Allegations Against Sung Cho

FINRA started its own investigation into Sung Cho after being fired by Citigroup Global Markets in April 2026.  FINRA alleged that it was investigating allegations as to “whether Cho misappropriated customer funds, forged customer signatures, and falsified firm documents while associated with Ameriprise and Citigroup”.  Cho did not cooperate with FINRA’s investigation, and as such, he was barred under FINRA Rule 8210. 

Citigroup disclosed on BrokerCheck that Cho removed “customer personally identifiable information from firm systems to create non-firm generated statement that was provided to a client as well as refusal to cooperate with an internal investigation”.  In essence, it appears that this advisor was creating statements that were not approved by Citigroup, a sign that he was selling investments that were not approved by Citigroup.

Background on Sung Moo Cho

Sung Cho was licensed with Citigroup Global Markets from October 2025 to April 2026.  He was also previously licensed with Ameriprise Financial Services from January 2021 to October 2025 and worked in a New York, NY office.  He was also the subject of a customer complaint in 2009.

Are Ameriprise and Citigroup Potentially Liable for Customer Losses?

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

Israels & Neuman Helps Investors in New York

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

• View BrokerCheck Report
• View FINRA AWC

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.

What Are the Allegations Against Fabio de Andrade?

According to FINRA (Financial Industry Regulatory Authority) BrokerCheck, Fabio De Andrade has been the subject of two customer complaints, both of which were made since late 2023.  The most recent complaint alleges damages of $24 million related to investments in government bonds (such as Treasury bills and Treasury bonds) and related products and funds that invested in T-bills and T-notes.  A 2023 complaint was denied by Merrill Lynch.

Background of Fabio de Andrade

From 2004 to June 2026, Fabio De Andrade has been a representative of Merrill Lynch and worked in a Kansas City, Missouri office. 

How Can I Recover My Investment Losses?

Fabio de Andrade can be liable to customers if he made unsuitable investment recommendations or if he misrepresented material risks of an investment.  Merrill Lynch can also be liable for their advisors’ conduct if it failed to reasonably supervise his conduct.

Israels & Neuman represents clients in the Kansas City area as well as nationwide.  We have helped clients recover their investment losses against multiple securities brokerage firms around the country including in Kansas City, MO. 

See Fabio De Andrade’s BrokerCheck Report HERE.

Contact Israels & Neuman for a Free Case Review

If you lost money with Fabio De Andrade or Merrill Lynch, Contact Us at (720) 599-3505 or (206) 795-5798 for a free evaluation of your case.

Our arbitration cases are taken on a contingency fee basis meaning no up-front costs to you. We are here to help you recover the money you deserve.

Allegations Against Michael DeLaFuente

According to FINRA’s BrokerCheck, customers alleged that De La Fuente failed to properly structure their accounts to meet their retirement goals and alleged that they participated in outside investment opportunities in which he did not disclose conflicts.  The customers sought $2.2 million in damages, and the case settled for $1.1 million.

Background on Michael De La Fuente

Michael DeLaFuente was a representative of USCA Securities between 2014 and April 2021.  He has been registered with Mutual Advisors since April 2021 and worked in Austin, Texas. 

What If I Have Investment Losses?

Texas investors 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.

Michael DeLaFuente may be individually liable for misrepresentation, unsuitable advice, or breach of fiduciary duty. However, USCA Securities or Mutual Advisors may also bear responsibility if they failed to properly supervise DeLaFuente or ignored warning signs.

Israels & Neuman Represents Investors in Austin, Texas

At Israels & Neuman, we have helped investors in Texas and nationwide recover money lost to financial advisor misconduct. Our attorneys have extensive experience handling claims involving brokerage firms and advisory firms.

Find DeLaFuente’s BrokerCheck report here

Free Case Review — Speak to a Securities Fraud Attorney Today

If you invested with Michael DeLaFuente, contact Israels & Neuman for a free case evaluation.

(720) 599-3505 or (206) 795-5798

Israels & Neuman, a Seattle-based securities arbitration law firm, is reviewing claims regarding Robert Bruce Kersey, who was registered with Moloney Securities  and Berthel Fisher between January 2013 and May 2026.

