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Apr 9, 2025

Raphael Huaman Barred from the Securities Industry by FINRA for Misappropriating Funds

Raphael Huaman, a former broker with Atlanta, Georgia based Suntrust Investment Services, Inc., submitted a Letter of Acceptance, Waiver and Consent in which he consented to the entry of the Financial Industry Regulatory Authority’s (FINRA) that he misappropriated a total of $134,047.65 from different bank trust accounts at his member firm’s affiliate. The findings stated that Mr. Huaman misappropriated the funds by having a colleague transfer money from the bank trust accounts to a separate affiliate account. Mr. Huaman requested and obtained checks drawn on these accounts made out to third-party payees and deposited the checks into his personal bank account. When the Suntrust Investment Services’ affiliate confronted Mr. Huaman regarding the transactions, he admitted his misconduct, and Suntrust Investment Services terminated his employment. FINRA also stated that Mr. Huaman failed to respond to FINRA requests for information. Mr. Huaman, of Miami, Florida, was barred from association with any FINRA member in any capacity.

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Apr 9, 2025

Jeffrey Stephen Geraci Fined and Suspended by FINRA for Making Unsuitable Recommendation

Jeffrey Stephen Geraci, a broker formerly with Newport News, Virginia based MICG Investment Management, LLC, was sanctioned by the Financial Industry Regulatory Authority (FINRA) based on findings that Mr. Geraci made an unsuitable recommendation to a customer in that a bond offering’s high-risk, speculative nature was fundamentally inconsistent with the customer’s profile and the remainder of her portfolio. FINRA stated that the bond, a Series A 9% Convertible Note issued by MICG Wealth Management, was illiquid and left the customer without the ability to sell if she needed funds. FINRA also stated that Mr. Geraci ignored red flags visible in the circumstances regarding the offering; and although he read the PPM, he failed to heed its warnings of risk. Mr. Geraci, of Virginia Beach, Virginia, was suspended from association with any FINRA member in any capacity for two business days and ordered to pay $50,000, plus interest, in restitution to a customer. The suspension was in effect from March 18, 2013 through March 19, 2013.

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Apr 9, 2025

Berthel Fisher Investor Alert – Watch Out For Churning and Unsuitable Investments!

Berthel Fisher & Co. Financial Services, Inc. (Berthel Fisher) is an independent broker-dealer headquartered in Marion, Iowa and reportedly has over 400 registered representatives across the United States operating in one or two person offices. Its branch offices are largely comprised of small producers earning commissions at higher pay out rates than the major full-service brokerage firms, a recipe for disaster when it comes to protecting investors from churning and unsuitable investments and unsuitable investment strategies!

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Apr 9, 2025

AXA Advisors Investor Alert – Watch Out For Churning and Unsuitable Investments!

AXA Advisors LLC (AXA Advisors), a subsidiary of AXA Financial Inc., is an independent broker-dealer headquartered in New York City and reportedly has over 5000 registered representatives across the United States operating in one or two person offices. Its branch offices are largely comprised of small producers earning commissions at higher pay out rates than the major full-service brokerage firms, a recipe for disaster when it comes to protecting investors from churning and unsuitable investments and unsuitable investment strategies!

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Apr 9, 2025

Ameritas Investment Investor Alert – Watch Out For Churning and Unsuitable Investments!

Ameritas Investment Corp. (Ameritas), a subsidiary of the Ameritas Life Insurance Company, is an independent broker-dealer headquartered in Lincoln, Nebraska and reportedly has over 1700 registered representatives across the United States operating in one or two person offices. Its branch offices are largely comprised of small producers earning commissions at higher pay out rates than the major full-service brokerage firms, a recipe for disaster when it comes to protecting investors from churning and unsuitable investments and unsuitable investment strategies!

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Apr 9, 2025

Ameriprise Financial Investor Alert – Watch Out For Churning and Unsuitable Investments!

Ameriprise Financial Services, Inc. (Ameriprise) is a subsidiary of Ameriprise, which is owned by the American Express Company. It is one of the largest independent broker-dealers, headquartered in Minneapolis, Minnesota and reportedly has over 7500 registered representatives across the United States operating in one or two person offices. Its branch offices are largely comprised of small producers earning commissions at higher pay out rates than the major full-service brokerage firms, a recipe for disaster when it comes to protecting investors from churning and unsuitable investments and unsuitable investment strategies!

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Apr 9, 2025

Royal Alliance Investor Alert – Watch Out For Churning and Unsuitable Investments!

Royal Alliance Associates, Inc. is a subsidiary of the Advisor Group, which is owned by the AIG Insurance Company. It is one of the largest independent broker-dealers, headquartered in New York City and reportedly has over 2300 registered representatives across the United States operating in one or two person offices. Its branch offices are largely comprised of small producers earning commissions at higher pay out rates than the major full-service brokerage firms, a recipe for disaster when it comes to protecting investors from churning and unsuitable investments and unsuitable investment strategies!

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Apr 9, 2025

Cetera Financial Investor Alert – Watch Out For Churning and Unsuitable Investments!

Cetera Financial Specialists, a subsidiary of the Cetera Financial Group, is an independent broker-dealer headquartered in Schaumburg, Illinois and reportedly has over 2000 registered representatives across the United States operating in one or two person offices. Its branch offices are largely comprised of small producers earning commissions at higher pay out rates than the major full-service brokerage firms, a recipe for disaster when it comes to protecting investors from churning and unsuitable investments and unsuitable investment strategies!

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Apr 9, 2025

Cetera Advisors Investor Alert – Watch Out For Churning and Unsuitable Investments!

Cetera Advisors, a subsidiary of the Cetera Financial Group, is an independent broker-dealer headquartered in Denver, Colorado and reportedly has over 1000 registered representatives across the United States operating in one or two person offices. Its branch offices are largely comprised of small producers earning commissions at higher pay out rates than the major full-service brokerage firms, a recipe for disaster when it comes to protecting investors from churning and unsuitable investments and unsuitable investment strategies!

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Apr 9, 2025

Cetera Advisor Networks Investor Alert – Watch Out For Churning and Unsuitable Investments!

Cetera Advisor Networks, a subsidiary of the Cetera Financial Group, is an independent broker-dealer headquartered in El Segundo, California and reportedly has over 2300 registered representatives across the United States operating in one or two person offices. Its branch offices are largely comprised of small producers earning commissions at higher pay out rates than the major full-service brokerage firms, a recipe for disaster when it comes to protecting investors from churning and unsuitable investments and unsuitable investment strategies!

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