Posts Tagged ‘failure to supervise’
FINRA Alleges that Cetera Failed to Supervise Advisers, Fines Firm $1 Million
The Financial Industry Regulatory Authority (FINRA) has fined Cetera Advisor Networks, Cetera Advisors, and Cetera Financial Specialists $1 million, following allegations that Cetera failed to supervise its representatives. FINRA requires that firms supervise their registered representatives to ensure that they only recommend financial products that suit their customers’ needs. On December 9, 2020, Cetera entered…
Read MoreBrett Briggs Barred Following Allegations that He Failed to Supervise
Brett Briggs (CRD #: 1226255), a broker registered with Western International Securities, has been barred by FINRA, according to his BrokerCheck record, accessed on December 22, 2020. Details of FINRA’s action along with descriptions of his previous disclosures are provided below. On November 17, 2020, Brett Briggs was barred by FINRA, following allegations that he…
Read MoreBrian DiBrino: Clients Allege Unsuitable Alternative Investment Recommendations
Brian DiBrino (CRD #: 2837066), a broker and a previously registered investment adviser, is facing multiple allegations, according to his Broker Check record, accessed on August 25, 2020. Mr. DiBrino is registered as a broker with American Portfolios Financial Services, Inc. He was an investment adviser with First Allied Securities prior to his termination from…
Read MoreDavid Turetzky Faces Allegations of Account Mismanagement
David Turetzky (CRD #: 2954337), a broker and an investment adviser registered with Ameriprise Financial Services, is facing multiple allegations that he failed to supervise, according to his BrokerCheck record, accessed August 26, 2020. On June 3, 2020 and, subsequently on July 2, 2020, multiple clients filed complaints alleging that David Turetzky mismanaged his clients’…
Read MoreMoney Laundering: How and Why Broker-Dealers Should Report Suspicious Activity
Broker-dealers are one of the first lines of defense against money laundering and fraud. In order to disguise the true origins of their ill-gotten gains, fraudulent brokers might transfer money to shell corporations in order to make the money look like legitimate earnings. Then, the broker has easy access and can withdraw the money without…
Read MoreBfc Planning, Incorporated
Bfc Planning is a Registered Investment Advisor firm, based in Cedar Rapids, Iowa. The firm is licensed to provide investor services in 51 U.S. states and territories. As a Registered Investment Advisor, this company is a fiduciary, meaning it is required by SEC regulations to act in its clients’ best interests. Are you a client of…
Read MoreMark Reinstein, South Carolina Broker, Involved in Two Pending Customer Disputes
Mark Reinstein (CRD#: 1486887), a registered representative with Cabot Lodge Securities LLC (CRD#: 159712) in Greenville, South Carolina, is currently involved in two pending customer disputes, according to his BrokerCheck record accessed on May 26, 2020. Read on for more details about these complaints against Mark Reinstein. On April 15, 2020, a customer alleged that…
Read MoreFrank Avallone, National Securities Corp. Broker, Involved in Two Disputes Over Suitability
Frank Avallone (CRD#: 4814368), a registered representative with National Securities Corporation (CRD#: 7569) in South Norwalk, Connecticut, is currently involved in two pending customer disputes over suitability, according to his BrokerCheck record accessed on May 7, 2020. Read on to learn more. On November 7, 2019, a customer alleged that Frank Avallone recommended unsuitable investments.…
Read MoreDayton, Ohio Broker Lawrence Brazie Involved in $468,000 Customer Dispute Over Suitability, Failure to Supervise, and Other Allegations
Lawrence Brazie (CRD# 857097), a registered representative with Westminster Financial Securities, Inc. in Dayton, Ohio, is currently involved in a customer dispute, filed on June 25, 2019, in which a client alleges “unsuitable investments, negligent hiring, failure to supervise, misrepresentations and omissions, and breach of purported settlement agreement,” according to his BrokerCheck record. The claimant…
Read MoreBob Weissbein of First Allied Securities Involved in $250,000 Dispute Concerning Breach of Fiduciary Duty
Bob Weissbein (CRD#: 1089065), a registered representative with First Allied Securities, Inc. of Davie, Florida who does business as Complete Financial Inc., is currently involved in a dispute in which a client alleges he recommended unsuitable investments, breached his fiduciary duty, and engaged in negligence, according to his BrokerCheck record accessed on August 22, 2019.…
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