Customer Allegations Regarding Robert Bruce Kersey

Our firm has been in touch with a former client of Robert Kersey.  The customer alleged that they gave money to Kersey, under the representation that the money would be invested in CDs and Vanguard money market funds.  Kersey then had the customer write a check to Artisan Asset Management, which is his own business in Gig Harbor.  Generally, customers should be writing checks to brokerage firms or specific companies like mutual funds or variable annuities and not directly sending checks to a financial advisor’s own personal business.

The customer has allegedly received statements from Mr. Kersey which did not appear to be from Vanguard.  After the customer complained, Kersey wired money back to the customer.  The customer has since made a complaint to the Washington Department of Financial Institutions regarding this conduct. 

Background on Robert Kersey

From January 2013 to December 2025, Robert Bruce Kersey was a registered representative of Moloney Securities.  He was then registered with Berthel Fisher beginning in December 2025.  However, his registration with Berthel Fisher was terminated in May 2026.   

Responsibility for Kersey’s Conduct

Moloney Securities, 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 responsible for any investor losses.  Moreover, since Berthel Fisher acquired certain assets of Moloney Securities, Berthel Fisher may also have some potential responsibility as a corporate successor to Moloney Securities.

Israels & Neuman Helps Investors in the Greater Puget Sound Area

Our securities arbitration law firm represents investors in Washington and throughout the country in securities and arbitration matters.  Our main office is located in Seattle, WA.  Attorney David Neuman is the founding partner of Israels & Neuman and is licensed to practice law in Washington.  If you were a client of Robert Kersey and believe he acted improperly, you may be entitled to recover losses through FINRA arbitration.

• View Kersey 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. We have experience representing Gig Harbor investors and are ready to help you recover the money you deserve.

FINRA initiated its investigation into John Polemis for allegations that he borrowed $28,000 from a terminally ill customer, without intending to pay it back.  He also placed trades in the customer’s account after the customer died, without prior written authorization, and generated over $3,000 in commissions for himself.

FINRA further alleged that John Polemis had not adequately responded to FINRA’s investigation.  It is a violation of FINRA Rule 8210 to fail to respond to FINRA investigations and can result in being barred from the securities industry. Contact the securities and investment fraud law firm of Israels & Neuman for money recovery options.  

Background on Advisor John Polemis

From April 2022 to March 2024, John Polemis was a registered representative of Park Avenue Securities.  He was later registered with Stirlingshire Investments and Sphinx Investments and worked at an office in San Diego, California. He has also been the subject of two prior customer complaints and had three financial compromises in 2018. 

Is Park Avenue Securities Liable for Customer Losses?

Park Avenue Securities, as a FINRA member, has obligations to supervise the conduct of its financial advisors like John Polemis.  If the firm fails to adequately do so, it could be responsible for any investor losses.

Israels & Neuman Helps Investors in San Diego, California

Our securities arbitration law firm represents investors throughout the country in arbitration matters.  If you were a client of John Polemis and believe he acted improperly, you may be entitled to recover losses through FINRA arbitration.

• View 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. We can help you recover the money you deserve.

Allegations Against Mohammed Karim

FINRA started an investigation into financial advisor, Mohammed Karim of Lakeland, Florida after he was fired by Truist Investment Services in August 2025.  FINRA alleged that it was investigating allegations that Mr. Karim “used the former clients’ credit card for his own personal expenses” and “may have exerted influence over the clients to place his name on external accounts as the beneficiary”.  He did not cooperate with FINRA’s investigation, and as such, he was barred under FINRA Rule 8210. 

Background on Mohammed Karim

Mohammed Karim was licensed with Truist Investment Services from February 2021 to August 2025.   He worked in a Lakeland, Florida office, and has also been charged with theft and scheme to defraud by Polk County, Florida.

Is Truist Investment Services Liable for Customer Investment Losses?

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

Israels & Neuman Helps Investors 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 Mohammed Karim and believe your financial advisor acted improperly, you may be entitled to recover losses through FINRA arbitration.

• View BrokerCheck Report
• View FINRA AWC

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. We are here to help you recover what you deserve.

Allegations Against Alan Ngo

FINRA started its own investigation into Ngo in March 2026.  FINRA alleged that it was investigating whether Alan Ngo engaged in private securities transactions – essentially, whether he was selling investments that were not approved by PFS Investments.  Ngo did not cooperate with FINRA’s investigation, and as such, he was barred under FINRA Rule 8210. 

