Lance Nathaniel Scida (a registered representative in Wichita, Kansas ) and Dennis Dale Bailey (a registered representative in Highlands Ranch, Colorado ) suspended from FINRA for representations regarding CMOs.

CarterPA — Wed, 24 Mar 2010 00:30:33 +0000

FINRA recently announced that Lance Nathaniel Scida (a registered representative in Wichita, Kansas) and Dennis Dale Bailey (a registered representative in Highlands Ranch, Colorado) submitted an Offer of Settlement in which they were suspended from association with any FINRA member in any capacity for two years. Without admitting or denying the allegations, Scida and Bailey consented to the described sanctions and to the entry of findings that they made unsuitable recommendations to customers to open accounts with their member firm for purposes of buying and selling CMO securities. The findings further stated that Scida and Bailey did not have reasonable grounds to believe that their recommendations were suitable for their customers in light of their investment objectives, risk tolerance and investment experience. The findings also stated that, in connection with the sale of CMOs, Scida and Bailey made material misrepresentations and omitted material facts, including representing that investing in CMOs would reap substantial returns with virtually no risk. Finally, the findings also included that Scida and Bailey exercised discretion in customer’s non-discretionary accounts without written authorization signed by any of their clients and a firm principal.

According to his FINRA Broker Report (CRD), Lance Nathaniel Scida has worked as a registered representative with Northwestern Mutual Investment Services, LLC, VFinance Investments, Inc., and Chicago Investment Group, LLC. It appears that Dennis Bailey has worked at VFinance Investments, Inc., Chicago Investment Group, LLC, and Samco Financial Services, Inc.

If you have questions about investments you made with Dennis Bailey or Lance Scida, or if you believe that you have been the victim of a securities fraud, the Law Offices of David A. Carter, P.A. may be able to help. David A. Carter is a securities lawyer based in Boca Raton, Florida. He reviews securities fraud cases throughout the country and Kansas, including reviewing securities fraud cases in Topeka, Wichita, Manhattan, and Kansas City. For more information on the firm’s securities fraud practice, please visit http://www.carterpa.com. To contact the Law Offices of David A. Carter, P.A., please call 561-750-6999 or email us at contact@carterpa.com.

FINRA fines Alan Pacella (a VFinance Investments, Inc financial advisor in Boca Raton, Florida) for securities violations.

CarterPA — Thu, 14 Jan 2010 14:26:02 +0000

FINRA recently announced that Alan Frank Pacella (CRD#1689031) (a VFinance Investments, Inc financial advisor in Boca Raton, Florida ) has been censured and fined $10,000. Without admitting or denying the allegations, Pacella consented to the described sanctions and to the entry of findings that he participated in the sale of unregistered securities. The findings stated that Pacella, before entering sales orders, relied on his member firm’s compliance department to review whether the shares were freely tradable. The findings also stated that the compliance department conducted its tradability review in the ordinary course of business and incorrectly approved the securities for public resale, even though the shares were restricted. The findings also included that Pacella had or should have had the company’s Articles of Incorporation and press release, thereby allowing him to determine that the securities were not registered for public sale and not subject to an exemption.

According to Alan Pacella’s CRD, prior to working as a financial advisor at VFinance Investments, Inc., Pacella was registered as a financial advisor with SMH Capital, Inc., Capital Growth Financial, LLC, and PMK Securities & Research, Inc.

If you have any questions about investments you made with Alan Pacella, or if you believe that you have been the victim of a securities fraud, the Law Offices of David A. Carter, P.A. may be able to help. David A. Carter is a South Florida securities fraud attorney based in Boca Raton, Florida. He reviews securities fraud cases throughout the country and Florida, including securities fraud cases in Deerfield Beach, Plantation, Parkland, Lighthouse Point, Highland Beach, Pompano Beach, and Fort Lauderdale. To contact us, please call us at 561-750-6999 or send an email to contact@carterpa.com. For more information on the firm, please visit http://www.carterpa.com.

The White Law Group, LLC » VFinance

Lance Nathaniel Scida (a registered representative in Wichita, Kansas ) and Dennis Dale Bailey (a registered representative in Highlands Ranch, Colorado ) suspended from FINRA for representations regarding CMOs.

FINRA fines Alan Pacella (a VFinance Investments, Inc financial advisor in Boca Raton, Florida) for securities violations.