When brokers violate FINRA rules or federal securities regulations—by stealing customer funds, recommending unsuitable investments, or refusing to provide on-the-record testimony to FINRA—the Financial Industry Regulatory Authority holds them to account. FINRA publicizes disciplinary actions taken against brokers in their monthly round-up. The full March 2020 report can be viewed here.  In the most serious…

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Mark Cline (CRD#: 3206962), a registered representative with National Securities Corporation (CRD#: 7569) in Wildwood, Florida, is currently involved in 12 customer disputes over unsuitable investments, according to his BrokerCheck record accessed on March 3, 2020. All of the disputes involve allegations that Mark Cline recommended unsuitable investments. Date of Customer Dispute Nature of Dispute…

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Eddie Shechter (CRD#: 2772177), a registered representative with Spencer-Winston Securities Corporation (CRD#: 8300) in Jersey City, New Jersey, has been suspended by FINRA, the Financial Industry Regulatory Authority, according to his BrokerCheck record accessed on January 16, 2020. What allegedly happened to lead to Eddie Shechter’s suspension from the securities industry? On November 17, 2019,…

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Darren Oglesby (CRD#: 2480135), a registered representative with Money Concepts Capital Corp. (CRD#: 12963) in Monroe, Louisiana, is currently involved in a $100,000 customer dispute over suitability, according to his BrokerCheck record accessed on January 6, 2010. What happened to lead to Darren Oglesby’s involvement in this $100,000 customer dispute? Customers alleged that the investment…

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JoePat Roop (CRD#: 2774470), a registered representative with Dempsey Lord Smith, LLC (CRD#: 141238) in Belmont, North Carolina, is currently involved in a customer dispute in which a client alleges that he recommended unsuitable alternative investments, including Real Estate Investment Trusts (REITs), according to his BrokerCheck record accessed on January 3, 2020. The activity in…

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Gerald Dewes, formerly a registered representative with Cadaret, Grant & Co., Inc. (CRD#:2465538), has been terminated from his position with that firm for allegedly selling away from the firm, according to his BrokerCheck record accessed on January 7, 2020. What happened for Gerald Dewes to be terminated for allegedly selling away from his member firm?…

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George Schmidt (CRD#: 1082936), formerly a registered representative with Lincoln Financial Advisors Corporation (CRD#: 3978) in Melville, New York, has been terminated from his position at Lincoln Financial Advisors on November 19, 2019 after acting as a trustee for someone who was not a member of his immediate family member, according to his BrokerCheck report…

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Lance Armstrong (CRD#: 4592423), formerly a registered representative with Raymond James Financial Services in Columbia, New Jersey, has been barred from the securities industry, according to his BrokerCheck record accessed on December 18, 2019. On November 12, 2019, Lance Armstrong consenting to the finding that he refused to private on-the-record testimony as requested by FINRA,…

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Chander Goel (CRD#: 4588999), formerly a registered representative with MML Investors Services, LLC (CRD#: 10409) in New York, New York, was terminated from his position at MML Investors Services, LLC on October 11, 2019, according to his BrokerCheck record accessed on December 11, 2019. What happened? Chander Goel was “in connection with inappropriate traditional insurance…

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Rushdi Zalatimo (CRD#: 3105039), a registered representative with National Securities Corporation (CRD#: 7569) of Jersey City, New Jersey, is currently involved in a $200,000 customer dispute over private placements, according to his BrokerCheck record accessed on December 11, 2019. On September 3, 2019, he became involved in a customer dispute in which a client alleged…

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