Broker Report

BROKER REPORT: Christopher A. Jones

July 21, 2016 | Malecki Law Team

Malecki Law’s team of investment attorneys are interested in hearing from investors who have complaints regarding National Securities Corporation broker Christopher Jones. Mr. Jones was previously licensed through Citigroup and other firms, per industry records.

According to his BrokerCheck report maintained by the Financial Industry Regulatory Authority (“FINRA”), Mr. Jones was recently the subject of two customer disputes.

Mr. Jones’ FINRA records indicate that in 20110, a client alleged “suitability, material misrepresentation, breach of fiduciary duty, omissions, and negligence.” This case was reportedly settled for $24,500.

BROKER REPORT: Oppenheimer & Co.’s Joseph Iovino

July 19, 2016 | Malecki Law Team

The investment fraud attorneys at Malecki Law are interested in hearing from investors who have complaints regarding Oppenheimer & Co. broker Joseph Iovino. According to his BrokerCheck report maintained by the Financial Industry Regulatory Authority (“FINRA”), Mr. Iovino has been the subject of seven reportable disclosure events, including customer complaints.

Per FINRA records, Mr. Iovino has been involved in two regulatory events, four customer complaints and an employment separation after allegations.

According to his BrokerCheck, in 1992, Mr. Iovino was terminated by Prudential Securities for violating firm policy.

BROKER REPORT: Joseph Amalfitano of Raymond James

July 15, 2016 | Malecki Law Team

The investment fraud attorneys at Malecki Law are interested in hearing from investors who have complaints regarding Raymond James Financial Services broker Joseph Amalfitano of Malvern, PA. According to his BrokerCheck report maintained by the Financial Industry Regulatory Authority (“FINRA”), Mr. Amalfitano moved to Raymond James after stints at Citigroup and Merrill Lynch.

Mr. Amalfitano was recently the subject of two customer complaints since 2008, per FINRA records.

According to his BrokerCheck, in 2012, Mr. Amalfitano was alleged to have “maintained an unsuitable concentration of Bank of America stock” in customers’ accounts. Overconcentration can be dangerous since it has the potential to create higher risk and volatility of an account when compared to a more balanced, diversified portfolio. FINRA records indicate this case was settled.

BROKER REPORT: Sterne Agee’s Chad Karl

July 11, 2016 | Malecki Law Team

Malecki Law’s team of investment attorneys are interested in hearing from investors who have complaints regarding Wisconsin-based Sterne Agee Financial Advisor Chad Karl.

According to his BrokerCheck report maintained by the Financial Industry Regulatory Authority (“FINRA”), Mr. Karl is currently the subject of a pending customer dispute. The allegations include unsuitable investment recommendations, including an investment into real estate, per FINRA. According to the disclosures on Mr. Karl’s BrokerCheck, the customer is requesting $100,000 in damages.

Mr. Karl’s FINRA records indicate that he has also been the subject of two prior customer disputes since 2010. In 2014, a client alleged that “the non publicly traded REIT sold to her was unsuitable,” per FINRA. This case was reportedly settled for $50,000. The other customer complaint, filed in 2010, alleged $120,000 in damages for failure to “fully explain tax laws regarding the sale of the client’s stock portfolio,” according to BrokerCheck, and was ultimately withdrawn.

BROKER REPORT: Wells Fargo’s Robert Ross

July 1, 2016 | Malecki Law Team

The investment and securities fraud attorneys at Malecki Law are interested in hearing from investors who have complaints regarding Wells Fargo financial advisor Robert Ross. According to his BrokerCheck report maintained by the Financial Industry Regulatory Authority (“FINRA”), Mr. Ross recently moved to Wells Fargo after spending 30 years at Merrill Lynch.

Mr. Ross was recently the subject of a customer complaint alleging unsuitable investment recommendations and excessive trading, per FINRA records. BrokerCheck indicates that an arbitration related to this customer complaint is presently pending.

Excessive trading, also known as churning, in the industry can be disastrous for a portfolio. When a broker trades an account excessively, large amounts of commissions and fees may be generated, if the account is commission based (as opposed to fee based). Churning is a classic example of a broker putting his or her own monetary gain above the best interests of his or her customer.

BROKER REPORT: FINRA Files Case Against Financial Advisor Richard William Martin for Recommending Non-Traditional ETFs

June 30, 2016 | Malecki Law Team

The securities fraud attorneys at Malecki Law are interested in hearing from investors who have complaints against stockbroker Richard William Martin. Mr. Martin was most recently employed and registered from July 2009 to July 2015 with G.F. Investment Services, LLC from an office in Penang, Malaysia, according to his publicly available BrokerCheck, as maintained by the Financial Industry Regulatory Authority (FINRA). According to BrokerCheck records, Mr. Martin was permitted to resign amid allegations concerning FINRA’s Case No. 20150445876 which “appears to be centered around ETF trades.”

