FINRA Expels New York Stockbroker Hank Mark Werner

On November 8, 2017, the Financial Industry Regulatory Authority (FINRA) announced that a broker named Hank Mark Werner of upstate New York had been barred from the securities industry. The headline: “FINRA Hearing Panel Bars Broker for Defrauding Elderly, Blind Customer”.

The pattern of this behavior is outrageous but not all that unusual. It makes a good example of how financial professionals fail their clients.

According to the FINRA news release, Mr. Werner served as the licensed broker for an elderly couple since 1995. The husband died in 2012. Mr. Werner made some 700 trades on “behalf” of his client, a sightless 77-year old recently widowed woman in poor health between October 2012 and December 2015. He ultimately collected $210,000 in commissions. The panel’s decision includes an order of restitution to the widow, a fine, Mr. Werner’s banishment from the industry, and a further fine and censure for his employer – Legend Securities, brokerage firm expelled from the securities industry as of April, 2017.

Read More

Dual-Registered Advisors Barred From Recommending 401(k) Rollovers

LPL Financial Bars Its Dual-Registered Advisors From Recommending 401(k) Rollovers in Brokerage Capacity According to an internal advisor memo, LPL Financial is prohibiting its “hybrid” or dual-registered advisors to recommend 401(k)to IRA rollovers to LPL clients in a brokerage capacity. Investment News reports that the policy was adopted in response to the Department of Labor’s […]

Read More

Victory – Vindicated By The California Court of Appeals

“The victory benefits investors everywhere by making clear that basic rules of due process do apply in FINRA arbitration”. In August, 2014, I represented Sandra Liebhaber in a FINRA hearing requested by Royal Alliance Associates and its one time financial advisor, Kathleen Tarr. This was an expungement hearing in which Royal Alliance and Tarr asked FINRA to erase any trace of the claim that my client had filed and settled with Royal Alliance. To grant that extraordinary remedy, the FINRA three-person panel had to find essentially that Ms. Liebhaber had filed a false claim. Ms. Liebhaber did not and would not file a false claim, and when I found out about the request, Darlene Pasieczny and I agreed to represent her without charge at the hearing to oppose the expungement. At the hearing, the arbitrators allowed Ms. Tarr to testify that she was a minister’s daughter and had done nothing wrong.

Read More
Aequitas investors go on attack

Banks Talks Aequitas in New Oregonian Article

Samuels Yoelin Kantor attorney Bob Banks was featured again in the Oregonian this Sunday. The article, by Jeff Manning, focuses on the the ongoing Aequitas debacle. Also highlighted in the piece is latest case that Banks filed in Seattle last week for a group of investors who lost $11 million. In the article, Manning states […]

Read More

SYK Attorney Robert Banks Speaks Out About Aequitas

Learn more about the issues revolving around Aequitas Investments from attorney Robert Banks, Jr. Banks has over 35 years of experience, and a strong legal team behind him. Please see the information center for more details on this investigation, and contact the Investor Defender legal team for a confidential and complimentary consultation.

Read More

Aequitas Inside Look Article – Banks Quoted

Portland Securities Attorney Robert Banks was quoted today in an Oregonian article that offers one of the first inside looks at the Aequitas situation. “It is absolutely outrageous that a financial adviser would put important client retirement money into promissory notes issued by a company that was already on the ropes,” Banks said. Jeff Manning reports […]

Read More
high return investment

George Merhoff and Energy Stocks – The Investigation Continues

The Investigation of Klamath Falls Financial Advisor George Merhoff Jr. and Cetera Investments, Pacific West Securities, Inc. Continues Customer Concerns Grow About Energy Stock Concentration and George Merhoff Our office continues to investigate Cetera Investments and its representative George Merhoff Jr. Since our last reporting, even more investors have called us to report that they […]

Read More