against him in 2013 with allegations about unsuitable investments, seeking damages of $50,000. There was another customer complaint in 2013 involving alleged misrepresentation seeking damages of $293,759. In the prior year, there were two more complaints involving allegations of unsuitability, misrepresentation and omission, of which one dispute is still pending.

If you or a family member lost investments with Michael J. Norton, or suspect broker misconduct, you are encouraged to contact the securities fraud lawyers at Malecki Law for a free consultation and case evaluation at (212) 943-1233. Malecki Law’s has successfully represented defrauded investors against unscrupulous brokers and recovered millions of dollars on behalf of these clients over the years.

The securities fraud attorneys at Malecki Law are interested in investigated possible claims on behalf of investors who have complaints regarding former stockbroker Manuel Dopazo.  According to his BrokerCheck report maintained by the Financial Industry Regulatory Authority (“FINRA”), Mr. Dopazo has been the subject of multiple customer disputes in just the past ten years.

Per FINRA, in 2015 a customer complaint involving Mr. Dopazo alleged misrepresentations, omissions, failure to supervise, and the recommendation of unsuitable investments seeking $640,000 in damages.

In 2009, Mr. Dopazo was involved with another customer dispute alleging a $30,000 loss, per BrokerCheck.  Another customer complaint, in 2008, alleged more than $50,000 in losses stemming from suitability violations.

Over his 21 years in the financial industry, Mr. Dopazo was registered with multiple firms including Keystone Capital, Cantella & Co., Raymond James Financial, Dreyfus Service Corp., Natwest Investor Services, Landmark Brokerage Services, MML Investors Services, and Massachussetts Mutual Life Insurance Co.

If you or a family member lost money invested with Manual Dopazo, you are encouraged to contact the securities fraud lawyers at Malecki Law for a free consultation and case evaluation at (212) 943-1233.

Malecki Law has successfully brought securities actions on behalf of investors who suffered losses as a result of unscrupulous actions taken in their securities accounts, recovering millions of dollars for their clients.

Malecki Law takes a proactive and informed approach to the financial news of today: actively engaging in fact-finding analysis on prospective cases from around the world. Our thorough knowledge of securities law’s history and fine points makes us ideal consultants for investors who have suffered losses due to misadvice from their broker or other financial counsel.

people-4-1163712The securities fraud attorneys at Malecki Law are interested in hearing from investors who have complaints against stockbroker Michael Fasciglione.  Mr. Fasciglione is believed to be registered with National Securities Corporation, based out of Mineola, NY.  He has also recently been registered with Oppenheimer & Co. and First Montauk Securities, according to industry records.

According to BrokerCheck, as maintained by the Financial Industry Regulatory Authority (“FINRA”), Mr. Fasciglione has been the subject of more than 10 customer complaints.  Stretching back as far as 1995, Mr. Fasciglione has been accused of recommending unsuitable investments to customers, breach of fiduciary duty, churning, excessive trading, fraud, unauthorized trading, taking excessive risk, misrepresentations, allowing a customer’s account to exceed comfortable margin balances, and charging excessive commissions, per FINRA records.

Of these customer disputes, FINRA records indicate that some customers received back tens of thousands of dollars in connection with their complaints.  One customer reportedly received back $300,000 in connection with an unauthorized trading complaint, while another reportedly received $120,000 in a suitability claim.

Mr. Fasciglione’s BrokerCheck also indicates that he has been the subject of two regulatory investigations.  In 2004, the New York Stock Exchange reportedly suspended Mr. Fasciglione for two months.  Just this past year, Mr. Fasciglione was reportedly suspended for one month and fined $5,000 for failing to timely amend his form U4, a FINRA licensing and disclosure document.

If you or a family member lost money invested with Michael Fasciglione, you are encouraged to contact the securities fraud lawyers at Malecki Law for a free consultation and case evaluation at (212) 943-1233.

Malecki Law has successfully brought securities actions on behalf of investors who suffered losses as a result of unscrupulous actions taken in their securities accounts, recovering millions of dollars for their clients.

Malecki Law takes a proactive and informed approach to the financial news of today: actively engaging in fact-finding analysis on prospective cases from around the world. Our thorough knowledge of securities law’s history and fine points makes us ideal consultants for investors who have suffered losses due to misadvice from their broker or other financial counsel.

 

The Securities and Exchange Commission (SEC) announced this week that two Citigroup Affiliates, Citigroup GlobaCitigroup (1)l Markets Inc. (CGMI) and Citigroup Alternative Investments LLC (CAI), agreed to pay $180 million to settle charges of defrauding investors with false and misleading claims. According to allegations, these Citigroup affiliates had claimed that their hedge funds, Falcon fund and ASTA/MAT,  were low-risk products safe for traditional bond investors, however, these funds collapsed during the financial crisis.

