Suing J.H. Darbie & Co. and Wolf Popper

H. Darbie & Co. and Wolf Popper entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). The firms are accused of facilitating the deposit and liquidation of billions of shares of low-priced, microcap stocks for customers without having in place adequate procedures to assure that such liquidation…

Matthew Niederbaumer; Thrivent Investment Management; Huron, South Dakota

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Matthew Niederbaumer was accused of exercising discretion in the accounts of five customers without obtaining prior written authorization from the customers or from his member firm, Thrivent Investment Management. Niederbaumer allegedly exercised discretion in executing 10 transactions…

Douglas Wayne Studer; Kovack Securities; Fort Lauderdale, Florida

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Douglas Wayne Studer was accused of violating his firm’s policy. He was registered with Kovack Securities in Fort Lauderdale, Florida when he was accused of naming himself in his 91-year-old customer’s estate documents in order to inherit…

Robert Estevez of Joseph Gunnar; New York, New York

Robert Estevez, a registered investment adviser with Joseph Gunnar in New York, New York, recently entered into a Letter of Acceptance, Waiver and Consent with the Financial Industry Regulatory Authority (FINRA). The AWC alleged that Estevez recommended unsuitable steepener transactions in customer accounts. From May 2011 through September 2012, Estevez recommended the products, which are…

David Altwerger; Morgan Stanley

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), David Altwerger was accused of making 10 electronic fund transfers from his personal bank account to his personal brokerage account knowing that he had insufficient funds to cover the transfers. This is against securities rules and regulations,…

Russell Sadler; LPL Financial FINRA Acceptance, Waiver and Consent (AWC)

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Russell Sadler was fined $25,000 and suspended from the industry for 12 months. According to his AWC, Sadler, while registered with LPL, purchased securities issued by a company that proposed to build a movie studio in Plymouth,…