Silver Law Group

Silver Law Group We are a securities litigation firm that represents investors nationwide who lost money and were victims of stockbroker and Wall Street investment fraud.

SLG specializes in complex commercial litigation and arbitration, primarily focused on the financial services and banking industry. Our lawyers have experience at top-tier, national law firms and have the skills, experience, and commitment to serve clients at the highest level – almost exclusively on a contingency fee basis. SLG’s lawyers have extensive experience litigating complex commercial mat

ters, including cases involving director and officer liability; accounting malpractice; corporate compliance; creditor’s rights; the Racketeer Influenced and Corrupt Organizations Act; fraud; derivative suits; bankruptcy, receivership, and assignment proceedings; breach of contract; lender liability; commercial foreclosure; insurance coverage and bad faith; contests for corporate control; and failed real estate transactions. On behalf of their clients, SLG’s founding members have prosecuted more than $500 million in claims against financial institutions that have resulted in client recoveries in excess of $100 million.

https://www.silverlaw.com/blog/sec-sues-broad-street-global-management-alleging-it-defrauded-investors-in-1b-fund/SEC Su...
02/03/2025

https://www.silverlaw.com/blog/sec-sues-broad-street-global-management-alleging-it-defrauded-investors-in-1b-fund/

SEC Sues Broad Street Global Management Alleging It Defrauded Investors In $1B Fund

On January 29, 2025 the Securities and Exchange Commission (SEC) sued Broad Street Global Management LLC, alleging that it’s principals “used deceptive schemes and materially false statements to raise…more than $1 billion from over a thousand investors.”

The suit, filed in Florida federal court against Broad Street Global Management (BSG), Broad Street Inc (BSI), and executives Steven Baldassarra, Joseph Baldassarra, and David Feingold, seeks an asset freeze, injunctions, and the appointment of a receiver to stop the alleged ongoing offering fraud.

On January 29, 2025 the Securities and Exchange Commission (SEC) sued Broad Street Global Management LLC, alleging that it’s principals “used deceptive schemes and materially false statements to ...

https://www.silverlaw.com/blog/finra-bars-stockbrokers-for-failing-to-provide-finra-with-information-january-2025/FINRA ...
01/23/2025

https://www.silverlaw.com/blog/finra-bars-stockbrokers-for-failing-to-provide-finra-with-information-january-2025/

FINRA Bars Stockbrokers For Failing To Provide FINRA With Information January 2025

According to FINRA Disciplinary actions for January 2025, the following individuals were barred from FINRA and cannot currently work for a FINRA brokerage firm for failing to provide FINRA with information it requested or to keep information current with FINRA pursuant to FINRA rules:
NAME FORMER EMPLOYERS
Sebastian Bongiovanni Spartan Capital Securities, LLC
Newbridge Securities Corporation
Luke Brooks U.S. Bancorp Investments, Inc.

FINRA makes this information available, in part, to inform investors about potential red flags or problems with certain stockbrokers. If you invested with anyone in this report and have questions about your legal rights, our attorneys will talk with you at no cost to explain your legal rights and about how we can help recover your investment losses through securities arbitration or litigation.

According to FINRA Disciplinary actions for January 2025, the following individuals were barred from FINRA and cannot currently work for a FINRA brokerage firm for failing to provide FINRA with ...

https://www.silverlaw.com/blog/finra-suspends-stockbrokers-for-failing-to-comply-with-finra-arbitration-award-or-settlem...
01/22/2025

https://www.silverlaw.com/blog/finra-suspends-stockbrokers-for-failing-to-comply-with-finra-arbitration-award-or-settlement-agreement-january-2025/

FINRA Suspends Stockbrokers For Failing To Comply With FINRA Arbitration Award Or Settlement Agreement January, 2025

According to FINRA Disciplinary actions for January 2025, the following individuals were suspended from FINRA for failing to comply with a FINRA arbitration award or settlement agreement pursuant to FINRA rules:
NAME FORMER EMPLOYERS
Michael Barrows M Stevens Securities, LLC
Kingswood Capital Partners, LLC
Eric Ludovico M Stevens Securities, LLC
Kingswood Capital Partners, LLC
Edgar Olmeda Maximum Financial Investment Group, Inc.
Avalon Partners, Inc.
Michael Paesano Morgan Stanley
UBS Financial Servies Inc.
Stephen Pendergast Wells Fargo Clearing Services, LLC
RBC Capital Markets, LLC
Vincent Sharpe Paulson Investment Company, LLC
PHX Financial, Inc.

