Articles Tagged with securities

The securities fraud attorneys at Malecki Law are interested in hearing from investors who have complaints against stockbroker Steven M. Wisniewski.  Mr. Wisniewski is currently employed and registered with Newbridge Securities Corporation and works at the broker-dealer’s Boca Raton, Florida office, according to his publicly available BrokerCheck records maintained by the Financial Industry Regulatory Authority (FINRA).

Per his BrokerCheck report, Mr. Wisniewski was previously employed and registered by Cambridge Investment Research, Inc. from November 2012 to May 2015, Ridgeway & Conger, Inc. from September 2011 to November 2012, and J.P. Turner & Company, LLC from July 2003 to September 2011.

According to his BrokerCheck report, Mr. Wisniewski was the subject of a recent customer complaint received in or around April 2015 alleging churning, unauthorized trading, misrepresentation, negligence, forgery and fraud.  The case is currently pending, with alleged damages of $200,000, according to BrokerCheck records.

The securities fraud attorneys at Malecki Law are interested in hearing from investors who have complaints against stockbroker Michael Margiotta.  Mr. Margiotta has been employed and registered since June 2015 with Merrill Lynch, Pierce, Fenner & Smith, Inc., a broker-dealer, according to his publicly available BrokerCheck, as maintained by the Financial Industry Regulatory Authority (FINRA).

Per his BrokerCheck report, prior to his employment Merrill Lynch, Mr. Margiotta was employed by UBS Financial Services Inc. from October 2008 to June 2015, and with Citigroup Global Markets Inc. from December 2003 to November 2008, as well as other prior firms.

Mr. Margiotta’s BrokerCheck report indicates that he has received two customer complaints.  The first complaint received by Mr. Margiotta involved allegations that he purchased securities that were unsuitable for the investor and sought damages of $1 million, according to the BrokerCheck report.  That complaint resulted in a settlement to the investor of $355,000 to the investor the BrokerCheck report details.  The second complaint received by Mr. Margiotta alleged unsuitability and that the broker informed the client “oil had bottomed out for sure prompting [the investor] to purchase securities which plummeted,” according to BrokerCheck records.

The investment and securities fraud attorneys at Malecki Law are interested in hearing from investors who have complaints regarding Aegis Capital Corp. financial advisor Robert Guidicipietro.

According to his BrokerCheck report maintained by the Financial Industry Regulatory Authority (“FINRA”), Mr. Guidicipietro was most recently with JP Turner and Obsidian Financial prior to moving to Aegis Capital in 2012. According to industry records, Obsidian was expelled by FINRA in 2013, not long after Mr. Guidicipietro left the firm.

Mr. Guidicipietro has at least nine reportable disclosures on his FINRA record, including a civil judgment/lien, multiple customer disputes, multiple regulatory events and an “employment separation after allegations.”

The securities fraud attorneys at Malecki Law are interested in hearing from investors who have complaints against stockbroker Barry D. Abrams.  Mr. Abrams is currently employed and registered with Ameriprise Financial Services, Inc., and works at the broker-dealer’s Marlton, New Jersey office, according to his publicly available BrokerCheck records maintained by the Financial Industry Regulatory Authority (FINRA).

Per his BrokerCheck report, Mr. Abrams was previously employed and registered by Securities Service Network, Inc. from 2001 to 2013 and was discharged from that firm for “exercise[ing] discretion in a client account without written authorization from the client and without firm approval.”  Prior to his employment and dismissal from Securities Service Network, Inc., Mr. Abrams was employed and registered with Morgan Stanley from 1995 to 2001, according to BrokerCheck records.

In 2015, Mr. Abrams was fined and suspended from association with any FINRA member broker-dealer for 15 business days by FINRA, after submitting a Letter of Acceptance, Waiver and Consent No. 2013039371801 (AWC).  According to the AWC, Mr. Abrams violated NASD Conduct Rule 2510(b) (Discretionary Accounts) and FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade) by placing discretionary transactions in a customer’s account without first obtaining prior written authorization from the customer and acceptance by the firm for such discretionary trading.

Securities Experts Roundtable (SER) is hosting its 24th Annual Conference and Membership Meeting on July 22 and July 23 at a private and exclusive destination, The Union League Club. Ms. Malecki will participate in two of their panels “The FINRA Resolution Taskforce Report After Seven Months: Where Are We Now and Where Are We Going” and “The Graying of America- Suitability and Supervision for Senior Investors”.

Ms. Malecki frequently meets with the Securities Exchange Commission (SEC), Department of Justice (DOJ) and Financial Industry Regulatory Authority (FINRA) to discuss issues related to investor protection, supervision for elderly investors, and suitability. She also speaks at educational events and conferences.