According to SEC’s investigations, the above mentioned Citigroup affiliates raised almost $3 billion from 4,000 investors by making false and misleading representations for their hedge funds. They are reported as having continued to claim that these funds were low-risk and made false assurances about liquidity even as the funds started collapsing. The investigation also revealed that CAI raised $110 million in additional investments even when the fund was in dire situation and Citigroup employees presented the funds to investors in a manner that was at odds with the fine print in the written and marketing materials provided to investors. The Citigroup affiliates consented to settle without admitting or denying the findings that they willfully violated Sections 17(a)(2) and (3) of the Securities Act of 1933, GCMI willfully violated Section 206(2) of the Investment Advisers Act of 1940, and CAI willfully violated Section 206(4) of the Advisers Act and Rules 206(4)-7 and 206(4)-8. The firms have also consented to censure and will cease and desist from future violations.

Malecki Law takes a proactive and informed approach to national and international financial news of today. This represents a classic case of Securities Fraud where investors are misled into investing in unsuitable products. SEC holds investment firms and brokers accountable for looking out for investors’ best interests and the team at Malecki Law represents and guides investors who have been victimized by false claims, false assurances and misrepresentations. For a comprehensive list of kinds of Securities Fraud please click here and contact us if you feel you have suffered similar losses.

businessman-silhouette-1237565 The securities fraud attorneys are interested in hearing from investors with complaints involving Dwarka Persaud.  Per his BrokerCheck Report, maintained by the Financial Industry Regulatory Authority (“FINRA”), Mr. Persaud is a registered stock broker with Buckman, Buckman & Reid, based out of Shrewsbury, NJ.

Mr. Persaud’s BrokerCheck Report indicates that he has been the subject of at least six customer complaints.  At the center of several of these complaints was churning and excessive commissions.  Churning is the frequent,over-trading of a customer’s account by the broker to generate high commissions paid by the customer, benefitting the broker and the firm.  Churning is against the law and industry regulations.

Mr. Persaud is reportedly the subject of at least two currently pending customer complaints, each alleging and “unauthorized trading.”  One of these complaints also alleges churning.  The other alleges that the unauthorized trading caused more than $45,000 in losses.

Just last year, Mr. Persaud was reportedly the subject of another customer dispute alleging “churning,” “breach of fiduciary duty” and “unsuitable investments.”  The case, alleging $100,000 in damages, was reportedly settled for $25,000.

In 2011, Mr. Persaud was again the subject of a “churning, excessive commissions” complaint that settled for $55,000, per FINRA.  Mr. Persaud was the subject of a 2000 customer complaint, in which the customer was reportedly granted $40,000 in damages.

In addition to Buckman, Buckman & Reid, Mr. Persaud has also reportedly been registered with Garden State Securities, Andrew Garrett, Inc., The Concord Equity Group, Gunnallen Financial and Aura Financial Services.

If you or a family member lost money invested with Dwarka Persaud, you are encouraged to contact the securities fraud lawyers at Malecki Law for a free consultation and case evaluation at (212) 943-1233.

Malecki Law has successfully brought securities actions on behalf of investors who suffered losses as a result of unscrupulous actions taken in their securities accounts, recovering millions of dollars for their clients.

Malecki Law takes a proactive and informed approach to the financial news of today: actively engaging in fact-finding analysis on prospective cases from around the world. Our thorough knowledge of securities law’s history and fine points makes us ideal consultants for investors who have suffered losses due to misadvice from their broker or other financial counsel.

Per Financial Industry Regulatory Authority’s (FINRA) announcement this week, a former registered representative of Caldwell International Securities Corp., Richard Adams aka Rasheed Aree Adams, has been barred permanently from the securities industry for churning customer accounts, other securities violations, and failure to report many unsatisfied judgments and liens on his U4 Registration Form as stipulated in FINRA rules. In addition to Caldwell, he was also previously registered with PHD Capital and E1 Asset Management Inc. from 2002 to 2011.

FINRA’s investigation revealed that Adams excessively traded the accounts of two customers, between July 2013 and June 2014, resulting in profits and commissions in the excess of $57,000 for himself while resulting in losses amounting to over $37,000 for customers. The findings stated that as a result Adams willfully violated section 10(B) of the Securities Exchange Act of 1934 and rule 10B-5, willfully failed to amend Form U4, and failed to provide documents requested by FINRA. Adams neither admitted nor denied the charges, but consented to the entry of FINRA’s findings.

Richard Adams is no stranger to regulatory and legal proceedings and has a reported history of customer disputes and violations. According to the CRD 13 judgement/liens, 5 customer disputes, 2 investigations and 1 regulatory disclosures have been reported against him. In 2001 there were allegations of unsuitability, unauthorized trading, and churning made against him while he was employed at The Golden Lender Financial Group, Inc, and this customer dispute was finally settled for $10,000. Currently, there is a pending FINRA investigation against Adams for potential violation of FINRA rules 2010 and 2111, and willful violations of Article V, section 2 from 2014.

FINRA aims to protect retail investors from broker activities such as churning and aggressively pursues brokers who put their own commissions ahead of customer interests. New York securities law attorneys of Malecki Law have successfully represented investors in cases involving account churning and overtrading, i.e. when a broker trades an account too frequently, usually for his or her own profit.

