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1. Complex Investment Products and Options

   On March 8, 2022, the Financial Industry Regulatory Authority, Inc. (“FINRA”) issued Regulatory Notice 22-08 (Complex Products and Options) (the “Notice”). The Notice is FINRA’s most significant statement on sales of complex products since 2012. FINRA notes that the number of accounts trading in complex products and options has increased significantly in recent years and […]

2. In an SEC lawsuit, former Morgan Stanley adviser Shawn E. Good is accused of running a “Ponzi scheme.”

   Federal securities regulators have sued a former Morgan Stanley adviser for using client funds to pay for personal costs such as a Tesla Inc. automobile, credit card bills, and cash transfers. According to a U.S. Securities and Exchange Commission complaint filed in federal court, Shawn E. Good, 55, of Wilmington, North Carolina, had clients deposit […]

3. FINRA BARS NYLIFE STOCKBROKER IN FORGERY INVESTIGATION

   In a forgery investigation, FINRA has barred a stockbroker from NYLife. Kyle Zachary Wittgren, a stockbroker formerly registered with NYLife Securities LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity, based on findings that Wittgren refused to testify in an investigation relating to allegations that he signed […]

4. FINRA BARS AMY MARJORIE O’BRIEN

   Amy Marjorie O’Brien consented to an Acceptance, Waiver and Consent Letter (AWC) prohibiting her from working with any FINRA member in any capacity. O’Brien consented to the censure and the entry of findings that she failed to deliver documents and information as required by FINRA without admitting or contesting the findings. According to the findings, […]

5. MADDOX HARGETT & CARUSO INVESTIGATING ALLEGED IMPROPER SECURITIES TRANSACTIONS BY FORMER LPL AND VALIC BROKER JOHN D. QUINN

   The Financial Industry Regulatory Authority (FINRA) announced on December 16, 2021, that John Daniel Quinn (CRD #: 2576416) had accepted and consented to FINRA’s findings that he had engaged in undisclosed private securities transactions and outside business activities in violation of industry rules while a registered representative with at least two brokerage firms. Quinn agreed […]

6. MERRILL LYNCH BROKERS CHRISTOPHER HIBBARD AND MARCUS BOGGS WERE PERMITTED TO STEAL $6 MILLION DUE TO INSUFFICIENT SUPERVISION.

   Merrill Lynch Wealth Management was fined $950,000 by the Financial Industry Regulatory Authority on Monday for allegedly ignoring vulnerabilities in its fraud detection systems that allowed two brokers to steal $6 million. The settlement explains how two brokers, Christopher Hibbard of Kentucky and Marcus Boggs of Illinois, were able to get around the wirehouse’s compliance […]

7. FORMER ALLSTATE FINANCIAL SERVICES, LLC BROKER ELIZABETH ANN SOLLARS BARRED FROM ASSOCIATING WITH ANY FINRA MEMBER FIRM – TERRE HAUTE, IN

   FINRA’s Department of Enforcement entered a default decision September 22, 2021 against Elizabeth Ann Sollars, a former Allstate Financial Services, LLC broker, for failing to deliver information and documentation, as well as failing to present and provide testimony to FINRA in accordance with FINRA Rule 8210. The material was requested as part of FINRA’s investigation […]

8. FINRA HAS SUSPENDED ROLAND TERRENCE MOLO, FORMERLY OF EDWARD JONES, FOR FAILING TO RESPOND TO INFORMATION REQUESTS OR ANSWER TO FINRA’S DEMANDS FOR INFORMATION.

   From 2001 to 2021, Roland Terrence Molo (CRD: 4371241) was a registered broker with Edward Jones in Illinois. On his BrokerCheck report, Molo has nine disclosures including allegations he stole $800,000 from senior citizens by convincing them to transfer money out of their financial institution accounts for the purported investment in tax-free bonds without their […]

9. NEW YORK LIFE SECURITIES HAS BEEN FINED BY THE FINANCIAL INDUSTRY REGULATORY AUTHORITY (FINRA) FOR FAILING TO SUPERVISE A BROKER WHO SWITCHED MUTUAL FUND SHARES FOR CLIENTS.

   Maddox Hargett & Caruso, P.C., based in Indianapolis, is looking into financial advisors who transfer clients into more expensive investments, resulting in excessive costs. Commission-based financial advisors and brokers frequently make “exchanges” that convert clients from one investment to another that is remarkably similar. They frequently claim that these new investments would “earn you more […]

10. DO YOU HAVE INVESTMENT LOSSES AS A RESULT OF FREDERICK MARK ATIYEH?

    In the last year, Frederick Mark Atiyeh of Crown Capital Securities, L.P. has received a customer complaint alleging broker misconduct. Frederick Atiyeh (CRD #872352) is a subject of a securities industry sales practice abuse investigation. He is now registered with Crown Capital Securities, L.P. in Whitmore Lake, Michigan. Frederick Atiyeh is the subject of two […]