The White Law Group, LLC » CRD

Investigation Regarding Trading Practices of Sarasota, Florida Financial Advisors David Cusano and Clyde Thornburg

CarterPA — Sun, 11 Jul 2010 02:30:33 +0000

The White Law Group is investigating a possible securities fraud claim on behalf on an investor involving former NEXT Financial financial advisors Clyde Thornburg and David Cusano. Specifically, we are investigating whether NEXT Financial failed to supervise Thornburg and Cusano’s frequent trading of Unit Investment Trust (”UITs”) investments, REITs, and annuities. Based on our preliminary investigation, it appears that Thornburg and Cusano were buying and selling these high commission products solely for the purpose of generating commissions (UIT, REITs and annuities are some of the highest commission products offered by broker-dealers).

According to their FINRA Broker Reports, Clyde Thornburg has worked as a registered representative in Sarasota, Florida at NEXT Financial, Woodbury Financial Services, and SII Investments while David Cusano has worked as a registered representative in Sarasota, Florida at NEXT Financial, SII Investments, J.P. Turner & Co., and J.W. Cole Financial

If you have any information that may assist The White Law Group in its investigation, please contact our Boca Raton, Florida office at 561-961-5411.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida. With over 30 years of securities law experience, including experience working at FINRA (f/k/a the NASD) and the SEC, The White Law Group has the expertise to help investors defrauded in securities, investment and financial business transactions. For more information on The White Law Group, please visit our website at http://www.whitesecuritieslaw.com.

Investigation Into Washington Mutual Bonds Sold by Securities America

CarterPA — Thu, 01 Jul 2010 00:49:15 +0000

The White Law Group is investigating the sales practices of Securities America with respect to Washington Mutual Bonds. The firm is currently representing an investor that was sold Washington Mutual bonds after it was apparent that Washington Mutual was in financial trouble. The recommendation to purchase the Washington Mutual bonds, made by Securities America, was inappropriate in light of the investor’s age, investment experience, and net worth.

The financial advisor that solicited the investment in the Washington Mutual bond in the case that we are investigating was Securities America financial advisor Paula Dorian-Gray.

If you have any information that may assist us in our investigation on behalf of this investor, please contact our Chicago office at 312-238-9650.

Christopher William Shanahan, a former financial advisor in Westlake, Ohio, barred from securities industry.

CarterPA — Tue, 15 Jun 2010 20:10:59 +0000

FINRA recently announced that Christopher William Shanahan, a former financial advisor in Westlake, Ohio, has been barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Shanahan consented to the described sanction and to the entry of findings that he misappropriated more than $30,000 from his member firm.

According to his FINRA Broker Report (CRD), Christopher William Shanahan was previously a registered representative with Sentinel Financial Services Company, a registered broker-dealer based in Montpelier, Vermont, American Century Investment Services, a registered broker-dealer based in Kansas City, Missouri, and Putnam Retail Management, a registered broker-dealer based in Boston, Massachusetts.

If you have questions regarding investments you made with Christopher William Shanahan, or if you believe that you have been the victim of a securities fraud, The White Law Group may be able to help. The White Law Group is a national securities fraud, securities arbitration and investor protection law firm with offices in Chicago, Illinois and Boca Raton, Florida. The firm has over 30 years of experience reviewing securities fraud claims and handles matters throughout the country and Ohio, including reviewing securities fraud cases in Westlake, Cleveland, Shaker Heights, Toledo, Akron, and Sandusky. To contact the firm, please call 312-238-9650. Or, for more information on The White Law Group, please visit our website at http://www.whitesecuritieslaw.com.

Richard Albert Seefried, a financial advisor in Spokane, Washington, suspended by FINRA.

CarterPA — Tue, 15 Jun 2010 19:59:16 +0000

FINRA recently announced that Richard Albert Seefried, a financial advisor in Spokane, Washington currently registered with GVC Capital, LLC, has been suspended from association with any FINRA member in any capacity for three months. The suspension is effective from April 19, 2010 through July 18, 2010. Without admitting or denying the allegations, Seefried consented to the described sanction and to the entry of findings that he exercised discretion in a customer’s account without the customer’s prior written authorization or his member firm’s acceptance of the account as discretionary.

According to his FINRA Broker Report (CRD), prior to working at GVC Capital, Richard Albert Seefried was a registered representative with Paulson Investment Company, a FINRA registered broker-dealer based in Spokane, Washington, J.P. Turner & Co., a FINRA registered broker-dealer based in Atlanta, Georgia, and Schneider Securities, Inc., a FINRA registered broker-dealer based in Denver, Colorado.

If you have questions regarding investments you made with Richard Seefried, or if you believe that you have been the victim of a securities fraud, The White Law Group may be able to help. The White Law Group is a national securities fraud, securities arbitration and investor protection law firm with offices in Chicago, Illinois and Boca Raton, Florida. The firm has over 30 years of experience reviewing securities fraud claims and handles matters throughout the country and Washington, including reviewing securities fraud cases in Spokane, Seattle, Tacoma, Yakima, Everett, Bellevue, and Olympia. To contact the firm, please call 312-238-9650 or 561-961-5411. Or, for more information on The White Law Group, please visit our website at http://www.whitesecuritieslaw.com.

Michael John Rukujzo, a former financial advisor in Plainfield, Illinois, barred from securities industry.

