Misrepresentations and Omissions Archives

Misrepresentations and Omissions

SEC Charges Bankrupt 1 Global Capital and Its CEO of Operating Alleged $287 Million Loan Fraud

Adam J. Marquardt September 2, 2018

There is a new development in the 1 Global Capital and 1 West Capital bankruptcy and fraud investigations previously reported by Marquardt Law Office LLC. On August 29, 2018, the Securities and Exchange Commission (“SEC”) announced it filed charges against 1 Global Capital LLC and its CEO, Carl Ruderman. The SEC filed its complaint in

Settled Claims Implicating Ex-Broker John Greg Schmidt Exceed $1.7 Million

Adam J. Marquardt August 31, 2018

According to FINRA public records, former Dayton, Ohio based broker John Greg Schmidt (Greg Schmidt or John Gregory Schmidt) has five disclosed customer disputes. FINRA (Financial Industry Regulatory Authority, Inc.) registers and regulates brokers and brokerage firms. Wells Fargo discharged Schmidt in November 2017. Between October 2007 and January 2018, customers filed private arbitration claims

Invest with Brian Royster? Two of the Barred Broker’s Customers Recently Settled Claims.

Adam J. Marquardt August 31, 2018

According to FINRA public records, barred broker Brian Lamont Royster (Brian Royster) has three disclosed customer disputes. FINRA (Financial Industry Regulatory Authority, Inc.) registers and regulates brokers and brokerage firms. Between October 2013 and January 2018, customers filed disputes seeking damages for Brian Royster’s alleged misconduct. Allegations include he recommended and misrepresented annuities that were

Customer Disputes against Former Wells Fargo Broker David Manor

Adam J. Marquardt August 6, 2018

According to FINRA public records, former broker David Manor has two disclosed customer disputes. FINRA (Financial Industry Regulatory Authority, Inc.) registers and regulates brokers and brokerage firms. Customers filed the disputes against Manor between January 2016 and April 2018. The first claim alleged misrepresentation of an investment and an unsuitable investment recommendation. This claim settled

Former Morgan Stanley Broker Francis Ciabattoni has Pending Customer Dispute

Adam J. Marquardt July 31, 2018

FINRA public records show two disclosed customer disputes against former broker Francis John Ciabattoni. FINRA (Financial Industry Regulatory Authority, Inc.) registers and regulates brokers and brokerage firms. Francis Ciabattoni has one settled customer dispute filed in February 1999 and one pending dispute filed in March 2018. The settled claim alleged unsuitable investments and misrepresentations. The

Allegations of Unsuitability and Misrepresentation for Former Broker Michael Bingham Ballard

Adam J. Marquardt July 25, 2018

According to FINRA public records, former broker Michael Bingham Ballard (Mike Ballard) has seven disclosed customer disputes. FINRA (Financial Industry Regulatory Authority, Inc.) registers and regulates brokers and brokerage firms. Customers filed the disputes against Ballard between May 2014 and January 2018. Four claims have settled for amounts ranging from $25,000 to $531,120. One claim

Raul Juan Escudero Villeta Has Nineteen Disclosed Customer Disputes

Adam J. Marquardt June 5, 2018

According to Financial Industry Regulatory Authority, Inc. (FINRA) public records, broker / investment advisor Raul Juan Escudero Villeta (“Raul Escudero”) has nineteen disclosed customers disputes. FINRA registers and regulates brokers and brokerage firms. Raul Escudero’s customers filed the claims between January 2015 and April 2018. Five of the claims resulted in collective settlements to customers

Leon Vaccarelli Indicted on Criminal Charges for Alleged Theft

Adam J. Marquardt May 14, 2018

On May 14, 2018, the Securities and Exchange Commission (SEC) announced that federal prosecutors filed federal criminal charges against Leon Vaccarelli. A federal grand jury in New Haven, Connecticut returned a 12-count criminal indictment against Vaccarelli for fraud and money-laundering. The charges are in connection with allegations Vaccarelli defrauded individuals out of more than $1

Fifth Third Securities Fined $4 Million for Exchanges of Variable Annuities

Adam J. Marquardt May 9, 2018

On May 8, 2018, the Financial Industry Regulatory Authority (FINRA) announced that it fined Fifth Third Securities, Inc. $4 million. FINRA, the self-regulator of securities brokerages, levied the fine in connection with its investigation of Fifth Third’s variable annuities exchanges occurring from 2013 through 2015. FINRA also ordered Fifth Third to pay a total amount

Jason Harris Klabal’s Former Customers May Still Have Options to Recover Losses

Adam J. Marquardt May 7, 2018

On February 12, 2018, the Financial Industry Regulatory Authority, Inc. (FINRA) permanently barred Jason Harris Klabal from associating in any capacity with FINRA member firms. FINRA registers and regulates brokers and brokerage firms. Previously, FINRA suspended Klabal on December 4, 2017 for alleged misconduct. FINRA said it permanently barred Klabal after he failed to request

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