History

Alan Ngo was licensed with PFS Investments from 2003 to November 2025.     He worked in a Freehold, New Jersey office.  He also sold insurance for Primerica, and he also ran a business called NGO’s Associations, LLC.

PFS Investments Responsibility to Customers

FINRA standards provide that brokerage firms like PFS Investments must reasonably supervise the activities of their financial advisors.   Firms that fail to do so could be responsible for customer investment losses. 

Israels & Neuman Helps Recover Money for Victims in New Jersey

We represent investors throughout the United States as well as New Jersey, who have been victims of broker misconduct, unsuitable investment recommendations, and fraud. If you were a client of Alan Ngo and believe he acted improperly, you may be entitled to recover losses through FINRA arbitration with the help of Israels & Neuman.

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

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.

Allegations Regarding Inspired Healthcare Capital

It has been alleged that more than $100 million in commissions and fees were paid to brokerage firms and advisors for selling investments in Inspired Healthcare Capital.  When financial advisors recommend products like this, they have an obligation to perform due diligence on the product, so that the advisor can make sure that the investment is appropriate for their customer.  If they did not perform proper due diligence, this could be a problem. 

What Options Do I Have to Recover Investment Losses?

If the advisor and/or the brokerage firm misrepresented the risks of Inspired Healthcare Capital, they can be held liable for investor losses.  Also, if the investment was not suitable for the investor considering their age, risk tolerance, investment objectives, and financial resources, the advisor or firm can again be liable to their customers.  Most advisors who sold Inspired Healthcare Capital were licensed through FINRA, and FINRA requires arbitration of claims made by investors.

Israels & Neuman Helps Investors Recover Losses Nationwide

The arbitration and investment fraud law firm of Israels & Neuman regularly represents investors who seek to sue their financial advisor or brokerage firm for making unsuitable recommendations to customers.  Our arbitration cases are taken on a contingency fee basis, meaning there are no upfront costs or fees.  We represent investors in all 50 states in FINRA arbitration, and our consultations are always Free and Confidential.

View Inspired Healthcare Bankruptcy Site Here

Contact Us Today

If you lost money with Inspired Healthcare Capital investments, contact the law firm of ISRAELS & NEUMAN at (720) 599-3505 or (206) 795-5798 for a Free evaluation of your case.

Allegations Against Joel Benanti

FINRA initiated its investigation into Joel Benanti regarding allegations that he engaged in undisclosed outside business activities or private securities transactions.  In other words, FINRA was investigating whether Benanti sold investments that were not authorized by his former brokerage firm, Network 1 Financial.

FINRA further alleged that Benanti had not adequately responded to FINRA’s investigation.  It is a violation of FINRA Rule 8210 to fail to respond to FINRA investigations, and FINRA seeks to bar Benanti as a result.

Background on Joel Benanti

From June 2019 to May 2024, Joel Benanti was a registered representative of Network 1 Financial.  He worked at an office in Hauppauge, New York. Benanti has also been the subject of eight customer complaints since 2011, and he was allowed to resign or discharged by two firms in 2016 and 2017 respectively. 

Responsibility of Network 1 Financial

Network 1 Financial, as a FINRA member, has obligations to supervise the conduct of its financial advisors like Joel Benanti.  If the firm fails to adequately do so, it could be responsible for any investor losses.

Israels & Neuman Helps Investment Loss Victims in Hauppauge, New York

Our securities arbitration law firm represents investors throughout the country in arbitration matters.  If you were a client of Joel Benanti and believe he acted improperly, you may be entitled to recover losses through FINRA arbitration.

• View Joel Benanti FINRA Complaint
• 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 your rights. We can help recover the money you deserve.

New York’s Allegations

The New York Attorney General has made a criminal complaint against Olof Olsson, who previously worked for Aegis Capital.  New York filed a 24-count indictment against this broker in April 2026.  New York alleged that Olof Olsson stole $3.8 million from the Swedish Church of New York over a six-year period beginning in 2018.  Olsson served as a board member of the church and also was a licensed securities broker at Aegis Capital, which allegedly held the church’s assets.  He was alleged to have misappropriated the church’s funds to pay for personal expenses. 

Olof Olsson Securities Industry History

Olof Olsson was affiliated with Aegis Capital from 2011 to July 2021 and worked in a New York City office.

