Active Investigations
July 27, 2023 – Kubiak was named a respondent in a FINRA complaint alleging that he failed to appear for on-the-record testimony requested by FINRA in connection with its investigation into the suitability of his recommendations to his customers, two of which were seniors, to invest in limited partnerships. The complaint alleges that Kubiak’s testimony was material to FINRA’s investigation and was necessary to complete it and his failure to …
July 12, 2023 – Johnson was named a respondent in a FINRA complaint alleging that he made unsuitable recommendations to customers to purchase more than $2.35 million in illiquid alternative investments. The complaint alleges that Johnson’s recommendations to these customers to purchase illiquid alternative investments were unsuitable in light of the customers’ investment profiles—including the customers’ net worth, liquid net worth, annual income, investment objectives, risk tolerance, and, for senior …
July 11, 2023 – Kim was named a respondent in a FINRA complaint alleging that he engaged in unethical conduct, acted in bad faith, and misused customer funds in connection with a private placement offering sold by his member firm. The complaint alleges that Kim proposed to his firm’s commitment committee that the firm initiate a private placement offering through a firm-affiliated fund for shares in a private company at …
July 20, 2023 – An AWC was issued in which Gerstein was assessed a deferred fine of $5,000, suspended from association with any FINRA member in all capacity for six months and ordered to pay $129,496, plus interest, in deferred restitution to customers. Without admitting or denying the findings, Gerstein consented to the sanctions and to the entry of findings that he engaged in short-term trading in securities intended to …
July 17, 2023 – An AWC was issued in which Kartal was suspended from association with any FINRA member in all capacities for 10 months. In light of Kartal’s financial status, no monetary sanctions have been imposed. Without admitting or denying the findings, Kartal consented to the sanction and to the entry of findings that he unsuitably and excessively traded a senior customer’s account.
The findings stated that Kartal engaged …
July 7, 2023 – An AWC was issued in which Hoidas was assessed a deferred fine of $40,000 and suspended from association with any FINRA member in all capacities for 18 months. Without admitting or denying the findings, Hoidas consented to the sanctions and to the entry of findings that he made unsuitable recommendations in speculative alternative investments to customers of his member firm that were inconsistent with the customers’ …
July 7, 2023 – An AWC was issued in which Harrington was assessed a deferred fine of $11,500 and suspended from association with any FINRA member in all capacities for nine months. Without admitting or denying the findings, Harrington consented to the sanctions and to the entry of findings that he recommended transactions in a customer’s account that inflated his own compensation and caused the customer to incur unnecessary fees …
July 5, 2023 – An AWC was issued in which Carlo was fined $2,500 and suspended from association with any FINRA member for 10 business days. Without admitting or denying the findings, Carlo consented to the sanctions and to the entry of findings that he exercised discretion with respect to transactions involving customers without prior written authorization from the customers and without his member firm having accepted the accounts as …
July 24, 2023 – An Office of Hearing Officers (OHO) decision became final in which Jean was barred from association with any FINRA member in all capacities. The sanction as based on the findings that Jean failed to provide information and documents or appear for on-the-record testimony requested by FINRA in connection with an investigation into whether he converted money from his customer. The findings stated that FINRA’s investigation began …
July 25, 2023 – An AWC was issued in which the firm was censured, fined $3,000,000, ordered to pay $100,000, plus interest, in restitution to customers, required to conduct a review to identify, and as applicable pay restitution to affected customers for other improper transfers of money from firm customer accounts to common payees and required to remediate the issues identified in the AWC and implement a supervisory system, including …
Schwartz Law is currently investigating claims against Mario Payne (CRD# 5445757)andPlanning Solutions International LLC dbaToams Financial(CRD# 300043). We are seeking information from anyone who has had dealings with Mr. Payne,or who had similar investment-related losses when dealing with Mr. Payneregarding the sale of complex structured notes. Based on our preliminary investigation, it appears that Mr. Payne made materials misrepresentations to clients about complex structured notes at the point …
June 29, 2023 – An AWC was issued in which Solinsky was fined $10,000, suspended from association with any FINRA member in all capacities for four months and ordered to pay $27,622, plus interest, in restitution to customers. Without admitting or denying the findings, Solinsky consented to the sanctions and to the entry of findings that he excessively and unsuitably traded two customer accounts.
The findings stated that a 71-year-old …