Invest with Frank or Jeremy Monte?American Portfolios Financial Services of Holbrook, NY Found Liable for a Failure to Supervise Harbor Capital Brokers. On November 2, 2017, a Financial Industry Regulatory Authority (“FINRA”) Arbitration Panel awarded Elizabeth Jachles (“Libby”), a retired Brighton teacher, $461,377.15 to be paid by American Portfolios Financial Services, Inc. The award is the result of the investment advice Libby received from Frank Monte and Jeremy Monte, the principals of Harbor Capital Advisory Services at 10 East Church Street, Fairport, NY. This case illustrates the disastrous consequences of combining a very sweet, but unsophisticated client (Libby); greedy brokers who could take advantage of that client (Frank and Jeremy Monte of Harbor Capital Advisory Services); and a broker-dealer who utterly failed to supervise its brokers (American Portfolios). Client of the Montes or Harbor Capital? Didn’t Experience the Recent Historic Bull Market?If you believe you were a victim of investment fraud or broker misconduct, it is imperative to take action. Peiffer Wolf Carr & Kane has represented thousands of victims, and we remain committed to fighting on behalf of investors. Contact Peiffer Wolf Carr & Kane today by filling out a Contact Form on our website or by calling (585) 310-5410 to schedule a FREE Case Evaluation. Libby’s Story: Jason Kane of PRW secures $450,000 Award for LibbyIn 2015, Elizabeth Jachles hired attorney Jason Kane of Peiffer Wolf Carr & Kane, APLC to represent her claim against American Portfolios. While the stock market saw substantial growth, Libby earned relatively nothing on her investment portfolio. In fact, in some years, her investment expense was greater than her annual salary as a Brighton schoolteacher. The brokers and security issuers made close to $300,000 off of Libby. Basically, the investment strategy benefited everyone except Libby, the investor taking the risks. Unfortunately, Kane is all too familiar with this type of misconduct. “Commission and fee grabbing advisors, failed brokerage firm supervision, and an unsophisticated investor who was taken advantage of is a situation I see too often,” he stated. The award was pursuant to the following claims by Jachles against American Portfolios: breach of fiduciary duty, violation of FINRA rules, negligence, breach of contract, aiding and abetting, unjust enrichment, and respondeat superior. To reach the $461,377.15 award, the FINRA Dispute Arbitration Panel determined that American Portfolios was liable for and shall pay Jachles the following:
“We are thrilled that Libby and her family were able to recover some of the money Harbor Capital’s bad advice [and American Portfolios lack of oversight] cost her,” Kane added. Do You Suspect that You Were a Victim of Harbor Capital or Frank and Jeremy Monte?If you believe you were a victim of investment fraud or broker misconduct, it is imperative to take action. Peiffer Wolf Carr & Kane has represented thousands of victims, and we remain committed to fighting on behalf of investors. Contact Peiffer Wolf Carr & Kane today by filling out a Contact Form on our website or by calling (585) 310-5410 to schedule a FREE Case Evaluation. Invest with Frank or Jeremy Monte at Harbor Capital Advisory Services?Harbor Capital Advisory Services of Fairport, NY has been the focal point of a recent scandal involving its investment strategies, financial advisory services, fees and billing practices. By their own words, “client financial success is based upon calculated growth over time while attempting to control downside risk.” However, a recent $450,000 award was given to a retired school teacher due to her encounter with Harbor Capital, specifically her dealings with Frank and Jeremy Monte. In other words, everyone was making money except for the investor school teacher. In the aforementioned instance, the brokers and broker-dealers were making money even though the retired school teacher wasn’t. This practice seems to fit with their mission of “WIN BY NOT LOSING.” Luckily for the retired school teacher, she was able to do the winning after her $450,000 award. Although Harbor Capital attempts to “protect account values against significant declines,” they have made money off the backs of their trusted investors; they have made this money through fees and billing practices that create a static investment amount for the investor (who shoulders all of the risk), yet have made significant gains and profits for themselves. Concerns over Financial Advice from the Montes?After successfully securing an award of over $450,000 for a retired school teacher, Peiffer Wolf Carr & Kane is committed to investigating concerns of investment fraud and broker misconduct at Harbor Capital. After a FINRA