Broker Report

BROKER REPORT: John Keyser of Dawson James Customer Complaints

January 20, 2016 | Malecki Law Team

The securities and investment fraud attorneys at Malecki Law are interested in hearing from investors who have complaints against Florida stockbroker John T. Keyser. Mr. Keyser is reportedly registered with Dawson James Securities, Inc. in Boca Raton, Florida. Industry records indicate that Mr. Keyser has also recently been registered with Viewtrade Financial and SAL Financial Services.

According to BrokerCheck, as maintained by the Financial Industry Regulatory Authority (“FINRA”), Mr. Keyser has been the subject of three customer complaints and a suspension of his license.

In 1998, Mr. Keyser reportedly had his FINRA (then NASD) license to sell securities suspended for failing to pay an arbitration award against him.

Broker Report: David H. Bindelglass of Morgan Stanley

December 12, 2015 | Malecki Law Team

The investment fraud attorneys at Malecki Law are investigating potential claims by investors against Morgan Stanley stockbroker David H. Bindelglass. According to his BrokerCheck report maintained by the Financial Industry Regulatory Authority (“FINRA”), Mr. Bindelglass, who works out of Morgan Stanley’s Paramus, New Jersey branch, has been the subject of at least three customer complaints.

Mr. Bindelglass is believed to have regularly recommended investments in Puerto Rican bonds to his clients. It is believed that Mr. Bindelglass may have recommended such investments in high concentrations. In high concentrations, even investments believed to be “safe” can be unsuitable and result in significant losses. If a financial advisor recommends investments in a concentration that is unsuitable, the investor may be entitled to recover some or all of their losses.

According to FINRA records, since 2006, Mr. Bindelglass has been accused by at least three different customers of recommending unsuitable investments. In each case, FINRA records indicate that those investors were able to recover for their losses.

PIABA Study Reveals that FINRA’s Effort to Curb Broker Record-cleansing Has Not Been Met With Success

October 26, 2015 | Malecki Law Team

According to Public Investors Arbitration Bar Association’s (PIABA) latest report, FINRA’s efforts to curb broker expungement and clear records of misconduct have failed to reduce the number of times it occurs. According to PIABA, between, 2012-14 expungement was granted in 87.8% of cases in which it was sought.

When brokers are granted expungement for alleged wrongdoings, this record is wiped out from FINRA’s BrokerCheck and FINRA is concerned that it might cause an impression about the broker’s ethic that is misleading.

Since 2014, FINRA has increased arbitrator guidance and training and introduced rules that prohibit arbitration settlements with expungement as a condition. FINRA has sought to grant expungement as an “extraordinary remedy” only to be available in cases where the broker’s record has no value for investor protection. FINRA’s arbitration task force is considering creating a Special Arbitration Panel comprised of specially trained arbitrators to make decisions on expungement requests.

BROKER REPORT: Jeffrey G. Lyon, formerly of Joseph Gunnar & Co.

October 2, 2015 | Malecki Law Team

The securities fraud attorneys are interested in hearing from investors with complaints involving Jeffrey G. Lyon. Per his BrokerCheck Report, maintained by the Financial Industry Regulatory Authority (“FINRA”), Mr. Lyon is no longer a registered stock broker. Per BrokerCheck, Mr. Lyon was last licensed to sell investments through FINRA in 2013 when he was registered with Joseph Gunnar & Co LLC.

Mr. Lyon’s BrokerCheck Report also indicates that he has been the subject of at least two customer complaints in his final three years in the brokerage industry. Per FINRA, the complaints against Mr. Lyon have alleged unsuitable investment recommendations and unauthorized trading.

In addition to Joseph Gunnar & Co., Mr. Lyon has also reportedly been registered with Charles Vista LLC and John Thomas Financial. Both of these firms were expelled by FINRA in 2014 and 2013, respectively, per FINRA records.

BROKER REPORT: Ameriprise’s Thomas E. Stratton-Crooke of Ohio Suspended By FINRA

September 25, 2015 | Malecki Law Team

The investment fraud attorneys at Malecki Law are interested in hearing from investors who have complaints financial advisor Thomas E. Stratton-Crooke of Ameriprise Financial Services, Inc., based out of Beachwood, OH.