Aegis Capital May be Liable for Losses

Under FINRA Rule 3110, broker-dealers like Aegis Capital must reasonably supervise the activities of their representatives.  If a firm does not adequately supervise its representatives, it could be held liable for customer losses.

Israels & Neuman Helps Investment Loss Victims in New York

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 Olof Olsson and believe he acted improperly, you may be entitled to recover losses through FINRA arbitration.

• View 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.

Allegations Regarding the Suspension

In April 2026, Frederick Hohensee agreed to the suspension with FINRA, as well as a fine of $10,000 and restitution of $7,530 to customers.  FINRA alleged that he recommended that customers invest in various structured notes.  There were further allegations that Hohensee did not have a reasonable basis to believe that the recommendations were in the customers’ best interest to invest in the notes, which fell in value and likely caused financial harm.

Background on Frederick Hohensee

Frederick Hohensee was licensed with Abacus Investments from 1994 to the present.  He works in Oconomowoc, Wisconsin and also operates Hohensee Financial Services, a registered investment advisory firm.  Fred Hohensee was the subject of a 2023 customer complaint involving structured notes.

Is Abacus Investments Potentially Liable for Fred Hohensee’s Conduct?

FINRA standards provide that brokerage firms like Abacus Investments 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 Wisconsin

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

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

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. Israels & Neuman is here to help you recover the money you deserve.

Allegations Against Bradley Carrier

According to FINRA’s BrokerCheck, Synergy Investment Management fired Bradley Carrier in November 2025.  BrokerCheck discloses that he allegedly “directed non-clients to an outside investment opportunity, in violation of Firm policy”.

The report does not further disclose details about the outside investment.  However, generally licensed advisors are required to disclose all outside business activities to their firms.

History on Bradley Carrier

Bradley Carrier was licensed with Synergy Investment Management from April 2025 to November 2025 in Altamonte Springs, Florida.  He was also licensed with LPL Financial from April 2025 to December 2025. 

Can Synergy Investment Management or LPL Financial Be Responsible for Customer Losses?

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

Israels & Neuman Law Firm Represents Investors 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.  We have represented investors in Florida in the past  and Attorney David Neuman is licensed to practice law in Florida.  If you were a client of Bradley Carrier and believe he acted improperly, you may be entitled to recover losses through FINRA arbitration.

• View Carrier’s BrokerCheck Report

Contact Us for a Free Case Evaluation

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

Claims Regarding Brian Cantel

FINRA BrokerCheck contains information about whether customers have made complaints against financial advisors like Brian Cantel.  According to BrokerCheck, he has been the subject of three customer complaints since 2021. This includes a 2025 customer complaint alleging $1.5 million in losses in real estate investments and private placements. 

Also, it has been disclosed on a Form D filed with the SEC that Brian Cantel received compensation for selling investments in Inspired Healthcare Capital Fund LP.  Inspired Healthcare filed for bankruptcy, and investors are likely to suffer significant losses in this investment. They may be able to recover losses with the help of Israels & Neuman PLC.

Background on Brian Cantel

Brian Cantel has been licensed with Berthel Fisher since 2006 at a Southfield, Georgia office, as well as a Flowery Branch office.  Cantel has been in the securities industry since 1987. 

Can Berthel Fisher Be Liable for the Conduct of Brian Cantel?

FINRA Rule 3110 provides that brokerage firms have obligations to sufficiently supervise the activity of its advisors.  Berthel Fisher could be liable if it failed to reasonably supervise him, considering factors such as the numerous customer complaints made against him.

We Help Investors in Georgia

We represent investors throughout Georgia, who have been victims of broker misconduct, unsuitable investment recommendations, and fraud.   If you were a client of Brian Cantel and believe he acted improperly, you may be entitled to recover losses through Israels & Neuman law firm with a FINRA arbitration claim.

• View 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. We are standing by to help you recover what you deserve.

Allegations Against John Davenport

Connecticut revoked John Davenport’s securities license for seven years regarding allegations that he violated duties to customers.  In particular, Connecticut alleged that he misrepresented advisory fees charged to clients.  Connecticut also alleged that he failed to maintain a written investment advisory agreement with a client, and that he made a false or misleading statement to the Securities Commissioner.