arbitration panel found that American Portfolios failed to supervise the brokers at Harbor Capital, Peiffer Wolf Carr & Kane is committed to hearing from any and all concerned investors that were or currently are being advised by Harbor Capital and the Montes. FREE Consultation | 585-310-5410If you believe you were a victim of investment fraud or broker misconduct, it is imperative to take action. Peiffer Wolf Carr & Kane has represented thousands of victims, and we remain committed to fighting on behalf of investors. Contact Peiffer Wolf Carr & Kane today by filling out a Contact Form on our website or by calling 585-310-5410 to schedule a FREE Case Evaluation. from https://securitieslitigators.com/harbor-capital-advisory-services-american-portfolios/
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Alliance Bernstein & Eaton Vance 401k Performance and Fee InvestigationPeiffer Wolf Carr & Kane is investigating Alliance Bernstein and Eaton Vance employee 401(k) accounts. Our initial investigation has uncovered that Alliance Bernstein and Eaton Vance have inserted substantial amounts of their own proprietary funds, allowing both of these companies to earn fees from their employees’ retirement savings. We believe that these actions were aimed at benefiting themselves to the detriment of their customers. Many of the Alliance Bernstein proprietary funds and Eaton Vance proprietary funds offered in each of their employee 401(k) plans have underperformed and impose higher than average fees. Meaning, Alliance Bernstein and Eaton Vance are potentially costing participants in their 401(k) plans thousands of dollars in lost retirement savings. By including their own proprietary funds in their employees 401(k) accounts, Alliance Bernstein and Eaton Vance may be in violation of the regulations which forbid such arrangements under the “prohibited transactions” provisions of The Employee Retirement Income Security Act of 1974 (“ERISA”). Alliance Bernstein 401k Lawsuit | Eaton Vance 401k LawsuitAlliance Bernstein is an asset management firm providing investment management and research services to institutional, high-net-worth and retail investors. Eaton Vance and its affiliates offer individuals and institutions investment products and wealth management services and creation, marketing, and management of investment funds. Both companies provide investment products to individuals, institutions and financial professionals in the US, including wealth management solutions, defined contribution, investment only and sub-advisory services financial services. Primarily, they offer mutual funds and other investments to retirement plans and other investors. These companies offer employees a defined contribution “401k” plan that allows participants to contribute a percentage of their earnings and invest those contributions in one or more investment options offered by the employers’ plans. Both Eaton Vance and Alliance Bernstein are 401k plan fiduciaries. As fiduciaries, Eaton Vance and Alliance Bernstein are responsible for supervising, monitoring, and evaluating the performance of their respective 401k plans. Many of the Alliance Bernstein proprietary funds and Eaton Vance proprietary funds offered in each of their employee 401(k) plans have underperformed and impose higher than average fees. Meaning, Alliance Bernstein and Eaton Vance are potentially costing participants in their 401(k) plans thousands of dollars in lost retirement savings. By including their own proprietary funds in their employees 401(k) accounts, Alliance Bernstein and Eaton Vance may be in violation of the regulations which forbid such arrangements under the “prohibited transactions” provisions of The Employee Retirement Income Security Act of 1974 (“ERISA”). FREE Consultation | 585-310-5140If you believe you were a victim of predatory lending, investment fraud, or broker misconduct, it is imperative to take action. Peiffer Wolf Carr & Kane has represented thousands of victims, and we remain committed to fighting on behalf of investors. Contact Peiffer Wolf Carr & Kane today by filling out a Contact Form on our website or by calling 585-310-5140 to schedule a FREE Case Evaluation. from https://securitieslitigators.com/alliance-bernstein-eaton-vance-401k-performance-and-fee-investigation/ Schorsch REIT Disaster LawsuitThe share price of Nicholas Schorsch’s American Finance Trust, Inc. (AFIN) REIT plummeted since trading began on July 19. If you invested in AFIN, the securities attorneys at Peiffer Wolf Carr & Kane, APLC may be able to help you recover any losses. Nicholas Schorsch’s American Finance Trust, Inc. (AFIN) Real Estate Investment Trust (REIT) proved to be a stark reminder of how disastrous non-traded REITs can be for investors. Eerily reminiscent of