On December 29, 2022, FINRA filed a complaint against Mark Sam Kolta, alleging that, from June 2014 through August 2015, Kolta, while associated with former FINRA member, National Securities Corporation, made unsuitable recommendations to 16 customers to more than $4.8 million in shares of a non-traded real estate investment trust (REIT).
Category: Investment Fraud

Former Independent Financial Group Stockbroker and Investment Adviser John P. Mendes Barred From the Securities Industry for Insider Trading Violations
John P. Mendes (CRD #5409060) was a previously registered FINRA broker and investment adviser associated with Independent Financial Group. On December 19, 2022, the Securities and Exchange Commission (SEC) barred Mendes from acting as a broker or investment adviser and engaging in certain activities following the commission’s investigation into insider trading allegations.

Former Morgan Stanley Investment Advisor Allen Israel Hershberg Charged with Soliciting Unapproved Investments
By: Reif Law Group, P.C.
Allen Israel Hershberg (CRD#: 1112312), of Beverly Hills, was “permitted to resign” from Morgan Stanley Smith Barney, LLC’s Beverly Hills, California office in July 2022 due to concerns about outside real estate investments not approved by the investment firm and recommending those investments to...

Former Southport Capital Founder and Former Oppenheimer & Co. Financial Advisor Charged in $100 Million Horizon Private Equity Ponzi Scheme
By: Reif Law Group
Marietta, Georgia resident John Justin Woods (CRD#: 1949233) was the president and majority owner of investment advisory firm Southport Capital until being terminated in August 2021 as a result of an investigation into a $100 million Ponzi scheme, “Horizon Private Equity.”
From...

Cetera Investment Services LLC Stockbroker Leo Chen Charged with Unsuitable Investment Recommendations
By: Reif Law Group
Leo Li-Yuan Chen (CRD#: 4169619) is a stockbroker and FINRA-registered investment advisor associated with Cetera Investment Services since 2012. Chen, currently working out of Cetera’s San Gabriel, CA office, has been charged with making unsuitable investment recommendations on several occasions:

Former Morgan Stanley and Wells Fargo Investment Advisor Pleads Guilty to Defrauding Customers of $7 Million
By: Reif Law Group, P.C.
Shawn Good (CRD#: 2022168), formerly with Morgan Stanley, pleaded guilty on September 15, 2022 to defrauding clients of more than $7 million following a Securities and Exchange Commission (SEC) investigation. Good reportedly pleaded guilty to wire fraud and money laundering...

Oppenheimer & Co. Inc. Investment Advisor Gregory Baines Iglow Charged with Claims of Unsuitability, Fraud, Breach of Contract, and Other Misconduct
Gregory Baines Iglow (CRD # 2783963) is a FINRA-registered broker and investment advisor with Oppenheimer & Co. Inc. and was formally employed by RBC Dain Rauscher Inc., Prudential Securities Incorporated, and M.L. Stern & Co., LLC. Iglow has been involved in multiple customer disputes from 2003 to...

Cetera Advisor Networks LLC Broker Lawrence Ira Goldstein Charged with Approximately $1.6 Million in Customer Claims
Lawrence Ira Goldstein (CRD # 733924) is a FINRA-registered broker and investment advisor with Cetera Advisor Networks in Los Angeles and was formally employed by Oppenheimer & Co. Inc., Oppenheimer Asset Management, Fahnestock Asset Management, and PaineWebber Incorporated. Goldstein...

Oppenheimer & Co FINRA-Registered Broker and Investment Advisor Michael Howard Rosenmayer Charged with Unsuitable Investment Recommendations and Other Misconduct in Customer Disputes

Morgan Stanley Stockbroker and Investment Advisor John Raphael Privitelli Charged with $4 Million in Customer Claim
John Raphael Privitelli (CRD # 733924) is a stockbroker and FINRA-registered investment advisor with Morgan Stanley, working out of the Beverly Hills office.
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In April 2016, a customer accused Privitelli of misrepresentation...