ForceField Energy Stock Trading Suspended-CEO Arrested for Securities Fraud

April 21, 2015-

The Securities and Exchange Commission (SEC) suspended trading in the securities of ForceField Energy, Inc. (FNRG)  until May 5th due to concerns about the adequacy and accuracy of information available to investors in recent articles and promotions touting FNRG. The SEC also is concerned about potential recent manipulation of the stock.

ForceField’s CEO Richard St. Julien was arrested earlier this week, according to a release from the US Attorney’s office , on charges of securities fraud conspiracy. The arrest occurred as he was boarding a plane in Ft. Lauderdale bound for Costa Rica.

ForceField purports to be a worldwide distributor of LED lighting products.

Rex Securities Law , located in Boca Raton, FL, (and soon to be opening an office in Bee Cave, just outside of Austin, TX)  provides representation to  investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Rex Securities Law

561 391 1900

Former D’Hanis State Bank President Indicted for Fraud & Embezzlement

April 17, 2015- San Antonio, Texas

The FBI announced that Laurie Mayfield (aka Laurie H. Scott), 54, of Fredericksburg, Texas, was indicted for bank fraud and embezzlement. According to the release, Mayfield , formerly president of D’Hanis State Bank, filed false reports with federal and state bank regulators that overstated bank assets by over $800,00

Rex Securities Law , located in Boca Raton, FL, (and soon to be opening an office in Bee Cave, just outside of Austin, TX)  provides representation to  investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Rex Securities Law

561 391 1900

Workshop To Be Held in Bowling Green, KY, April 30, to Educate Seniors on Financial Fraud

April 22, 2015-Bowling Green Kentucky

The Kentucky Department of Financial Institutions is holding a workshop on April 30, 2015, at Knicely Conference Center, Western Kentucky University to educate seniors on how to avoid cybercrime, mail fraud, ID theft and other investment scams.

The 9 am workshop, which is co sponsored by the Barren River Area Development District, is free to seniors in and around the Bowling Green area.

Rex Securities Law , located in Boca Raton, FL, (and soon to be opening an office in Bee Cave, just outside of Austin, TX)  provides representation to  investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Rex Securities Law

561 391 1900

Phony Texas Financial Advisor Named by SEC For Scamming Military and Veterans

April 14, 2015-Fort Hood, Texas

Leroy Brown, Jr. was named in a complaint filed by the Securities and Exchange Commission (SEC) alleging fraud and accusing Brown of telling false tales about his purported experience as a stockbroker in order to lure current and former U.S. Military personnel into investing with him.

The SEC alleges that Brown, using his own military connection as an Army veteran, solicited investors to his companies LB Stocks and Trades Advice LLC falsely guaranteeing investors he could double or triple their money in 120 days.

Brown is not a licensed securities professional and his companies are not registered with the SEC according to the complaint.

“Trust is a bedrock principle to our military, and we allege that Brown exploited his own military experience and abused that trust for his own personal gain,” said David Woodcock, Director of the SEC’s Fort Worth Regional Office.  “Investment fraud is always wrong, but it’s especially pernicious when perpetrated against those who have sacrificed so much for our freedom.”

Rex Securities Law , located in Boca Raton, FL, (and soon to be opening an office in Bee Cave, just outside of Austin, TX)  provides representation to  investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Rex Securities Law

561 391 1900

Former PrimeSolutions Securities Broker Named in Suit By SEC

Richfield, Ohio-April 15, 2015

Jerry A. Cicolani, 51, was charged in a criminal information with selling unregistered securities in KGTA Petroleum, Ltd., causing dozens of investors to lose over $7 million, according to an FBI press release. 

Cicolani, who was a registered broker with PrimeSolutions Securities, Inc. , concealed his dealings with KGTA from the company while earning $5 million in commissions on the sale of the KGTA stock. FINRA records indicate that Cicolani was registered with PrimeSolutions Securities from 8/2010-5/2014. Prior to that he was registered with Merrill Lynch in Akron, OH. His official records indicate that he has been named in 69 customer disputes and has been terminated twice.

Kelly Hood, 36, of Naples, Florida, has also been charged in a related matter for structuring commission payments to himself and Cicolani in a manner to evade bank reporting requirements.

PrimeSolutions Securities is headquartered in Cleveland, Ohio, and is registered in 32 states.

