FINRA Arbitration Filed Against Guardian Oil & Gas Brokers

An arbitration claim seeking damages for investments in several oil & gas drilling prospects (Sterling Wolfberry, Sterling Tyler & Bull Moose Prospect)  promoted by Guardian Direct Energy Programs, was filed by Rex Securities Law on behalf of  an 80 year retiree from South Florida naming Guardian’s President and CEO Ricky Douglas Mullins, and three former registered representatives Christopher N. Fili, James R. Richards and Robert S Stewart. 

The Securities & Exchange Commission filed civil securities fraud charges against Mullins and Guardian Oil & Natural Gas, Inc. in April 2014, alleging that they failed to disclose the deteriorating financial condition of the company, lied to investors about how invested dollars had been spent, and used investor funds intended for one prospect on unrelated projects.

The claim alleges breach of fiduciary duty, common law fraud, violation of Florida securities statutes, un-suitablity and that the respondent’s placed him in a private placement investment when he was not a qualified accredited investor.

Rex Securities Law provides nationwide representation to investors 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

Options for Investors Who Lost Money Investing in Crystal River Oil and Gas

Basalat, Colorado

If you you have losses on  investments in Crystal River Oil and Gas, LLC, oil and gas investments  that you purchased through a stock broker or brokerage firm, you may be able to recover losses through FINRA arbitration.

According to the Aspen Daily News, a sealed court document was recently released revealing that federal investigators from the Internal Revenue Service have been investigating Crystal River Oil and Gas and company executives Reiner Klawiter and Gary Schelling since July 2013.  As of this date, no charges have been filed.

According to the article , the company put on a “tax strategy seminar” in December 2012 that was attended by an undercover IRS agent posing as a potential investor. The agent discovered information which alleges that the company artificially inflated cash flow projections to potential investors to induce investments.

Call to discuss your legal options.

Rex Securities Law provides nationwide representation to investors 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 Steals from Clients–Ordered to Pay $2 Million

The Wall Street Journal reports that Blake Richards, formerly a broker with LPL Financial in Buford, Georgia, was ordered to pay nearly $2 million in disgorgement and penalties. Richards had been sued by the Securities & Exchange commission who accused him of stealing retirement savings and life insurance proceeds of clients between 2009 and 2013.

Clients were led to believe that he was investing their money in insurance policies and annuities as well as stocks and bonds. Instead Richards spent the money and provided the clients with phony account statements.

Richards was fired by LPL Financial and barred from the securities industry by FINRA last year.

Rex Securities Law provides nationwide representation to investors 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

Tennessee Certified Financial Planners Disciplined by CFP Board-AUGUST 2014

UPDATED August 2014

According to their website, the “Certified Financial Planner (CFP)
Board is a non-profit organization acting in the public interest by fostering professional standards in personal financial planning through its setting and enforcement of the education, examination, experience, ethics and other requirements for CFP. “

The CFP Board can discipline those holding the CFP title in one of three ways:

  • Public Letter of Admonition
  • Temporary Suspension of CFP
    certification
  • Revocation of individual’s CFP
    certification

The list below, taken from the CFP board disciplinary page of their website in AUGUST  2014,  is a historical record of individuals from Tennessee  who have been disciplined by CFP Board and does not imply that any listed discipline is currently in force. To verify an
individual’s current certification status visit the CFP website here.

Revocations
William C. Allen (Memphis)
Larry W. Cherry (Brentwood)
Gala Gorman (Brentwood)
Martha J. C. Hawk (Bloutville)
Lyman O. Heidtke (Nashville)
N. Lynn Newell (Chattanooga)
George M. Parrott (Nashville)
William Warren Smith (Memphis)

Permanent Relinquishments
Edward Alan Martin (Franklin)
Scott D. Patterson (Memphis)

Suspensions
Ralph T. Grubb (Johnson City)
Edwin H. Jaffe (Memphis)
Catherine M. Nolen (Nashville)
Brian D. Schrauger (Brentwood)

Interim Suspension
Martha J.C. Hawk (Blountville)

Letter of Admonition
Russell Darin Hurley (Chattanooga) 

If you have questions about your investment account or investment losses that you have suffered, contact us for a no charge consultation to learn how you may recover losses through FINRA arbitration.

