Unauthorized trading FINRA arbitration cases can result in hefty awards, as two brokers recently learned. On February 4, 2021, FINRA ordered two brokers and an advisory firm to pay a $19 million award to an investor. To complicate matters, the investor and the brokers may have been related. If you are looking to invest and…

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Steven Luftschein (CRD #: 2690117), also known as Steven Lerner, has been barred by FINRA, according to his BrokerCheck record, accessed on February 8, 2021. Luftschein has most recently registered with Joseph Stone Capital and Aegis Capital Corp. The FINRA order alleges that Luftschein has engaged in unauthorized trading and executed excessive trades in order…

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Jim Schwartz (CRD #: 3043085), a barred New York broker formerly registered with Joseph Gunnar & Co., has three pending investor disputes on his record, according to his BrokerCheck record, accessed on February 8, 2021. Schwartz has also recently registered with Aegis Capital, as recently as 2016. There is lengthy list of disclosures that investors…

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Peter Higgins (CRD #: 245408), a broker registered with Janney Montgomery Scott LLC, has settled a dispute with an investor, according to his BrokerCheck record, accessed on February 2, 2021. Higgins has multiple disclosures on his account – investors should keep reading to learn more about his conduct as a broker. On November 20, 2020,…

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Christopher Shaw (CRD #: 5011382), a Belmont, North Carolina broker registered with Newbridge Securities Corporation, has two new investor disputes, according to his BrokerCheck record, accessed on January 27, 2021. Multiple disputes allege that Shaw made unsuitable investment recommendations. On December 16, 2020, an investor alleged that Christopher Shaw recommended unsuitable investment recommendations. The investor…

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Joe Ringhoffer (CRD #: 1402957), a broker and investment adviser registered with Stifel, Nicolaus, & Company, faces a customer complaint that alleges he executed unauthorized trades, according to his BrokerCheck record, accessed on January 20, 2021. On December 14, 2020, an investor alleged that Joe Ringhoffer did not call him to obtain approval prior to…

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Tom Moore (CRD #: 2526192), a New York City broker registered with Merrill Lynch, Pierce, Fenner, & Smith, faces a new allegation of unsuitable recommendations, according to his BrokerCheck record, accessed on January 5, 2021. This is his fifth disclosure and his third disclosure related to unsuitable investment recommendations. On October 27, 2020, a client…

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Barbra Shaffer (CRD #: 1700153), a Fort Lauderdale, Florida broker registered with Cambridge Investment Research, is involved in multiple pending customer disputes, according to her BrokerCheck record, accessed on January 5, 2021. Keep reading to learn more information about this broker’s record. On October 27, 2020, a client alleged that Barbra Shaffer executed unauthorized trades.…

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Jason Zahtila (CRD #: 4009691), a broker registered with American Capital Partners, faces a dispute over allegedly churning an account, according to his BrokerCheck record, accessed on January 6, 2021. There are seven other disputes on his record – investors interested in Zahtila’s conduct as a broker should keep reading. On October 26, 2020, a…

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Tamber Proctor (CRD #: 4316378), a former investment adviser with Proctor Investments, has a settled dispute on his IAPD record, accessed on December 28, 2020. Proctor is also a previously registered broker. The details of his disclosure are provided below. On May 26, 2017, a client alleged that Tamber Proctor executed unauthorized trades. The client…

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