 

Rex Securities Law , located in Boca Raton, FL, (and soon to be opening an office in Austin, TX)  provides representation to  investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Rex Securities Law

561 391 1900

Florida Stockbroker Lost While Fishing at Sea Staged Disappearance

April 13, 2015- Boca Raton, FL

The Sun Sentinel reports that Richard Ohrn, 44, a former local stock broker who disappeared while fishing in the Atlantic ocean a few weeks back, has admitted that he staged his disappearance by abandoning the boat and driving to Albany, Georgia.

According to the article Ohrn was trying to escape legal issues, including a suit by a former employer alleging that he stole from customer accounts and a civil action accusing him and his wife of misusing funds raised for a home-investing business.

FINRA records indicate that he was named in a FINRA complaint in December 2014 alleging that he converted $15,250 from two elderly clients by forging signatures. That matter is still pending.

According to FINRA records, Ohrn, who is not currently registered, was previously registered with Wells Fargo Advisors 6/2011-8/2012. Prior to that he was registered with Chase Investment Services 7/2009-6/2011.

Rex Securities Law , located in Boca Raton, FL, (and soon to be opening an office in Austin, TX)  provides representation to  investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Rex Securities Law

561 391 1900

Colleyville Texas Man Convicted in Wind Farm Investment Scam

April 8, 2015- Dallas, Texas

David Lyman Spalding of Colleyville, Texas was convicted by a federal jury on wire fraud, mail fraud and making false statements in connection with a bankruptcy case. See this FBI release for more information.

The prosecution presented evidence that from 2003 through 2011 Spalding raised $3.7 million from 97 investors in 11 states based upon false representations about his companies Wind Plus Inc. and Baseload Energy LLC. Spalding diverted funds from those entities to his personal travel and other expenses.

Each fraud count carries a maximum sentence of 20 years and a fine of $250,000. The other counts carry lesser sentencing and fines. Sentencing is set for July 29, 2015.

Rex Securities Law , located in Boca Raton, FL, (and soon to be opening an office in Austin, TX)  provides representation to  investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Rex Securities Law

561 391 1900

Boca Raton Boiler Room Targeting Elderly Citizens Shut Down By Securities Regulator

April 9, 2015-Boca Raton, FL

The Securities and Exchange Commission (SEC) announced the filing of fraud charges against the operators of a microcap/boiler room scheme in South Florida. Three of the boiler room brokers concealed from investors the fact that they had previously been barred from the securities industry.

According to the SEC release, investors were defrauded by cold calls from a boiler room operated by three brokers previously barred from acting as brokers or participating in the offering of penny stocks:

  • Dean A. Esposito, Boca Raton, FL
  • Joseph DeVito, Brooklyn, NY
  • Frederick Birks, Orlando, FL

They were hired by Joseph J. Azzata of Boca Raton, FL, CEO of eCareer Holdings, Inc. for the purposes of selling unregistered shares of the company. The money of the victims, some who were aged 85-98 years old, was used to pay exorbitant fees to sales agents and to Azzata’s personal expenses, according to the SEC, who alleges that over $11 million was raised.

Rex Securities Law , located in Boca Raton, FL, (and soon to be opening an office in Austin, TX)  provides representation to  investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Rex Securities Law

561 391 1900

Affinity Fraud-Church Members Targeted by California Insurance Agent

April 13, 2015

The Insurance Journal reports that Constance Gail Fortune, 61, was arraigned in Los Angeles Superior Court and charged with felony for financial elder abuse as a result of scamming senior citizens, members of First AME Church, out of over $100,000.

Investigators report that Fortune collected premiums for homeowners , auto and life insurance from the victims but never remitted the money to the insurance companies for purchase of the policies, leaving the victims with no coverage.

To conceal the fraud, Fortune prepared fake insurance documents, according to the report.

This type of fraud is known as ‘affinity fraud’Affinity fraud refers to investment scams that prey upon members of identifiable groups, such as religious or ethnic communities, the elderly, or professional groups. See this for more information about affinity fraud. 

Rex Securities Law , located in Boca Raton, FL, (and soon to be opening an office in Austin, TX)  provides representation to  investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Rex Securities Law

561 391 1900

Current information for investors seeking information on recovery of investment losses due to the negligence or fraud of stockbrokers and brokerage firms. Nationwide representation.