FinancialAdvisorComplaints

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Morgan Stanley Fined $125 Million By SEC For Employee Communications

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Disclosing their agreement to pay $125 million to the Securities and Exchange Commission (SEC) $125 million and $75 million to the Commodity Futures Trading Commission $75 million “to resolve record-keeping related investigations by those agencies relating to business communications on messaging platforms that had not been approved by the Firm,” in an SEC regulatory filing, …

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UBS FA German Nino

UBS FA German Nino Gets 78 Months in Prison for Stealing Client Money

Financial Advisor Complaints / By

Broward County, Florida-based financial adviser German Nino, found guilty of stealing from three advisory clients of his then firm UBS, has been handed down a prison sentence of 78 months by U.S. Senior District Judge Donald Graham. Forfeiture of his interest in a home in Ave Marie, Florida, has also been agreed by Nino, as …

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National Securities Corporation (NSC) Fined $9 Million From FINRA For Rule 101 Violations

Financial Advisor Complaints / By

National Securities Corporation (NSC) has been fined $9 million by FINRA, including $4.77 million in net profits the company made for underwriting 10 public offerings in which NSC sought to manipulate the market for the securities it was selling. For failing to provide consumers who bought private placements from GPB Capital Holdings, LLC with significant …

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Merrill Lynch Fined $15.2 Million By FINRA

Merrill Lynch Fined $15.2 Million By FINRA

Financial Advisor Complaints / By

Merrill Lynch was fined $15.2 Million ($13.4 Million plus interest) by Financial Industry Regulatory Authority (FINRA). It allegedly charged consumers exorbitant fees for mutual fund transactions. Merrill was not penalized for the infraction due to its “exceptional cooperation”. Mutual fund issuers offer several classes of mutual fund shares, including Class A and C. Class A shares …

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John Jumper (ALLUVION SECURITIES) Sentenced to 78 Months For $5.7 Million Embezzlement

Financial Advisor Complaints / By

John Jumper was a former broker with Alluvion Securities who stole $5.7 million from Snowshoe Refractories (a Pennsylvania-based firebrick manufacturer’s pension plan benefit plan). Jumper was also ordered by Snowshoe Refractories to pay $2.4 Million in restitution. This reflects financial recoveries made by Snowshoe Refractories. He will spend 78 months in prison, followed by three years …

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Francisco Valenzuela - Morgan Stanley

FINRA Panel Asks Morgan Stanley and Advisor Francisco Valenzuela to Pay $330K For Fraud and Elder Abuse Claim

Financial Advisor Complaints / By

Morgan Stanley, along with one of its financial advisors, now former, Francisco Valenzuela, have been asked to pay $330K over several violations, including allegations of fraud, by an arbitration panel of the Financial Industry Regulatory Authority (FINRA). The claim was filed by Carlos Ramon Tapia Sanchez in October 2020. Allegations included supervisory failure, conversion, fraud, …

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FINRA Suspends Nikolay Zotenko (Morgan Stanley)

FINRA Suspends Nikolay Zotenko (Morgan Stanley) For “Exclusive Venture Capital Investment Opportunity” Investments

Financial Advisor Complaints / By

The Financial Industry Regulatory Authority (FINRA) has taken action against a former Morgan Stanley broker from Beverly Hills, California for misleadingly marketing a private placement on its platform. Nikolay Zotenko was a Morgan Stanley employee for five years before he was terminated in May 2021. He was also suspended and fined $10,000 because of the …

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How to Protect Yourself Against Stock Broker Fraud

Financial Advisor Complaints / By

If you have been a victim of stockbroker fraud, you may want to contact a brokerage misconduct attorney for help. Although many such cases are reported each year, you might not be eligible to receive compensation for the losses you’ve sustained unless you’ve been involved in the fraud yourself. Attorneys can offer legitimacy and weight …

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FINRA Rule 2111 – Avoiding Unsuitable Investments

Financial Advisor Complaints / By

When a broker makes a recommendation that is not suitable for a client, that investor is at risk of taking on unnecessary risk and losing money. Suitability rules have been established by the Financial Industry Regulatory Authority, and other regulatory bodies to protect consumers. Brokers must consider a number of factors when making recommendations, including …

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