According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), James Wright allegedly used unapproved personal emails and text messages to communicate with an unregistered administrative assistant regarding firm customers. Allegedly, from August 21st, 2015, through May 26th, 2016, Wright communicated with his unregistered administrative assistant using…
According to a recent InvestmentNews article, Zachary Berkey and Daniel Fischer, two brokers with Four Points Capital Partners, were charged with churning the accounts of 10 customers. The brokers clients allegedly lost a total of $573,867, according to the complaint, while the brokers received $106,000 and $175,000 respectively, in commissions. Mr. Fischer is ordered to…
Stoltmann Law Offices is investigating Donald Devito, a former registered broker with Wells Fargo. Mr. Devito was terminated from the bank in December 2016, after it was revealed the firm had concerns over the level of trading in client accounts. In 2016 through 2017, Devito has had six complaints filed against him concerning the level…
Stoltmann Law Offices is investigating Patrick Colligan, a registered broker with Oppenheimer & Company in Stamford, Connecticut. Mr. Colligan allegedly executed detrimentally excessive bond trades, and executed unauthorized transactions, on two separate occasions. These are both against securities laws and internal firm rules. A broker must only make trades that have been authorized by his…
Recently, the Financial Industry Regulatory Authority (FINRA) fined Wells Fargo broker Scott Wallach $5,000 and suspended him for one month. It also ordered him to pay $873.50, plus interest, in disgorgement of commissions received for allegedly effecting five unauthorized trades in a client account while the client was on vacation. He allegedly sold shares of…
Stoltmann Law Offices is investigating Richard Fichter, a registered representative with Securities America in Williamsville, New York. Mr. Fichter allegedly acted negligently in connection to alleged improper sales practices employed by the account’s previous representative, made unsuitable recommendations and trades, failed to follow instructions, executed unauthorized trades, placed trades for the primary purpose of generating…
Elaine LaCerte, a former Morgan Stanley broker in Colorado Springs, Colorado, was suspended from the industry by the Financial Industry Regulatory Authority (FINRA). Ms. LaCerte was accused of engaging in an unsuitable pattern of short-term trading of Unit Investment Trusts (UITs) in over 100 customer accounts. “In connection with these accounts, LaCerte repeatedly recommended that…
Stoltmann Law Offices is interested in speaking to those investors who may have lost money with Caroline Korn, a former advisor with Brighton Securities Corp. The Financial Industry Regulatory Authority (FINRA) alleged that Brighton Securities Corp failed to adequately supervise Caroline Korn when she made unsuitable recommendations to her customers to switch from Class “A”…
Stoltmann Law Offices is investigating Sonya Camarco, a former LPL broker. Recently, the Securities and Exchange Commission (SEC) obtained an emergency court order to freeze her assets in order to prevent her from further dissipating funds she stole from her clients. Allegedly, during a 13-year period, Camarco stole money from her clients’ accounts. She allegedly…
Stoltmann Law Offices is interested in speaking to those investors who have invested with Merrill Lynch broker Charles Friedlander. A recent lawsuit alleges that, clients of Friedlander’s, a retired couple were looking to generate a stable income stream to sustain them through retirement and relied upon Friedlander and the research of Merrill Lynch to select…