Articles Posted in Investor Abuse

Notwithstanding The Lowenstein Report, FINRA Probably Made A Secret Agreement With A Broker’s Lawyer To Manipulate Arbitrator Selection
Banks Law Office

FINRA’s Secret Agreement To Rig Arbitrator Selection In 2022, a Georgia court issued a bombshell opinion that found that FINRA had made an illegal secret agreement with a lawyer, Terri Weiss, who represented brokerage firms in FINRA arbitrations. Specifically, FINRA told Weiss that it would make sure certain arbitrators that had served on one of…

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FINRA Accuses Coastal Equities Broker Luke Michael Johnson Of Unsuitable Trading
Banks Law Office

On July 12, 2023, an individual named Luke Michael Johnson was accused in a FINRA (Financial Industry Regulatory Authority) complaint of making unsuitable recommendations to customers. These recommendations involved advising customers to invest over $2.35 million in illiquid alternative investments. The complaint alleges that these recommendations were unsuitable based on the customers’ financial profiles, including…

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FINRA Sanctions Merrill Lynch Broker Robert Spencer Gerstein
Banks Law Office

On July 20, 2023, Robert Spencer Gerstein, based in Boca Raton, Florida, was subject to an AWC (Acceptance, Waiver, and Consent) by FINRA (Financial Industry Regulatory Authority). As part of this agreement, Gerstein faced several sanctions: The allegations against Gerstein revolved around his engagement in short-term trading of securities that were meant to be held…

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FINRA Suspends Kingswood Capital’s Broker Daniel King For Unsuitable Trading
Banks Law Office

On July 17, 2023, Daniel M. King of Venice, California, was issued an AWC (Acceptance, Waiver, and Consent) by FINRA. In this disciplinary action, King was fined $10,000, suspended from associating with any FINRA member for two months, and ordered to pay $33,374.31 plus interest in restitution to a customer. This restitution is related to…

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