Allegations by FINRA

FINRA initiated an investigation into Anthony Sica.  According to FINRA’s AWC,
he “refused to appear for on-the-record testimony requested by FINRA, as part of its targeted examination of Sica’s member firm’s practices regarding public and private offerings of small-capitalized exchange-listed issuers”.  Pursuant to FINRA Rule 8210, he was barred from the securities industry.

Anthony Sica History

Anthony Sica was affiliated with Joseph Gunnar & Co. from 2003 to May 2024.  He worked in a New York City office and has also been the subject of four customer complaints.  He was previously suspended by FINRA for three months in 2017 and was also fired by Joseph Gunnar & Co. in May 2024.

Joseph Gunnar & Co Potential Responsibility

Pursuant to FINRA Rule 3110, broker-dealers like Joseph Gunnar & Co. must reasonably supervise the activities of their representatives.  If a firm does not adequately supervise their advisors, it could be liable for any investor harm.

Our firm represents investors throughout the country as well as New York, who have been victims of broker misconduct, unsuitable investment recommendations, and fraud. 

If you were a client of Anthony Sica and believe he acted improperly, you may be entitled to recover losses through FINRA arbitration.

• View Anthony Sica FINRA AWC
• View his BrokerCheck Report

Contact Israels & Neuman for a Free Case Evaluation

Call us at (720) 599-3505 or (206) 795-5798 or fill out our inquiry form online.

What Did Washington Allege?

The Washington Division of Securities alleged that Klahanie Investment and Li managed a private fund called Serene Lake Capital.  Washington further alleged Serene Lake Capital Fund was overleveraged between August 2021 and May 2023, and this fund lost over 70% of its capital between August 2021 and May 2022.

After one client suffered significant losses in Serene Lake Capital, Li lent money to the customer.  Moreover, she also guaranteed an investment to this same customer.  Washington alleged that this violated securities regulations and fined Li and Klahanie Investment $25,000 regarding these violations.

Background on Li Li

Li Li worked out of an Issaquah, Washington office, while affiliated with Klahanie Investment from March 2018 to the present. 

Can I Recover My Investment Losses?

Yes—investors may have the right to pursue claims through FINRA arbitration, a legal forum designed to help recover funds lost due to broker misconduct or unsuitable investment recommendations.

Li Li may be individually liable for if her recommendations contained misrepresentations, unsuitable advice, or breaches of fiduciary duty.  Klahanie Investment may also bear responsibility.

We Represent Investors in Washington State

At Israels & Neuman, we have helped thousands of investors nationwide recover money lost to financial advisor misconduct and represent investors throughout Washington and the Pacific Northwest.  Attorney David Neuman is licensed to practice law in Washington, and we have offices in Seattle and Vancouver, Washington.  Our attorneys have extensive experience handling claims involving investment arbitration and litigation claims.

Free Case Review — Speak to a Securities Fraud Attorney Today

If you invested with Li Li or were sold  investments like Serene Lake Capital, contact Israels & Neuman at (720) 599-3505 or (206) 795-5798 for a free case evaluation.

Our attorneys are here to help you understand your rights and determine whether a claim through FINRA arbitration is right for you.

FINRA’s Allegations Regarding Schmidt

FINRA initiated its investigation into Gustave Schmidt regarding his involvement with StraightPath Venture Partners, LLC.  He allegedly recommended that his customer invest in StraightPath Venture Partners for the purpose of investing in pre-IPO companies.  FINRA alleged that Schmidt misrepresented the compensation he would receive for selling these investments.

Since then, StraightPath Venture Partners has entered into a Receivership.  Usually in this situation, investors suffer substantial losses in their investments.  Moreover, the former principals of StraightPath Venture Partners were indicted back in November 2023. 

Background on Gustave Schmidt

From January 2017 to the present, Gustave Schmidt was a registered representative of Investment Network.  He worked at an office in Smithtown, New York.  He has worked for nine other brokerage firms during his time in the securities industry, and five out of those nine firms have been barred by FINRA.

Responsibility for Schmidt’s Conduct

Investment Network, as a FINRA member, has obligations to supervise the conduct of its financial advisors. If the firm fails to adequately do so, it could be held responsible for any investor losses.

Israels & Neuman Helps Investors in Smithtown, New York

We represent investors throughout the country in arbitration matters.  If you were a client of Gustave Schmidt in New York and believe he acted improperly, you may be entitled to recover losses through FINRA arbitration.

• View Gustave Schmidt FINRA Complaint
• View his BrokerCheck Report

Contact Us for a Free Case Evaluation

Call us today at (720) 599-3505 or (206) 795-5798 or fill out our contact form to learn more about your rights.

