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.

FINRA began investigating James Walesa of Arkadios Capital in Park Ridge, Illinois, after a customer complaint was made in 2023.  The customer filed a FINRA arbitration complaint and alleged that Walesa recommended a speculative private investment called AIU Alternative Care, Inc., (now known as Clearday, Inc.).  AIU Alternative/Clearday was purported to be an investment in senior care products and adult daily care services.  The investments in AIU Alternative or Clearday are now worthless. 

FINRA started looking into Walesa’s involvement in AIU Alternative and asked Walesa to cooperate in an investigation.  FINRA alleges that Walesa has refused to adequately cooperate with its investigation, in violation of FINRA Rule 8210.  The most common penalty for such a violation is expulsion from the securities industry.  If you lost money with this advisor, the securities law firm of Israels & Neuman may be able to help you file a claim to recover your losses.

Background on James Walesa

From September 2019 to December 2021, James Walesa had been a representative of Arkadios Capital.  Previously he worked with Triad Advisors from 2000 to September 2019.  He was assigned to a Park Ridge, Illinois office. 

Walesa has been the subject of 14 customer complaints, most of which were made between 2021 and 2024.  He also filed for bankruptcy in 2023.   

Responsibility for Walesa’s Conduct

Arkadios Capital, as a FINRA member, has obligations to supervise the conduct of its financial advisors like James Walesa.  If the firm fails to adequately do so, it could be responsible for any investor losses.

Israels & Neuman Represents Clients in Park Ridge, Illinois

Our securities arbitration law firm has offices in Chicago, Illinois and represents investors throughout the country, including in Park Ridge.  Attorney David Neuman was born and raised in the suburbs of Chicago and maintains his license to practice law in Illinois.  If you were a client of James Walesa and believe he acted improperly, you may be entitled to recover losses through FINRA arbitration.

• View James Walesa FINRA Complaint
• View his BrokerCheck Report

Contact Us for a Free Case Evaluation

We always offer Free Consultations. If we take your case, we do so on a contingency fee basis—which means there are no attorney fees unless we recover money for you!

 (720) 599-3505 or (206) 795-5798

Customer Allegations Against Bill Morrison?

A customer filed a complaint with FINRA in February 2025 regarding Bill Morrison and B. Riley Wealth Management.  The complaint alleges that Morrison recommended the unsuitable use of margin and over concentration in the technology sector.  The complaint alleged that the customer lost between $100,000 and $500,000. 

Licensure Background on Bill Morrison

Bill Morrison worked at an Oakbrook Terrace, Illinois office while affiliated with B. Riley Wealth Management from July 2019 to the present. Prior to that, Morrison was also associated with National Securities Corp.

Brokerage firms must sufficiently supervise their representatives. If a firm fails to adequately monitor the conduct of its advisors, then the firm could be liable for investor damages.

FINRA Suitability Rules and Regulation Best Interest

FINRA Rule 2111 is FINRA’s suitability rule.  The rule basically provides that advisors must make investment recommendations that comport with the client’s financial needs and wants.  The advisor must also comply with Regulation Best Interest, which is a heightened standard – to put a client’s interests before the advisor’s interests. 

Regulation Best Interest applies to investment recommendations made by the advisor after June 30, 2020.  Regulation Best Interest incorporates parts of the FINRA suitability rule into its regulations.

Can I Recover My Investment Losses?

Illinois investors can pursue claims through FINRA arbitration, which is an arbitration forum designed to help recover funds lost due to broker misconduct or unsuitable investment recommendations.

Bill Morrison may be individually liable for misrepresentation, unsuitable advice, or breach of fiduciary duty. However, B. Riley Wealth Management may also bear responsibility if they failed to properly supervise Morrison or ignored warning signs.

We Represent Investors Throughout the Chicagoland Area

At Israels & Neuman, we have helped thousands of investors nationwide recover money lost to financial advisor misconduct and represent investors throughout the greater Chicagoland area, including in Oakbrook Terrace, Elmhurst, Lombard, Villa Park, Wheaton, and other Chicago suburbs. Attorney Dave Neuman grew up in nearby Addison and worked many years in the Chicago area.

Free Case Review — Speak to a Securities Fraud Attorney Today

If you invested with Bill Morrison or were sold unapproved investments like Blackbird Financial, contact us 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.