recent $90 Million dollar settlement related to Schorsch’s Vereit Inc., we believe that company officials of AFIN have exaggerated and published overvalued share prices prior to commencing trading on the Nasdaq. Thus, the securities law firm of Peiffer Wolf Carr & Kane has begun another investigation into Schorsch, a new investigation into Schorsch’s AFIN REIT, as well as individual investigations into any and all brokers and advisors who recommended AFIN REITs to investors. If you invested in AFIN, Contact Peiffer Wolf Carr & Kane for a FREE CONSULTATION by calling 585-310-5140 of by filling out a Contact Form on this website. AFIN, a publicly registered non-traded real estate investment trust sponsored by AR Global, has “eroded approximately $1 billion of” the company’s equity value, according to a report last Thursday by Robert A. Stanger & Co. Inc., an investment bank. According to Stanger, the Nasdaq listing of AFIN has turned into a “belly flop.” Mr. Schorsch is not an officer at AFIN, but he is the majority owner of AR Global. According to InvestmentNews,
As reported by InvestmentNews, “Despite the pain felt by investors, AFIN’s management inexplicably sounded pleased with the REIT’s results. AFIN shares closed at $15 after its first day of trading, $10 less than what brokers sold it for.” Bruce Kelly of InvestmentNews stated,
Did You Invest in AFIN? AFIN REIT DisasterIf you believe you were a victim of investment fraud or broker misconduct, it is imperative to take action. Peiffer Wolf Carr & Kane has represented thousands of victims, and we remain committed to fighting on behalf of investors. Contact Peiffer Wolf Carr & Kane today by filling out a Contact Form on our website or by calling 585-310-5140 to schedule your FREE Case Evaluation. VEREIT | American Realty Capital Partners | Nicholas SchorschIn June, VEREIT, the successor to the former real estate investment company American Realty Capital Partners Inc. set up by Nicholas Schorsch, paid Vanguard Group $90 million to settle a 2016 lawsuit. As reported by Joseph DiStefano in a philly.com article, “Vanguard sued after Schorsch admitted, in public disclosures filed with the Securities and Exchange Commission in 2014 and 2015, that company officials had exaggerated profits.” According to Vanguard Group’s lawsuit, “the true primary purpose in Schorsch’s buying spree” was “to rob from shareholders and give to himself and his friends.” Additionally, the lawsuit claimed that Schorsch “transferred hundreds of millions of dollars to entities controlled by him and by other senior insiders” in 2013 and 2014. According to Vanguard’s lawsuit and as reported by Joseph DiStefano in a philly.com article, Schorsch and his associates overexaggerated earnings in reports, “convincing Vanguard and other professional investors to buy the stock, after certifying the company had solid financial controls and honest financial reporting.” FREE Consultation | 585-310-5140If you believe you were a victim of predatory lending, investment fraud, or broker misconduct, it is imperative to take action. Peiffer Wolf Carr & Kane has represented thousands of victims, and we remain committed to fighting on behalf of investors. Contact Peiffer Wolf Carr & Kane today by filling out a Contact Form on our website or by calling 585-310-5140 to schedule a FREE Case Evaluation. from https://securitieslitigators.com/schorsch-reit-disaster-lawsuit/ Woodbridge Bankruptcy Fraud InvestigationAlready under investigation by the SEC, the Woodbridge Group of Companies, a luxury real estate developer, missed payments on notes sold to investors and filed chapter 11 bankruptcy. The Securities Lawyers at Peiffer Wolf Carr & Kane are aggressively investigating the recent Chapter 11 Bankruptcy of Woodbridge, specifically as it relates to numerous ongoing investigations by the Securities and Exchange Commission and numerous state-level securities regulators. Woodbridge recently filed for Chapter 11 bankruptcy after missing payments on notes sold to investors. Specifically, Woodbridge investors were not paid their monthly dividends. Regulators are reportedly focusing their initial investigation on sales of Woodbridge investments by unlicensed investment professionals, as well as numerous others. As reported in Bloomberg News and cited by Investment News, “[t]he company’s CEO, Robert Shapiro, resigned on Friday but will continue to work as a consultant to the firm, according to a company press release.” Shockingly, he will continue to be paid a monthly fee of $175,000 for consulting. Additionally, Lawrence Perkins is now the company’s new Chief Restructuring Officer and Marc Beilinson is the new Independent Manager. Peiffer Wolf Carr & Kane’s investment fraud lawyers, lead by Joe Peiffer and Jason Kane, have