Allegations Regarding the Suspension

FINRA bought an administrative complaint against Stephen M. Franko and Thomas Scheiman (both of whom worked at Independence Capital Co. in Mount Vernon, Ohio) regarding their sales of GWG L Bonds.  GWG filed for bankruptcy in 2022, causing significant losses for investors.  Franko was alleged to have recommended GWG L Bonds to three investors, totaling $195,000.

FINRA alleged that these recommendations were not in the customers’ best interests.  To settle these allegations, Franko agreed to a three month suspension, a $5,000 fine, and disgorgement of $5,640, which equaled the commissions he earned on selling the GWG bonds.

Background on Stephen M. Franko

Stephen Franko has been a representative of Independence Capital Co. since 2000.  He has worked at Mount Vernon and Parma, Ohio offices. 

Can Independence Capital Co. Be Responsible for Investor Losses?

FINRA Rule 3110 requires securities brokerage firms like Independence Capital Co. to adequately supervise the activity of its advisors.  Independence Capital Co. could be responsible for investor losses if it failed to reasonably supervise him.

We Help Investors in Ohio

Israels & Neuman represents investors in Ohio, and nationwide, who have been victims of broker misconduct, unsuitable investment recommendations, and fraud.  If you were a client of Stephen Franko and believe he acted improperly, you may be entitled to recover losses through FINRA arbitration.

• View Franko’s BrokerCheck Report
• View Franko’s FINRA AWC

Contact Us for a Free Case Evaluation

Call us today at (720) 599-3505 or (206) 795-5798

FINRA alleged that it has opened an investigation into David K. Franklin of New York, NY after he was criminally charged with “Conspiracy to Commit Health Care Fraud” and “Conspiracy to Commit Money Laundering” in May 2025.  FINRA then alleged that Franklin refused to cooperate with their investigation.  The investment fraud and FINRA Arbitration law firm of Israels & Neuman is conducting case reviews to determine if Integral Wealth Securities customers can recover their money.

It is a violation of FINRA Rule 8210 to refuse to respond to or cooperate with a FINRA investigation.  Violations of this Rule often result in suspensions or expulsions from the securities brokerage industry, and Franklin was barred by FINRA.

History of David Franklin

David Franklin was affiliated with Integral Wealth Securities from August 2018 to June 2025.  He worked in a New York City office.

Responsibility of Integral Wealth Securities

Under FINRA Rule 3110, broker-dealers like Integral Wealth Securities must reasonably supervise the activities of their representatives.  If a firm does not adequately supervise their representatives, it could be liable to customers for any investor harm.

Israels & Neuman represents investors in New York who have been victims of broker misconduct, unsuitable investment recommendations, and fraud.  If you were a client of David Franklin and believe he acted improperly, you may be entitled to recover losses through FINRA arbitration.

• View David Franklin FINRA AWC
• View his BrokerCheck Report

Contact Israels & Neuman for a Free Case Evaluation

Call us today at (720) 599-3505 or (206) 795-5798 or fill out our contact form to learn more about recovering the money you deserve.

Allegations Against William Tunink

According to FINRA’s BrokerCheck, LPL Financial fired Tunink in September 2025 regarding allegations that he “Failed to disclose and receive prior approval for loans from customers; and settled a customer complaint away from the Firm”.  Generally, advisors cannot borrow money from customers without prior firm approval and under limited circumstances, under FINRA Rule 3270.  The termination was triggered after a customer complained to LPL Financial about a loan not being paid back.

Since then, Bill Tunink has been the subject of a second customer complaint.  The customer alleged that he sold them “Investment Units” and entered into a “Silent Partner Agreement”.  Advisors are not allowed to sell investment products that are not approved by their firm, under FINRA Rule 3280.

Background on William Tunink

William Tunink was licensed with LPL Financial from October 2021 to September 2025 at a West Des Moines, Iowa office.  He was also previously licensed with Avantax Investment Services, and was also part of a tax and bookkeeping firm called Tunink Murray Financial Group.

Can LPL Financial Be Responsible?

FINRA Rule 3110 requires securities brokerage firms like LPL Financial to supervise the activity of its advisors.  LPL Financial could be responsible for investor losses if it failed to supervise him.

We Help Investors in Iowa

We represent investors throughout the United States including Iowa, who have been victims of broker misconduct, unsuitable investment recommendations, and fraud.  We have represented numerous investors in Iowa in the past.  If you were a client of William Tunink and believe he acted improperly, you may be entitled to recover losses through FINRA arbitration.

• View Tunink’s BrokerCheck Report

Contact Us for a Free Case Evaluation

Call us today at (720) 599-3505 or (206) 795-5798

Allegations Regarding the Termination

Lum was fired by LPL Financial regarding allegations that he “Accepted instructions and orders for a custodial account without proper authorization; used unapproved messaging application to transmit business-related communications, including nonpublic customer information and trade instructions”.  Firms like LPL Financial are required to file a form (called a Form U-5) with regulators that explains why the advisor was fired. 