Rex Securities Law provides nationwide representation to investors 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

Ohio Certified Financial Planners Disciplined by CFP Board-AUGUST 2014

UPDATED August 2014

According to their website, the “Certified Financial Planner (CFP)
Board is a non-profit organization acting in the public interest by fostering professional standards in personal financial planning through its setting and enforcement of the education, examination, experience, ethics and other requirements for CFP. “

The CFP Board can discipline those holding the CFP title in one of three ways:

  • Public Letter of Admonition
  • Temporary Suspension of CFP
    certification
  • Revocation of individual’s CFP
    certification

The list below, taken from the CFP board disciplinary page of their website in AUGUST  2014,  is a historical record of individuals from Ohio  who have been disciplined by CFP Board and does not imply that any listed discipline is currently in force. To verify an
individual’s current certification status visit the CFP website here.

Revocations
W.A. Douglas Campbell (Columbus)
Timothy O. Cornell (Dayton)
Mark A. Cyphers (Worthington)
Darrel E. DeMarco (Tallmadge)
Thomas J. DeMarco (Chesterland)
Stephen G. Donahue (Cincinnati)
Roger C. Faubel (Youngstown)
Harry E. Fleischhauer (Cincinnati)
Sandra K. Haines (Lewis Center)
Timothy W. Hyde (Canton)
Julie M. Jarvis (Upper Arlington)
Steven W. Kochensparger (Columbus)
Jason C. Lohnes (Dublin)
Jay D. Moore (Chagrin Falls)
Edwin P. Morrow (Middletown)
Joseph T. Nemchik (Amherst)
Craig P. Scanlon (Bratenahl/Independence) 
Jeffrey Shoffer (Toldeo) 

Permanent Relinquishments
Richard A. Daniels (Chagrin Falls)
Samuel G. Morocco (Canfield)

Suspensions
Jeffrey G. Best (Westerville)
Michael C. Brady (Falls)
Dennis L. Burgess (Covington)
Gino N. CHiappetta (Millbury)
Ronald J. Gogul (Cleveland)
Howard A. Slater (Solon)

Interim Suspensions
Timothy W. Hyde (Canton)
Julie M. Jarvis (Upper Arlington)
Carolyn C. Kaufman (Hudson)

Letters of Admonition
William R. Henzey (Olmstead Falls)
Kevin K. Kroskey (North Royalton)
Paul T. McCormack (Beachwood)
Robert E. Messinger (Cincinnati) - 

If you have questions about your investment account or investment losses that you have suffered, contact us for a no charge consultation to learn how you may recover losses through FINRA arbitration.

Rex Securities Law provides nationwide representation to investors 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

Georgia Certified Financial Planners Disciplined by CFP Board- August 2014 Update

UPDATED August 2014

According to their website, the “Certified Financial Planner (CFP)
Board is a non-profit organization acting in the public interest by fostering professional standards in personal financial planning through its setting and enforcement of the education, examination, experience, ethics and other requirements for CFP. “

The CFP Board can discipline those holding the CFP title in one of three ways:

  • Public Letter of Admonition
  • Temporary Suspension of CFP
    certification
  • Revocation of individual’s CFP
    certification

The list below, taken from the CFP board disciplinary page of their website in AUGUST  2014,  is a historical record of individuals from Georgia  who have been disciplined by CFP Board and does not imply that any listed discipline is currently in force. To verify an
individual’s current certification status visit the CFP website here.

Revocations
Charles B. Davis (Snellville)
Homer W. Forster (Atlanta)
David Edward Marcinko (Norcross)
J. Chandler Peterson (Atlanta)
James S. Quay (Atlanta)
L. Britt Talbert (Norcross)
Jay L. Thacker (Atlanta)
William R. Wills, III (Douglas)

Suspensions
Randy R. Brunson (Duluth)
Austin C. Cogswell (Atlanta)
Linda King (Atlanta)
Joseph R. Rollins (Atlanta)
Abigail M. Whittle (Roswell)

Letters of Admonition
Lisa R. Boone (Atlanta)
Darold C. Brooks (Marietta)
Wesley C. Brumfield (Alpharetta)
John T. Carter (Macon)
Mark E. Davis (St. Simons Island)
Stephen K. Simpson (Macon)

If you have questions about your investment account or investment losses that you have suffered, contact us for a no charge consultation to learn how you may recover losses through FINRA arbitration.

