Articles Posted in Virginia

The Financial Industry Regulatory Authority (FINRA) recently barred a financial advisor from Alexandria, Virginia who had been registered with Wells Fargo Clearing Services LLC.  According to the FINRA AWC (Letter of Acceptance, Waiver, and Consent), FINRA began an investigation into whether Paul Trimber “converted a senior customer’s funds for his personal use and benefit…”  Mr. Trimber allegedly refused to produce documents in response to FINRA’s requests in the investigation, resulting in FINRA’s bar from Mr. Trimber associating with any FINRA member.

According to FINRA’s Brokercheck report, Mr. Trimber was terminated by Wells Fargo in February 2024 for the following reason:  “Financial Advisor discharged after he admitted during review to making unauthorized transfers of client funds to recipients outside of the Firm.”

Financial Advisors occupy positions of trust and access to accounts that unfortunately can result in the theft of customer funds.  In such situations, the brokerage firms for which the advisor is registered also bear responsibility for their advisors’ criminal actions, and also can be found liable for failures to supervise the wrongful activity.

FINRA has reported on the Brokercheck report for former advisor Shane Wilhelm that he has been permanently barred from registration with a FINRA Broker-Dealer.  The Report states that Mr. Wilhelm was previously registered with Fortune Financial Services and Truist Investment Services, and that he previously had offices in Roanoke, Virginia, Moneta, Virginia, and Lynchburg, Virginia.

FINRA states “Pursuant to FINRA Rule 9552(h) and in accordance with FINRA’s Notice of Suspension and Suspension from Association letters dated June 2, 2023, and June 26, 2023, respectively, on September 5, 2023, Wilhelm is barred from association with any FINRA member firm in all capacities. Wilhelm failed to request termination of his suspension within three months of the date of the Notice of Suspension; therefore he is automatically barred from association with any FINRA member in all capacities.”

The Virginia-based securities fraud lawyers at Greco & Greco have been representing wronged customers of financial advisors for decades, including many clients from southwest Virginia including Roanoke.  We have extensive experience for cases of securities fraud, breach of fiduciary duty, churning, broker theft, false statements, unsuitable recommendations, and unauthorized trading.  If you believe you may have been victimized by your investment advisor, please contact Scott Greco for a free attorney consultation.

 

The local Virginia Securities Fraud Lawyers of Greco & Greco are currently representing multiple Virginia customers of Richmond, Virginia based broker John Starke. These claims for investment losses have been filed in FINRA arbitration against Mr. Starke’s brokerage firm, Centaurus Financial.

As shown by Mr. Starke’s FINRA Brokercheck report, found here, in the last two years customers have filed seven complaints against Mr. Starke, most involving allegations of the sale of illiquid, unsuitable, and high-risk investments.

Alternative Investments, which include REITs (Real Estate Investment Trusts), are often sold as an alternative to more traditional stocks, bonds, and stock and bond funds. These higher-risk investments are often touted for their high returns, especially in a low interest rate environment, however those high returns are accompanied with corresponding high risk.

Former Richmond, Virginia Oppenheimer & Co. Inc. financial advisor Warren E. Rowe Jr. was barred from the securities industry by FINRA recently after an investigation related to alleged loans taken from customers.

According the the FINRA Letter of Acceptance Waiver and Consent found here, Mr. Rowe refused to provide documents in response to a request of FINRA investigators.  The AWC, signed by Mr. Rowe, imposed a bar on Mr. Rowe’s association with any FINRA member in all capacities.

Mr. Rowe’s FINRA Brokercheck report reveals that he voluntarily resigned from Oppenheimer in May 2020 after an allegation that he took a loan from a client without disclosing it to the firm.  The report also references multiple customer complaints related to alleged loans, as well as complaints related to unauthorized trading, and inappropriate margin use.  Interestingly, a customer complaint regarding a loan made after his separation from Oppenheimer is still listed as “denied” by the firm.

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