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April 2014 Archives

Golden Beneficial Securities Corporation Ordered to Pay Nearly $2.5 million

A FINRA arbitration panel entered an award against Golden Beneficial Securities Corporation in the amount of almost $2.5 million based upon its failure to supervise Joel David Salinas, one of its employees. Joel David Salinas allegedly invested $3 million of customer money into a supposed corporate bond fund named the JDFG Fixed Income Fund. In reality, the money was being collected to fuel a $50 million Ponzi scheme. Golden Beneficial Securities Corporation's registration was cancelled this past January. Claims continue to mount against Salinas' estate and his former firm.

Advisor Appeals 10 Day Suspension and Ends Up with 90 Days

Steven Robert Tomlinson, a Wells Fargo advisor, was suspended by the Financial Industry Regulatory Authority (FINRA) for ninety days. Initially, Tomlinson was suspended for only ten days and fined $10,000 based upon allegations of downloading confidential client information to a flash drive. According to FINRA, Tomlinson downloaded his clients' information to a flash drive and gave the information to an office assistant to make mailing labels for the purpose of sending announcements regarding his new job with Wells Fargo. FINRA believed that Tomlinson never supervised or told the assistant that the unencrypted drive contained confidential client information. Tomlinson disagreed with the FINRA panel's decision and he appealed it. The independent appeal panel held up the $10,000 fine, but increased his suspension to 90 days.

Former Broker to A-List Celebrities Faces Fraud Charges

Earlier this year, after allegations of fraudulently spending ten thousand dollars with someone else's credit card, Dana Giacchetto was charged with fraud. Giacchetto has served as financial advisor to A-list celebrities such as Matt Damon and Leonardo DiCaprio.

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