South Florida Arbitration & Litigation Lawyer Blog

FINRA Theft and Unauthorized Use of Customer Funds Arbitration Attorney, Russell L. Forkey, Esq. September, 2011: Devin Raj Anand (CRD #5160369, Registered Representative, Calabasas, California) was barred from association with any FINRA member in any capacity. The sanction was based on findings that Anand converted customer funds by wiring funds totaling $51,289 from the customer’s…

FINRA Mutual Fund and Negligent Supervision Arbitration Attorney, Russell L. Forkey, Esq. September, 2011: Veritrust Financial, LLC (CRD #106594, Austin, Texas) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured, fined $90,000 and ordered to pay $34,105.40, plus interest, in restitution to customers. Without admitting or denying the findings, the…

FINRA Auction Rate Securities Arbitration Attorney, Russell L. Forkey, Esq. September, 2011: Fidelity Brokerage Services LLC (CRD #7784, Smithfield, Rhode Island) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured, fined $375,000, and agreed to make an offer to repurchase illiquid auction rate securities (ARS) from certain customers who purchased…

FINRA Arbitration Unapproved Outside Business Activity and Failure to Supervise Attorney, Russell L. Forkey, Esq. September, 2011: Thomas Michael Aretz (CRD #1083897, Registered Representative, Destin, Florida) was barred from association with any FINRA member in any capacity and ordered to pay $251,907, plus interest, in restitution to customers. The sanctions were based on findings that…

CMO FINRA Arbitration Fraud, Misrepresentation, Negligent Supervision Attorney, Russell L. Forkey, Esq. September, 2011: Investors Capital Corp. (CRD #30613, Lynnfield, Mass) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured, fined $200,000 and consented to undertake a comprehensive review of its policies and procedures concerning suitability of CMOs, and the…

FINRA Fraudulent Cold-Calling Arbitration Attorney, Russell L. Forkey, Esq. September, 2011: iTRADEdirect.com Corp. (CRD® #18281, Boca Raton, Florida) was expelled from FINRA® membership. The sanction was based on findings that the firm’s registered representatives cold-called potential customers from a boiler room, opened accounts for people who never agreed to be firm customers and made unauthorized…

Fraud, Misrepresentation, Theft, Mismanagement, and Negligent Supervision FINRA Arbitration and Litigation Lawyer, Russell L. Forkey, Esq. is available for a free consultation if you have suffered investment losses relative to any of the matters set forth below: Periodically, the Financial Industry Regulatory Authority, Inc. (FINRA) publically announces, on its website, enforcement actions that have either…

Stock Broker Fraud and Misrepresentation FINRA Arbitration and Litigation Attorney, Russell L. Forkey, Esq. January, 2012: Joseph James Sciarra Jr. (CRD #1576322, Registered Principal, Wellington, Florida) was barred from association with any FINRA member in any capacity and ordered to pay $393,935, plus interest, in restitution to a customer’s estate. The sanctions were based on…

FINRA Arbitration Attorney Representing Foreign Investors against U.S. FINRA Licensed Brokerage Firms and Account Executives. August, 2011: Evely de Jesus Vivenes de Villalon (CRD #2957650, Foreign Associate, Caracas Mirowda, Venezuela) was barred from association with any FINRA member in any capacity. The sanction was based on findings that Vivenes de Villalon failed to respond to…

FINRA Negligent Supervision and Unauthorized Outside Business Activity Attorney, Russell L. Forkey, Esq. August, 2011: Cheryl Ann Villani (CRD #4662140, Registered Representative, Brookline, New Hampshire) submitted a Letter of Acceptance, Waiver and Consent in which she was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Villani consented…