Current Complaints

Mutual Fund Breakpoint Discounts – FINRA Fines and Suspends Ex-Cetera Broker

May 15, 2023 | Dan Miller

The Financial Industry Regulatory Authority (FINRA) has fined and suspended a former Cetera Advisors broker in Tucson, Arizona for failing to invest his customers’ funds in a way that would have qualified for mutual fund breakpoint discounts, according to a settlement finalized on Thursday and as reported on Advisor Hub and broker check.

Allegedly, from April 2014 and September 2019, Todd R. Anderson recommended that an elderly customer purchase $1 million worth of mutual funds across 31 fund families without considering that the customer could have qualified for volume-based “breakpoint” discounts if he had invested in fewer, according to Finra. As a result, the customer incurred $20,867 in unnecessary sales charges, the regulator said in the settlement.

“Allegations

Citigroup’s errors lead to securities class action

November 12, 2020 | Dan Miller

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NEW YORK (Legal Newsline) – Miller Stern Lawyers – 410-Law-Firm is currently investigating clients of Citigroup who are victims of, and suffered damages and losses in their pension funds, due to regulatory fines and penalties. A securities class action against Citigroup has been filed in New York federal court. Their plaintiff is the City of Sunrise Firefighters’ Pension Fund, which claims in the Oct. 30 lawsuit that Citi’s risk management evaluation exposed the company to more than $1 billion in regulatory penalties. A month ago, Citigroup was fined $400 million. In September, when it became evident penalties were coming, the company’s stock dropped from $51 per share to $43.68 by October. The company had mistakenly sent Revlon creditors $900 million of its own funds. Citi said it would boost investment in internal procedures by $1 billion. “In total, because of Citi’s deception relating to its internal controls and compliance systems, $17.43 billion of shareholder value has evaporated and class members were the ones who suffered from the defendants’ actions”, it states

Miller Stern Lawyers, LLC, a Baltimore Securities Law firm, currently represents investors for claims of investment losses from unauthorized trading, over concentration, irregular options trading, margin and unsuitability claims, broker fraud, securities fraud, securities litigation and other broker and broker/dealers for investment losses and fraud. If you or anyone you know have experienced investment losses from the actions above or other situations, please call 410-LAW-FIRM ( 410-529-3476 ) or fill out the contact us form for a no cost consultation and evaluation of your claim

Brokers get hit for cutting corners

August 25, 2020 | Dan Miller

cropped-High-Res-TA-2018-2019-284x300 According to Advisor Hub, “Joseph Woitkoski, who was terminated by Raymond James Associates in 2018 after 20 years as a registered rep, was suspended for 30 days and fined $7,500 for allegedly making discretionary trades for 12 customers without their written authorizations, according to an acceptance, waiver and consent letter that Finra accepted on August 20.” Miller Stern Lawyers, LLC – 410-Law-Firm is currently investigating claims and allegations of brokers making discretionary non-authorized trades in clients accounts at brokerages such as Stifel, Morgan Stanley, Wells Fargo and others. If you or someone you know are victims of losses in your accounts because of unauthorized discretionary trades, please call for a free evaluation.

Finra has imposed the sanctions even though “over the course of longstanding relationships, the customers gave authorization to Woitkoski to exercise discretion in their accounts,” according to the letter that the Massachusetts-based former broker signed without admitting or denying the findings. This often occurs in elderly clients, with issues such as elder abuse. Eight of the 12 customers were “seniors,” according to Finra.

“In addition to failing to get permission from customers in writing, Woitkoski never requested or obtained approval from Raymond James. The firm maintained inaccurate books and records because the broker attested in a 2017 compliance questionnaire that he did not exercise discretion in non-fee based accounts, according to the consent letter.” according to Advisor Hub

‘Money Guy’ and Previous Investment Advisor Philip Rousseaux in Litigation Again

March 12, 2020 | Dan Miller

Miller Stern Lawyers, LLC 410- Law Firm is currently investigating claims against Financial Advisor Philip Rousseaux and Everest Wealth Management allegations of violations of various securities laws. According to the Daily Record, Investment adviser Philip Rousseaux is in another legal battle with his own lawyers this time, facing a lawsuit seeking to recover more than $470,000 in unpaid fees.

“Rousseaux was the owner of Everest Wealth Management, a Towson-based firm known for its popular “Money Guys” infomercial.” The firm was previously barred from doing business in Maryland due to allegations of fraud and securities law violations. Rousseaux’s investment adviser registration was also revoked.”

Potomac-based law firm of Shulman, Rogers, Gandal, Pordy & Ecker P.A. allegedly began representing Rousseaux in 2014and according to their lawsuit, has an outstanding balance of $471,197 that he has refused to pay.