been investigating Woodbridge, are in currently communicating with investors, are preparing to take action and seek compensation on behalf of Woodbridge Mortgage Fund investors who may have suffered losses. Woodbridge investors who are concerned about their investments are encouraged to contact the investment fraud attorneys at Peiffer Wolf Carr & Kane for a FREE Consultation by filling out a contact form on this website or by calling 585-310-5140. We can discuss your current circumstances and explore your potential legal options ATTENTION INVESTORS: Woodbridge Mortgage Fund InvestigationIf you are have invested in Woodbridge Wealth or in any of the Woodbridge Mortgage Funds, we may be able to help you fight for recovery of any losses and possibly secure additional compensation. According to a recent lawsuit filed by the Securities and Exchange Commission, the SEC is currently investigating the offer and sale of unregistered securities, the sale of securities by unregistered brokers, and the commission of fraud in connection with the offer, purchase, and sale of securities. According to court filings, Woodbridge has raised more than $1 Billion from thousands of investors around the country through multiple investment offerings. Woodbridge Funds is no stranger to regulatory issues and investigations; according to a Massachusetts enforcement action, “the Woodbridge Funds are commercial lenders that make hard-money loans secured by commercial property.” The Woodbridge Funds raise money from investors to help fund the hard-money loans. The Woodbridge Companies refer to these investments as First Position Commercial Mortgages (“FPCM”). The Woodbridge Funds advertise that their management teams’ substantial experience lets them maintain a successful lending model and find lending opportunities that are favorable for investors. Investors do not have any role other than providing money. Additionally, the Woodbridge Funds’ marketing materials state that the Woodbridge Funds are obligated to make payments to investors even if the underlying hard-money borrower defaults. HOW TO PURSUE RECOVERY OF YOUR WOODBRIDGE MORTGAGE FUND INVESTMENTS.Due to FPCMs involving risk typically to real estate investments, a Woodbridge Mortgage Fund Investor may need to pursue action against the Woodbridge Fund, the registered investment broker, and the third party hard-money borrower to recover losses. Some Woodbridge Entities and Woodbridge Funds of note, include:
Do You Suspect that You Were a Victim of Woodbridge or the Woodbridge Mortgage Funds?If you believe you were a victim of investment fraud or broker misconduct, it is imperative to take action. Peiffer Wolf Carr & Kane has represented thousands of victims, and we remain committed to fighting on behalf of investors. Contact Peiffer Wolf Carr & Kane today by filling out a Contact Form on our website or by calling 585-310-5140 to schedule a FREE Case Evaluation. Contact us and tell us about your caseWe have represented thousands of victims of investment fraud, against financial institutions that failed to discharge their duties and protect the investing public. Each case is different and our past successes are not indicative of future results; we will be glad to review your case and advise you as to your options, at no charge. We generally represent investors on a “contingency fee” basis, meaning we do not charge any legal fees unless and until we recover money for you. Our general practice is to advance the case costs on the client’s behalf and recoup them out of (and up to) the amounts recovered. A few jurisdictions (states) require the client to be responsible for the case costs; whenever that is the case we explain to the client what those costs entail. If you believe you lost money because of investment fraud, it is important to take action. You may call at 585-310-5140, email us, or contact us by using the “Contact” form on this page, and tell us about your case. There is no charge for us to evaluate your case. from https://securitieslitigators.com/woodbridge-bankruptcy/ Who Is Michael Ralby? | Michael Ralby LawsuitMichael Ralby, an ex-Morgan Stanley broker, was recently terminated for allegedly accepting loans from clients. Since then, he has now been barred by the Financial Industry Regulatory Authority (FINRA) after he declined to take part in its investigation. Broker Michael Ralby, who worked for Morgan Stanley in Boca Raton, FL, was terminated in January. FINRA routinely investigates brokers who are terminated and if they don’t agree to participate in the investigation, they face being barred completely from the industry. Michael Ralby has worked at multiple firms over the years before Morgan Stanley, including: First Miami Securities Inc., Smith Barney Inc., D. E. Frey