Davenport’s Background

John Davenport was affiliated with Liberty Partners Financial Services from October 2016 to March 2023.  He worked in Norwalk, Connecticut and is also the subject of four customer complaints, including a 2023 complaint alleging unsuitable alternative investments.  He also operated J. Davenport Advisors LLC, which also had its investment advisory license yanked.

Who is Responsible for Investor Losses?

Liberty Partners Financial Services must reasonably supervise the activities of its representatives.  Liberty Partners Financial Services could be liable for Davenport’s conduct if it failed to reasonably supervise him and if he sold unsuitable investments to customers.

Israels & Neuman PLC is an investment fraud and Securities Arbitration law firm that represents investors all over the country.  We have represented numerous investors in Connecticut in the past.

View Connecticut Order here.

View BrokerCheck report here.

Israels & Neuman Helps Investors Recover Money

If you lost money with John Davenport or Liberty Partners Financial Services, Contact Us at 720-599-3505 or 206-795-5798 for a free and confidential evaluation of your case.

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.

Allegations Regarding Roger Roemmich

In May 2025, Roemmich was allowed to voluntarily resign by Alexander Capital. He allegedly was “was the subject of a written customer complaint alleging that he had made unsuitable recommendations and the subject of a customer initiated civil suit alleging, among other things, that he had committed fraud, securities fraud, and had breached his fiduciary duties.”

FINRA then started its own investigation into Roemmich.  He did not cooperate with FINRA’s investigation, and as such, he was barred under FINRA Rule 8210.  Roemmich has now faced three customer complaints alleging misrepresentations about private placements.

Background on Roger Roemmich

Roger Roemmich was licensed with Alexander Capital from October 2020 to May 2025.  He was also with Dempsey Lord Smith from October 2016 to October 2020 and worked in Alpharetta, Georgia.

Is Alexander Capital Potentially Liable for Customer Losses?

FINRA standards provide that brokerage firms like Alexander Capital 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 Georgia

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

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

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. Israels & Neuman can help you recover the money you deserve.

FINRA’s Allegations

FINRA alleged that it initiated an investigation into Danish Rauf regarding allegations that he engaged in undisclosed outside business activities.  In November 2025, he was terminated by U.S. Bancorp Investments regarding allegations of “soliciting investments into an undisclosed Outside Business Activity in violation of FINRA Rules 3270 and 3280 and Firm policy”.  Generally, under FINRA Rules 3270 and 3280, brokers must disclose all business activities that they are involved in, and they must disclose all securities that they are selling.

In response, Rauf refused to appear for an on-the-record interview.  That led to him being barred from the securities industry.

Danish Rauf’s Industry History

Danish Rauf was affiliated with U.S. Bancorp Investments from August 2016 to November 2025.  He worked in Des Plaines, Illinois. 

U.S. Bancorp Potential Liability to its Customers

Pursuant to FINRA Rule 3110, broker-dealers like U.S. Bancorp Investments must reasonably supervise the activities of their representatives.  If a firm does not adequately supervise advisors like Danish Rauf, it could be liable for any investor harm.

Our firm represents investors throughout the country as well as Illinois, who have been victims of broker misconduct, unsuitable investment recommendations, and fraud.  Attorney David Neuman is licensed to practice law in Illinois and grew up in the western suburbs of Chicago.  Israels & Neuman has an office in downtown Chicago.

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

• View Danish Rauf FINRA AWC
• View his 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. We have experience representing Illinois investors and are ready to help you recover what you deserve.

Allegations Against Danny Pelton

According to FINRA’s BrokerCheck, Arvest Wealth Management fired Danny Pelton in December 2025.  Regarding the reasons for his termination, the firm simply disclosed “Please see the 7B DRP”.  This refers to a line on a Form U-5, which is a document that a brokerage firm files with a regulator when a broker’s registration is terminated with the firm.  Line 7B of the Form U-5 asks whether the representative “Currently is, or at termination was, the individual under internal review for fraud or wrongful taking of property, or violating investment-related statutes, regulations, rules or industry standards of conduct?”.

Pelton’s BrokerCheck report does not disclose what was the alleged conduct at issue.

Background on James Pelton

James Pelton was licensed with Arvest Wealth Management from 2013 to December 2025 at a West Fork, Arkansas office.  He was also previously licensed with several other firms since 1988.

Can Arvest Wealth Management Be Liable for Customer Losses?

