Former Thrivent Investment Management Broker Sanctioned for Falsifying Annuity Documents

June 24, 2015

Bruce R. Geiger entered into an Order Accepting Offer of Settlement with the Financial Industry Regulatory Authority (FINRA) to resolve allegations by FINRA that he had violated various FINRA rules altering annuity forms by adding dates to the forms after the client had signed, re-using original customer signature pages from forms previously executed and altering the dates of customer signatures.

According to the FINRA Order, between October 2005 and October 2010, while registered with Thrivent Investment Management,  Geiger falsified 115 forms relating to the accounts of 14 customers to cause disbursements totaling over $562,000.

Geiger was fined $5,000 and suspended for three and one half months.

Geiger is currently registered with Woodbury Financial Services. He was previously registered with Thrivent Investment Management from 6/1987-12/2010.

Rex Securities Law , located in Boca Raton, FL, (and soon to be opening a second 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

South Carolina Regulators Seek to Take Securities License of Mark Hotton

June 23, 2015- Columbia, South Carolina

The Securities Commissioner for South Carolina filed a Rule to Show Cause seeking to permanently ban Mark Christopher Hotton from the securities industry.

In 2013 Hotton was permanently barred from the securities industry by FINRA in FINRA Disciplinary Proceeding 2009017408101, which alleged that Hotton improperly used and converted nearly $6 million of customer funds while employed by Oppenheimer & Co. , Inc. The FINRA proceeding also alleges that Hotton forged and falsified numerous company documents to perpetuate is scheme, made unsuitable recommendations to customers and churned accounts.

Hotton has numerous customer complaints seeking damages on his official FINRA records, including an arbitration award of $2.35 million in damages to one customer.

Hotton was most recently registered as follows:                                2/2012-5/2012

  • Alexander Capital LP                                         9/2010-3/2012
  • American Capital Partners                            1/2009-8/2010
  • Oppenheimer & Co.                                           11/2005-2/2009

 

Rex Securities Law , located in Boca Raton, FL, (and soon to be opening a second 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

San Antonio Oil & Gas Promoter Shut Down by Texas State Securities Board

June 23, 2015-Austin, Texas

John Morgan, Texas Securities Commissioner, entered a Cease and Desist Order against Petro-San Resources LLC and Sean Patrick Riley of San Antonio, Texas, alleging that they are offering to sell unregistered investments in oil and gas drilling prospects in Caldwell County, Texas.

According to a news release from the Texas State Securities Board (TSSB) , this is the third regulatory sanction for Riley. In 2012 the Pennsylvania Securities Commission issued a cease and desist and in 2013 the Georgia Securities Commissioner issued a cease and desist, both for the sale of unregistered oil and gas investments to unqualified investors.

Riley pled guilty in Harris County State District Court to a felony for promotion of a pyramid scheme in 2005, according to the TSSB.

The San Antonio Express-News reports that Riley was the pastor to the Secret Place International Church ten years ago, when he pleaded guilty to operating a pyramid scheme.

Rex Securities Law , located in Boca Raton, FL, (and soon to be opening a second office in Bee Cave, just outside of Austin, TX) provides representation to investors in Texas and 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

Investigation of Vanderbilt Securities Broker Mark Kaplan

June 24, 2015-

Rex Securities Law is investigating broker Mark Kaplan on behalf of a retired  widow  who alleges that her account was overly traded resulting in losses.

According to FINRA records, Kaplan has been registered with Vanderbilt Securities in Woodbury, NYsince March 2011. Prior to that he was registered with Morgan Stanley Smith Barney from June 2009-March 2011.

FINRA records indicate that Kaplan was discharged from Morgan Stanley Smith Barney “resulting from recent client complaint and other concerns regarding activity in client accounts”.  

FINRA records reveal three prior customer complaints, two of which allege churning or excessive trading.

Vanderbilt Securities (aka Vanderbilt Financial Group) is headquartered in Woodbury, New York, and is licensed in 48 U.S. States and territories.

If you have information you believe would be helpful in this investigation, please contact us. If you have losses in an account handled by Kaplan , call to learn how you may be entitled to collect damages from his former employing firm.

Rex Securities Law , located in Boca Raton, FL, (and soon to be opening a second 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

Allstate Financial Services Broker Barred For Falsifying Insurance Applications

June 23, 2015

Michael G. Seidel  entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that he  submitted falsified applications for automobile insurance to Allstate’s insurance affiliate for 4 customers who would not have otherwise qualified for coverage or would not have qualified for the reduced rates they received. As a result Seidel violated FINRA Rule 2010.

