Advisors: New Filings

Complaint alleges poor advice, high fees, and failure to provide comprehensive financial planning from 2022 – 2026.

Vineyard Capital Management LLC CRD NO. 125480 (the "Firm"), and Respondent Eric M. Reische, CRD NO. 5577735, collectively referred to as the respondents, were subject to an examination conducted by the Colorado Division of Securities (the "division"). The Division alleged violations of (1) Rule 51-4.3(IA)(G) that requires an investment adviser to file with IARD an Annual Updating Amendment of Form ADV, within ninety days after the end of the investment adviser's fiscal year; (2) Rule 51-4.6(IA(A)(17) that requires investment advisers to maintain written information about each investment advisory client that is the basis for making any recommendation or providing any investment advice to such client.

Colorado Division of Securities

Order

Vineyard Capital Management LLC CRD NO. 125480 (the "Firm"), and Respondent Eric M. Reische, CRD NO. 5577735, collectively referred to as the respondents, shall retain a compliance consultant, approved by the Colorado Division of Securities, within thirty (30) days from the entry of the consent order. The compliance consultant will be retained for a period of two (2) years and will ensure compliance with the division's examination deficiency letter, update disclosure documents, and review and develop all required policies and procedures to ensure compliance with the Colorado Securities Act and rules thereunder.

IN CONNECTION WITH A CLIENT TRADE, FA COMMUNICATED WITH THE CLIENT, BUT DID NOT DO SO ON DAY OF TRADE AS THE FIRM REQUIRES. THE CLIENT DID NOT EXPRESS ANY COMPLAINT ABOUT THE TRADE TO THE FIRM.

WELLS FARGO ADVISORS, LLC

Discharged

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FAILURE TO DISCLOSE INFORMATION

TRIAD CLAIMED THAT THEY MAILED ME SOME TYPE OF FORM REQUESTING UPDATED INFORMATION. TO THIS DAY, I HAVE STILL NEVER SEEN THE FORM. I LEARNED OF THE TERMINATION WHILE I WAS ON A MILITARY DEPLOYMENT, AND WASN'T ABLE TO INQUIRE ABOUT IT UNTIL ALMOST A YEAR AFTER THE DATE LISTED. THEREFORE, I HAD ALMOST NO RECOURSE AGAINST THE ACTION. I ATTEMPTED TO CONTACT TRIAD ON SEVERAL OCCASIONS TO PREVENT AND RESOLVE THIS ISSUE. BUT WAS ULTIMATELY UNABLE TO RESOLVE THE SITUATION.

TRIAD ADVISORS, INC.

Discharged

Alex resigned after being placed on heightened supervision for not complying with the firms policy regarding concentration of alternative investments.

Financial West Group

Voluntary Resignation

ON 10/28/91, AT THE REQUEST OF A FRIEND, APPLICANT PLACED A TAPE RECORDING DEVICE ON THE FRIEND'S EMPLOYEE'S PHONE LINE, AS AN EMPLOYEE WAS UNDERMINING HIS COMPANY BY SHARING JOB BIDS WITH A COMPETITOR THE RECORDING DEVICE WAS DISCOVERED BY A CONTRACTOR WHO REPORTED IT TO THE AUTHORITIES. APPLICANT CAME FORWARD AND TOOK RESPONSIBILITY FOR HIS ACTIONS. TWO YEARS LATER, APPLICANT WAS CHARGED WITH THE OFFENSE AND PLED GUILTY TO THE CHARGE.

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Myers was named in a customer complaint that asserted the following causes of action: negligence, suitability, breach of contract, breach of fiduciary duty, and negligent misrepresentation. The causes of action relate to Claimant's allegation that Respondents' investment strategy included unsuitable trading in speculative inverse and leveraged exchange traded funds (ETFs), and then Respondents' investment strategy changed to buying and holding one silver ETF for Claimant's entire account for the next six years, devastating Claimant's retirement savings.

$400,000.00

18-04069

Customer alleges financial harm after a July 20, 2026 customer service chat in which the Representative stated that EOSER Rights could be traded until 11:00 AM on July 21, 2026. The rights expired on July 20, 2026.