Please contact Malecki Law if you suspect you have been a victim of securities fraud. To assess if your broker is responsible for misconduct, read here for typical signs associated with securities fraud and misconduct. Investors can obtain more information about, and the disciplinary record of, any FINRA-registered broker or brokerage firm by using FINRA’s BrokerCheck at no cost.

Malecki Law is investigating possible claims by investors, involving Bright Lake LP and Bright Lake Management, and possibly  Ilan Preis, Mikhail Filshtinskiy, and Carlos Mejia, against various entities including large broker dealers, such as Wells Fargo, Merrill Lynch, JP Morgan or others.

Apparently, some investors in Bright Lake LP recently received correspondence from Mr. Preis at Bright Lake Management which informed them of large scale losses sustained in their accounts over a relatively short time period.  It is believed that some investors were misled about the risk and other material information relating to the Bright Lake LP fund, as well as that it may have been sold in concert with registered persons at brokerage firms.

These Bright Lake investors may be left confused as to what if anything can be done to recover all or at least some of these losses.  The securities law attorneys at Malecki Law are presently investigating these possibilities for recovery.

So, any and all investors who believe they may have suffered losses in Bright Lake LP or through other investments with Mr. Preis, Mr. Mejia and Mr. Filshtinskiy are encouraged to contact our offices to explore their legal rights and options for recovery, including potential claims against Wells Fargo, Merrill Lynch, JP Morgan or others..

As part of their investigation, the lawyers at Malecki Law are eager to speak with investors or anyone else with information about Bright Lake LP, Bright Lake Management, Mr. Preis, Mr. Mejia or Mr. Filshtinskiy.

According to FINRA BrokerCheck, Mr. Preis was registered through FINRA to sell securities from 2005 thought 2012, but is not presently registered with any FINRA member firm.  Per his BrokerCheck report, Mr. Preis was discharged from Citigroup in October 2012 amid allegations of wrongdoing in a customer account.

It is believed that after being discharged from Citigroup, Mr. Preis started Bright Lake Management which operates the Bright Lake LP fund.  Mr. Filshtinskiy and Mr. Mejia may have known Mr. Preis and may have worked with him.

According to FINRA’s BrokerCheck, Mr. Filshtinskiy and Mr. Mejia were both recently registered with Wells Fargo Advisors, a FINRA registered broker dealer.  Mr. Filshtinskiy was reportedly discharged in April 2014 following allegations of a “loss of management confidence involving certain activities undertaken for the purpose of meeting enhanced compensation goals.”

Mr. Mejia is reporting as having been registered with Wells Fargo Advisors from 2010 through April of 2015.  As of June 2015, Mr. Mejia has been reported as being registered with Purshe Kaplan Sterling Investments, per FINRA.

If you or a family member invested in Bright Lake LP, contact the securities fraud lawyers at Malecki Law for a free consultation and case evaluation at (212) 943-1233.

Malecki Law takes a proactive and informed approach to the financial news of today: actively engaging in fact-finding analysis on prospective cases from around the world. Our thorough knowledge of securities law’s history and fine points makes us ideal consultants for investors who have suffered losses due to misadvice from their broker or other financial counsel.

According to a Letter of Acceptance Waiver and Consent filed with the Financial Industry Regulatory Authority (“FINRA”), Thomas Buck has been barred by FINRA from working with any FINRA member firms. Mr. Buck was a former top broker at Bank of America Merrill Lynch and was at the time a broker at RBC Wealth Management.

Mr. Buck was a registered broker at Merrill Lynch’s Carmel, Indiana office, which was part of the firm’s Indiana complex. While at Merrill Lynch, Mr. Buck, who reportedly oversaw $1.3 billion in assets, was accused of failing to discuss pricing alternatives with customers, among other allegations.  In addition, Mr. Buck was accused of unauthorized trading and using discretion in customer accounts improperly and in violation of FINRA Rules.

Buck was reportedly fired from Merrill Lynch in March.  Just four months after, he was reported as being barred from working at any FINRA-associated broker-dealer.  According to FINRA, Mr. Buck used commission-based accounts even though fee-based accounts would have been less expensive for clients. In some cases, clients were allegedly charged significantly more in commissions by virtue of the fact that they were not placed in fee-based accounts.

The extent of Mr. Buck’s use of commission-based accounts, if true, is shocking.  Nearly 80% of the revenues generated by Buck were from commission-based activity, according to the AWC.  Whereas, 70% of the revenue generated at the Indiana complex that housed Buck’s group was said to be from fee-based accounts.  Not only did he allegedly mislead clients about the two account options, but he also is said to have actively engaged in unauthorized trading.

Mr. Buck, who had 33 years of experience in the securities industry, has 12 customer disputes according to his FINRA BrokerCheck report. These disputes were all filed in 2015 and seem to stem from his actions at Merrill Lynch.

Malecki Law has previously represented many investors successfully in FINRA arbitration proceedings involving  firms’ failures to supervise their registered representatives and financial advisors.  If you believe you have suffered losses as a result of questionable actions taken in your securities account, please contact us immediately for a confidential consultation.