According to FINRA Disciplinary actions for January 2025, the following individuals were suspended from FINRA for failing to comply with a FINRA arbitration award or settlement agreement pursuant ...

https://www.silverlaw.com/blog/finra-suspends-registered-individuals-for-violations-of-finra-rules-january-2025/FINRA Su...
01/22/2025

https://www.silverlaw.com/blog/finra-suspends-registered-individuals-for-violations-of-finra-rules-january-2025/

FINRA Suspends Registered Individuals For Violations Of FINRA Rules January 2025

According to FINRA Disciplinary actions for January 2025, the following individuals were suspended from FINRA and cannot currently work for a FINRA brokerage firm for failing to provide FINRA with information it requested or to keep information current with FINRA pursuant to FINRA rules. However, these individuals remain bound by the securities arbitration agreement to arbitrate any disputes between themselves and their former customers:
NAME FORMER EMPLOYERS
Iam Aguilar Fidelity Brokerage Services LLC
Eunice Carreira
Juan Garcia J.P. Morgan Securities LLC
Wyman Sai J.P. Morgan Securities LLC
Joseph Seidler RBC Capital Markets, LLC
Wells Fargo Clearing Services Inc.
James Turpin USA Financial Securities Corporation
United Planners’ Financial Services of America A Limited Partner

According to FINRA Disciplinary actions for January 2025, the following individuals were suspended from FINRA and cannot currently work for a FINRA brokerage firm for failing to provide FINRA ...

https://www.silverlaw.com/blog/broker-michael-magruder-suspended-after-failing-to-comply-with-finra-arbitration-agreemen...
01/14/2025

https://www.silverlaw.com/blog/broker-michael-magruder-suspended-after-failing-to-comply-with-finra-arbitration-agreement/

Broker Michael Magruder Suspended After Failing To Comply With FINRA Arbitration Agreement

Michael Magruder (Michael Edwin Magruder CRD # 4579211) is a previously registered broker and investment advisor last employed with Raymond James & Associates, Inc. (CRD # 705) of Orlando, FL. His previous employers include Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD # 7691) of Destin, FL, Wells Fargo Advisors, LLC (CRD # 19616) of Southlake, TX, and Raymond James & Associates, Inc. (CRD # 705) of Dallas, TX. He has been in the industry since 2003.

Magruder is the subject of four disclosures, two of which are customer disputes. In the first dispute, dated 7/3/2024, the client alleged that Magruder requested a loan, which they agreed to and made. The client requested damages of $175,000, and the claim was settled for $189,259.57.

https://www.silverlaw.com/blog/finra-bars-stockbrokers-for-failing-to-provide-finra-with-information-december-2024/FINRA...
12/31/2024

https://www.silverlaw.com/blog/finra-bars-stockbrokers-for-failing-to-provide-finra-with-information-december-2024/

FINRA Bars Stockbrokers For Failing To Provide FINRA With Information December 2024

According to FINRA Disciplinary actions for December 2024, the following individuals were barred from FINRA and cannot currently work for a FINRA brokerage firm for failing to provide FINRA with information it requested or to keep information current with FINRA pursuant to FINRA rules:
NAME FORMER EMPLOYERS
Aksh*ta Bhatia
Glenn Colangelo American Independent Securities Group
The O.N. Equity Sales Company
Peter Girgis SW Financial
Worden Capital Management LLC
Matthew Kagan Merrill Lynch, Pierce, Fenner & Smith Incorporated
Northwestern Mutual Investment Services, LLC
Zayed Rodriguez NYLife Securities LLC

According to FINRA Disciplinary actions for December 2024, the following individuals were barred from FINRA and cannot currently work for a FINRA brokerage firm for failing to provide FINRA with ...

https://www.silverlaw.com/blog/finra-suspends-registered-individuals-for-violations-of-finra-rules-december-2024/FINRA S...
12/31/2024

https://www.silverlaw.com/blog/finra-suspends-registered-individuals-for-violations-of-finra-rules-december-2024/

FINRA Suspends Registered Individuals For Violations Of FINRA Rules December 2024