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

Israels & Neuman Helps Investors in Arkansas

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

• View Pelton’s BrokerCheck Report

Contact Us for a Free Case Evaluation

Call Israels & Neuman today at (720) 599-3505 or (206) 795-5798

We are here to help you recover what you deserve.

Allegations Regarding David Cohen

In December 2025, David Cohen was fired by Cetera Investment Services in Yonkers, New York. Cohen allegedly was “transacting business while under suspension by the Firm and for failing to cooperate with the Firm’s internal review of allegations that client funds were paid directly to the representative, and the representative used the funds to support his business.” 

FINRA then opened its own investigation into Cohen.  He failed to cooperate with FINRA’s investigation, and as such, he was barred under FINRA Rule 8210.  Cohen has now faced two customer complaints alleging misappropriation of funds or fraud.

Background on David Cohen

David Cohen was licensed with Cetera Investment Services from June 2019 to December 2025.   He worked in a Yonkers, New York office. He also had several tax liens filed against him, including a $232,000 tax lien made in 2023.

Could Cetera Investment Services be Liable for Customer Losses?

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

Israels & Neuman Helps Investors Recover Money in New York

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

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

Contact Us for a Free Case Evaluation

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

According to reporting by The Denver Post, a federal jury found that Denver developer Brian Watson, founder of Northstar Commercial Partners, defrauded investors in multiple real estate investment offerings after allegedly misrepresenting his firm’s financial participation in real estate projects. The Denver-based securities and investment fraud law firm of Israels & Neuman is looking into options for investors to recover their money and encourage investors to call (720) 599-3505 if they feel they suffered losses.

An SEC press release on the case does not mince words and states:

Today, after a five-day trial, a jury in the United States District Court for the District of Colorado found defendants R. Brian Watson and his company, Northstar Commercial Partners, liable for intentional securities fraud.

As shown by the evidence at trial, Watson and Northstar defrauded investors in 11 different offerings over the course of about 36 months. Defendants told investors that Watson “co-invested” in every real estate offering by investing his personal funds in Northstar-sponsored real estate projects alongside investors who were also investing in common equity. The statements were false and misleading because Watson did not co-invest his personal funds as promised. These repeated misstatements over time facilitated a scheme and course of business that defrauded investors.

See https://www.sec.gov/newsroom/speeches-statements/statement-jurys-verdict-trial-r-brian-watson-northstar-commercial-partners-statement-jurys-verdict-trial-r-brian-watson-northstar-commercial-partners

For investors throughout Colorado and nationwide, the case highlights how private real estate investments — often marketed as safe or sophisticated opportunities — can expose investors to significant risk when disclosures are inaccurate or misleading.

The Allegations Against the Developer

As reported by The Denver Post, jurors concluded that Watson and his company misled investors in 11 separate real estate projects by promising that the developer would contribute approximately 5% of its own equity into the investments but allegedly failed to do so.

In many private investment offerings, sponsor equity contributions are critically important because they signal that:

• The developer’s interests are aligned with investors,
• The sponsor shares financial risk,
• Management has confidence in the project.

When those representations are inaccurate, investors may unknowingly assume risks they never agreed to take.

Civil Fraud — Not Criminal Charges

Importantly, the case involved civil securities fraud allegations, not criminal prosecution.

That distinction matters.

A civil SEC enforcement action can still result in serious consequences, including:

• Monetary penalties
• Investor restitution or disgorgement
• Industry bars prohibiting future securities offerings
• Injunctions restricting future conduct

However, unlike criminal cases, defendants generally do not face incarceration.

The jury’s role was limited to determining liability. According to the article, the ultimate financial penalties will now be determined through a multi-step regulatory process involving the Securities and Exchange Commission and the federal court.

Why This Case Is Legally Significant

The Watson trial also reflects a major procedural shift in SEC enforcement actions.

In 2024, the United States Supreme Court ruled that defendants in certain SEC civil enforcement proceedings have a constitutional right to a jury trial rather than having liability decided solely by administrative law judges.

As a result, cases like this are increasingly being tried before juries in federal court — changing how investment fraud disputes unfold nationwide.

For investors, this development may increase transparency and public scrutiny in enforcement cases involving private investment offerings. 

Real Estate Investments Are Securities Too

Many investors are surprised to learn that real estate syndications and private development deals frequently qualify as securities under federal law.

