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According to allegations set forth in charging documents filed by the Financial Industry Regulatory Authority (FINRA) Department of Enforcement, John S. Hudnall, a former U.S. Bancorp and BancWest broker, engaged in undisclosed, unauthorized private securities transactions and made unsuitable investment recommendations to BancWest customers. It is alleged that Hudnall evaded supervisory review with respect to…
This short educational video released by the Public Investor’s Arbitration Bar Association Foundation examines the recent Wells Fargo scandal and the conflicts of interest that drive brokers and financial advisors to betray their clients’ trust. The video features victims of investment abuse and attorneys who explain why investors are hesitant to hold their brokers and financial…
Section 509(4) – Unregistered, Non-Exempt Broker-Dealers Section 509(4) of the Michigan Uniform Securities Act states that “[a] person acting as a broker-dealer or agent that sells or buys a security in violation of section 401(1), 402(1), or 506 is liable to the customer.” MCL 451.2509(4) (emphasis added). Section 401(1) of…
Paul T. Mata, a former general securities representative of Ameriprise Financial in Rancho-Cucamonga, California, has been permanently barred from the securities industry by the Securities and Exchange Commission. According to his FINRA Brokercheck Report, Mata engaged in the misuse of investors’ funds after offering and selling an estimated $14,000,000 of securities…