Meyer Wilson Principal Courtney Werning’s Leadership Recognized with Appointment to FINRA’s National Arbitration and Mediation Committee

Meyer Wilson is proud to announce that Courtney Werning has been appointed to FINRA’s National Arbitration and Mediation Committee (“NAMC”).  NAMC is comprised of 13 members, appointed by FINRA, from across the country who have the authority to recommend rules, regulations, procedures and amendments relating to arbitration, mediation, and other dispute resolution matters to the FINRA Board. 

This appointment comes as no surprise to those familiar with her leadership in the investor protection and claims field, both as a practitioner representing harmed investors and as a member of the Board of Directors of the Public Investors Arbitration Bar Association. 

Courtney devotes her practice to the representation of investors who have claims against their financial professionals, investment advisers, and brokerage firms. Her practice includes litigation in state and appellate courts and various alternative dispute resolution forums. She has tried arbitrations to verdict before the Financial Industry Regulatory Authority, the National Futures Association, and the American Arbitration Association. Courtney’s recent civil cases and arbitrations have involved allegations related to unsuitable investment strategies, fraud and misrepresentation, Ponzi schemes, legal malpractice, elder financial abuse, securities act claims, and securities class actions.

Courtney’s appointment to the National Arbitration and Mediation Committee is a testament to her commitment to excellence and her significant impact in the industry. We look forward to the positive impact she will undoubtedly bring to NAMC while continuing to advocate for every day investors.

Did Douglas Solinsky Excessively Trade in Your Account?

Douglas Blake Solinsky (CRD # 4715268) is a suspended New York-based broker employed by Kingswood Capital Partners, LLC. Solinsky has 19 years of experience in the securities industry and has worked for seven firms, including a 10-year stint at Newbridge Securities Corporation which was ended via termination in February 2019. On June 29, 2023, Solinsky accepted a $10,000 fine and four-month suspension from FINRA for engaging in excessive and unsuitable trading in customer accounts. In addition, Solinsky’s BrokerCheck Report shows he has a further seven disclosure events including six tax liens and a customer dispute settled for $90,000.

Complaint Against Douglas Solinsky

In the Letter of Acceptance, Waiver, and Consent ("AWC"), signed by Solinsky, FINRA found that from January to November of 2017, he excessively and unsuitably traded in the accounts of two of his customers in violation of FINRA rule, resulting in the accounts having to grow by 26% and 30%, just to break even to cover the costs of the trading.

What is Excessive and Unsuitable Trading (“Churning”)?

Excessive trading, also known as "investment churning," refers to the practice of a broker or investor excessively buying and selling securities within a short period to generate more commissions or fees. It involves frequent and unnecessary trading, often without regard for the underlying investment's fundamentals. This behavior can be detrimental to investors due to increased transaction costs and potential tax consequences. It may also lead to reduced returns as the constant trading incurs expenses that erode gains.Investment churning is prohibited by the Financial Industry Regulatory Authority (“FINRA”). Specifically, investment churning is prohibited by FINRA Rule 2111 which requires brokers to have a reasonable basis for believing that recommended transactions are suitable for their clients based on factors such as the client's financial situation, investment objectives, risk tolerance, and other relevant information. Churning conflicts with this rule because it involves excessive trading that may not align with the client's best interests but instead aims to generate more commissions for the broker.

Sustained Investment Losses? Contact Our Office Today.

If you had investment losses related to excessive and unsuitable trading, we might be able to help. Contact our office today to schedule a free, no-obligation consultation. Call (866) 362-2644 to speak directly with an attorney. We proudly serve clients nationwide.

Did Jeremy Jacobson Make Unauthorized trades in Your Account?

Jeremy Jefferson Jacobson (CRD #4437801) is a Louisiana and Alabama-based broker who has been suspended by FINRA for making unauthorized trades in his customers’ accounts. He currently works with Topaz Asset Management but worked for LPL Financial until 2021. Jefferson has 21 years of experience and has passed five securities exams.

Complaints Against Jeremy Jefferson Jacobson

The BrokerCheck report filed on behalf of Jacobson shows that after being investigated, he accepted the findings of the federal regulator that he made trades, worth more than $1.1 million, in his customers' non-discretionary brokerage accounts without the customers' authorization or consent for the trades and in the process earned almost $8,000 in commissions. 