Examples include:

• Real estate funds
• Limited partnership interests
• Tenant-in-common investments
• Private placement offerings
• Commercial development syndications

When capital is raised from passive investors who rely on a promoter or manager, federal securities laws typically apply.

That means sponsors must avoid:

• Material misrepresentations
• Omissions of key financial facts
• False statements regarding risk or capital contributions
• Misleading performance projections

Common Warning Signs in Private Real Estate Investments

Cases like this often share recurring red flags, including:

-Promised sponsor “skin in the game” that cannot be verified
– Complex deal structures difficult for investors to understand
– Limited transparency regarding capital flows
– Pressure to invest quickly
– Reliance on reputation rather than documentation

Investors should always request offering documents, verify disclosures, and seek independent advice before committing funds.

What Happens Next in the Watson Case?

Following the jury’s finding of liability, the next phase will occur largely through written proceedings.

As explained in The Denver Post report:

• SEC commissioners will vote on recommended penalties,
• The federal judge will ultimately determine sanctions,
• The defendant may pursue appellate review afterward.

Potential outcomes could include financial penalties, restitution orders, or restrictions on future investment activities.

What Investors Should Take Away

This case reinforces several important lessons:

1. Fraud allegations are not limited to brokers or financial advisers.
2. Private real estate investments carry securities-law obligations.
3. Sponsor representations about equity participation matter.
4. Regulatory enforcement often occurs years after investments are sold.

Unfortunately, investors frequently discover problems only after projects fail or distributions stop.

Have You Lost Money in a Real Estate Investment?

The highly specialized investment fraud attorneys at Israels & Neuman, PLC represent investors in Colorado and nationwide who have suffered losses involving:

• Private real estate offerings
• Real estate syndications
• Private placements
• Ponzi-type investment schemes
• Misrepresentation or omission claims

All of our arbitration cases are taken on a contingency fee basis, meaning no upfront costs to you.  If you believe you were misled in connection with an investment opportunity, you may have legal options to recover losses through arbitration or litigation.

A Colorado Case With Direct Impact on Denver-Area Investors

The verdict against a Denver-based developer is particularly significant for investors throughout the Front Range, where private real estate investment offerings have become increasingly common in recent years.

Denver’s rapid population growth and commercial development boom have created substantial demand for private capital investment opportunities. Many Colorado investors — including retirees, business owners, and professionals — have participated in local real estate syndications marketed as stable, income-producing alternatives to traditional market investments.

When alleged misrepresentations occur in locally sponsored projects, the financial consequences are often felt close to home.

Israels & Neuman, PLC maintains offices in Denver and Fort Collins, allowing the firm to work directly with investors across the Denver metropolitan area and Northern Colorado who may have invested in regional real estate or private placement opportunities.

Because many investment offerings are marketed locally through professional networks, private investor groups, or regional business relationships, Colorado investors frequently assume familiarity equals safety. Unfortunately, SEC enforcement actions like this one demonstrate that even well-known local sponsors remain subject to federal securities laws and disclosure requirements.

Frequently Asked Questions

Can real estate investments qualify as securities?

Yes. Many syndicated or pooled real estate investments are regulated securities under federal and state law.

Does a civil fraud finding mean investors automatically recover money?

Not necessarily. Courts must still determine restitution or disgorgement amounts.

Can investors file their own claims separate from the SEC?

Yes. SEC enforcement actions do not prevent private investor recovery claims.

Serving Investors Throughout Denver and Northern Colorado

Investment fraud cases often require attorneys who are familiar not only with federal securities regulations, but also with the local investment environment and business community. Our attorneys at Israels & Neuman are highly specialized in the securities and investment fraud field.

From the firm’s Denver office on Fillmore Street and its Fort Collins location, Israels & Neuman represents investors throughout:

• Denver
• Cherry Creek
• Glendale
• Aurora
• Lakewood
• Westminster
• Thornton
• Boulder
• Longmont
• Fort Collins
• Loveland
• Greeley
• and surrounding Front Range communities

The firm regularly assists investors who suffer losses involving private real estate offerings, developer-sponsored investments, and other alternative investment vehicles marketed throughout Colorado.

Contact Israels & Neuman, PLC

If you suffered losses in a private investment or real estate offering, contact Israels & Neuman at (720) 599-3505 for a Free and confidential consultation.

No recovery, no fees. Period.