Category: Brokerage Firms

Former UBS Advisor Ricardo Turlan Terminated Over Allegations of Unauthorized Trading, Unsuitability

Lose money investing with former UBS Financial Services Broker Ricardo Turlan? Turlan was terminated by UBS over alleged unauthorized trading and unsuitability. Call Meyer Wilson to discuss a case.

Merrill Lynch, Pierce, Fenner & Smith Inc. Fined $42 Million for Misleading Customers

If you lost money because of your financial adviser’s actions, you may be able to file a lawsuit to secure the compensation you deserve. At Meyer Wilson, our investment fraud lawyers have nearly two decades of experienced handling these types of cases, and will put that knowledge to use fighting for your rights in court or at the negotiation table.

Meyer Wilson Investigating Investor Losses in Business Development Companies

The investment fraud attorneys at the Meyer Wilson law firm have seen an increase in instances of brokerage firm customers, particularly retirees and senior investors, being sold shares of business development companies or “BDCs.” These investments have become especially popular with brokers and brokerage firms in recent years because BDCs often promise higher yields than… read more

Merrill Lynch Fined $7 Million by FINRA

Merrill Lynch, Pierce, Fenner & Smith Inc. has been fined $6.25 million, with an additional $780,000 to be paid in restitution, after the Financial Industry Regulatory Authority (FINRA) found that the firm inadequately supervised its customers’ use of leverage in their brokerage accounts. Merrill neither admitted nor denied the charges announced on Wednesday, November 30,… read more

VALIC Financial Advisors, Inc. Fined $1.75 Million

The Financial Industry Regulatory Authority (FINRA) has fined VALIC Financial Advisors, Inc., a Houston-based broker-dealer, $1.75 million. VALIC Financial Advisors consented to the entirety of FINRA’s findings when settling the matter, but neither admitted nor denied the charges. According to FINRA, VALIC failed to identify and address certain conflicts of interest present in the firm’s… read more

FINRA Fines Ameriprise Financial $850,000 for Supervisory Failures

Ameriprise Financial Services, Inc. has been fined $850,000 by the Financial Industry Regulatory Authority (FINRA) after the company failed to detect that one of its registered representatives converted over $370,000 from five separate customer brokerage accounts. According to FINRA, Ameriprise’s broker took the funds from the accounts of his own family members, including his domestic… read more

SEC Fines Raymond James and Robert W. Baird & Co. $850,000 Over Compliance Failures

The United States Securities and Exchange Commission (SEC) announced on September 8th that they settled $850,000 worth of charges with the investment advisory firms Raymond James & Associates based out of St. Petersburg, FL and Robert W. Baird & Co. based out of Milwaukee, WI. During the SEC’s investigation, they discovered that both firms failed… read more

Columbus Stockbroker Arrested for Stealing $500,000 from an Elderly Upper Arlington Resident, According to Police

Stifel, Nicolaus Broker Jon Schmidhammer Has History of Regulatory Problems By: David P. Meyer, Esq., Founding Partner of Meyer Wilson An elderly client living in Upper Arlington, Ohio, had $500,000 stolen from her by her own stockbroker, according to police. As reported by the Columbus Dispatch today, “Upper Arlington police arrested financial adviser Jon Schmidhammer… read more

Meyer Wilson Investigating Allegations Involving Former Wells Fargo Broker Brent W. Burgesser

The investment fraud lawyers at Meyer Wilson are currently investigating allegations involving a former broker with Wells Fargo Advisors, Brent W. Burgesser. Brent W. Burgesser (CRD# 3278147) has been accused by the Financial Industry Regulatory Authority (FINRA) of making unsuitable investment recommendations relating to mutual funds, in violation of NASD Rule 2310(a). According to FINRA’s… read more

Negligence Costs MetLife Securities $25 Million

The Financial Industry Regulatory Authority (FINRA) recently announced that it would be sanctioning MetLife Securities $25 million for various misrepresentations and omissions involving variable annuity replacements. MetLife Securities will have to pay $25 million in sanctions after FINRA found that the brokerage made negligent misrepresentations and omissions regarding variable annuity replacements. The fine is for… read more