What is Unauthorized Trading?

Unauthorized trading occurs when your financial professional makes trades on your account without your authorization. Your broker must obtain your permission before buying or selling anything for your account unless you’ve signed a written trading authorization that allows your broker to buy and sell securities in your account without having to contact you. However, that does not mean your broker can misuse or exceed this authority. Brokers and their firms who make unsuitable or unauthorized trades may be held liable for any sustained financial losses. 

We Can Help!

The securities and investment fraud lawyers at Meyer Wilson have the skills and experience that are specifically suited to the needs of victims of investment fraud. If you suffered losses because Jacobson made unauthorized trades in your account, contact us today for a free consultation to discuss your legal options.

Call (866) 362-2644 to Speak with an Investment Loss Attorney About Your Case

Meyer Wilson is a law firm that represents wronged investors nationwide in matters involving securities / investment fraud and investment advisor misconduct, including unauthorized trading, elder fraud, and more. Our website contains additional information about the investment fraud and misconduct cases we handle, as well as common questions we often receive from investors who want to learn more about their rights and options. 

Contact our office today to schedule a free, no-obligation consultation. Call (866) 362-2644 to speak directly with an attorney. We proudly serve clients nationwide. 

FINRA Grants Largest Ever Award for UBS YES Case

Nearly $1.9 Million Awarded to Customers in UBS Yield Enhancement Strategy

Financial Industry Regulatory Authority (FINRA) arbitrators have awarded over $1,875,000 to two family trusts involving the late Irving Siegel. The award marks the largest ever granted by FINRA to an investor who sustained losses after investing in the UBS Yield Enhancement Strategy (YES). 

At Meyer Wilson, we represent individuals who have suffered losses as a result of investment fraud or adviser misconduct. All we handle are investor claims, and we have helped our clients recover over $350 million in investment losses. If you invested in a UBS Yield Enhancement Strategy (YES) and suffered losses, contact our office at (614) 532-4576 for a free consultation. 

$1.875M Arbitration Award for UBS YES Losses

FINRA arbitrators have awarded two trusts nearly $1.9 million in a record-setting case after claimants asserted that the company engaged in fraud, misrepresentation, unsuitability, breach of fiduciary duty, negligence, and breach of contract. According to publicly available records, the arbitration award was in relation to investment in the Yield Enhancement Strategy (YES) offering with UBS Financial. 

UBS’s YES product has come under scrutiny as over 1000 investors have come forward with allegations of significant losses. Many investors claim that the product was offered as a safe options strategy not affected by market fluctuations. It was said to have limited risk and that inventors should expect to receive a 2 to 3% market increase year over year. In reality, the Yield Enhancement Strategy was incredibly risky and suffered catastrophic losses.

UBS YES Results in Huge Investor Losses

Despite what was allegedly told to investors, the UBS Yield Enhancement Strategy was far from market neutral. Market volatility was responsible for huge losses to investors in the strategy. The product was likely inappropriate for most retail investors. Individuals who invested in the UBS Yield Enhancement Strategy are strongly encouraged to contact an investment misconduct lawyer to learn about their rights.

The two Siegel trusts, a generation-skipping transfer (GST) trust, and a QTIP trust, reportedly invested $8.5 million into the UBS strategy. As a result of their losses, the two trusts were awarded $517,020 and $1.171 million, respectively. The case was heard by a three-person FINRA arbitration panel in Boca Raton, Florida.

Recovering Losses Related to UBS YES Claims

Customers who were recommended and sold investment in the UBS Yield Enhancement Strategy might have a claim for losses. Allegations against brokers and financial advisors that recommended investment in the strategy include that the strategy was falsely represented to them as being safe and that the firms omitted critically important information regarding the strategy when they recommended it.  

Aggrieved investors may be eligible to file a FINRA arbitration claim against UBS Financial to recover losses related to the product. It is essential to consult with an experienced attorney as early as possible to determine your legal options.

Suffered UBS Yield Enhancement Strategy Losses? Contact Our Office.