According to the FINRA Complaint, Mr. Martin violated FINRA Rules 2310 and 2111 related to suitability of recommendations by “not having a reasonable basis to recommend, for long-term holding, non-traditional exchange traded funds (‘Non-traditional ETFs’).” The FINRA Complaint details that Mr. Martin believed the world economy was “on the precipice of catastrophe and his customers should invest and hold Non-traditional ETFs to hedge against the impending catastrophe.”

The FINRA Complaint detailed that ETF shares generally represent an interest in a portfolio of securities that tracks an underlying benchmark or index, such as the S&P 500. Non-traditional ETFs differ in that they are more complex investment products that rely on strategies, such as interest rate swap agreements, futures contract, and other derivative instruments, to attempt to return a multiple and/or inverse of an underlying benchmark. This would generally make non-traditional ETFs subject to more risk, and therefore may not be suitable for certain investors.

BROKER REPORT: Merrill Lynch’s Paul F. Kane

June 29, 2016 | Malecki Law Team

Malecki Law’s team of investment attorneys are interested in hearing from investors who have complaints regarding long-time Merrill Lynch Financial Advisor Paul F. Kane.

According to his BrokerCheck report maintained by the Financial Industry Regulatory Authority (“FINRA”), Mr. Kane is currently the subject of a pending customer dispute. The allegations include unsuitable investment recommendations, excessive trading and misrepresentation and omission of material facts, per FINRA. According to the disclosures on Mr. Kane’s BrokerCheck, the customer is requesting $1.1 million in damages.

Excessive trading, also known as churning in the industry, can be disastrous for a portfolio. When a broker trades an account excessively, large amounts of commissions and fees may be generated, if the account is commission based (as opposed to fee based). Churning is a classic example of a broker putting his or her own monetary gain above the best interests of his or her customer.

Morgan Stanley Broker Armando Fernandez Suspended by FINRA

June 28, 2016 | Malecki Law Team

Morgan Stanley broker Armando Fernandez has been suspended by the Financial Industry Regulatory Authority (FINRA) for 20 business days, according to publicly available FINRA records. Per a Letter of Acceptance, Waiver and Consent filed with FINRA, Mr. Fernandez was accused of exercising discretion in a customer account without prior written acceptance of the account as discretionary from his member firm. FINRA records indicate that Mr. Fernandez was also fined $7,500.

Generally, brokers are prohibited from placing trades in a customer account without speaking to the customer first, unless an account is a discretionary account. When discretion is given by the customer to the broker, it is typically documented in a signed agreement. When there is not such a signed agreement, and a broker executes transactions on a discretionary basis anyway, violations of FINRA Rules likely have taken place.

Customers who have been the victim of brokers improperly exercising discretion in their accounts (or violating other FINRA Rules) may be entitled to recover their losses in an action against the firm and/or broker responsible.

BROKER REPORT: Clark Gardner Barred by the SEC and FINRA

June 27, 2016 | Malecki Law Team

The securities fraud attorneys at Malecki Law are interested in hearing from investors who have complaints regarding former stockbroker Clark Gardner. According to his BrokerCheck report maintained by the Financial Industry Regulatory Authority (“FINRA”), Mr. Gardner is no longer FINRA licensed to sell investments. He has also reportedly been the subject of no less than six reportable events, including customer complaints and regulatory investigations.

Per FINRA, Mr. Gardner was permanently barred by both FINRA and the SEC from the financial services industry. The FINRA investigation of Mr. Gardner reportedly surrounded the conversion of $243,000 of customer funds. Per his BrokerCheck report, Mr. Gardner also served as an agent for a real estate investment company without required approval of his firm.

Mr. Gardner has been the subject of customer complaints as well. Customers have alleged that Mr. Gardner breached fiduciary duties and recommended unsuitable investments. According to FINRA records, one customer dispute is presently pending, while another was settled for $263,000.

BROKER REPORT: Former Legend Securities Financial Advisor Walter Marino

May 26, 2016 | Malecki Law Team

The securities fraud attorneys at Malecki Law are interested in hearing from investors who have complaints against stockbroker Walter Marino. Mr. Marino is currently employed and registered with Lincoln Investment, a broker-dealer, working out of the Dix Hills, New York office, according to his publicly available BrokerCheck, as maintained by the Financial Industry Regulatory Authority (FINRA).

Per his BrokerCheck report, Mr. Marino was previously employed by Legend Securities from 2002 to August 2015, when he was discharged after the “Firm discovered what [Mr. Marino] represented as a non-replacement [variable annuity] sale was in fact a replacement.” Prior to his employment and subsequent termination from Legend Securities, Mr. Marino left Brill Securities in 2001 by “voluntary resignation” amid allegations of unauthorized trading activity and disregarding a customer’s investments, according to BrokerCheck.

Currently, according to BrokerCheck records, it appears Mr. Marino is a registered broker in Connecticut, New Jersey, New York and South Carolina.