According to FINRA Disciplinary actions for December 2024, the following individuals were suspended from FINRA and cannot currently work for a FINRA brokerage firm for failing to provide FINRA with information it requested or to keep information current with FINRA pursuant to FINRA rules. However, these individuals remain bound by the securities arbitration agreement to arbitrate any disputes between themselves and their former customers:
NAME FORMER EMPLOYERS
Yiu Yeung Pacific Century Securities, LLC
Michael Banks Morgan Stanley
Fidelity Brokerage Services LLC
Joscelyn Cockburn Innovation Partners LLC
FSC Securities Corporation
Luis Jean-Bart PFS Investments Inc.
Peter Lawrence American Portfolios Financial Services, Inc.
Questar Capital Corporation
Emma McAuley Edward Jones
Marques Mcleon NYLIfe Securities LLC
Jennifer Nelson Edward Jones
Robert Ornelas Northwestern Mutual Investment Services, LLC
Edgar Shanoyan Merrill Lynch, Pierce, Fenner & Smith Incorporated
Purshe Kaplan Sterling Investments
Robert Thomas IBN Financial Services, Inc.
Avantax Investment Services, Inc.

According to FINRA Disciplinary actions for December 2024, the following individuals were suspended from FINRA and cannot currently work for a FINRA brokerage firm for failing to provide FINRA ...

https://www.silverlaw.com/blog/finra-suspends-stockbrokers-for-failing-to-comply-with-finra-arbitration-award-or-settlem...
12/31/2024

https://www.silverlaw.com/blog/finra-suspends-stockbrokers-for-failing-to-comply-with-finra-arbitration-award-or-settlement-agreement-december-2024/

FINRA Suspends Stockbrokers For Failing To Comply With FINRA Arbitration Award Or Settlement Agreement December, 2024

According to FINRA Disciplinary actions for December, 2024, the following individuals were suspended from FINRA for failing to comply with a FINRA arbitration award or settlement agreement pursuant to FINRA rules:
NAME FORMER EMPLOYERS
Silvio Borrero MML Investors Services, LLC
Oppenheimer & Co, Inc.
Sevag Haddadian Wells Fargo Clearing Services, LLC
Morgan Stanley
Michael Magruder Raymond James &Associates, Inc.
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Anthony Tassone Wells Fargo Clearing Services, LLC
Morgan Stanley

According to FINRA Disciplinary actions for December, 2024, the following individuals were suspended from FINRA for failing to comply with a FINRA arbitration award or settlement agreement ...

https://www.silverlaw.com/blog/did-ifg-churn-your-account/Did IFG Churn Your Account?San Diego, CA-based Independent Fin...
12/24/2024

https://www.silverlaw.com/blog/did-ifg-churn-your-account/

Did IFG Churn Your Account?

San Diego, CA-based Independent Financial Group, LLC has been fined and censured by the SEC after the firm failed to establish and follow a supervisory system for supervising the firm’s brokers when handling customer accounts. This failure occurred between July 2020 and December 2022 and included noncompliance with Registration Best Interest and other requirements.

During the same time frame, IFG failed to supervise one broker that churned, or excessively traded, five customer accounts and violated FINRA Rules 3110 and 2010. From September 2022 through April 2024, IFG also made “late and incomplete responses” to a FINRA Rule 8210 request violating FINRA Rules 8210 and 2010.

San Diego, CA-based Independent Financial Group, LLC has been fined and censured by the SEC after the firm failed to establish and follow a supervisory system for supervising the firm's brokers ...

https://www.silverlaw.com/blog/broker-robert-thompson-suspended-for-two-months-for-oba/Broker Robert Thompson Suspended ...
12/24/2024

https://www.silverlaw.com/blog/broker-robert-thompson-suspended-for-two-months-for-oba/

Broker Robert Thompson Suspended For Two Months For OBA

Robert Thompson (Robert Kennedy Thompson CRD # 1975407, aka, “Bob Thompson”) is a previously registered broker and currently registered investment advisor with Concourse Financial Group Securities, Inc. (CRD # 15708) of Palos Hills, IL. His previous employers include The Concord Equity Group, LLC (CRD # 14569) of Iselin, NJ, Emissary Financial Group, Inc. (CRD # 44568) of Mentor, OH, and Money Concepts Capital Corp (CRD # 12963) of Palm Beach Gardens, FL. He has been in the industry since 1989.

Concourse Financial discharged Thompson on 10/6/2023 for engaging in outside business activity (OBA) without the firm’s approval and written consent. On February 1, 2023, Thompson sought pre-approval from Concourse Financial Group to work as a business development officer at an external bank. Concourse Financial Group denied his request.

https://www.silverlaw.com/blog/finra-suspends-broker-richard-mireles-for-failing-to-respond/FINRA Suspends Broker Richar...
12/24/2024

https://www.silverlaw.com/blog/finra-suspends-broker-richard-mireles-for-failing-to-respond/

FINRA Suspends Broker Richard Mireles For Failing To Respond

Richard Mireles (Richard Randy Mireles CRD # 5288651) is a currently registered broker and investment advisor with Independent Financial Group, LLC (CRD # 7717) of San Diego, CA. He was previously registered with Western Financial Advisors (CRD # 35098), also of San Diego. He has been in the industry since 2007.