and Co. Inc., JW Genesis Securities Inc., First Union Securities Financial Network Inc., FSC Securities Corporation, Stanford Group Co., and Oppenheimer and Co., Inc. FINRA maintains a database of investor complaints and disciplinary and employment history for registered representatives and publishes some of this information on its BrokerCheck website, www.brokercheck.finra.org. According to the Michael Ralby BrokerCheck report, he has been involved in at least one Civil Event and four Customer Disputes, two of which appear to still be pending. Michael Ralby Broker| Michael Ralby Broker LawsuitAccording to Michael Ralby’s BrokerCheck report, his Civil Event appears to be related to a lawsuit concerning his connection to his employer’s Ponzi Scheme. The Stanford Group’s lawsuit against Michael Ralby is in regards to the compensation he allegedly received from Stanford Group in connection with this Ponzi Scheme. One of the Customer Disputes is linked to allegations of violations of Florida statutes that appears to have been settled for over 2 Million Dollars. However, it is unclear if Michael Ralby’s alleged role in the lawsuit was dismissed. Additionally, it appears as if there are two pending arbitrations filed involving Michael Ralby for allegedly misleading customers in regards to Stanford International Bank certificates of deposit while he was employed at the Stanford Group. Based on our experience, we believe that there are more investors who have been the victim of broker misconduct or investment fraud. If you’ve worked with or invested with Michael Ralby, you should contact Peiffer Wolf Carr & Kane immediately for a FREE Consultation. Peiffer Wolf Carr & Kane is currently investigating Michael Ralby’s practices, as well as the products he recommended to individual investors. Concerns about possible broker misconduct and investment fraud are serious, and we are committed to fighting on behalf of investors. Contact Us Today for a FREE Consultation. 585-310-5140 FREE Consultation | 585-310-5140If you believe you were a victim of investment fraud or broker misconduct, it is imperative to take action. Peiffer Wolf Carr & Kane has represented thousands of victims, and we remain committed to fighting on behalf of investors. Contact Peiffer Wolf Carr & Kane today by filling out a Contact Form on our website or by calling 585-310-5140 to schedule a FREE Case Evaluation. from https://securitieslitigators.com/michael-ralby-lawsuit-broker-misconduct/ Who Is Ralph Willard Savoie? | Ralph Willard Savoie LawsuitRalph Willard Savoie defrauded investors for more than three years beginning in 2013, telling his clients that he would invest their money in securities and insurance, and to develop industrial cooling towers, according to court documents. Savoie guaranteed high rates of return to his clients, describing the investment opportunities as a “sure thing. Instead, Savoie spent clients’ money on jewelry, hotels, restaurants, personal credit card bills, car payments and rent. He also used investors’ money on “a risky real estate venture” and to pay off clients who had previously invested their money with him, according to federal court documents. During the timespan of Savoie’s scheme, he was “associated with” multiple brokerage firms, including Fairfield, Iowa-based brokerage firm, Cambridge Investment Research Inc. Cambridge, with which Savoie was associated from roughly July 2013 until August 2015, is mentioned a number of times in court filings, which describe how Savoie used his association with the firm to convince victims to invest with him and, once clients began questioning their investments, to “lull them into believing he was a reputable and trustworthy financial professional who had indeed invested their money as promised.” Broker Ralph Willard Savoie| Ralph Willard Savoie LawsuitAccording to Ralph Willard Savoie’s BrokerCheck report, consented to the sanction and to the entry of findings that he refused to respond to FINRA requests for information and documents during the course of an investigation into allegations that Savoie misappropriated more than $665,000 from at least one member firm customer. One of the Customer Disputes alleges that representative invested $82,142 into an unregistered security named JENCO Steel, LLC in 2009. The claim alleges violations of securities laws, breach of contract, violations of Louisiana securities law, common law fraud, breach of fiduciary duty, and gross negligence. Based on our experience, we believe that there are more investors who have been the victim of broker misconduct or investment fraud. If you’ve worked with or invested with Ralph Willard Savoie, you should Contact Peiffer Wolf Carr & Kane immediately for a FREE Consultation. Peiffer Wolf Carr & Kane is currently investigating Ralph Willard Savoie’s practices, as well as the products he recommended to individual investors. Concerns about possible broker misconduct and investment fraud are serious, and we are committed to fighting on behalf of investors. Contact Us Today for a FREE Consultation. 