Call us today for a Free Confidential Case Evaluation – (720) 599-3505 or (206) 795-5798

Have you lost money with financial advisor Bradley A. Goodbred of Roselle, Illinois? We are investigating allegations made by FINRA, the Financial Industry Regulatory Authority, which barred him after he failed to respond to an investigation. FINRA was investigating this advisor after he was terminated by his former brokerage firm, LPL Financial. He allegedly used a power of attorney for a customer to withdraw funds from the customer’s account and have the customer provide him $430,000 for an outside real estate company.

Bradley Goodbred was a financial advisor and registered representative of LPL Financial from 2009 to February 2021 and worked at branch offices in Roselle, Illinois.

Brokerage firms have a responsibility to adequately supervise all representatives who are registered through their firm. They also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.

Israels & Neuman PLC is a securities and investment fraud law firm with offices in Phoenix, Arizona; Seattle, Washington; Grand Rapids, Michigan and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including investors throughout Illinois. Attorney David Neuman is licensed in Illinois and grew up in nearby Addison, Illinois. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including against LPL Financial.

View BrokerCheck Report HERE

If you lost money with Bradley Goodbred or LPL Financial, contact the law firm of ISRAELS & NEUMAN at (616) 280-4303 or (206) 795-5798 for a Free evaluation of your case.

Have you lost money with financial advisor Dustin Shafer? We are looking into allegations made about this advisor from Springfield, Illinois. FINRA (the Financial Industry Regulatory Authority) barred him from the securities industry after he failed to respond to its investigation. FINRA was investigating allegations that he borrowed money from a client.

Dustin Shafer was a financial advisor and registered representative of Money Concepts Capital from 2008 to July 2019. He was also affiliated with Newbridge Securities from September 2019 to November 2020. He worked in a branch office in Springfield, Illinois. This advisor has also been the subject of numerous customer complaints, regarding allegations surrounding the sales of non-traded REITs (real estate investment trusts) and other alternative investments like GPB Capital.

Brokerage firms have a responsibility to adequately supervise all representatives who are registered through their firm. They also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.

Israels & Neuman PLC is a securities and investment fraud law firm with offices in Phoenix, Arizona; Seattle, Washington; Ann Arbor, Michigan and Grand Rapids, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including throughout Illinois. Attorneys David Neuman and Aaron Israels are both licensed to practice law in Illinois. Our attorneys have recovered millions of dollars for investors against many brokerage firms in the past.

View BrokerCheck Report HERE

If you lost money with Dustin Shafer, Money Concepts Capital or Newbridge Securities, contact the law firm of ISRAELS & NEUMAN at (616) 280-4303 or (206) 795-5798 for a Free evaluation of your case.

If you’re a past or present client of financial advisor Richard Ceffalio from Arlington Heights, Illinois, our law firm is investigating allegations against him. In May 2024, Ceffalio was terminated by LPL Financial due to claims that he solicited a loan from a client. Typically, financial advisors are prohibited from borrowing from clients, with few exceptions.

FINRA launched an investigation into Ceffalio’s actions. Additionally, he has faced four customer complaints since July 2023, including an allegation of forging a client’s signature on a line of credit agreement.

Ceffalio was employed with LPL Financial from November 2019 until May 2024, working out of an Arlington Heights, Illinois office. He also previously worked at Wells Fargo.

Under securities rules and regulations, LPL Financial is mandated to implement written supervisory and compliance procedures to oversee Ceffalio’s conduct. If LPL Financial failed to adequately supervise him, they could be held liable for any client losses.

Israels & Neuman represents investors nationwide, including those in the Chicagoland area. Attorneys Aaron Israels and David Neuman are licensed to practice in Illinois. Attorney Neuman is a native of the Chicago suburbs and attended the University of Illinois and Northern Illinois University.

You can access Richard Ceffalio’s BrokerCheck report here.

If you lost money with Richard Ceffalio or LPL Financial, contact the law firm of ISRAELS & NEUMAN at (616) 280-4303 or (206) 795-5798 for a Free evaluation of your case.

CHICAGO, ILLIONOIS Did you invest with financial advisor Howard Kavinsky in Chicago, Illinois? Israels & Neuman is reviewing claims made by FINRA against Howard Kavinsky, who was a representative of B. Riley Wealth Management and National Securities Corp. Near the end of 2024, he was barred from the securities brokerage industry by FINRA regarding numerous allegations.