Customer Broker and Investment Fraud Claims to Heat Up

March 11, 2020 | Dan Miller

Bull Bear According to Advisor Hub customer complaints and litigation against brokerages will be heating up with the market turmoil. Most of the industry will likely conclude that coronavirus pandemic fears and oil wars between Russia and Saudi Arabia are the cause of the market drop and are totally out of anyone one person or companies control, however there can be broker misconduct involved in the level of losses because of things such as over-concentration and other individual account irregularities.

“The extent of losses may not be apparent to investors for three to six months, they said, and plaintiffs’ lawyers will then have to analyze portfolios and underlying claims of unsuitability to triage the ones most appropriate for litigation.”

The S&P 500, Dow Jones Industrial Average and Nasdaq Composite are in bear market territory down 20% from their February highs.

SEC In the Matter of E. Herbert Hafen

March 4, 2020 | Dan Miller

Miller Stern Lawyers, LLC. is currently investigating allegations against Hebert Hafen CRD#867068 for financial losses for any of the reasons stated bellow as well as others for individuals doing business with Mr. Hafen at any of the institutions e worked for or with. If you or anyone you know lost money because of the actions of matter at issue in this order, please contact 410 Law Firm for more information and a free consultation.

A Securities and Exchange Commission ORDER INSTITUTING ADMINISTRATIVE PROCEEDINGS PURSUANT TO SECTION 15(b) OF THE SECURITIES EXCHANGE ACT OF 1934 AND SECTION 203(f) OF THE INVESTMENT ADVISERS ACT OF 1940, MAKING FINDINGS, AND IMPOSING REMEDIAL SANCTIONS against Herbert Hafen was published on March 4, 2020.

Excerpts from the oder are as following

The SEC Obtains Final Judgment Against Hedge Fund Manager Nicholas Lattanzio – Call 410 Law Firm for more information

March 2, 2020 | Dan Miller

Litigation Release No. 24749 / February 27, 2020

SEC v. Nicholas Lattanzio et al., 2:15-cv-03883 (D.N.J.)

Sources have confirmed to Miller Stern Lawyers, LLC, from local news wires and SEC confirm that The Securities and Exchange Commission has obtained a final judgment against defendant Nicholas Lattanzio, a hedge fund manager based in New Jersey, for allegedly defrauding two small businesses out of approximately $4 million.

Bed Bath & Beyond Law Suit

February 25, 2020 | Dan Miller

Miller Stern Lawyers, LLC and other law firms are currently investigating potential violations of several federal securities laws by Bed Bath & Beyond Inc.’s (NASDAQ: BBBY) regarding the company’s preliminary earnings report and the dip in shares right after the release.

It has been reported on various news wires that Bed Bath & Beyond’s shares dropped more than 25% in the after-hours session, “on unusually heavy trading volume”, as the company reported a 5.4% decline in same-store sales in the first two months of the fourth financial quarter of 2019.

Call 410 law firm Miller Law – Miller Stern Lawyers, LLC is currently investigating claims for investors of BBBY regarding investment losses and possible fraud. If you or anyone you know have experienced investment losses from the actions above or other situations, please call 410-LAW-FIRM or fill out the contact us form for a no cost consultation and evaluation of your claim.

Complaint against Stifel Nicolaus, Coleman Devlin and Kenneth Blumberg

May 7, 2019 | Dan Miller

Bull Bear Miller Trial Law is investigating and litigating against Stifel, Nicolaus & Company, Incorporated and former financial advisor Coleman Devlin (CRD# 2317635) and current financial advisor Kenneth Blumberg (CRD# 1585520) pertaining to a multitude of allegations including taking discretion in customer accounts without authority, over-concentration in sectors and individual securities, breach of fiduciary duty, unsuitable investments in options and unlisted securities and other securities violations. Both Devlin and Blumberg were registered with Stifel during the time of the events, located in the downtown Baltimore office of Stifel, Nicolaus & Company, Incorporated, before being terminated for, among other things, the issues complained of in this arbitration. Mr. Devlin was previously sanctioned and dismissed from Morgan Stanley for similar violations.

In 2003 Devlin was sanctioned with suspension and disgorgement by the NASD and in 2017, Devlin was suspended from FINRA and received a financial penalty. Mr. Devlin also entered into an agreement with the New Jersey regulators and in order to maintain his licensing, was subjected to heightened supervision which the current allegations allege did not address the concerns.

The current arbitration was filed in December 2017 alleging, among other things, breach of contract, selling away, professional negligence, breach of fiduciary duty, violation of Maryland Securities Act, violation of the Securities Exchange Act of 1934 and SEC Rule 10b-5, and negligent supervision. These investors are seeking over $20,000,000 in damages for investment losses.