INVESTOR DEFENSE LAW BLOG

SPECIAL REPORT: Clay Hoffman of Summit Financial in Brunswick BARRED from securities industry for failure to cooperate with investigation into his alleged unauthorized trading, excessive trading, and fraud

Posted on Jul 7th, 2017

After a long, checkered career, Clay Hoffman has been barred from the securities industry by the Financial Industry Regulatory Authority (FINRA). According to FINRA, Mr. Hoffman was first suspended and then barred from the securities industry for first failing to pay a fine he agreed to as part of a settlement, then for failing to cooperate with FINRA’s investigation into his alleged “unsuitable transactions, unauthorized transactions, excessive trading and fraud.”


SPECIAL REPORT: David Elgart of Sequoia Investments fined & suspended for willfully withholding important information from investors

Posted on Jul 6th, 2017

The Financial Industry Regulatory Authority (FINRA) has really thrown the book at David Elgart of Sequoia Investments for “willfully failing” to disclose over $400,000 in tax liens. We’ll dive into why this is important information for investors, but first, some quick background:

David Elgart is the president, chief compliance officer (CCO), and majority owner of Sequoia Investments. Located in Roswell, Georgia—a wealthy suburb of Atlanta—Sequoia investments focuses on selling municipal bonds to high net worth investors.


SPECIAL REPORT: Hossein Amirriahei fired from Wells Fargo and barred from securities industry for unauthorized trading

Posted on Jul 6th, 2017

It’s really pretty simple. There are two types of investment accounts, accounts where the advisor has to ask permission before placing trades (non-discretionary) and accounts where the advisor can enter trades without asking the client for permission (discretionary accounts). And ne’er the two shall meet! Mr. Hossein Amirriahei learned this lesson the hard way, FINRA records show.




Five Signs of Investment Fraud

Posted on May 30th, 2017

Investors deserve peace of mind. Whether you are saving up to buy a home or for your retirement, you should be able to have confidence that your investments are safe, secure and truly appropriate for your individual needs. Unfortunately, far too often, investors are taken advantage of by bad financial advisors.


ICM Asset Management in Spokane Closing its Doors under Suspicious Circumstances

Posted on Mar 13th, 2017

ICM Asset Management of Spokane, Washington plans to close its doors permanently next month. Just a couple of years ago, the Spokane Journal of Business hailed ICM as a growing firm, in an article you can read here. ICM is an investment advisory firm, and its submissions to the US Securities & Exchange Commission (SEC) state that it has assets under management of $130 million, so why is ICM shutting its doors?




Mr. Tracy R. Turner of Turner Financial Group Sued by Securities Regulator for Allegedly Improper Securities Sales

Posted on Feb 11th, 2017

Investors who invested in 1031 exchanges through Tracy Turner and Turner Financial Group of Carlsbad, California may be regretting that decision. According to a complaint filed against Mr. Turner by the Financial Industry Regulatory Authority (FINRA), Mr. Turner entered into over $4.1 million in improper securities offerings, and that was just for one type of security, over the relatively short time frame of September 2013-April 2014.


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