Category Archives: Broker/dealer

In March of 2020, America has experienced the unprecedented pandemic known as the Coronavirus. The US stock market has declined by more than a 1/3 from its all-time high in February 2020. Some investors have watched their own portfolios decline by 30-50%.

In some instances, your investment losses could be normal market decreases. However, in other instances your losses could be due to mistakes made by your financial advisor. You could have been unsuitably invested in a portfolio that was too risky for you. Some of your investments could have been inappropriate. The risks of your investments may not have been accurately discussed with you. The typical American investor needs an experienced attorney to help him or her evaluate whether their losses are actionable against the advisor or firm that recommended them.

At Maddox Hargett & Caruso, P.C., we have been advising clients about their investment losses for over 30 years. We give investors free initial evaluations to help them understand the viability of their case against their financial advisor and his firm. If you are trying to understand whether your investment losses are attributable to normal stock market declines or breaches of duty by your advisor or firm, please contact us. We are here to help you make an informed decision. Call us at 317-598-2040 or check out our website at www.investorprotection.com.

On July 24^th, FINRA permanently barred former Merrill Lynch broker Tom Buck from the securities industry. FINRA alleged that Buck engaged in unauthorized trading, improperly used commission based accounts when fixed fee accounts were more appropriate, and misled clients about fees they were paying in their accounts. Our firm is continuing to assist investors in their potential claims against Merrill Lynch and Tom Buck for all these matters.

Checkout the below links for more on this story:

FINRA Consent Agreement Buck

http://www.ibj.com/articles/54198-regulators-bar-adviser-tom-buck-from-securities-industry

http://www.investmentnews.com/article/20150728/FREE/150729893/fired-by-merrill-now-barred-by-finra-thomas-buck-stops-here

FINRA recently sanctioned an Indianapolis stock broker for failing to obtain written authorization from his clients before purchasing investments in their accounts.  According to his CRD, John Miller of City Securities was suspended for 20 days and fined $10,000 by the regulator.  Maddox Hargett & Caruso is investigating these allegations.  If you believe your stock broker placed unauthorized investments in your account, please contact us.

As a result of, Alfred Talens being charged with stealing about $600,000 from Ovation where he was the CFO, along with other charges. We are looking into cases against Talens and LPL where he was employed as a stockbroker.

For more on this developing story click these links:

http://www.indystar.com/story/news/crime/2015/06/29/companys-cfo-charged-with-stealing-more-than-half-million/29478899/

http://www.ibj.com/articles/53823-former-ovation-cfo-arrested-on-multiple-theft-charges

Our firm will be looking into investor complaints against John Cody Miller, a City Securities broker and investment adviser in Indiana, as a result of his suspension for executing trades without written consent, going against his company’s policies. For more on this broker and his suspension checkout the below link.

http://www.ibj.com/articles/53717-federal-authorities-suspend-city-securities-broker

Our firm will be looking into investor complaints against Tom Buck and the Buck Group as a result of his termination from Merrill Lynch. Checkout the latest on Tom Buck below.

http://www.ibj.com/articles/53525-high-profile-broker-buck-faces-rash-of-complaints?utm_source=eight-at-8&utm_medium=newsletter&utm_campaign=2015-06-09

Our firm will be looking into investor complaints against Joseph Yanofsky and Brooke Clements and the Yanofsky Group as a result of their termination from Bank of America Merrill Lynch.

http://www.reuters.com/article/2015/05/05/moves-bank-of-america-merrill-lynch-yano-idUSL1N0XV0Y020150505

Indianapolis Securities Firm, Veros Partners, has been sued by the SEC for an assumed Ponzi scheme that raised $15M in two farm-loan offerings. The lawsuit states that, Veros owes millions of dollars to over 80 investors in past payments. Named in the suit are Veros President Matthew Haab, Fishers attorney Jeffery Risinger, and CEO of Pin Financial Tobin Senefeld. All the assets of those named in the suit have been frozen. This is not Senefeld’s first time being pursued by the SEC. In 1999, he paid a $25,000 fine and 12 month suspension with working with broker dealers, as a result of securities violations.

Our firm will be looking into investor complaints against Tom Buck and the Buck Group as a result of his termination from Merrill Lynch. Checkout the latest on Tom Buck below.

http://www.ibj.com/articles/52616-merrill-lynch-firing-of-top-adviser-was-for-compliance-lapses

http://www.indystar.com/story/money/2015/04/06/merrill-lynch-says-fired-heavy-hitter-carmel-broker-tom-buck/25366547/

Just like an average person who ages, an older financial adviser is more likely to show signs of aging. Red flags that a financial adviser might be suffering from senior moments: forgetfulness, a tendency to repeat things, a disregard for following instructions. If you are concerned, bring attention to the branch manager or to compliance, or, if they don’t do anything, to the authority. An increasing problem that seems to go unreported most of the time, but in the next few decades be prepared to see these declining mental skills claims increase.

51 is the average age of financial advisers and 43 percent are older than 55, according to Cerulli Associates. Many are planning to retire in the next decade and it is a struggle to recruit young advisers to offset those retiring from the industry. The North American Securities Administrators Association are aware of the financial services industry’s continuing concerns regarding the aging of advisers and have begun addressing the issue with proposing a rule requiring state-registered investment advisers to have succession and business continuity plans in place.