$21,403.11

Customer alleges unsuitable investment recommendation regarding a managed account. Activity dates 1.6.26 - 1.6.26.

$20,000.00

MR. MCDERMOTT WAS DISCHARGED FOR VIOLATING AN INTERNAL POLICY OF WELLS FARGO ADVISORS IN THAT HE BORROWED MONEY FROM TWO PERSONS WHO WERE CLIENTS OF THE FIRM. BOTH CLIENTS WERE ACTING IN THE CAPACITY OF CUSTODIANS ON A BROKERAGE ACCOUNT.

ONE CLIENT WAS MCDERMOTT'S BROTHER-IN-LAW, WHO HAD CLOSED HIS PERSONAL ACCOUNT AT WELLS FARGO JULY, 2011. HE WAS THE CUSTODIAN FOR HIS SON'S $200 - $400 CUSTODIAL ACCOUNT THAT WAS FUNDED BY MCDERMOTT IN 2010. THE LOAN WAS RECEIVED IN NOVEMBER, 2011 AND REPAID BY THE END OF THAT MONTH. THE OTHER CLIENT WAS MCDERMOTT'S BEST FRIEND WHO HAD NO PERSONAL ACCOUNT AT WELLS FARGO, BUT HAD OPENED A $200 - $400 CUSTODIAL ACCOUNT FOR HIS NIECE IN 2007. THE LOAN WAS MADE IN JUNE, 2010 DUE TO ISSUES RELATING TO MCDERMOTT'S DIVORCE. THIS LOAN WAS REPAID IN FULL.

WELLS FARGO ADVISORS, LLC

Discharged

Claimants allege FA invested them in an unsuitable, expensive, and predominately unauthorized strategy that concentrated them in equities and involved speculative option activity with substantial margin use. Allegation Activity Dates: 2/23/21 - 1/31/24.

$2,494,000.00

$1,050,000.00

24-01756

CONDUCT INCONSISTENT WITH FIRM STANDARDS RELATING TO PERSONAL ACCOUNTS.

ALTHOUGH LICENSED, I DID NOT PARTICIPATE IN THE MANAGEMENT OF CLIENT INVESTMENTS. FURTERMORE, I DID NOT MAINTAIN ANY PERSONAL INVESTMENT ACCOUNTS AT THE FIRM. I ACTED SOLELY IN A BANKING CAPACITY.

MERRLL LYNCH, PIERCE, FENNER AND SMITH, INC.

Discharged

Client alleges misrepresentation and failure to disclose fees regarding an annuity purchased in 2026.

$5,000.00

MY EMPLOYER, KNOPP INTERPRISES TOLD ME TO "FIRE" A GENERAL CONTRACTOR THAT WAS REMODELING A STORE FOR US. THE FENERAL CONTRACTOR ISSUED A WARRANT FOR MY ARREST. HE INDICATED THAT THE CARPET IN THE STORE HAD NOT BEEN PAID FOR. TWO OTHER EMPLOYEES WERE ARRESTED. THE FIRST DAY WE WENT TO COURT THE CHARGES WERE FOUND TO BE FALSE AND THE CASE WAS DISMISSED. I WAS TOLD THE CHARGES WOULD NEVER BE ON MY PERSONAL RECORD.

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Litigation: Plaintiffs allege that in April 2008, the financial advisor made unspecified misrepresentations regarding his investment plan.; Complaint:Client alleged that "Wachovia Advisors put me in high interest over collateralized loan, with an inflated appraisal" and that "[t]he loan structure allowed for zero risk to the bank, high interest rates being paid, and tens of thousands of dollars in Advisory Fees being paid to the banks financial advisors." (03/31/2016)

Per Wells Fargo, In the interest of avoiding protracted and expensive litigation, the parties decided to settle the matter. Pursuant to the terms of the settlement $308,000 of Plaintiff's frozen brokerage account was released to him with the balance being paid to Wells Fargo Bank. WFA is not responsible for any payment to the Plaintiff. I was named in this matter only in my function as a referral of the client to the Wachovia Mortgage team in order to assist in the purchase of a home. I was not involved in the loan structure, interest rate, appraisal, or any aspect of the loan. Wells Fargo bank, who purchased Wachovia in 2008, unilaterally decided to settle with the client to avoid additional legal expenses and the uncertainty of litigation. Since I was clearly not involved with the loan in question, I was not asked to, nor did I, contribute to the settlement.

