Financial

Japanese Couple Seeks Up To $500K in Northstar (Bermuda) Damages A Japanese couple has filed an investor claim against Bank of Hawaii subsidiary, Bankoh Investment Services, Inc. for losses they suffered in Northstar Financial Services (Bermuda). The off-shore investment was recommended to them by broker Yoko Farias, who has been under scrutiny for some time for selling Northstar Financial Services (Bermuda) investment products to clients. The claimants are an older couple who live in Japan where they set up a basic checking account at Bank of Hawaii’s branch in Tokyo. These inexperienced investors were introduced to Farias, who recommended…
Former Vancouver, Washington Financial Adviser Has 21 Disclosures On Record  Jeffrey Raymond Dixson, an ex-Madison Avenue Securities investment advisor and stockbroker, is the subject of at least 10 Financial Industry Regulatory Authority (FINRA) arbitration claims in which the customers are seeking damages for their GPB private placement losses.  The investments were issued by GPB Capital Holdings, which is now accused of running an over $1.8B Ponzi scam that defrauded more than 17,000 investors. Madison Avenue Securities is one of many broker-dealers that earned over $160M in commissions from selling GPB alternative investments.  Continue Reading › The post Ex-Madison Avenue Securities
Denver Financial Advisor Mark Barrand Named in Pending Customer Disputes  Mark Allen Barrand, an Ameriprise Financial broker based in Denver, has nine customer claims on his BrokerCheck record. The most recent one, brought in February 2021, was from his time as a Cetera Advisors registered representative.  Barrand has worked 14 years in the industry, and he is also an investment adviser. Other firms where he used to be registered include Legacy Advisor Services and Legacy Financial Services. Continue Reading › The post Ex-Cetera Advisors Broker Mark Barrand Accused of Making Unsuitable Investment Recommendations appeared first on Investor Lawyers Blog
Florida Energy 11 Investor Alleges Unsuitability, Misrepresentations and Omissions A senior investor says that a David Lerner Associates broker unsuitably recommended that she invest in Energy 11, LP. This non-public limited partnership has been exclusively marketed and sold by the broker-dealer to its clients, costing many of them significant investment losses. Many of these customers should never have been advised to purchase this oil and natural gas private placement.  Our Energy 11 investment fraud attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) are representing this retiree in her Financial Industry Regulatory Authority (FINRA) arbitration claim to…
New York Financial Adviser Has Multiple Customer Disputes on Record The Financial Industry Regulatory Authority (FINRA) has suspended ex-MML Investors Services LLC broker Adam Gerard Belardino. The suspension runs from February 2021 until Belardino either provides the information that the self-regulatory organization (SRO) has requested or the suspension becomes a permanent bar.  Belardino, who is also a former registered investment advisor, has several disclosures on his BrokerCheck, including six customer disputes. MML Investors Services fired Belardino in 2019. The firm, in its Form U5, said that this was in connection to a customer complaint accusing the then-broker of excessive trading
In In the Estate of Johnson, a child of the decedent accepted over $143,000 from the decedent’s estate and then decided to challenge the will due to mental capacity and undue influence. No. 20-0424, 2021 Tex. LEXIS 426 (Tex. May 28, 2021). The trial court ruled that the child could not accept a benefit under the will and then challenge the will and dismissed the child’s claim. The court of appeals reversed, holding that the child did not receive anything that the child would not also receive if there was no will, and therefore, she was not inconsistent and was…
The Texas Legislatures recently passed a bill that takes effect on September 1, 2021 that extends the rule against perpetuities to 300 years for trusts. The Legislature forwarded the bill (HB 654) to the governor on May 20, 2021, but he has not yet signed the bill into law. But unless he vetoes the bill, it will become law after ten days. The Texas Constitution prohibits perpetuities: “Perpetuities and monopolies are contrary to the genius of a free government, and shall never be allowed . . . .” Tex. Const. art. I, § 26. A perpetuity is a restriction on…
Ex-Florence Capital Advisors Principal is Accused of Breach of Fiduciary Duty  Old City Securities registered representative Gregory Alain Hersch is accused of negligence, breach of fiduciary, misrepresentations, and other claims. In one investor fraud case, the customer is seeking up to $1.4M in damages. Hersch, who is based out of New York, is also the owner of Florence Capital Advisors. The investor claims they suffered losses from investing in FF Fund I, LP, which is a private equity fund, and they are pursuing their claim against Florence Capital Advisors and Hersch. Shepherd Smith Edwards and Kantas (SSEK Law Firm) are…
New Jersey Financial Advisor’s Victims Included Older Investors Who Spoke Spanish Ramon Arturo Herrera, a former Wells Fargo (WFC) registered representative, is sentenced to 27 months in prison and three years of supervised release. The former New Jersey financial advisor pleaded guilty to wire fraud for bilking approximately 40 clients of $450K. Herrera worked five years in the industry. The entire time, he was a Wells Fargo broker until 2018. That is the same year that Financial Industry Regulatory Authority (FINRA) barred him from the industry.  The following year, Herrera was expelled by the New Jersey Bureau of Securities.  Continue
GPB Capital’s Auto Group has released more bad news about the financial condition of the company and the likelihood that it can continue as a substantial concern.  Specifically, the New York-based private equity firm, GPB Capital Holdings, LLC produced recent filings with the Securities and Exchange Commission which included additional financial information.  The parent company is already facing multiple civil fraud charges for their Ponzi scheme and the recent ability to maintain business as usual does not come as a shock to our experienced attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm).  SEC Filing Reveals Uncertain Future Ahead…