In the disciplinary action, FINRA detailed how from July 2020 and December 2022, despite notifications from lower-level managers, Mireles did not respond or act on “red flags” escalated to him. These red flags were for a registered representative who had traded excessively in five customer accounts during this period. Multiple trades were repeatedly “red-flagged” for this representative. The parameters were designed to notify the firm of solicited trades with high principal amounts.

https://www.silverlaw.com/blog/broker-maria-leon-barred-by-finra-following-termination/Broker Maria Leon Barred By FINRA...
12/23/2024

https://www.silverlaw.com/blog/broker-maria-leon-barred-by-finra-following-termination/

Broker Maria Leon Barred By FINRA Following Termination

Maria Leon (Maria De Los Angeles Leon CRD # 6042515, aka, Maria D. Del Real, Maria De Los Angeles Del Real, Maria Del Real, Maria D Delreal, Maria D. Delreal, Maria De Los Angeles Delreal, Maria Delreal) is a previously registered broker last employed with PNC Investments (CRD # 129052) of Grand Rapids, MI. Her previous employers were J.P. Morgan Securities LLC (CRD # 79) of Chicago, IL and San Leandro, CA, and Chase Investment Services Corp. (CRD # 25574) of Michigan City, IN. She has been in the industry since 2012.

PNC Investments discharged Leon on August 13, 2024 for misappropriation of customer funds following an investigation. The firm issued a Uniform Termination Notice for Securities Industry Registration (Form U5) for her termination. Despite no longer being an employee of PNC or any other member broker-dealer, Leon continues to be subject to FINRA’s jurisdiction.

https://www.silverlaw.com/blog/finra-arbitration-award-against-citizens-securities/FINRA Arbitration Award Against Citiz...
12/23/2024

https://www.silverlaw.com/blog/finra-arbitration-award-against-citizens-securities/

FINRA Arbitration Award Against Citizens Securities

An elderly retiree has been awarded $152,382.41 in compensatory damages and attorneys’ fees of $48,762.37 in a FINRA arbitration against broker-dealer Citizens Securities relating to the sale of Colorado Bankers’ annuities. Most of the FINRA arbitration fees were to be paid by the broker-dealer.

The action resulted from the client’s purchase of Colorado Bankers’ Life annuities. In the arbitration, the retiree’s legal counsel argued that Citizens Securities violations included breach of contract and warranties, promissory estoppel; violation of state securities statutes; state insurance statute violations; breach of fiduciary duty; claims under common law; and vicarious liability.

An elderly retiree has been awarded $152,382.41 in compensatory damages and attorneys’ fees of $48,762.37 in a FINRA arbitration against broker-dealer Citizens Securities relating to the sale of ...

https://www.silverlaw.com/blog/broker-roy-williams-barred-after-borrowing-from-customers/Broker Roy Williams Barred Afte...
12/19/2024

https://www.silverlaw.com/blog/broker-roy-williams-barred-after-borrowing-from-customers/

Broker Roy Williams Barred After Borrowing From Customers

Roy Williams (Roy Kevin Williams CRD # 843607) is a former registered broker and investment advisor last employed with Stifel, Nicolaus & Company, Incorporated (CRD # 793) of Indianapolis, IN. He was previously employed with Morgan Stanley Smith Barney (CRD # 149777) and Citigroup Global Markets Inc. (CRD # 7059), also of Indianapolis, and Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD # 7691). He has been in the industry since 1977.

On June 5, 2023, a customer filed a dispute alleging that Williams convinced them to “make personal loans to him from 2019 through 2021. The client requested damages of $59,000, and the dispute was settled for the same amount.

https://www.silverlaw.com/blog/broker-christian-de-berardinis-suspended-and-fined-for-selling-away-to-private-placements...
12/18/2024

https://www.silverlaw.com/blog/broker-christian-de-berardinis-suspended-and-fined-for-selling-away-to-private-placements/

Broker Christian De Berardinis Suspended And Fined For Selling Away To Private Placements

Christian De Berardinis (CRD # 4312327, aka Christian Eduardo DeBerardinis) is a previously registered broker and currently registered investment advisor last registered with Morgan Stanley (CRD # 149777) of New York, NY. His previous employers include J.P. Morgan Securities LLC (CRD # 79) of Miami, FL, Phoenix Derivatives Group, LLC (CRD # 25802) and Oppenheimer & Co. Inc. (CRD # 249), also of New York, NY. He has been in the industry since 2001.