FINRA alleged that this advisor created consolidated reports that contained false information, including overstating account balances. The consolidated reports also showed investments in a purported hedge fund, even though Kavinsky did not invest the customers’ money in a hedge fund. He also allegedly provided false information to FINRA as part of its investigation.

Howard Kavinsky was registered with National Securities Corp. from July 2019 to July 2022 and with B. Riley Wealth Management from July 2022 to June 2024 and worked in Chicago, Illinois. He was also the subject of several liens, settlements, and compromises with creditors between 2017 and 2019.

Broker-dealers like B. Riley Wealth Management and National Securities Corp. must reasonably monitor its advisors. If the firm fails to do so, they could be liable for investor losses.

Israels & Neuman have an office in Chicago. Attorneys Aaron Israels and David Neuman are both licensed to practice law in Illinois and the U.S. District Court for the Northern District of Illinois. Mr. Neuman grew up in the Chicago area and went to the University of Illinois.

FINRA’s AWC Regarding Howard Kavinsky can be found HERE

Howard Kavinsky’s BrokerCheck Report can be found HERE

If you lost money with Howard Kavinsky, National Securities Corp., or B. Riley Wealth Management, contact the law firm of ISRAELS & NEUMAN at (616) 280-4303 or (206) 795-5798 for a Free evaluation of your case.

PLAINFIELD, ILLINOIS Did you invest with former financial advisor and stockbroker Brian Scott Graham in Plainfield, Illinois? Israels & Neuman is reviewing claims made against this advisor, who was licensed with Cetera Advisor Networks from 2013 to April 2024. He was barred from the securities industry by FINRA when he refused to respond to a FINRA investigation.

Mr. Graham was under a FINRA investigation after he was allowed to resign by Cetera Advisor Networks. Cetera had received a customer complaint alleging that he made unauthorized ATM withdrawals.

Brian Scott Graham was registered with Cetera Advisor Networks. He worked in Plainfield, Illinois.

Cetera Advisor Networks has an obligation to reasonably supervise the conduct of its advisors. If they don’t, they could be liable for investor losses. Our law firm that has recovered millions of dollars for investors in the past, including numerous investors in Illinois. Attorney David Neuman grew up in the western suburbs of Chicago and is licensed to practice law in Illinois.

VIEW FINRA AWC HERE VIEW BROKERCHECK REPORT HERE

If you lost money with Brian Graham, or Cetera Advisor Networks, contact the law firm of ISRAELS & NEUMAN at (206) 795-5798 for a Free evaluation of your case.

JACKSONVILLE, ILLINOIS Are you a former customer of financial advisor James Martin also known as Jamie Martin, from Jacksonville, Illinois? Our investment fraud law firm is looking into allegations made against this advisor. In July 2024, he was fired by Berthel Fisher regarding allegations that he borrowed money from clients. With limited exceptions, financial advisors generally are not allowed to borrow money from clients.

After his termination by Berthel Fisher, FINRA initiated an investigation. Mr. Martin refused to cooperate with FINRA, so he was barred from the securities brokerage industry.

James Martin or Jamie Martin, had been with Berthel Fisher from March 2003 to July 2024. He also worked at Jacksonville Savings Bank. Mr. Martin is also being sued by Bankers Healthcare Group in state court in New York.

Berthel Fisher is a FINRA member firm and must have written supervisory and compliance procedures, under securities rules and regulations. If this firm failed to reasonably supervise Martin, it may be liable for customer losses.

Our firm has represented numerous investors throughout Illinois and have dozens of brokerage firms in the past. Attorney David Neuman grew up in the Chicago area and went to the University of Illinois.

VIEW BROKERCHECK REPORT HERE.

VIEW FINRA AWC HERE.

If you lost money with James Martin or Berthel Fisher, please Contact Us at 206-795-5798 for a free evaluation of your case.

GRAND RAPIDS, MICHIGAN Did you invest with advisor Maria De Los Angeles Leon in Grand Rapids, Michigan? Israels & Neuman is reviewing claims made against this advisor, who was affiliated with PNC Investments from June 2022 to September 2024. She was barred from the securities industry by FINRA when she refused to respond to a FINRA investigation.

Ms. Leon was under a FINRA investigation after she was fired by PNC Investments. It was alleged that she misappropriated or stole customer funds.

Maria De Los Angeles Leon was registered with PNC Investments. She was also previously registered with J.P. Morgan and worked in Grand Rapids, Michigan and Chicago, Illinois.