CarterPA — Mon, 14 Jun 2010 19:41:51 +0000

FINRA recently announced that Michael John Rukujzo, a former financial advisor in Plainfield, Illinois, has been barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Rukujzo consented to the described sanction and to the entry of findings that he participated in the negotiation and consummation of an Asset Purchase Agreement transaction, involving another FINRA member, a non broker-dealer entity and an entity which was a customer of his member firm. The findings further stated that the transaction resulted in the transfer, from the other FINRA member, of multiple customer mutual fund positions for which Rukujzo’s firm had become the dealer of record to the dominion and control of his firm’s customer (the entity), which exposed customers’ accounts to losses as a result of the entity’s speculative margin trading. The findings also stated that Rukujzo’s firm facilitated the transfer of certain positions held directly at mutual fund companies to an omnibus margin account held and maintained at the firm’s clearing firm in the name of the entity, for which the firm was the broker-dealer of record. The findings also included that the firm advised its clearing firm that the customers had authorized the use of their mutual fund assets as collateral when in fact, the customers did not sign any margin authorization forms, and information sent to the customers did not mention a margin account, the use of margin in investment strategies, or the use of the customer’s assets as collateral to support margin trading in the omnibus account. Finally, the findings stated that Rukujzo allowed an unregistered person to function as a representative and the firm’s principal without being registered.

According to his FINRA Broker Report (CRD), throughout his career, Michael John Rukujzo was a registered representative with Traderight Securities, a FINRA registered broker-dealer based in Dallas, Texas, Peregrine Financials & Securities, a Chicago based broker-dealer, and Linsco/ Private Ledger Corp., a Boston, Massachusetts registered broker-dealer.

If you have questions regarding investments you made with Michael Rukujzo, or if you believe that you have been the victim of a securities fraud, The White Law Group may be able to help. The White Law Group is a national securities fraud, securities arbitration and investor protection law firm with offices in Chicago, Illinois and Boca Raton, Florida. The firm has over 30 years of experience reviewing securities fraud claims and handles matters throughout the country and Illinois, including reviewing securities fraud cases in Plainfield, Joliet, Aurora, Naperville, Orland Park, Bolingbrook, and Chicago. To contact the firm, please call 312-238-9650 or 561-961-5411. Or, for more information on The White Law Group, please visit our website at http://www.whitesecuritieslaw.com.

FINRA Proposes Further Expansion of Broker Information Publicly Available Through BrokerCheck

CarterPA — Thu, 25 Feb 2010 19:17:11 +0000

The Financial Industry Regulatory Authority (FINRA) recently announced that it is seeking authority to significantly expand the amount of information available to the public on current and former securities brokers (financial advisors) through its free online BrokerCheck service.

The proposed expansion – which FINRA will submit to the Securities and Exchange Commission (SEC) in the near future – would increase the number of customer complaints reported publicly; extend the public disclosure period for the full record of a broker who leaves the industry from two years to 10 years; and, make certain information about former brokers available permanently, such as criminal convictions and certain civil and arbitration judgments.

Specifically, FINRA’s proposed expansion of BrokerCheck would:

· Disclose all “historic” complaints against a broker dating back to 1999, when electronic filing of broker information began. Generally, historic complaints are customer complaints, arbitrations or litigations more than two years old that have not been adjudicated or have been settled for an amount less than the reporting requirement (currently $15,000). They are currently reported on BrokerCheck when the broker has three or more currently disclosable regulatory actions, customer complaints, arbitrations, litigations or historic complaints. The new proposal would disclose all historic complaints dating back to 1999 for individual brokers who are currently registered or whose registrations were terminated within the preceding two years. If the SEC approves the entire package of BrokerCheck expansion proposals, the reporting of historic complaints would apply to brokers whose registrations were terminated within the preceding 10 years.

· Expand the disclosure period for former brokers. Currently, a broker’s record is publicly available for two years after he or she leaves the securities industry. That two-year period coincides with the period in which an individual remains subject to FINRA’s jurisdiction and within which an individual can return to the industry without having to take requalifying exams. The new proposal calls for making a former broker’s record public for 10 years, so investors can access information about individuals who may work in other sectors of the financial services industry or who have attained other positions of trust.

· Further expand the amount of information that is permanently available on former brokers. Last year, BrokerCheck started making information about final regulatory actions (i.e., bars, suspensions, fines, etc.) against former brokers permanently available to the public. The new proposal would make additional information permanently available – including criminal convictions or pleas of guilty or nolo contendere; civil injunctions or findings of involvement in a violation of any investment-related statute or regulation; and arbitration awards or civil judgments based on the individual’s involvement in an alleged sales practice violation.

If you have questions about the FINRA Broker Check system, or about the employment history of your financial advisor, the Law Office of David A. Carter, P.A., may by able to help. David A. Carter is a South Florida securities lawyer based in Boca Raton, Florida. He reviews securities fraud cases throughout the country and Florida, including reviewing securities fraud cases in Delray Beach, Deerfield Beach, Parkland, Plantation, Highland Beach, Lighthouse Point, Pompano Beach, and Fort Lauderdale. To contact the Law Offices of David A. Carter, P.A., call 561-750-6999 or e-mail us at contact@carterpa.com. For more information on the firm, please visit our website at http://www.carterpa.com.