#melville - Law Offices of Robert Wayne Pearce

May 12, 2021

Melville, New York FINRA 8210 Defense Lawyer

Do You Need a FINRA 8210 Defense Attorney? You may have read that Yousuf Saljooki of Melville, New York was permanently barred by the Financial Industry Regulatory Authority (“FINRA”) from working in the securities industry because he failed to comply with FINRA Rule 8210 and 2010. In December 2017, Yousuf Saljooki joined Worden Capital Management LLC and became registered as a General Securities Representative. The firm later filed a Uniform Termination Notice (Form U5), disclosing that he was terminated due to alleged misconduct. According to the findings, FINRA began an investigation and sent a request to Saljooki for information and documents or to appear for an on-the-record testimony regarding his alleged participation in undisclosed outside business activities. The findings state that Saljooki allegedly received, acknowledged, and failed to timely provide the requested information or appear for on-the-record testimony. Although Yousuf Saljooki is no longer associated with any FINRA member firm, he remains subject to FINRA’s jurisdiction. Rule 8210 requires persons subject to FINRA’s jurisdiction to provide information to FINRA upon request. Rule 8210(a)(1) authorizes FINRA, in the course of an investigation, to require persons subject to its jurisdiction to “provide information orally, in writing, or electronically and to testify at a location specified by FINRA staff, under oath or affirmation administered by a court reporter or a notary public if requested, with respect to any matter involved in the investigation.” Rule 8210(a)(2) authorizes FINRA to “inspect and copy the books, records, and accounts” of persons subject to its jurisdiction “with respect to any matter involved in the investigation that is in such person’s possession, custody, or control.” Rule 8210(c) provides that “[n]o member or person shall fail to provide information or testimony or to permit an inspection and copying of books, records, or accounts pursuant to this Rule.” Unfortunately, Yousuf Saljooki might have avoided that FINRA 8210 bar from the securities industry with a skilled and experienced FINRA 8210 defense attorney. It is important, early on, to have a FINRA defense attorney advise you on how not to make matters worse and resolve the dispute with the least amount of sanctions which could range from censures to fines, suspensions, permanent bars, and/or referrals to federal or state prosecutors. You will need an experienced FINRA defense lawyer who not only has knowledge of FINRA rules and procedures, the securities laws and the appropriate sanction for the alleged misconduct but also has an excellent reputation and credibility with the FINRA attorneys to negotiate the best outcome. Free Initial Consultation With FINRA 8210 Defense Attorney Serving Financial Advisors Throughout Melville, New York And Nationwide The Law Offices of Robert Wayne Pearce, P.A. understands what is at stake in FINRA securities law matters and works tirelessly to secure the best possible result for you and your case. Attorney Pearce’s FINRA defense skills are highly regarded throughout New York and across the nation. For dedicated representation by an attorney with over 40 years of experience and success in all kinds of FINRA disputes serving New York citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889, or via e-mail.