585-310-5140 FREE Consultation | 585-310-5140If you believe you were a victim of investment fraud or broker misconduct, it is imperative to take action. Peiffer Wolf Carr & Kane has represented thousands of victims, and we remain committed to fighting on behalf of investors. Contact Peiffer Wolf Carr & Kane today by filling out a Contact Form on our website or by calling 585-310-5140 to schedule a FREE Case Evaluation. from https://securitieslitigators.com/ralph-willard-savoie-lawsuit-broker-misconduct/ Who Is John Greg Schmidt? | John Greg Schmidt LawsuitJohn Greg Schmidt was a is a Bellbrook, Ohio broker. This Dayton-area broker was most recently registered with Wells Fargo Advisors Financial Network before getting barred by the industry. Recently, FINRA barred Schmidt from “acting as a broker or otherwise associating with a broker-dealer firm. Schmidt currently has 11 Brokercheck Disclosures, including Regulatory actions, Customer Disputes, and Employment Separation After Allegations. Peiffer Wolf Carr & Kane is currently investigating claims against John Greg Schmidt, a previously registered (now barred from the industry) broker at Wells Fargo Advisors Financial Network in Dayton, OH. According to FINRA’s BrokerCheck website for Public Disclosures, John Greg Schmidt has been the subject of eleven disclosures. Some of the more notable disclosures are as follows: 2007: Customer Dispute – Settled for $80,000 2017: Employment Separation After Allegations – Wells Fargo Advisors Financial Network “disaffiliated with Mr. Schmidt after allegations of unauthorized money movement between clients, and after the Firm was notified of an allegation of the existence of inaccurate statements which appear not to have been generated or approved by the firm.” 2017: Customer Dispute – Settled for $850,000 2017: Customer Dispute – Settled for $199,443.90 2017: Regulatory [FINRA] – Indefinite Bar – “Pursuant to FINRA Rule 9552(h) and in accordance with FINRA’s Notice of Suspension and Suspension from Association letters dated November 29, 2017 and December 26, 2017, respectively, on March 5, 2018, Schmidt is barred from association with any FINRA member in any capacity.” Schmidt “failed to request termination of his suspension within three months of the date of the Notice of Suspension; therefore, he is automatically barred from association with any FINRA member in any capacity.” 2017: Customer Dispute – Settled for $167,059.22 2017: Customer Dispute – Settled for $1,500,000 2018: Customer Dispute – Settled for $704,342.67 2018: Customer Dispute – Settled for $280,000 2018: Civil – Disgorgement by SEC $235,614. SEC’s Allegations state “from at least 2003 through 2017, Schmidt betrayed his customers’ trust by perpetrating a classic fraudulent scheme: he robbed Peter to pay Paul. Schmidt – actin without customer authorization – repeatedly sold securities belonging to some of his brokerage customers and secretly transferred the sale proceeds to cover shortfalls in the accounts of other customers.” 2018: Regulatory [SEC] – Indefinite Bar Since 2007, customer complaints disclosed against John Greg Schmidt have included allegations of “negligence, fraud, breach of fiduciary duty, breach of contract, malpractice, detrimental reliance, unauthorized withdrawals, excessive trading, misrepresentations, misappropriation of funds, falsifying account statements, unauthorized liquidations” and that Schmidt “absconded with monies belonging to client.” To review John Greg Schmidt’s Brokercheck report, click here: https://brokercheck.finra.org/individual/summary/708094 Financial advisors (brokers) have a legal obligation and regulatory obligation to recommend only suitable investments that are appropriate for their individual clients. Their broker-dealer (employing brokerage firm) has a legal obligation and regulatory obligation to supervise the financial advisor’s sales practices and dealings with clients. To the extent that any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses. John Greg Schmidt has worked at multiple firms over the years, including Wells Fargo Advisors Financial Network, Stifel Nicolaus & Company, First Union Securities, First Union Capital Markets, Painwebber, Prudential-Bache Securities, IDS Life Insurance Company, IDS Marketing Corporation, and IDS Financial Services. FINRA maintains a database of investor complaints and disciplinary and employment history for registered representatives and publishes some of this information