Articles Tagged with churning

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.

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.

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.

The securities fraud attorneys at Malecki Law are interested in hearing from investors who have complaints against stockbroker Robert Emmet Gill.  Mr. Gill is employed and registered with Chelsea Financial Services, a broker-dealer with an office in Tinton Falls, New Jersey, according to his publicly available BrokerCheck, as maintained by the Financial Industry Regulatory Authority (FINRA).  He was also previously registered with J.P. Turner & Company, LLC, Grayson Financial, LLC, M.S. Farrell & Company, Inc. and Investors Associates, Inc.  Grayson and Investors Associates were expelled from FINRA in 2006 and 1998, respectively.

According to his BrokerCheck report, a Letter of Acceptance, Waiver and Consent (AWC) was accepted by FINRA stating that Mr. Gill was fined $5,000 and suspended from associating with any broker-dealer for borrowing $100,000 from a customer without notifying his then-employer J.P. Turner & Company, in violation of industry rules.  Mr. Gill’s BrokerCheck report also discloses that he was “permitted to resign” from J.P. Turner based on the same allegations as those set forth in the AWC.

Mr. Gill’s BrokerCheck report sets forth that he was the subject of four customer disputes involving allegations of unsuitable investment recommendations, misrepresentations made and churning.  Three of those four disputes resulted in settlements of $700,000 (with Mr. Gill contributing $50,000 personally), $32,500 and $35,610, respectively, according to industry records.

The 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.

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.

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