Background on Marshall Lum

Marshall Lum was licensed with LPL Financial from January 2012 to September 2025.  He previously worked with Allstate Financial.  He has also been affiliated with a number of other entities, including High Tech Lending (as a mortgage loan originator), LTCi Partners and Crump Life Insurance, and Mortgage Hawaii LLC

Is LPL Financial Potentially Liable for Customer Losses?

FINRA standards provide that brokerage firms like LPL Financial must reasonably supervise the activities of their financial advisors.   Firms that fail to do so could be responsible for investor losses. 

We Help Investors in Hawaii

We represent investors throughout the United States as well as Hawaii, who have been victims of broker misconduct, unsuitable investment recommendations, and fraud. If you were a client of Marshall Lum and believe he acted improperly, you may be entitled to recover losses through FINRA arbitration.

• View Lum’s BrokerCheck Report

Contact Us for a Free Case Evaluation

Our FINRA Arbitration cases are taken on a contingency fee basis, meaning you don’t pay unless we successfully recover losses for you!

Call us today at (720) 599-3505 or (206) 795-5798 or fill out our contact form to learn more about your rights.

Allegations Regarding the Discharge of Jason Hawke

FINRA’s BrokerCheck discloses that Jason Hawke was fired by D.H. Hill Securities in August 2025.  The firm disclosed that “The firm found evidence during an investigation that Mr. Hawke deliberately falsified a client’s address on account documents in order to have an investment processed as Mr. Hawke was not registered in the client’s state of residence”. 

This is not the only time that Hawke has been fired by a brokerage firm.  He was terminated by J.P. Turner in 2011 regarding allegations that he violated “firm policy and industry rules related to commission payments and an unapproved private securities transaction”.  He was also fired by National Securities Corp. in March 2019 regarding “private securities transactions”.  Under FINRA Rule 3280, financial advisors must get prior approval from their firm to sell any investment.

Jason Hawke Industry Background

Jason Hawke was licensed with D.H. Hill Securities from October 2020 to August 2025 at a Meridian, Idaho office.  He was also previously licensed with National Securities Corp. prior to D.H. Hill Securities.  This advisor has also been the subject of eight customer complaints in his 25 years in the securities industry.  Hawke was also suspended for one month and fined $10,000 by the Idaho Securities Bureau in 2019.    

Is D.H. Hill Securities Responsible for Customer Losses?

FINRA Rule 3110 states that securities broker dealers like D.H. Hill Securities must adequately monitor the activity of its advisors.  D.H. Hill Securities could be responsible for investor losses if it failed to reasonably supervise them.

We Help Investors in Idaho

We represent investors throughout the United States as well as Idaho, who have been victims of broker misconduct, unsuitable investment recommendations, and fraud.  If you were a client of Jason Hawke and believe he acted improperly, you may be entitled to recover losses through FINRA arbitration.

• View Hawke’s BrokerCheck Report

Contact Us for a Free Case Evaluation

(720) 599-3505 or (206) 795-5798 or fill out our contact form to learn more about your rights.

Raymond James’ Allegations Regarding Firing Ruben Frezzotti

Information on Frezzotti’s termination is available on FINRA’s BrokerCheck.  According to a disclosure, Frezzotti was discharged when he was “alleged to have engaged in conduct inconsistent with firm policies applicable to an outside business activity related to real estate lending”. 

Background on Ruben Frezzotti

Ruben Frezzotti was licensed with Raymond James from February 2013 to September 2023 at a Coral Gables, Florida office.  He is now licensed as an investment advisory representative with International Assets Investment Management at a Homestead, Florida office.  Additionally, this advisor has been the subject of seven customer complaints during his tenure in the securities industry.

Is Raymond James Responsible for Frezzotti’s Conduct?

Under the auspices of FINRA Rule 3110, brokerage firms must sufficiently monitor the activity of its stockbrokers.  Raymond James could be liable if it failed to reasonably supervise him, considering factors such as the numerous customer complaints made against this advisor.

We Help Investors Nationwide, Including in Florida

We represent investors throughout the United States as well as Florida, who have been victims of broker misconduct, unsuitable investment recommendations, and fraud.  Attorney David Neuman is licensed to practice law in Florida. If you were a client of Ruben Frezzotti and believe your financial advisor acted improperly, you may be entitled to recover losses through FINRA arbitration.

• View Frezzotti’s BrokerCheck Report

Contact Israels & Neuman for a Free Case Evaluation

Call us today at (720) 599-3505 or (206) 795-5798 or fill out our contact form to learn more about your rights.