Rex Securities Law provides nationwide representation to investors 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

Jury Decides Sage Advisory Group Tricked Clients to Transfer from Wedbush

A federal jury in Boston found that Sage Advisory Group and its owner Benjamin Lee Grant, engaged in securities fraud by misleading his former customers at Wedbush Morgan Securities to transfer their assets to Sage.  In the case filed by the Securities & Exchange Commission (SEC), civil penalties and return of profits were sought against Sage and Grant.

According to Andrew Ceresney, SEC enforcement director, “This case sends an important message to investment advisors that they must put the needs of their clients before their own”.

Grant worked for Wedbush until leaving in 2005 to launch Sage. He had customer accounts totaling $100 million in assets, which were managed by First Wilshire Securities Management. To induce his customers to follow him to his new venture Grant falsely told them that it was First Wilshire’s idea to move their accounts from Wedbush to a discount broker and that he had formed Sage to manage their investments. Grant also misrepresented the fees he would be charging at the new firm.

His plan worked according the the SEC, with nearly all of his clients following to Sage where his compensation doubled from under $500,000 to over a million.

Brokers do move from firm to firm and generally it is for a legitimate reason. If your broker is changing firms, and suggests that you move your account, you have a right to know why he is moving and for a full disclosure of how the new fee structure compares to the old.

Rex Securities Law provides nationwide representation to investors 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

Citigroup Fined $1.85 Million- Ordered by FINRA to pay $638,000 Restitution

FINRA fined Citigroup Global Markets $1.85 million and ordered the company to pay restitution to investors of $638,000 for failing to provide best execution in 22,000 customer transactions involving non-convertible preferred securities.

See FINRA press release for details.

Rex Securities Law provides nationwide representation to investors 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

NASAA to Focus on Investor Abuse Involving Seniors

Washington, DC

The North American Securities Administrators Association (NASAA) recently announced formation of a committee  to protect senior investors from financial exploitation.  According to NASAA, 34% of enforcement actions  taken by state securities regulators since 2008 have involved senior citizens.

NASAA cited four recent cases as examples:

  • In August 2014, the British Columbia Securities  Commission found that an unregistered advisor advised 500 or so, mostly senior investors, to sell their stocks, bonds and mutual funds and purchase high risk investments, He used  weekly radio infomercials, and investment seminars to draw his victims in. He also advised that the investors borrow against their homes to invest. He earned nearly $6 million in fees and commissions while the elderly investors lost over $40 million.
  • In Maryland, a broker was ordered to return over $1 million that he had convinced an 83 year old widow with Alzheimer’s to withdraw from her bank accounts and invest into high risk annuities.
  • In July 2014, a Minnesota advisor was caught operating a $2 million ponzi scheme involving senior investors. Instead of investing the money entrusted to him he spent it on yacht memberships, exotic dancers, dinners and travel.
  • In Montana in June 2014, a advisor bilked over $5 million from 140 mostly senior victims causing at least one victim to suffer a heart attack after learning of the loss. Most lost their life savings and were forced to return to the workforce in their 70′s.

Rex Securities Law provides nationwide representation to investors 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 Andrew Farmer In Connection with Chimera Energy Fraud

The Securities & Exchange Commission (SEC) charged Houston- based penny stock company Chimera Energy (CHMR) ,  Andrew I. Farmer, Charles E. Grob, Jr. , Baldemar Rios and Carolyn Austin with securities fraud for their involvement in a pump and dump scheme that touted an end for the need to frack oil and gas wells.

According the press release, which can be accessed here, the SEC alleges that Farmer secretly obtained all the shares of Chimera in late 2011, then launched an aggressive marketing campaign hyping the stock to investors. During a two month period over 36 press releases were published touting the company’s licensing of a technology designed to extract shale oil without the need for hydraulic fracking.

Chimera did not actually possess the technology.  While the stock was being pumped, Farmer dumped 6 million shares earning $4.5 million in illicit profits. The SEC suspended trading in Chimera Energy stock in 2012 to bring a halt to the dumping by Farmer and his cohorts.

If you lost money on an investment your broker recommended in Chimera you may be able to recover damages. Brokers and brokerage firms have a duty to perform due diligence on investments prior to making a recommendation to customers. Call to discuss your legal options.

Rex Securities Law provides nationwide representation to investors 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.