Records from the Financial Industry Regulatory Authority (“FINRA”) indicate that Mr. Stratton-Crooke has been suspended by FINRA for 10 business days and fined $10,000 for improperly executing discretionary transactions in customer accounts without prior written authorization from the customer or authorization from his firm.

According to his BrokerCheck Report, Mr. Stratton-Crooke was discharged by Merrill Lynch in 2014, after 25 years with the firm, for what is believed to be the same misconduct that led to his suspension by FINRA.

BROKER REPORT: Cambria’s Robert H. Potter, Discharged and Barred

September 24, 2015 | Malecki Law Team

The investment fraud attorneys at Malecki Law are interested in hearing from investors who have complaints regarding former stockbroker Robert H. Potter. According to his BrokerCheck report maintained by the Financial Industry Regulatory Authority (“FINRA”), Mr. Potter has been permanently barred by FINRA. He has also reportedly been the subject of no less than three customer complaints.

Mr. Potter has reportedly been barred by FINRA for his failure to cooperate with an investigation into allegations that Mr. Potter comingled customer funds with his own personal funds. Per FINRA, Mr. Potter was discharged from Cambria Capital in August 2015, after the firm questioned the validity of certain transactions involving Mr. Potter and his customers.

In 1997, Mr. Potter was the subject of a customer complaint alleging unauthorized, excessive trading, per FINRA. FINRA records indicate that the customer recovered more than $66,000 as a result of their complaint.

BROKER REPORT: Former California-based Raymond James Broker James Belenis Suspended by FINRA

September 23, 2015 | Malecki Law Team

The investment fraud attorneys at Malecki Law are interested in hearing from investors who have complaints against stockbroker James D. Belenis of KMS Financial Services, Inc., based out of Davis, CA. and previously of Raymond James Financial.

Mr. Belenis has been suspended by the Financial Industry Regulatory Authority (“FINRA”) for a period of 20 days and fined $5,000 for his activities in connection with the improper raising of capital for a gold mining operation, according to FINRA.

Before joining KMS, Mr. Belenis was discharged from Raymond James for engaging in unauthorized private securities transactions away from the firm, per FINRA. These are believed to be the same activities for which he was suspended.

BROKER REPORT: Customer Complaints Against Financial Adivisor Jared Cohen

September 8, 2015 | Malecki Law Team

The securities fraud attorneys at Malecki Law are interested in hearing from investors who have complaints against stockbroker Jared Cohen. Mr. Cohen is reportedly registered with Ameriprise Financial Services, Inc., based out of Armonk, NY. He has also recently been registered with IDS Life Insurance Company, according to industry records.

According to BrokerCheck, as maintained by the Financial Industry Regulatory Authority (“FINRA”), Mr. Cohen has been the subject of two customer complaints in the past six years. Mr. Cohen has been the subject of complaint alleging misrepresentations of investment risk and over-concentration in non-traded Real Estate Investment Trusts (“REITs”), as well as misrepresentations surrounding the sale of preferred stock recommendations, per FINRA records.

Of these customer disputes, FINRA records indicate that one customer initiated a FINRA arbitration and recovered $25,000 in a settlement with Ameriprise.

BROKER REPORT: John Smallwood of Commonwealth Financial

September 5, 2015 | Malecki Law Team

The securities fraud attorneys are interested in hearing from investors with complaints involving John Smallwood of Commonwealth Financial Network. Per his BrokerCheck Report, maintained by the Financial Industry Regulatory Authority (“FINRA”), Mr. Smallwood is a registered stock broker with Commonwealth, based out of Red Bank, NJ.

Mr. Smallwood’s BrokerCheck Report indicates that he has been the subject of at least two customer complaints in the past three-plus years. Per FINRA, the complaints against Mr. Smallwood have alleged unsuitable investment recommendations and breach of fiduciary duty, among other things.

FINRA records indicate that Mr. Smallwood’s customers have recovered $90,000 and $97,500 respectively in connection with their complaints.

BROKER REPORT: Former Financial Advisor Manuel Dopazo

August 25, 2015 | Malecki Law Team

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.