If you were recommended and sold investment in the Yield Enhancement Strategy offered by UBS Financial, you might be entitled to compensation for your losses. 
Contact our office at (614) 532-4576 for a free, no-obligation consultation. Investor claims are handled on a contingency fee basis, meaning we only earn a fee if money is recovered on behalf of the client. Call now to get started.

Ma Rosa Linan Abrego Barred by FINRA Over Misappropriation Inquiry

Ms. Abrego was recently barred by FINRA in the wake of allegations that she misappropriated client funds. Hailing from McAllen, Texas, Ms. Abrego was terminated by Merrill Lynch on June 10, 2019, after spending just three years at the company and in the securities industry at large. Merrill Lynch reported that she was terminated due to the misappropriation of client funds.

After Ms. Abrego’s termination, FINRA opened an investigation to determine if misappropriation had indeed taken place under her tenure as a broker. However, Ms. Abrego failed to appear for the inquiry as mandated by FINRA Rule 8210. Under Rule 8210, brokers are required to show up and cooperate with investigators – or risk becoming permanently barred from holding a position in the securities industry.

Knowing this, Ms. Abrego still chose not to appear before FINRA investigators or provide testimony about her actions at Merrill Lynch. As noted in her publicly-available BrokerCheck report, “Linan Abrego consented to the sanction and to the entry of findings that she refused to appear for on-the-record testimony as requested by FINRA.”

What Counts as Misappropriation of Funds?

Misappropriation of client funds is perhaps one of the most serious forms of investor misconduct, as it is defined as the illegal and intentional use of funds for an unauthorized purpose. Aside from facing FINRA sanctions and a lifetime ban in the securities industry, those who misappropriate client funds may be subject to both criminal and civil proceedings as well.  

At Meyer Wilson, we’re committed to holding investors accountable when their actions cause you to suffer financial harm. If you or someone you know has been affected by the misconduct of Ma Rosa Linan Abrego, you could be entitled to damages for your losses. Bringing over 50 years of legal experience to the table, our investment fraud attorneys can help you seek fair compensation.

For more information, contact our legal team at (614) 532-4576.

Did Michael May Engaged in Unsuitable Trades in Your Account?

Meyer Wilson is investigating allegations that Michael May, a New York-based broker, engaged in excessive and unsuitable trading in customer’s accounts, with significant margin exposure and interest. May has been working for VCS Venture Securities since October 2021. He previously worked for Joseph Stone Capital.

Michael May was recently suspended by FINRA for three months in connection with allegations that he engaged in excessive and unsuitable trading, including the use of margin, in a customer’s account.

A previous customer dispute alleging May recommended unsuitable and unauthorized transactions was settled.

If you suffered financial losses due to Michael May’s account management, the experienced securities and investment fraud attorneys at Meyer Wilson would like to speak with you. Contact us today for a free consultation to discuss your legal options.

Did Christopher Bond Engage in Unauthorized Trading in Your Account?

Meyer Wilson is investigating allegations that New York broker Christopher Bond engaged in unauthorized trading in a customer’s account. Bond has been registered with the brokerage firm National Securities Corporation since 2004.

Bond has been the subject of two prior customer disputes – one related to the sale of a private placement and one alleging that Bond gave his clients’ unsuitable investment recommendations.

In February 2022, FINRA suspended Bond in connection with allegations that he engaged in unauthorized trading by exercising discretion in a customer’s account without written authorization.

If you or someone you know suffered financial losses in an account managed by Christopher Bond, the experienced securities arbitration attorneys at Meyer Wilson would like to speak with you. Please contact us today for a no-cost, no-pressure consultation to discuss your legal options.

Did You Lose Money With Former Voya Financial Broker William Johnson?

Meyer Wilson is investigating allegations that William Johnson, a Connecticut-based broker, made multiple unsuitable recommendations to purchase speculative, non-traded Real Estate Investment Trusts (REITs) and other alternative investments, including Commodity Futures. Johnson has been registered with Cadaret, Grant & Co., Inc. since 2019. He previously worked for Voya Financial Advisors, Inc. for twenty years.

Johnson has been the subject of eleven customer disputes. Five complaints are currently pending in FINRA arbitration, and all five allege that Johnson recommended his clients invest in unsuitable, high risk alternative investments.