Jan 27, 2021

Melville, New York Securities Attorney For Private Placement Investment Dispute

Did Brookville Capital And Anthony Lodati Cause You Investment Losses? Melville, New York-based Brookville Capital Partners LLC (Brookville Capital) and the firm’s president, Anthony F. Lodati, were named in a Financial Industry Regulatory Authority (FINRA) complaint claiming that the firm and Mr. Lodati defrauded investors pertaining to a private placement offering. According to FINRA’s complaint, Brookville Capital and Mr. Lodati solicited customers to invest in a private placement offering that did not disclose material facts about an individual involved in the offering. Anthony Lodati allegedly discovered that the individual, who had effected transactions on behalf of the private placement, was fined by the Securities and Exchange Commission (SEC) for securities fraud and was convicted of a felony by the state of Florida. FINRA found that Mr. Lodati failed to inform any of the potential investors of the individual’s involvement. In addition, the private placement memorandum (PPM) allegedly made no mention of the individual or of his regulatory or criminal background. FINRA alleged that Brookville Capital failed to conduct proper due diligence regarding the private placement offering, alleging that the firm and Mr. Lodati “lacked a reasonable basis to believe that the recommendation of the private placement could be suitable for any customer.” Do You Need A Securities Attorney For Private Placement Investment Dispute? New York has thousands of stock brokerage firms and investment advisory offices. With so many stock brokerage firms and investment advisory offices, comes the potential for their stockbrokers, financial advisors, and other representatives to misrepresent and mislead investors about investing in Private Placements of securities issued by small undercapitalized start-ups, their own companies and other dubious companies and engage in all kinds of stockbroker misconduct which violates Federal and New York securities laws and Financial Industry Regulatory Authority (FINRA) rules and stock brokerage firms policies and procedures. Experienced Securities Lawyers for Investors with Private Placement Investment Claims in FINRA Arbitrations Throughout New York and Nationwide. Are you a New York investor who has suffered significant losses in your stock brokerage and investment accounts? Did your New York stockbroker or investment advisor misrepresent or mislead you about an investment in a Private Placement or make an unsuitable recommendation that you invest in a Private Placement like GPB Capital Holdings or EquiAlt or otherwise mismanage your investment account? If so, you will need to hire an experienced, highly rated and nationally recognized FINRA securities arbitration law attorney who understands these highly complex and risky Private Placement investments. You need an experienced lawyer knows FINRA rules and procedures inside and out and how to handle these FINRA arbitration cases and other complex legal issues. By hiring a top rated and highly successful attorney like Robert Wayne Pearce with over 40 years of experience practicing securities law on both sides of the table in FINRA arbitration proceedings, you will clearly see that Attorney Pearce doesn’t just handle cases—he aggressively represents investors and is one of the best attorneys to recover your investment losses in Private Placements and all types of stockbroker misconduct in FINRA arbitration proceedings! At The Law Offices of Robert Wayne Pearce, P.A., we represent investors in all kinds of Private Placement of securities in FINRA arbitration and mediation proceedings. We handle a wide range of practice areas such as fraud and misrepresentation, breach of fiduciary duty, failure to supervise, and unsuitable recommendations of Private Placements. Attorney Pearce and his staff represent investors throughout New York, and across the United States on a CONTINGENCY FEE basis, which means you pay nothing – NO FEES-NO COSTS – unless we put money in your pocket after receiving a settlement or FINRA arbitration award. Se habla español Free Initial Consultation With An Experienced Private Placement Investment Attorney Serving New York Residents In FINRA Arbitration Proceedings The Law Offices of Robert Wayne Pearce, P.A. are highly experienced attorneys who successfully handle Private Placement cases and other securities law matters and investment disputes in FINRA arbitration proceedings, and who work tirelessly to secure the best possible result for you and your case. For dedicated representation by a lawyer with over 40 years of experience and success in Private Placements and all kinds of securities law and investment disputes serving New York citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.

Nov 12, 2020

FINRA Complaint filed against SW Financial Stockbroker William James W. Flower for Misconduct

James W. Flower of Melville, New York was named respondent of a FINRA complaint alleging that he allegedly churned/excessively traded customer’s accounts in violation Section 10(b) of the securities Exchange Securities Act of 1934, Rule 10b-5 and FINRA Rules 4511, 2111, 2020 and 2010. From January 1, 2016 and July 31, 2018, James W. Flower was registered with SW Financial as a General Securities Representative. According to the FINRA findings, Flower allegedly exercised de-facto control in five customer accounts without authorization or approval which resulted in excessive and quantitatively unsuitable trading. The FINRA findings stated that the trading made it near impossible for any customers to make a profit due to the cost-to-equity ratios, high annualized turnover rates, losses totaling over $220,000. In addition, FINRA’s complaint further alleges that Flower received more than $210,000 in commissions and fees and caused his firm’s books and records to be inaccurate by mismarking the transactions as unsolicited. James William Flower is currently registered with FINRA and is therefore subject to FINRA’s jurisdiction. Churning is a manipulative and deceptive device that violates Section 10(b) of the Exchange Act, Securities Exchange Act Rule 10b-5, and FINRA Rules 2020 and 2010. It is fraudulent conduct that occurs in a broker-customer relationship when (i) a broker controls his customer’s account; (ii) the trading in the account is excessive in light of the customer’s investment objectives; and (iii) the broker acts with scienter, i.e., with intent to defraud or with reckless disregard of the customer’s interests. Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker-dealers and/or their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from churning/excessive trading and/or other misconduct by their broker can file claims to recover damages against broker-dealers, like SW Financial, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct. Have you suffered losses in your SW Financial account due to churning/excessive trading by your broker? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against SW Financial stockbrokers who may have engaged in broker misconduct and caused investors’ losses. The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 40 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.