By: Peter Christian
Securities Commissioner Matt Rosendale announced on Wednesday, that his office has reached a $101,000 settlement with a New York financial firm for bilking a Chester, Mont., man out of $78,000 through improper securities transactions.
Spokesman Kyle Schmauch said the company in question was found to be ‘churning’, and piling up excessive fees against the client.
“Our office had refused to license one of Woodstock Financial Group’s employees, Ryan Murnane, because of past bad acting in the securities industry,” said Schmauch. “That employee went and worked with another broker at the firm to work with the Montana man’s account, and then he engaged in ‘churning’.”
Read more at KGVO