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Michigan resident Mike Walters was ordered to cease and desist from unlawfully selling unregistered, non-exempt securities issued by Northridge Holdings, the alleged perpetrator of a $42 million Ponzi scheme emanating out of Illinois. It is also alleged that Mr. Walters violated the Michigan Uniform Securities Act (“MUSA”) by acting as an…
The Financial Industry Regulatory Authority (FINRA) recently fined and censured Cleveland-based securities broker-dealer McDonald Partners, LLC for alleged failures to conduct due diligence in connection with private placement offerings. The regulator found that, between 2013 and 2019, McDonald Partners participated in several private-placement offerings that were marred by mismanagement and misconduct, including a 2019…
Stock broker Stephen Sullivan of New York has been suspended and fined by industry self-regulator FINRA for allegedly engaging in “quantitatively unsuitable trading in customer accounts.” FINRA’s investigation led to findings that Sullivan recommended a pattern of high-cost, high-frequency, in-and-out trading in the customers’ accounts, and that Sullivan’s customers routinely followed…
Chad Koehn, a former registered representative of securities broker SA Stone, has been suspended from the securities brokerage industry and fined by industry self-regulator FINRA for allegedly participating in unauthorized private securities transactions involving 59 individuals, 34 of whom were SA Stone customers. According to FINRA, between August 2020 and October…