on its BrokerCheck website, www.brokercheck.finra.org. John Greg Schmidt Broker | John Greg Schmidt LawsuitBased on our experience, we believe that there are more investors who have been the victim of John Greg Schmidt’s alleged broker misconduct and investment fraud. If you’ve worked with or invested with John Greg Schmidt, you should contact Peiffer Wolf Carr & Kane immediately for a FREE Consultation. Peiffer Wolf Carr & Kane is currently investigating John Greg Schmidt’s practices, as well as the products he recommended to individual investors. Concerns about possible broker misconduct and investment fraud are serious, and we are committed to fighting on behalf of investors. Contact Us Today for a FREE Consultation. 585-310-5140 from https://securitieslitigators.com/john-greg-schmidt-lawsuit-broker-misconduct/ Who Is Michael Giokas? | Giokas Wealth AdvisorsIn October 2017, Michael Giokas, founder of Giokas Wealth Advisors in Williamsville, NY, was reportedly arrested on criminal fraud charges. His arrest was the result of an extensive investigation by the FBI’s Buffalo Office concerning allegations that Giokas misappropriated $200,000 from one of his clients. At Giokas’ arraignment, Assistant U.S. Attorney Paul E. Bonanno told the court that the investigation suggests Giokas led his client to believe that $200,000 would be placed in an investment that would yield 8-9% interest. Instead, according to Attorney Bonanno, “… the money was not placed in any investment and was instead spent by the defendant on personal expenses.” According to information disclosed by the Financial Industry Regulatory Authority (“FINRA”) and on FINRA’s BrokerCheck website, Michael Giokas has worked in the securities industry for more than 30 years. Since 1986, Giokas has been affiliated with the following firms:
A disclaimer on Michael Giokas’ FINRA BrokerCheck profile indicates that “FINRA has barred this individual from acting as a broker or otherwise associating with a broker-dealer firm.” Additionally, it lists 9 separate disclosures. Some of the disclosures include: 1991: Employment Separation after Allegations
2000: Customer Dispute
2001: Customer Dispute Allegation: Client alleges the representative made unsuitable recommendations involving 1035 Exchanges of variable annuities and the purchase of B-share mutual funds.
2017: Criminal
2001: Customer Dispute
2018: Regulatory Action Initiated By FINRA
2018: Customer Dispute
FREE Consultation | 585-310-5140If you believe you were a victim of investment fraud or broker misconduct, it is imperative to take action. Peiffer Wolf Carr & Kane has represented thousands of victims, and we remain committed to fighting on behalf of investors. Contact Peiffer Wolf Carr & Kane today by filling out a Contact Form on our website or by calling 585-310-5140 to schedule a FREE Case Evaluation. from https://securitieslitigators.com/michael-giokas-lawsuits-giokas-wealth-advisors-lawsuits/ Legg Mason 401k Performance and Fee InvestigationPeiffer Wolf Carr & Kane is investigating Legg Mason employee 401(k) accounts. Our initial investigation has uncovered that Legg Mason inserted substantial amounts of its own proprietary funds in employee 401(k) accounts, allowing it to earn fees from its employees’ retirement savings. We believe that these actions were aimed at benefiting Legg Mason to the detriment of its employees. Many of the Legg Mason proprietary funds offered in each of its employee 401(k) plans have underperformed and impose higher than average fees. Meaning, Legg Mason is potentially costing participants in its 401(k) plans thousands of dollars in lost retirement savings. By including its own proprietary funds in its employees 401(k) accounts, Legg Mason may be in violation of the regulations which forbid such arrangements under the “prohibited transactions” provisions of The Employee Retirement Income Security Act of 1974 (“ERISA”). Legg Mason 401k LawsuitLegg Mason is an American investment management firm with a focus on asset management and serves customers worldwide. Legg Mason offers products in equities and fixed income, as well as domestic and international liquidity management and alternative investments. Legg Mason provides investment products to individuals, institutions and financial professionals in the US, including wealth management solutions, defined contribution, investment only and sub-advisory services financial services. Primarily, they offer mutual funds and other investments to retirement plans and other investors. Legg Mason offers employees a defined contribution “401k” plan that allows participants to contribute a percentage of their earnings and invest those contributions in one or more investment options offered by the employers’ plans. Legg Mason is a 401k plan