This post summarizes recent enforcement actions against stockbrokers. You may be able to recover your money if you suffered losses as a result of investment fraud, unregistered offerings of securities, excessive trades, unauthorized trades, bad investment advice (suitability rules), or broker misconduct.
Kevin Cline, Robert Burr, Vincent Christopher & Thomas Gilleland – Source Capital Group
Kevin Cline, Robert Burr, Vincent Christopher and Thomas Gilleland all work or worked for Source Capital Group. The Financial Industry Regulatory Authority – FINRA – claims that the four men violated federal securities law in connection with sales of securities in Argyle Energy and the Blue Ridge Group. These violations include making exaggerated claims about the performance of Argyle and failing to disclose certain insider relationship with Blue Ridge.
Federal law and FINRA regulations prohibit stockbrokers from making misstatements to customers. In one instance, regulators claim Thomas Gilleland told an investor that investing in Argyle was a “slam dunk” and that the investment “will show you 25 – 30% annually right out of the gate.”
The four men accepted the findings of FINRA without admitting any liability.
If you lost money with these men or with these investments at Source Capital Group, give us a call. Our investment fraud lawyers may be able to get back your money.
Paul Renard – Ameriprise Financial Services
Between September 2009 and June 2011, Paul Renard was employed as a stockbroker at Ameriprise. FINRA’s Department of Enforcement claims that while employed there, Renard made unsuitable investment recommendations to clients and labeled hundreds of trades as “unsolicited.”
The designation of a trade as “unsolicited” is significant. Stockbrokers and investment advisors are held to a much higher standard when recommending securities to a customer. By marking the trade as unsolicited, brokers avoid supervision and scrutiny.
Records indicate that Renard was terminated by Ameriprise in 2011 after his activities came to light. He is currently employed at SII investments as a stockbroker. He accepted FINRA’s findings without admitting the allegations.
If you lost money with Paul Renard or received trading confirmations improperly labeled as “unsolicited,” give us a call. Our stockbroker fraud lawyers may be able to help.
Jerry Papin – Ameriprise Financial Services
FINRA charged Papin with failure to cooperate in an investigation. Records show that Papin was terminated by Ameriprise in September of 2011.
This case is unusual because Papin worked at Ameriprise for 20 years working his way up the ladder to become a supervisor and general securities principal. In 2011, FINRA became concerned about a possible outside business affiliation Papin had with a company called JPSS. While investigating Papin’s affiliation with the company, a request for documents was sent to him. FINRA claimed that Papin refused to cooperate or respond.
Jerry Papin is now barred from the securities industry not because of wrong doing while at Ameriprise but because of his refusal to cooperate. There is simply no way of knowing if he committed any type of investment fraud while at Ameriprise.
If you lost money with Jerry Papin or JPSS, let us know. Our investment fraud lawyers may be able to help.
Rodney Larry Watkins Jr. – Ameriprise Financial Services
The State of Oklahoma suspended Watkins for 9 months after finding he committed unethical business practices. Thereafter, FINRA brought its own charges for the same conduct. Although in the securities industry since 1998, he had no prior disciplinary history.
FINRA claims that Watkins exercised discretion over clients accounts without written permission (unauthorized trades) and forged customer signatures on documents. Watkins accepted FINRA’s findings without admitting the allegations. By accepting the findings, he will be suspended 3 months. Watkins currently works for Southeast Investments N.C.
If you lost money with Rodney Leroy Watkins or with any other broker who made unauthorized signatures or signed documents without your permission, give us a call.
As these disciplinary reports show, investment fraud can come in many sizes and shapes. If you believe that you lost money from a stockbroker, investment advisor or other financial professional, give us a call. Stockbroker fraud cases are generally handled on a contingent fee basis meaning no fee unless we recovery money on your behalf.
For more information, contact attorney Brian Mahany at (direct). All inquiries kept in confidence.
Post by Brian Mahany, Esq.