$308,000.00

Customer alleges unsuitable investment recommendation. Activity dates 5/28/2026 - 9/26/2026.

$14,000.00

The firm’s review identified improper handling of client documentation by the representative on one occasion. The firm’s investigation (including interviews and review of electronic records) concluded the conduct violated firm policy and procedure. The firm terminated the representative for cause on July 10, 2026.

VALIC FINANCIAL ADVISORS, INC.

Discharged

CLAIMANT SOUGHT COMPENSATORY DAMAGES OF $41,970 PLUS $8,000 IN RECOVERY FEES.

SETTLED FOR $10,550. Not Provided Only the Firm and research analyst were named. I was specifically NOT named in the complaint and was not part of any action

$41,970.00

$10,550.00

91-02813

Customer alleges a mutual fund exchange resulted in an unexpected tax liability. Activity dates 6.6.25 - 6.6.25.

Customer's claim that an exchange of funds was recommended to him is false based on documented notes prior to the exchanges. The notes indicate that we discussed there are options available, like doing partial or full fund exchange of the holdings within same fund family so there will be no cost to do so. The customer claimed that the JP Morgan Funds provided growth on his investments and that he does not want to pay taxes due to its growth. He asked if there were any available option to change funds to avoid incurring taxes. It was pointed out to the customer that fund exchanges are not the solution to escape paying taxes. Furthermore, the customer noted that he will meet with his tax person on this matter and will reconnect with me for another meeting. When we held a follow up meeting in June, he said he wants to proceed with the fund exchanges. This is his decision based on the guidance of his tax person who has the knowledge of his tax situation. Therefore, I conclude that: 1. Due diligence of making sure it is in the client's best interest was observed by suggesting to him to seek professional tax advice before opening any type of investment; fund exchanges for any tax considerations with his particular tax status and situation.It is his duty to consult his tax person before any transaction and/or opening investment account including fund exchanges that he may believe to impact his tax structure.

$37,915.00

$56,844.08

SUITABILITY (SECURITIES & MARGIN). CLIENTS ALLEGE THAT THEY WERE UNSOPHISTICATED INVESTORS. CLIENTS ALLEGE THAT THEY HAVE LOST 100% OF THEIR NET WORTH BECAUSE FA INVESTED THEIR FUNDS IN UNSUITABLE INVESTMENTS AND UTILIZED MARGIN TO PURCHASE MORE SECURITIES. CLIENTS SEEK RETURN OF $40,592.86

$40,592.86

$30,000.00

02-02874

DOCUMENTATION - ACTIVITY DATES ARE FROM 7/17/08 THRU 2/12/09. NO SPECIFIC DOLLAR AMOUNT ALLEGED - FIRM ESTIMATED IN EXCESS OF $5,000.

CLAIMANT WAS A REFERRAL FROM A LONG TIME CLIENT IN VERO BEACH, FL. I FLEW TO BUFFALO, NY IN JULY OF 2008 TO MEET CLAIMANT AND FAMILY. AFTER DETERMINING GOALS AND NEEDS, I RECOMMENDED TO INVEST INTO A VARIABLE ANNUITY WITH LIVING BENEFIT TO PROTECT FUTURE RETIREMENT INCOME. AFTER EXPLANATION OF FEATURES/COSTS, WE SOLD HER MUTUAL FUNDS AND INVESTED PROCEEDS INTO TWO JOHN HANCOCK CONTRACTS (LIVING BENEFIT). PRIOR TO INVESTING ASSETS WITH JOHN HANCOCK, SHE PROVIDED ME WITH HER FLORIDA ADDRESS OF WHICH I USED TO PROCESS THE ORDERS.

$184,888.34