If you suffered investment losses while working with William Johnson of Voya financial, the experienced investment attorneys at Meyer Wilson would like to speak with you. Working with the right legal team makes all the difference. Contact us today for a free consultation to discuss your legal options.

Did You Have an Account Managed by Kevin McCallum of LPL Financial?

Meyer Wilson is investigating allegations that Alabama-based broker Kevin McCallum engaged in unauthorized trading and unsuitable purchases of risky investments. McCallum worked for LPL Financial until 2019 and has not been registered since.

McCallum has been the subject of eight customer disputes and one regulatory action. Four disputes against McCallum are currently pending and four were settled. McCallum consented to a one-year suspension by the Financial Industry Regulatory Authority (FINRA) for allegedly recommending unsuitable investments to twelve customers. According to FINRA, these unsuitable recommendations resulted in his customers’ investments being overconcentration in a high-risk business development company.

FINRA rules require brokers to obtain customer’s permission prior to making any trades on their account. Failure to do so may result in unauthorized trading. Brokers must consider enough information about the financial situations of individual customers and have a reasonable basis for believing a recommendation of a purchase or sale of an investment is suitable for you. Otherwise, they may be liable for recommending an unsuitable investment.

Firms are required to supervise the activities of brokers. If you suffered financial losses due to McCallum’s actions, you may be able to hold Kevin McCallum and LPL Financial liable. The experienced securities and investment fraud attorneys at Meyer Wilson would like to discuss your legal options with you. Please contact Meyer Wilson today for a no-cost consultation.

Meyer Wilson Investigating Potential Legal Claims Against Worden Capital Management Relating to Excessive and Unsuitable Trading by Stockbroker John Lopinto

On January 11, 2022, the Financial Industry Regulatory Authority announced sanctions against John Michael Lopinto (CRD#: 4563735). The sanctions stem from allegations that Lopinto engaged in excessive and unsuitable trading in at least five customer accounts and improperly exercised discretion in another customer’s account without prior written authorization.

Lopinto worked as a financial advisor with Worden Capital Management, LLC, from November 2016 to November 2019. FINRA states that during this timeframe:

Lopinto worked as a financial advisor with Worden Capital Management, LLC, from November 2016 to November 2019. FINRA states that during this timeframe:LoPinto recommended high frequency trading and his customers routinely followed his recommendations and, as a result, LoPinto exercised de facto control over the customer’s accounts. LoPinto’s trading was excessive and unsuitable given the customers’ investment profiles. As a result of LoPinto’s excessive trading, the customers suffered collective realized losses of $240,331 while paying total trading costs of $205,523, including commissions of $161,706. The findings also stated that LoPinto exercised discretion to effect trades in a customer’s account without prior written authorization. LoPinto charged the customer a total of $21,632 in commissions to place the trades. The customer did not provide written authorization for LoPinto to exercise discretion in the account and LoPinto’s member firm did not accept the account as a discretionary account.

Under the law, brokers are prohibited from making unsuitable and excessive trades in customer accounts and making trades without proper authority. While Lopinto neither admitted nor denied FINRA’s allegations, he consented to a nine-month bar from working in the securities industry and a $7,500 fine. He was also ordered to pay restitution in the amount of $135,333.

Brokerage firms like Worden Capital are required under securities industry rules to monitor trading activity in customer accounts to detect and prevent unsuitable and excessive trading and unauthorized transactions. Brokerage firm customers may be entitled to compensation if it can be shown that a firm failed to take adequate steps to prevent and respond to possible improper trading activity in the customer’s account.

The latest sanctions are not Lopinto’s first run-in with regulators. In September 2020, Lopinto was the subject of a Securities & Exchange Commission cease-and-desist order, which included a public censure and $40,000 fine. The SEC accused Lopinto and another colleague of various violations of the Investment Advisers Act of 1940 relating to Keyport Venture Partners, LLC, an unregistered investment fund. The SEC accused Lopinto of misrepresentations relating to the fund’s purported investment in a pre-IPO offering.

An investigation of Lopinto’s regulatory record also shows a history of numerous tax liens in excess of $350,000.

If you are a former customer of John Lopinto and suspect misconduct in your trading account, contact the investment fraud lawyers at Meyer Wilson for a complimentary case evaluation.