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March 2016 Archives

NYC Broker Disbarment Pending

Miguel Ortiz, a New York financial advisor, was barred from the securities industry by FINRA after allegations of fraud. FINRA claims that Ortiz falsified account statements and concealed the account value of a joint account held by his one of his customers. The victims believe that they lost $162,843 due to Ortiz's misrepresentations. Ortiz was also reprimanded for failing to disclose a $4.9 million civil judgment against him on his Form U-4. Ortiz has appealed FINRA's findings.

Maryland Attorney Pleads Guilty to Stealing Thousands from Client

Charles J. Broida, an attorney from Columbia, Maryland, pleaded guilty to stealing over $28,000 from a client. Broida received a six month suspended jail sentence and was ordered to complete 300 hours of community service. The state's attorney charged Broida with one count of theft. Broida, in connection with his representation of an estate, stole investment dividends instead of distributing the dividends to the widow of the decedent. The widow thought that the dividend checks were going into an account that would be reassigned to her, but found out later that she had no access to the account or funds. Shortly after her discovery, she filed a complaint with the Maryland Attorney Grievance Commission.

Advisor in Trouble After Accepting Kickbacks

Donald Toomer, an investment advisor from Henderson, Nevada, was recently indicted by a grand jury in New Jersey on fraud charges related to kick backs he received. The federal prosecutors allege that Toomer was involved in a "pump and dump" scheme. The prosecutors believe that Toomer received money in exchange of getting his clients to purchase specific microcap stocks targeted by his co-conspirators. Toomer allegedly received hundreds of thousands of dollars in kickbacks for his participation in the scheme.

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