Active Investigations

February 27, 2024 – An AWC was issued in which Mroz was fined $7,500 and suspended from association with any FINRA member in all capacities for 45 days. Without admitting or denying the findings, Mroz consented to the sanctions and to the entry of findings that he made unauthorized transactions by processing fund transfers from a customer’s account based upon instructions given to him by the customer’s father, who was …

February 26, 2024 – An AWC was issued in which Visher was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in all capacities for four months. Without admitting or denying the findings, Visher consented to the sanctions and to the entry of findings that he made negligent misrepresentations of material facts and omitted material information about private placement offerings involving two proposed broker-dealer firms …

February 16, 2024 – An AWC was issued in which Davidson was assessed a deferred fine of $15,000 and suspended from association with any FINRA member in all capacities for 21 months. Without admitting or denying the findings, Davidson consented to the sanctions and to the entry of findings that he participated in a private offering of securities that raised $10.21 million for a company that he founded and co-owned …

February 8, 2024 – An AWC was issued in which Johnson was assessed a deferred fine of $15,000 and suspended from association with any FINRA member in all capacities for six months. Without admitting or denying the findings, Johnson consented to the sanctions and to the entry of findings that he participated in private securities transactions totaling $610,000 without disclosing his participation in these transactions or receiving written approval to …

February 1, 2024 – An AWC was issued in which Shevland was fined $10,000 and suspended from association with any FINRA member in all capacities for one year. Without admitting or denying the findings, Shevland consented to the sanctions and to the entry of findings that he made negligent misrepresentations about the performance of two private equity funds (the Funds) to investors. The findings stated that Shevland caused the Funds …

February 1, 2024 – An Order Accepting Offer of Settlement was issued in which Johnson was assessed a deferred fine of $15,000, suspended from association with any FINRA member in all capacities for 18 months, and ordered to pay $21,797.30, plus interest, in deferred partial restitution to customers. The amount of restitution being paid to the customers is equal to the commissions that Johnson received in connection with the customers’ …

February 28, 2024 – The SEC issued an order dismissing this review proceeding after Patatian requested dismissal of his application for review. As a result, a National Adjudicatory Counsel (NAC) decision issued on September 28, 2023, became final. The NAC decision barred Patatian from association with any FINRA member in all capacities and ordered him to pay disgorgement of commissions in the amount of $458,418.07, plus prejudgment interest. The NAC …

February 26, 2024 – An OHO decision became final in which Baird was barred from association with any FINRA member in all capacities. The sanction was based on the findings that Baird failed to respond to FINRA requests for information and documents in connection with two investigations. The findings stated that the first investigation focused on whether Baird failed to comply with his discovery obligations in a FINRA arbitration in …

Schwartz Law is currently investigating claims against James Thaddeaus Welesa a/ka/ Jim Walesa (“Welesa”). Welesa worked for Arkadios Capital from September 2019 to December 2021 and Triad Advisors LLC from November 2000 to September 2019. Notably, he has been the subject of multiple client disputes alleging misconduct, including unsuitable investment recommendations and breaches of fiduciary duty.

More specifically, in March of 2023 a client of Triad Advisors LLC asserted allegations …

January 5, 2024 – Dutton was named a respondent in a FINRA complaint alleging that he recommended customers, most of whom were retired or approaching retirement, purchase illiquid alternative investments without having a reasonable basis to believe that these purchases were suitable for each of the customers. The complaint alleges that the alternative investments were all speculative investments that involved a high degree of risk. But, as they informed Dutton, …

January 30, 2024 – An AWC was issued in which Rosser was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in all capacities for 45 days. Without admitting or denying the findings, Rosser consented to the sanctions and to the entry of findings that he borrowed a total of $19,000 from two of his customers, who were personal friends, without notifying or obtaining prior …

January 24, 2024 – An AWC was issued in which Carson was fined $5,000 and suspended from association with any FINRA member in all capacities for three months. Without admitting or denying the findings, Carson consented to the sanctions and to the entry of findings that she obtained a loan of $250,000 from her customer without notifying her member firm of the lending arrangement and without obtaining prior approval for …