fiduciary. As a fiduciary, Legg Mason is responsible for supervising, monitoring, and evaluating the performance of its 401k plans. Many of the Legg Mason proprietary funds offered in their employee 401(k) plans have underperformed and impose higher than average fees. Meaning, Legg Mason is potentially costing participants in its 401(k) plans thousands of dollars in lost retirement savings. By including its own proprietary funds in employee 401(k) accounts, Legg Mason may be in violation of the regulations which forbid such arrangements under the “prohibited transactions” provisions of The Employee Retirement Income Security Act of 1974 (“ERISA”). FREE Consultation | 585-310-5140If you believe you were a victim of predatory lending, investment fraud, or broker misconduct, it is imperative to take action. Peiffer Wolf Carr & Kane has represented thousands of victims, and we remain committed to fighting on behalf of investors. Contact Peiffer Wolf Carr & Kane today by filling out a Contact Form on our website or by calling 504-523-2434 to schedule a FREE Case Evaluation. from https://securitieslitigators.com/legg-mason-401k-performance-and-fee-investigation/ Who Is Bryon Martinsen? | Bryon Martinsen LawsuitBryon Martinsen is a Kings Park, New York broker. Martinsen is currently registered with Centaurus Financial and was previously registered with AXA Advisors. Martinsen currently has 9 Brokercheck Disclosures, including a pending Customer Dispute for “unsuitable investments and several other allegations.” Peiffer Wolf Carr & Kane is currently investigating claims against Bryon Martinsen, a registered broker at Centaurus Financial in Northport, NY. According to FINRA’s BrokerCheck website for Public Disclosures, Bryon Martinsen has been the subject of nine disclosures. Some of the more notable disclosures are as follows: 1999: Employment Separation After Allegations – AXA Advisors discharged him because “Martinsen was involved in outside business activities which he had previously been advised to cease and desist.” 2005: Customer Dispute – Settled for $50,000 2007: Customer Dispute – Settled for $7,227 2014: Customer Dispute – Settled for $87,5000 2018: Customer Dispute – Settled for $10,000 2019: Pending Customer Dispute – Damages Requested: $127,000. “Customer primarily alleges that the financial advisor recommended unsuitable investments and several other allegations associated therewith from September 2009 through 2015. Since 2005, customer complaints disclosed against Bryon Martinsen have included allegations of “unsuitable investments, misrepresentations, omissions of material risk, breach of fiduciary duty, common law fraud, negligence,” and “breach of industry rules pertaining to the purchases of non-traded real estate investment trusts.” To review Bryon Martinsen’s Brokercheck report, click here: https://brokercheck.finra.org/individual/summary/1621649 Financial advisors (brokers) have a legal obligation and regulatory obligation to recommend only suitable investments that are appropriate for their individual clients. Their broker-dealer (employing brokerage firm) has a legal obligation and regulatory obligation to supervise the financial advisor’s sales practices and dealings with clients. To the extent that any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses. Bryon Martinsen has worked at multiple firms over the years, including Centaurus Financial, AXA Advisors, and The Equitable Life Assurance Society of the United States. FINRA maintains a database of investor complaints and disciplinary and employment history for registered representatives and publishes some of this information on its BrokerCheck website, www.brokercheck.finra.org. Bryon Martinsen Broker | Bryon Martinsen LawsuitBased on our experience, we believe that there are more investors who have been the victim of Martinsen’s alleged broker misconduct and investment fraud. If you’ve worked with or invested with Bryon Martinsen, you should contact Peiffer Wolf Carr & Kane immediately for a FREE Consultation. Peiffer Wolf Carr & Kane is currently investigating Bryon Martinsen’s practices, as well as the products he recommended to individual investors. Concerns about possible broker misconduct and investment fraud are serious, and we are committed to fighting on behalf of investors. Contact Us Today for a FREE Consultation. 585-310-5140 from https://securitieslitigators.com/bryon-martinsen-lawsuit-broker-misconduct/ |
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We have helped thousands of investors recover money they lost as a result of investment fraud, Ponzi schemes, broker misconduct, unsuitable investment recommendations, abusive practices by financial institutions, or corporate misconduct. ArchivesNo Archives Categories |