A customer dispute filed on 3/1/23 by multiple claimants alleged that De Bernadinis “solicited outside investment opportunities not authorized from the firm from February 20, 2020 to March 1, 2023.” The customers requested damages of $6,500,000, and the claim was settled for $1,350,000.

https://www.silverlaw.com/blog/sec-charges-morgan-stanley-smith-barney-firm-pays-15m-fines-for-third-party-disbursement-...
12/17/2024

https://www.silverlaw.com/blog/sec-charges-morgan-stanley-smith-barney-firm-pays-15m-fines-for-third-party-disbursement-fraud/

SEC Charges Morgan Stanley Smith Barney, Firm Pays $15M Fines For Third-Party Disbursement Fraud

After discovering that four of its financial advisors had committed fraud with automatic bank transfers, Morgan Stanley Smith Barney (MSSB) has agreed to pay $15 million in fines and other sanctions for failing to have reasonable theft detection in place.

Prior to December of 2022, MSSB did not have a system that screened and detected unauthorized transfers and payments made by Automatic Clearing House (ACH) and other types of cash transfers. Both methods were unauthorized, and the financial advisors were able to transfer millions of customer funds to their own accounts.

After discovering that four of its financial advisors had committed fraud with automatic bank transfers, Morgan Stanley Smith Barney (MSSB) has agreed to pay $15 million in fines and other ...

https://www.silverlaw.com/blog/scott-silver-discusses-barred-broker-henry-duvals-continued-misconduct/Scott Silver Discu...
12/04/2024

https://www.silverlaw.com/blog/scott-silver-discusses-barred-broker-henry-duvals-continued-misconduct/

Scott Silver Discusses Barred Broker Henry Duval’s Continued Misconduct

Silver Law Group founder Scott Silver was recently interviewed by Investment News for an article about Henry Duval, formerly known as “Roger Allen Duvall.” Duvall was barred by FINRA in 2020 after it found he was selling away and misappropriating funds while associated with MML and Pruco, two former employers.

“After learning about a bad actor who is barred, the securities industry should have a responsibility to put clients on notice,” Scott told Investment News about Duval. “It’s a dangerous situation. Brokers who get terminated for cause for being a bad actor may become even more aggressive.”

https://www.silverlaw.com/blog/scott-silver-interviewed-about-two-brokers-tro-in-a-gwg-l-bonds-finra-arbitration/Scott S...
12/04/2024

https://www.silverlaw.com/blog/scott-silver-interviewed-about-two-brokers-tro-in-a-gwg-l-bonds-finra-arbitration/

Scott Silver Interviewed About Two Brokers’ TRO In A GWG L-Bonds FINRA Arbitration

Silver Law Group’s managing partner Scott Silver discussed a recent ruling from a California court that gave two brokers a temporary restraining order (TRO) against FINRA in arbitration over their sales of GWG Holdings’ illiquid L-Bonds.

“This appears to be a Hail Mary pass by two brokers who are taking a ‘never say die’ approach to arbitration,” Scott said in a recent AdvisorHub article. “In this case, FINRA’s position is correct, straightforward, and investor friendly.”

Silver Law Group’s managing partner Scott Silver discussed a recent ruling from a California court that gave two brokers a temporary restraining order (TRO) against FINRA in arbitration over ...

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Silver Law Group’s Story

Silver Law Group is a nationally recognized investment fraud law firm representing investors in FINRA arbitration claims against Wall Street firms for stockbroker misconduct, SEC whistleblowers, and investors in class action lawsuits in state or federal court.

Our firm has recovered millions of dollars for investors who have been defrauded by brokerage firms, investment advisors, stockbrokers, Ponzi schemes, and more. We take most cases on a contingency fee basis, which means there is no fee unless money is recovered from your claim.

Scott Silver, Silver Law Group’s managing partner, is a passionate investor advocate who has spent his legal career practicing securities and financial services law. Scott is the chairman of the Securities and Financial Fraud Group of the American Association of Justice and has received the highest rating from Martindale Hubbell for ethical standards and legal ability. Scott has multiple million dollar securities arbitration awards and regularly teaches securities law at conferences and other events.

Contact Scott Silver of the Silver Law Group for a no-cost consultation at [email protected] or toll free at (855) 755-4799.