FINRA Arbitration Panel Finds Stifel Nicolaus And Broker Liable For Over $1.5M

On March 31, 2015 in Gilbert v. Noble and Stifel Nicolaus, FINRA Case Number 12-02897, the Panel found Respondents jointly and severally liable for compensatory damages in the amount of $1,292,342.00 and attorneys’ fees in the amount of $250,000.00.  The claims related to the use of margin as well as purchases of variable annuities issued by Sunlife and Manulife and a Friedman Billings Ramsey Real Estate Investment Trust (REIT).

If you believe that you may have been the victim of stockbroker, fraud, misconduct or malpractice in connection with variable annuities, REITs or other securities or investment products please call Maryland Investment Fraud Attorneys West & West at 410-296-4655.

If Investment Advice Sounds Too Good To Be True, It Is Likely To Be Fraudulent

Old aphorisms are often helpful in ferreting out fraudulent advice.  One such aphorism is: “if it sounds too good to be true, it is.”  One unchangeable law of investing is that the higher the rate of return on an investment, the higher the risk of the investment.  Anyone who claims that a high rate of return or large payout is “guaranteed,” “very low risk,” or a “sure thing” is trying to defraud you.  If you believe you may have fallen victim to investment fraud, West & West in Baltimore, Maryland for a free, no-obligation, initial consultation.

FINRA Fines Oppenheimer $3.75M For Failure To Supervise

FINRA has ordered Oppenheimer & Co (now part of CIBC World Markets) to pay $3.75 million for failing to supervise, Mark Hotton, a broker who defrauded clients and the producers of a Broadway musical.  FINRA noted that Oppenheimer failed to investigate Mark Hotton before hiring him, and overlooked “red flags” after they hired him.  FINRA also says that while working at Oppenheimer, Hotton transferred $2.9 million out of client accounts and sent the money to entities he owned.

If you have been victimized by Mark Hotton or any other Oppenheimer brokers, please contact the Towson Investment Fraud Recovery Law Firm of West & West.

Mid-Atlantic Stockbrokers Barred Or Suspended By FINRA For Taking Advantage Of Elderly Clients

George Wayne Hoffman from Parkville, Maryland, a former registered representative with H. Beck, Inc., was barred from association with any FINRA member in any capacity.  That sanction was based upon, among other findings, that Hoffman converted $17,000 from an elderly client for his own benefit and improperly accepted a $36,000 dollar personal loan from that same client, which he never repaid.  (FINRA Case #2012032922101)

Constance Marie Larsen of Centreville, Virginia, a former registered representative with Pruco Securities, LLC was suspended from association with any capacity for two years for, among other misdeeds, accepting a loan from an elderly client. (FINRA Case #2013038483201)

To see a summary of all Disciplinary and Other FINRA Actions reported for January 2015, please click here.

If you believe that you may have been victimized by George Wayne Hoffman, Constance Marie Larsen, H. Beck, Inc. Pruco Securities, LLC or any other firms or brokers disciplined by FINRA as reported in January 2015, please contact the Maryland investment fraud recovery law firm of West & West, LLC.



Welcome to the West & West Investment and Stock Market Fraud Law Blog. The securities fraud litigation lawyers at West & West have decades of combined experience representing victims of investment and stock market fraud.

One of the main purposes for this blog is to help educate investors so that they never have to become our clients. We plan to post explanations of tactics and scams used by fraudsters and rogue stockbrokers, as well as common sense tips about how to avoid falling prey to these scams.

We also will post updates on specific firms, products and individuals who may have come under criminal indictment, or regulatory scrutiny, or had large FINRA arbitration awards rendered against them.

If, while reading our blog, you come to believe that you may have fallen victim to a highlighted individual, firm, product, or type of scam, you can contact West & West for a free, no obligation initial consultation.

We hope that readers find our blog to be educational and that we manage to save some investors from falling victim to any of the hundreds, if not thousands, of rogue stockbrokers, self-dealing investment advisors and scam artists who spend each day prowling for new victims.

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