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Articles Posted in FINRA Arbitration

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LPL Loses $462,000 Arbitration Claim Involving Former Broker Charles Fackrell

On December 18, 2017, LPL Financial LLC (“LPL”) lost a FINRA arbitration concerning customer claims related to former LPL broker Charles Fackrell.  The three-member FINRA panel issued a $462,000 aggregate award to six of Mr. Fackrell’s former clients, an amount which must be satisfied by LPL within 30 days.  As…

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Summit Healthcare REIT Shares May Be Worth Less Than $2 A Share

Investors with losses in Summit Healthcare REIT (“Summit”), a non-traded real estate investment trust (Non-Traded REIT), may have arbitration claims if a broker or advisor made a recommendation to purchase the shares without a reasonable basis or misled the customer as to the nature of the investment.  Summit, headquartered in Lake Forest,…

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Investors in CNL Lifestyle Properties, Inc. May Have Arbitration Claims

CNL Lifestyle Properties, Inc. (“CNL Lifestyle”) is a publicly registered non-traded real estate investment trust (“REIT”) that is based in Orlando, FL.  Because CNL Lifestyle is registered with the SEC, the non-traded REIT was permitted to sell securities to the investing public at large, including numerous unsophisticated investors who bought…

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Former Wells Fargo Brokers Barred for Recommending Risky Over-Concentration in Oil & Gas Investments

The Financial Industry Regulatory Authority (“FINRA”) has barred former Wells Fargo (CRD# 126292) financial advisors Charles Henry Frieda (CRD# 5502319) and Charles B. Lynch, Jr. (CRD# 3004877) for allegedly engaging in a pattern and practice of recommending an unsuitable over-concentration in energy-sector securities to numerous customers.  On April 12, 2016,…

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FINRA Bars Broker for Failure to Produce Documentation Concerning Annuity Sales

As part of its ongoing regulatory focus on variable annuity (“VA”) sales misconduct, the Financial Industry Regulatory Authority (“FINRA”) has recently barred a former Next Financial Group (“Next Financial”) (CRD# 46214) broker.  Registered representative JoeAnn Walker (CRD# 2210194) was previously affiliated with Commonwealth Financial Network (1998-2006), LPL Financial LLC (2006-2015),…

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Former Bolton Capital Broker Paul Smith Indicted for Alleged Haverford Group Scheme

Paul Wescoe Smith, formerly associated with Bolton Global Capital, was the subject of a civil action and a criminal indictment filed by the United States Securities and Exchange Commission and the Department of Justice, through the United States Attorney for the Eastern District of Pennsylvania, on December 7, 2017.  Smith,…

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Woodbridge Group of Companies Receives Court Approval on its First Day Bankruptcy Court Motions

As recently discussed in our blog, on Monday, December 4, the Woodbridge Group of Companies, LLC (“Woodbridge”) of Sherman Oaks, CA, filed for Chapter 11 bankruptcy protection in Delaware Bankruptcy Court (Case No. 17-12560-KJC).  Woodbridge has asserted that a restructuring of its debt was necessary due to increased operating and…

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Woodbridge FPCM Investors May Have Legal Rights

If you are have invested in Woodbridge Wealth or in any of the Woodbridge Mortgage Funds, you may have questions concerning your rights in light of Woodbridge’s recent bankruptcy filing. Investors who purchased Woodbridge FPCMs through a stockbroker or financial advisor may have viable FINRA arbitration claims if the brokerage…

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SEC Files Civil Complaint Alleging Churning Against Two New York Stockbrokers

The Securities and Exchange Commission (“SEC”) has filed a civil complaint (“Complaint”) in federal court against Mr. Zachary S. Berkey of Centerreach, NY and Mr. Daniel T. Fischer of Greenwich, CT, alleging that these financial advisors made unsuitable trades at the expense of customers.  The Complaint addresses alleged conduct that…

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Woodbridge Group of Companies Tells Investors Bankruptcy Is “Effort To Recapitalize Debt And Establish Stronger Financial Platform”

On December 4, 2017, the Woodbridge Group of Companies, LLC (“Woodbridge”) of Sherman Oaks, CA, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware.  As we have previously highlighted in a series of blog posts, Woodbridge has come under considerable regulatory scrutiny over…

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