PNC Investments has an obligation to reasonably supervise the conduct of its advisors. If they don’t, they could be liable for investor losses. Our law firm that has recovered millions of dollars for investors in the past, including numerous investors in Michigan. Attorney Aaron Israels grew up in nearby Holland, Michigan and is licensed to practice law in Michigan.

VIEW FINRA AWC HERE

VIEW BROKERCHECK REPORT HERE

If you lost money with Maria De Los Angeles Leon, or PNC Investments, contact the law firm of ISRAELS & NEUMAN at (206) 795-5798 for a Free evaluation of your case.

CHICAGO, ILLINOIS Are you a former client of Jayson Pocius in Chicago, Illinois? The securities and investment fraud law firm of Israels & Neuman is looking into allegations against this financial advisor, who previously worked with Wells Fargo Advisors. In March 2024, he was barred from the securities industry by FINRA, according to FINRA’s Disciplinary Database.

In May 2023, Pocius was fired by his brokerage firm after allegedly admitting that client funds were used for his personal benefit. Subsequently that led to a FINRA investigation. When he failed to respond to FINRA’s investigation, he was barred.

Jayson Pocius was registered with Wells Fargo Advisors from August 2019 to June 2023. He worked in Chicago, Illinois. He also previously worked with Great Point Capital and PNC Investments.

Israels & Neuman has represented over 1,000 investors in the past, including numerous investors in Illinois. We have represented investors against numerous brokerage firms.

FINRA AWC can be found HERE BrokerCheck Report can be found HERE

If you lost money with Jayson Pocius, or Wells Fargo Advisors, contact the law firm of ISRAELS & NEUMAN at 206-795-5798 for a Free evaluation of your case.

LOVES PARK, ILLINOIS Are you a former customer of Kurt Berry, formerly with Regulus Advisors, in Loves Park, Illinois? FINRA’s BrokerCheck (attached below) shows that Berry was the subject of a customer complaint made in November 2023 regarding oil and gas investments. In particular, the customer alleged that he made an unsuitable recommendation to invest in Resolute/Petrorock. The investment in Resolute/Petrorock allegedly lost $473,000.

Mr. Berry had been affiliated with Regulus Advisors from October 2016 to November 2019 and with Vanderbilt Securities from November 2019 to July 2022. He has worked in offices in Loves Park and Rockford, Illinois.

Israels & Neuman PLC is an investment fraud law firm. We represent investors all over the country, including investors in Illinois, including in the Rockford area, Loves Park, and Machesney Park. Attorney David Neuman is licensed to practice law in Illinois and attended law school at Northern Illinois University.

View BrokerCheck report HERE

If you lost money with Kurt Berry or Regulus Advisors, please Contact Us at 206-795-5798 for a free evaluation of your case.

Deborah Herrmann (formerly Deborah Gniech) was with Transamerica Financial Advisors from February 2018 to April 2021. Herrmann was also previously with Farmers Financial Solutions. She has worked at branch offices in Wheaton, Illinois.

Brokerage firms like Transamerica Financial Advisors have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.

Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Seattle, Washington; Phoenix, Arizona; and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in Illinois. Attorney David Neuman grew up in DuPage County and is licensed to practice law in Illinois. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including against Transamerica Financial Advisors.

Click here to view D. Herrmann BrokerCheck Report

If you lost money with Deborah Herrmann or Transamerica Financial Advisors, contact the law firm of ISRAELS & NEUMAN at (720) 599-3505 or (206) 795-5798 for a Free evaluation of your case.

Eric Burton was a financial advisor and registered representative of LPL Financial from April 2016 to March 2019. He has been with Cetera Advisors from February 2019 to the present. He worked at a branch office in Orland Park, Illinois. Burton has also been the subject of two customer complaints regarding variable annuities.

Brokerage firms like LPL Financial and Cetera Advisors have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.

Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Phoenix, Arizona; Seattle, Washington; and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in Illinois in the past. Attorney David Neuman is licensed to practice law in grew up in the Chicagoland area. Our attorneys have represented over one thousand investors against many brokerage firms in the past.

View BrokerCheck: Burton, E. BrokerCheck 6.23.21

View FINRA AWC: Burton, Eric FINRA AWC

If you lost money with Eric Burton, Cetera Advisors, or LPL Financial, please CONTACT ISRAELS & NEUMAN at 720-599-3505 or 206-795-5798 for a free evaluation of your case.