Active Investigations

August 12, 2022 – An AWC was issued in which Kavanaugh (CRD #5784000) was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Kavanaugh consented to the sanction and to the entry of findings that he refused to provide information and documents requested by FINRA in connection with its investigation into the circumstances giving rise to a Form U5 filed by …

August 8, 2022 – An AWC was issued in which Farshi (CRD #4661462) was barred from association with any FINRA member in all capacities Without admitting or denying the findings, Farshi consented to the sanction and to the entry of findings that she refused to provide information and documents requested by FINRA in connection with its investigation into the circumstances giving rise to a Form U5 filed by …

From 2012 until 2021, Dallas-based GWG Holdings sold what it called L Bonds. These were a form of privately issued alternative investment. The financial services firm intended L Bonds as an alternative to existing life insurance policies. These bonds promised to pay holders of the bonds more than the surrender values of their life insurance packages.

The L Bonds sold by GWG Holdings were illiquid and highly speculative. Customers found

July 20, 2022 – David Thomas Hixon (CRD #4707468) was named a respondent in a FINRA complaint alleging that he failed to provide a complete response to FINRA’s requests for information in connection to an investigation. This includes documents related to an investigation into the circumstances of Hixon’s termination from his member firm, in order to determine whether violations of federal securities laws or FINRA rules occurred.

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July 13, 2022 – An AWC was issued in which Franz Helmut Lambert (CRD #4463792) was suspended from association with any FINRA member in all capacities for five (5) months. He was also assessed a deferred fine of $5,000. Without admission or denial of the findings, Lambert consented to the sanction, as well as the entry of findings that he had engaged in excessive and quantitatively unsuitable trading …

July 21, 2022 – An AWC was issued in which Adam Thomas Marquardt (CRD #5307192) was barred from association with any FINRA member in all capacities. Marquardt consented to the sanction without admitting to or denying FINRA’s findings. He also consented to the entry of findings for which he refused to provide on-the-record testimony requested by FINRA in connection to an investigation into allegations in a Form U5 …

July 7, 2022 – An AWC was issued in which William Edward Torriente Jr. (CRD #4255814) was barred from association with any FINRA member in all capacities. Without admission of or denial of FINRA’s findings, Torriente Jr. consented to the sanction. He also consented to the entry of findings for which he refused to appear or provide FINRA-requested on-the-record testimony in connection to FINRA’s investigation into allegations contained …

May 3, 2022 – Peter James Fetherston (CRD #2108610, Garden City, New York) was named a respondent in a FINRA complaint alleging that he converted and misused customer funds. The complaint alleges that Fetherston induced two customers, a married couple, to write him three checks totaling $89,000. This was accomplished by falsely representing to them that they owed him commissions and that he would use a portion of

May 27, 2022 – An AWC was issued in which Palmery Robert Desir (CRD #5559016, Islip, New York) was fined $5,000 and suspended from association with any FINRA member in all capacities for four months. Restitution is not ordered against Desir because the customer has initiated an arbitration pertaining to Desir’s excessive trading of his account. Without admitting or denying the findings, Desir consented to the sanctions and

May 20, 2022 – An AWC was issued in which Blakely Chapman Page (CRD #2922955) was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in all capacities for six months. Without admitting or denying the findings, Page consented to the sanctions and to the entry of findings that he made negligent misrepresentations about the performance of an investment fund to prospective investors. 

May 16, 2022 – An AWC was issued in which Bennett Robert Zamani (CRD #6198730) was assessed a deferred fine of $27,500 and suspended from association with any FINRA member in all capacities for 14 months. Without admitting or denying the findings, Zamani consented to the sanctions and to the entry of findings that he failed to provide notice to his member firm that he was participating in

Philip Anthony Riposo (CRD #400056, Cave Creek, Arizona) was barred from association with any FINRA member in all capacities. Riposo admitted to creating and providing clients with fictitious account statements, as well as receiving and depositing checks from clients made out to Riposo’s business, in violation of industry rules and regulation. Riposo was affiliated with FINRA member, United Planners’ Financial Services of America a Limited Partner, at the time he …