SEC Settles with Five Brokerage Firms Regarding Complex Exchange-Traded Products

In November 2020, the Securities and Exchange Commission (SEC) settled with American Portfolios Financial Services/American Portfolios Advisors Inc., Benjamin F. Edwards & Company Inc., Royal Alliance Associates Inc., Securities America Advisors Inc., and Summit Financial Group Inc., resulting in $3 million that will be returned to harmed investors. The settlement was related to the firms’… Read More

Insigneo Securities, LLC broker Filipe Vargas (CRD# 5140431) faces a customer complaint about Barclays Bank iPath Series B S&P 500 VIX Short Term Futures Exchange-Traded Notes losses. Henao has been registered with Insigneo Securities, LLC in Miami, Florida since 2016.  Henao has been the subject of one customer complaint, according to his CRD report. The… Read More

There are options for clients of former Parkland Securities, LLC broker William Frier (CRD# 1029781) who suffered investment losses. Frier was registered with Parkland Securities, LLC in Colorado Springs, Colorado from 2012 to 2017. Previously, Frier was registered with LPL Financial LLC in Colorado Springs, Colorado from 1989 to 2012, when he was terminated regarding,… Read More

Erez Law is currently investigating brokers across the country who recommended their clients invest in leveraged exchange-traded funds (ETFs), following significant declines when the market crashed due to the COVID-19 pandemic (the coronavirus of the winter and spring of 2020). Many of these investments had low assets and did not have a viable path forward… Read More

In May 2019, a former client of Morgan Stanley won an award in a FINRA arbitration for compensatory damages for $519,089 plus 8.75% interest per annum for losses sustained from unsuitable ETF recommendations. The investors were clients of broker Timothy Prouty (CRD# 4928098). The causes of action included suitability; deceptive trade practices; breach of fiduciary… Read More

Did you suffer significant losses investing in the Credit Suisse AG VelocityShares Daily Inverse VIX Short-Term Exchange Traded Notes (ETNs), symbol XIV? An ETN is a senior, unsecured, unsubordinated debt security issued by an underwriting bank. It has a maturity date and is backed only by the credit of the issuer, and is designed to… Read More

Erez Law is currently investigating former Oppenheimer & Co. Inc. broker David Krumrey (CRD# 4121845) regarding exchange-traded notes (ETNs), oil and gas securities, and VXX investment losses. Krumrey was registered with Oppenheimer & Co. Inc. in The Woodlands, Texas from 2009 to 2017, when he was terminated regarding, “Mr. Krumrey was terminated for attempting to… Read More

Erez Law is currently investigating financial advisors across the country who recommended investments in Credit Suisse Securities USA X-Links and Velocity Shares Exchanged Traded Notes (ETNs). In December 2016, the VelocityShares 3x Long Crude ETN linked to the S&P GSCI Crude Oil Index Excess Return (UWTI) – providing triple leveraged bullish exposure to oil futures… Read More