Former UBS broker John MacColl was charged with defrauding more than 15 retail investors in a $4 million scheme. He used high-pressure sales tactics that targeted mostly elderly retirees, according to a complaint filed with the Securities and Exchange Commission (SEC) in federal court in Michigan. He persuaded clients to invest in a “highly-sought-after” private…
According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Westport Capital Markets broker Emil Skyba violated securities laws. Skyba was barred from the industry because he failed to respond to an investigation against him. This results in an automatic bar. According to his online, FINRA BrokerCheck…
According to AdvisorHub online, former UBS broker Kenneth Tyrrell has been ordered to pay back UBS the balance on his hiring-bonus “loan” plus interest, and UBS’ legal bill. He owes UBS $262,773 on his loan and $9,000 in costs and lawyer fees, according to an award decision published Tuesday that affirmed UBS’ claim of breach…
The Financial Industry Regulatory Authority (FINRA) ordered LPL to make a “very substantial” payment for the firings of an office of supervisory jurisdiction (OSJ) manager and a compliance delegate. The individuals brought a $20 million claim against the firm. Brandon Marinelli and Meagan Donahue also won expungement of their records that occurred on February 16th,…
A top Morgan Stanley broker in California, Brett Grimes, was ordered to pay UBS broker Michael Sexton $300,000 in compensatory damages (plus 10% annual interest until the damages are paid in full), and also $100,000 in civil punitive damages. The three-person, Financial Industry Regulatory Authority (FINRA) arbitration panel also decided to permanently enjoin and restrain…
Did your broker recommend to you General Electric (GE) stock or structured products benchmarked to general electric? If so the investment losses you sustained might be recoverable through the FINRA arbitration process. Brokers have an obligation to perform reasonable due diligence on securities before they are recommended for clients. Unfortunately many brokers at firms like…
A financial advisor from Sayreville, New Jersey was sentenced to three years in prison for stealing a factory worker’s pension that he was supposed to invest. The U.S. Attorney for the District of New York announced on Wednesday that Jesse Holovacko allegedly defrauded his client out of his retirement savings and used the funds for…
According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Kenneth Tyrell violated securities laws. Mr. Tyrrell was accused of participating in 11 undisclosed private securities transactions with a customer in violation of FINRA rules. He also allegedly engaged in five undisclosed outside business activities, all of…
According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), former UBS broker James Carlson allegedly violated securities laws. Between October 2014 and June 2015, Carlson allegedly executed 39 discretionary transactions in the accounts of 13 customers. He had not obtained prior written authorization from the customers…
Were you sold ETRACS Alerian MLP Infrastructure Index ETN by your UBS broker? If so, the attorneys at Stoltmann Law Offices are interested in speaking to you about those losses. Master Limited Partnerships (MLPs), such as ETRACS, are business ventures that exist in the form of a publicly traded limited partnership and tend to operate…