Adam Estes; Hilliard Lyons

The Financial Industry Regulatory Authority (FINRA) suspended Adam Estes, a Hilliard Lyons representative, for 15 months and fined him $15,000. He was suspended and fined for engaging in private securities transactions without his firm’s permission. The transactions were related to five small businesses in which Estes himself invested. They included a real estate business, an…

Morgan Stanley Fined $2.4 Million for Defaming Broker to Clients

The Financial Industry Regulatory Authority (FINRA) fined Morgan Stanley $2.4 million this week for defaming a former broker. Dale L. Cebert was a former Morgan Stanley registered representative who was terminated in 2014. According to the three-person arbitration panel, Morgan Stanley managers conducted a “flawed internal investigation that was conducted, acted upon, and reported with…

George Koulouris; KCD Financial

Stoltmann Law Offices is investigating George Koulouris, a registered representative with KCD Financial. Koulouris is accused of recommending unsuitable investments, engaging in outside business activities, acting negligently, breaching fiduciary duty, and negligently misrepresenting material facts, among other things. These are all against securities rules and regulations. According to his online FINRA BrokerCheck report, Koulouris was…

William Mulder; Merrill Lynch

According to recent documents, the Oklahoma Securities Commission is seeking to revoke William B. Mulder’s license because of allegations that he misrepresented a variable annuity sold to customers and that he embezzled funds. Mulder was the subject of customer complaints while he worked at Merrill Lynch and has since been fired from the firm. The…

Stoltmann Law Offices Investigates Claims Against Clark Gardner and Cetera Advisors

The attorneys at Stoltmann Law Offices are investigating Clark Gardner, a former broker at Cetera Advisors. Gardner was recently permanently barred from the industry by the Financial Industry Regulatory Authority (FINRA). Gardner was accused of taking a $243,000 check from a customer and depositing it directly into his personal bank account. The money was supposed…