Other panelists and speakers at the SER comprise of luminaries in securities and investment litigation, law professors, members of FINRA, and FBI white-collar crime experts. The conference provides an in-depth view and presentation on securities litigation. SER has 90+ experienced experts in securities and investment consulting, wealth management, investment banking, litigation and arbitration, and more.

 

The securities fraud attorneys at Malecki Law are interested in hearing from investors who have complaints against former stockbroker Winston Wade Turner.  Mr. Turner had been employed and registered with Pruco Securities, LLC, a broker-dealer, from July 2013 to August 2015, according to his publicly available BrokerCheck, as maintained by the Financial Industry Regulatory Authority (FINRA).

Per his BrokerCheck report, Mr. Turner was previously employed by MetLife Securities Inc. from December 2011 to July 2013.  Mr. Turner was discharged on August 3, 2015 for making an unsuitable variable annuity recommendation, providing inaccurate information to the company regarding the transaction, and for making payments to a client dissatisfied with the performance of their annuity, according to BrokerCheck records.

Mr. Turner was subsequently barred from associating with any FINRA securities firm according to a Default Decision entered in the FINRA Office of Hearing Officers on July 8, 2016, in Disciplinary Proceeding No. 2013038398401.  According to the Decision Mr. Turner violated: (i) FINRA Rules 4511 and 2010 by providing false information and engaging in deceptive acts in connection with recommendations of variable annuities; (ii) Section 10(b) of the Exchange Act, Rule 10b-5 and FINRA Rules 2020 and 2010  by fraudulently misrepresenting and omitting material facts to his customers; and (iii) FINRA Rules 8210 and 2010 by failing to provide testimony and information in FINRA’s proceeding.

The securities fraud attorneys at Malecki Law are interested in hearing from investors who have complaints against stockbroker Geri Delfino.  Ms. Delfino had been employed and registered with Ameriprise Financial Services, Inc., a broker-dealer, from October 2009 to November 2015, according to her publicly available BrokerCheck, as maintained by the Financial Industry Regulatory Authority.

Per her BrokerCheck report, Ms. Delfino was previously employed by Ameriprise Advisor Services, Inc. from 2006 to 2009, Advest, Inc. from 2000 to 2006, and A.G. Edwards & Sons, Inc. from 1991 to 2000.

Ms. Delfino was fined and suspended for 20 days from association with any FINRA member broker-dealer by FINRA according to a Letter of Acceptance, Waiver and Consent No. 2015047790401 (AWC).  According to the AWC, Ms. Delfino violated NASD Conduct Rule 2510(b) (Discretionary Accounts) and FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade) for:

According to FINRA’s estimates, for the next 15 years, an average of 10,000 Americans will turn 65. Those of us who work with the elderly regularly, need to be attuned to deciding whether our clients have the capacity to make decisions regarding their financial affairs? All lawyers, be it in the practice area of estates, securities, or virtually any other discipline often have to make a capacity determination, while contracting services and sometimes along the way. We often have to determine if our client has the capacity to have entered into certain legal transactions.

According to the American Bar Association, Rule 1.14 that provides guidance on Client With Diminished Capacity (ABA):
 (b) When the lawyer reasonably believes that the client has diminished capacity, is at risk of substantial physical, financial or other harm unless action is taken and cannot adequately act in the client’s own interest, the lawyer may take reasonably necessary protective action, including consulting with individuals or entities that have the ability to take action to protect the client and, in appropriate cases, seeking the appointment of a guardian ad litem, conservator or guardian.

Today, Ms. Malecki was extensively quoted in the FundFire story titled MSWM Goes to Court to Get Former FA to Pay Back Loans. 

This story is focused on Morgan Stanley’s attempt to go to court to make a former advisor pay-up after FINRA arbitrator granted them a million dollar reward in a promissory note dispute case. Ms. Malecki, who has extensive and relevant experience with securities industry employment dispute cases opined that “it is common for wirehouses to pursue awards through FINRA arbitration when advisors leave the firm but don’t repay outstanding promissory notes” and this happens more often when markets are bad. The detailed story is available on the FundFire website at http://bit.ly/1ZAPssh

The experienced Securities attorneys at Malecki Law managed to secure a major win on behalf of one of their international clients. They managed to secure a summary judgment dismissal for a Chinese businessman, a well-known inventor and public figure in China, who was being sued in excess of $30 million for being the controlling shareholder of a company that went out of business. The opposing counsel was Weil, Gotschal & Manges LLP.

Today, Ms. Jenice Malecki is the Chair at a FINRA mock arbitration for St. John’s students. She has actively mentored students over the years from different law schools through lectureships and speaking engagements.