If you lost money because of a recommendation by Horter Investment Management, please call our Chicago-based law firm today. We are securities attorneys who help clients bring claims against firms like Horter Investment Management. Horter sold shares of LJMIX as part of its “sleeves” investment philosophy. Notwithstanding the name of the fund, LJMIX was not…
If you were recommended a long term care insurance policy by your financial advisor, and that policy has lapsed, you might be able to recover the premiums paid against the brokerage firm who recommended it. Many brokers recommended long-term care insurance policies with promises and representations that the premiums would not change or fluctuate much.…
Investors who had their account churned at Wells Fargo can sue the firm to recover the losses sustained or the commissions charged. With the stock market at record high, we have seen a surge in churning claims against brokers and brokerage firms. There are multiple different definitions of churning depending on what state an investor…
Dougherty & Co. was fined by the Financial Industry Regulatory Authority (FINRA) $50,000 for serving as an underwriter for 54 issuers with which it had ongoing “blanket” financial advisory agreements. The fine is the largest of its kind in recent years. It was one of the largest violations of Municipal Securities Rulemaking Board Rule on…
According to a recent InvestmentNews article entitled “Raymond James, Baird to pay $850,000 for SEC wrap-fee violations,” the Securities and Exchange Commission (SEC) fined Raymond James and Robert W. Baird $850,000. The SEC accused both firms of failing to establish procedures needed to determine what their clients were being charged in commissions beyond their wrap-fee…
Last month, the state of Connecticut Department of Banking issued a cease-and-desist order against John Rafal, founder and former chief executive of Essex Financial Services. Essex is a registered investment advisor and broker-dealer owned by Essex Savings Bank. In 2015, Mr. Rafal was suspended from the industry, after charges against him that he wrote checks…
Stoltmann Law Offices is investigating Gary Bradshaw, a financial advisor with First Dallas Securities. Bradshaw was accused of concentrating large portions of an elderly customer’s portfolio into risky oil and gas investments. Allegedly, by 2014, Bradshaw had concentrated over 100% of the client’s account into three oil and gas investments: CVR Partners, LP, Kinder Morgan,…
Stoltmann Law Offices is investigating Mark Beloyan, who recently had a complaint filed against him and his firm, TradeSpot Markets, by the Financial Industry Regulatory Authority (FINRA). Beloyan was the President, Chief Operating Officer, Chief Compliance Officer and owner of TradeSpots. FINRA alleged that Beloyan and another financial advisor at the firm recommended penny stocks…
A Financial Industry Regulatory Authority (FINRA) panel ruled that a former Stifel, Nicolaus broker, Christian Harkness, must pay the firm $439,706 in compensatory damages as well as interest at a rate of 4.5% per year of the award until it’s paid in full and any costs of collection. Stifel is the latest brokerage firm to…
The Securities and Exchange Commission (SEC) announced that it has barred Jeffrey E. Gallagher from the securities industry. Gallagher pleaded guilty to one count of wire fraud, three counts of engaging in monetary transactions in property derived from specified unlawful activity and two counts of tax evasion. Gallagher was sentenced to three years in prison,…