Seidel, of Baltimore, Maryland  was barred from associating with any FINRA member firm in any capacity.

AWC NO. 2014041669901

According to FINRA records, Seidel  was registered with Allstate Financial Services 4/2013-6/2014.

Rex Securities Law , located in Boca Raton, FL, (and soon to be opening a second 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

SEC Issues Investor Alert: Five Red Flags of Investment Fraud

June 15, 2015

The U.S. Securities and Exchange Commission Office of Investor Education issued an Investor Alert pointing out the Five Red Flags of Investment Fraud:

  • Promises of High Returns with Little or No Risk-if it sounds too good to be true, it probably is.
  • Unregistered Individuals -always check to make sure the person selling the investment is registered and licensed.
  • Red Flags in the Financial Professional’s Background-check the background by looking at the FINRA BrokerCheck site, SEC and state regulator records.
  • Pressure to Buy Quickly-if you are being pressured to act quickly, you should stop and take a closer look.
  • Free Meals-be wary of the ‘free lunch’.

To read the Investor Alert in its entirety, follow this.

Rex Securities Law , located in Boca Raton, FL, (and soon to be opening a second 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

SEC Charges Southlake Texas Oil and Gas Exploration Company, CEO and Promoter with Investment Fraud

June 18, 2015

The Securities and Exchange Commission (SEC) filed an action charging Norstra Energy, based in Southlake, Texas and its CEO Glen Landry with defrauding investors about reserve estimates and drilling plans. According to the SEC complaint, Landry issued and disseminated a reserve report that substantially misrepresented the  amount of recoverable reserves from a lease in the Bakken Shale in Montana.

Eric Dany, a paid promoter for Norstra Energy was also charged by the SEC for making materially false and misleading statements about the business prospects of Norstra in emails and other promotional materials he was paid to disseminate.

Following the release of the exaggerated and misleading statements about its reserves and future drilling plans, Norstra Energy increased nearly 600% over a three month period resulting in a suspension in trading by the SEC in June 2013.

Rex Securities Law , located in Boca Raton, FL, (and soon to be opening a second office in Bee Cave, just outside of Austin, TX) provides representation to investors in Texas and 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 Wells Fargo Advisor Broker Sanctioned for Unauthorized Trading in Customer Account

June 22, 2015

Tyler Powell  entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that he  exercised discretion in a customer’s account without obtaining prior written authorization from his customer in violation of NASD Conduct Rule 2510(b) and FINRA Rule 2010.

According to the AWC, between February 2011 and June 2013, he effected approximately 159 discretionary tranactions the account of a customer without obtaining prior written authority. The customer’s account was a non-discretionary fee-based account and the firm did not permit discretion in these type of accounts.

Powell was fined $5,000 and suspended for 15 days.

AWC NO. 2014040633301

According to FINRA records, Powell is currently registered with Stifel Nicolaus. He was previously registered with Wells Fargo Advisors 5/2009-8/2014.

Rex Securities Law , located in Boca Raton, FL, (and soon to be opening a second 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 LPL Financial Broker Fined/Suspended for Falsifying Customer Documents

June 22, 2015

Dean M. Yurica  entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that he  falsified documents related to customer accounts for the convenience of customers in violation of FINRA Rule 2010 and provided false information to his firm about whether he obtained a client signature on a blank or incomplete document .

According to the AWC, between June 2010 and December 2012 he falsified 129 documents related to 70 customer accounts. He used several methods to falsify documents including acquiring pre-signed forms from customers that were otherwise blank, and he later completed the information on the forms. He also obtained and maintained stacks of blank forms that had been  pre-signed by the customers to process subsequent customer transactions.

Yurica was fined $25,000 and suspended for nine months.

AWC NO. 2013037573801

According to FINRA records, Yurica was discharged from LPL Financial in June 2013 when they learned that he had violated the firm’s signature policy. He is currently registered with Lantern Investments, Inc. and was registered with LPL Financial 4/2003-7/2004.

Lantern Investments is headquartered in Melville, New York and has offices in Chicago, San Francisco, San Diego, Hoboken and Houston.

 

Rex Securities Law , located in Boca Raton, FL, (and soon to be opening a second 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

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