Recently, professional athletes and various high-profile celebrities have joined in on the boom of SPACs (Special Purpose Acquisition Companies), causing the U.S. Securities Exchange Commission to caution investors about investments in SPACs. Athletes like Stephen Curry, Serena Williams, Alex Rodriguez, and Colin Kaepernick are among those notable names who have invested in SPACs.
FINRA registered broker Masood Husain Azad (also known as Mike H. Azad) has been barred by the regulatory authority following allegations from clients dating back to 2017. First Allied Securities Inc. terminated Mr. Azad’s employment in May of 2017 following allegations of violating a Firm policy regarding borrowing money from clients. Azad was also allegedly engaging in outside business activity and unapproved private securities transactions.
Ameriprise Broker Mark Joseph Sachse Discharged and Barred Following Allegations of Fraud and Misconduct
Mark Joseph Sachse is a previously registered broker and investment adviser who has been barred by FINRA following allegations of violating company policies and recommending unsuitable investments to his clients.
According to FINRA’s BrokerCheck, James Henry Dresselaers has had his FINRA registration revoked as of December 2019 following failure to pay fines and/or costs. The former broker had 34 years of experience in the securities industry associated with six different firms. Including three regulatory finals, there have been eight disclosures involving Mr. Dresselaers.
Levin Papantonio Rafferty may be able to help you recover your losses in the Hospitality Investors Trust. Hospitality Investors Trust (HIT) is a publicly registered non-traded real estate investment trust (REIT), formerly known as American Realty Capital Hospitality Trust. Thousands of investors who were sold HIT have suffered severe losses. Shares were originally sold to most investors at $25 a share. The estimated current value of a share based on limited secondary trading values is less than $1, and HIT has now filed for bankruptcy.
Experts have yet to identify the factors that prompted the collapse of a condo in Surfside, Florida. Knowing what brought the 12-story building down will be essential to evaluating the safety of other buildings, as well as to determine legal liability for residents who seek to recover damages.
Miami-Dade State Attorney Katherine Fernandez Rundle committed to having a grand jury study the building’s collapse and start paving the way to accountability for the disaster.
The judge who is presiding over a federal multidistrict litigation (MDL) for Paraquat lawsuits scheduled a conference for June 23, 2021, wherein defendants’ and plaintiffs’ lawyers will meet for the first time. Plaintiffs in the lawsuits consist largely of agricultural workers and farmers who developed Parkinson’s disease after being exposed to the Paraquat herbicide.
Broker Tamber King Proctor Accused of Unsuitable Recommendations of NorthStar REIT and FS Energy & Power Fund
Two investors have filed complaints against previously registered broker Tamber King Proctor, according to Financial Industry Regulatory Authority’s (FINRA) BrokerCheck report. Both complaints center on Proctor’s activities while working for LPL Financial LLC, in Waynesboro, MS. One dispute settled, while the other remains pending.
A BrokerCheck report on previously registered broker and investment adviser Joia Evans reveals that Financial Industry Regulatory Authority (FINRA) has barred her from acting as a broker or otherwise associating with a broker-dealer firm.
Evans, who worked as a registered broker with TIAA-CREF between 2015 and 2020, also went by the names of Joia Thomas and Joia Webb. Prior to her employment with TIAA-CREF, Evans worked as a broker for Edward Jones from 2014-2015.
Financial Industry Regulatory Authority (FINRA) has issued a BrokerCheck report on David Brian Zuber, a previously registered broker and investment adviser that FINRA has barred from acting as a broker or otherwise associating with a broker-dealer firm.
Zuber worked with Securities America, Inc. starting in February 2011. He also was employed by Arbor Point Advisors (as of September 2016) and JK Investment Group, Inc. (March 2011 to August 2016).
FINRA has barred previously registered broker Philip Joseph Sparacino. Additionally, the New Jersey Bureau of Securities opened an investigation after he allegedly employed a device, scheme, or artifice to defraud customers. Prior to being barred, Mr. Sparacino had 11 years of experience with six different firms.
Since at least June of 2019, Sparacino had allegedly been engaging in a pattern of unauthorized, excessive, unsuitable, and fraudulent trading activity on behalf of customers.
The first trial among multiple claims filed against Paraquat makers and distributors was delayed. It was the most recent of several delays for this highly anticipated litigation. The claim involves a man who developed Parkinson’s disease after decades of exposure to Paraquat.
Thomas Hoffman worked as a farmer. According to his complaint, the plaintiff was first exposed to Paraquat when he was in the fifth grade, and the exposure continued for decades in the course of Hoffman’s farming work. He died in 2017, only 23 days after filing his lawsuit.
Brian Patrick Horsman is a previously FINRA-registered broker who was registered with Blue Sand Securities LLC from 2007 until October of 2020. According to Horsman’s BrokerCheck profile, he has 16 years of experience from working with three firms.
Marc Korsch is currently registered with Arkadios Capital and has been registered in the securities industry for 11 years. Mr. Korsch has been the subject of multiple customer complaints.
In October 2020, a client alleged Mr. Korsch of investing their accounts in unsuitable and high-risk investments from July 2014 until the dispute was opened. The client is requesting $100,000 in alleged damages and the case is pending.
Joseph Ijong Chu is currently registered with RBC Capital Markets in Connecticut. In the past, Mr. Chu has been associated with Merrill Lynch, Pierce, Fenner & Smith. He has five disclosures on his BrokerCheck record in his 18 years of experience.
Allegations against Mr. Chu include:
FINRA has suspended Joseph Ambrosole, a broker previously registered with Joseph Stone Capital following allegations of excessive trading in accounts to generate commissions for himself. There are several more disclosures on his record alleging excessive trading.
Broker Ignacio Erhart Del Campo Suspended by FINRA Following Alleged Unauthorized Trades in Deceased Client’s Account
FINRA registered broker Ignacio Erhart Del Campo has been suspended for two months after allegedly engaging in unauthorized trading and exercising discretion in a client’s account without proper authorization. FINRA fined Mr. Erhart Del Campo $7,500 and ordered him to pay $19,189 plus interest in restitution.
State of New Jersey Penalizes Broker Gary Richard Scheer $750,000 Following Breach of Fiduciary Duty
FINRA issued a regulatory fine for Gary Richard Scheer following allegations of breaching fiduciary duties to clients by recommending and selling unregistered securities tied to Ponzi schemes.
The Business Development Corporation of America (BDCA) was a speculative and high risk closed-end management investment company which was structured as a business development company. If you were recommend to invest in BDCA by your broker or advisor, you may have a right to bring a claim to recover your losses.