Stoltmann Law Offices is interested in speaking to those investors who may have invested money with Cheryle Anne Brady, a former broker with Ameriprise Financial in Hingham, Massachusetts. Ms. Brady was assessed a deferred fine of $7,500 and suspended by the Financial Industry Regulatory Authority (FINRA) for allegedly falsely stating to her member firm that…
Unfortunately, you are not alone. Many brokers at firms like LPL and Ameriprise were sold high risk, illiquid Tenants In Common (TICs). These sales are coming back to haunt brokerage firms. Dozens of clients have filed lawsuits in recent years related to claims made in TIC sales. Regulators have been sounding the alarm on fraudulent…
We are investigating the sales practices of New York based Max International Broker Dealer Group. The firm was recently censured, fined $335,000 and ordered to pay $482,111.27, plus accrued interest, in restitution to customers. The firm appealed the decision to the NAC but later withdrew its appeal. The sanctions were based on findings that the…
We’ve represented dozens of Ameriprise (formerly known as American Express)and other brokerage firm clients in arbitration claims for unsuitable investment recommendations in variable annuities. Variable annuity sales have been a major source of arbitration claims and lawsuits against the firm and other brokerage firms as well in the last 10 years. Few products pay as…
We are investigating the sales practices of former Money Concepts Capital Corp. financial advisor Frederick G. Brimmer II out of Marietta, Georgia. Without admitting or denying the findings, Brimmer consented to the described sanction of FINRA and to the entry of findings that he misappropriated $10,000 from two elderly brokerage customers who had provided him…
Both Morgan Stanley and Edward Jones are in hot water because of mismanagement and overcharging of fees regarding the companies’ 401(k) plans. Morgan Stanley was accused of mismanaging the firm’s 401(k) retirement plan and costing 60,000 employees hundreds of millions of dollars by picking inappropriate and high-priced investments. This was done in order for the…
Last week, the Financial Industry Regulatory Authority (FINRA) ordered Hilliard Lyons to pay back $1 million to its clients for failing to waive sales fees on mutual funds for eligible institutional clients. FINRA alleged that Hilliard Lyons advisers had been selling retirement plans and charitable organizations mutual fund shares that carried front or back-end sales…
Wells Fargo was just fined $35 million by the Office the Comptroller of the Currency (OCC) today for allegations that the bank made unsafe or unsound sales practices. The bank was also ordered to make restitution to customers who were harmed by the unsound practices. These included the unauthorized opening of deposit or credit card…
According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), SG Americas Securities was censured and fined $20,000 for violations of equity trade reporting. FINRA alleged that between May 1, 2014 through August 31, 2014, the firm failed to submit 1,862 last sales reports of transactions in…
The Financial Industry Regulatory Authority (FINRA) recently charged two Boca Raton, Florida firms, Newbridge Securities and Shearson Financial Services, for securities violations that resulted in customers losing money. Newbridge Securities Corp allegedly failed to apply discounts to certain purchases. These discounts were supposed to be applied to sales charges, and as a result, clients paid…