Former Pastor at Calvary Chapel Flagler Beach Arrested on Securities Fraud

Tallahassee, Florida- The Florida Office of Financial Regulation announced the arrest of Wesley Alan Brown in Calabash, North Carolina on July 14, 2014, in connection with his role in a securities fraud that took place in Flagler County, FL.

Brown, who was an assistant pastor at Calvary Chapel Flagler Beach, purportedly offered to sell unregistered securities in Maverick International, a company that supposedly invested in precious metals and commodities. He is charged with seven counts of selling unregistered securities, five counts of securities fraud, four counts of grand theft and one count of the sale of securities by an unregistered dealer. About $400,000 was taken in the scheme.

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

Wedbush Securities Charged by Regulators with Supervisory & Anti-Money Laundering Deficiencies

Washington, DC–On August 18, 2014, the Financial Industry Regulatory Authority (FINRA) filed a complaint against Wedbush Securities for systemic supervisory and anti-money laundering (AML) violations in connection with providing direct market access and sponsored access to broker-dealers and non-registered market participants.

FINRA’s complaint, which can be accessed here, alleges that from January 2008-August 2013, Wedbush enabled market access customers to flood U.S. exchanges with thousands of potentially manipulative wash trades and other potentially manipulative trades.

The complaint also alleges that the firm failed to establish and enforce adequate AML policies and procedures, and failed to report suspicious and potentially manipulative transactions.

Wedbush Securities (formerly Wedbush Morgan Securities) is headquartered in Los Angeles, CA, and has been registered with FINRA since 1955. They have over 400 brokers in 100 branch offices nationwide.

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

PNC Investments Broker Barry Millinovich Sanctioned by Securities Regulators

Loveland, Ohio

Barry John Millinovich was barred by FINRA from the securities industry to resolve allegations that he made unauthorized withdrawals of $10,100 from the savings account of a customer and used the funds for personal expenses.

FINRA records indicate that Millinovich was registered with PNC Investments from 5/2011-10/2013. Prior to that he was registered with Fifth Third Securities. If you had losses in an account handled by Millinovich, you may be able to recover damages for those losses.

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

IMS Securities Broker Kevin McNeese FIned/Suspended by Securities Regulators

DeSoto, Texas

Kevin Dwayne McNeese was assessed a deferred fine of $5,000 and suspended for six months by FINRA to resolve allegations that he willfully failed to timely amend his Form U4 to disclose an unsatisfied judgment and two bankruptcy filings.

According to FINRA records, McNeese was registered with IMS Securities from 6/2005-7/2012.

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 Centaurus Broker Maryellen Lindley Fined/Suspended by FINRA

Anderson, South Carolina

Maryellen T. Lindley, formerly registered with Sandlapper Securities, was assessed a deferred fine of $10,000 and suspended by FINRA for 12 months to resolve allegations that she shared commissions iwth unregistered individuals.

In the FINRA findings, Lindley invested $1.1 million on behalf of customers  and earned commissions of about $90,000, half of which was shared with accountants, who were not registered with FINRA, who had referred the investors to her. The findings also state that Lindley failed to disclose this to her member firm and denied the commission spitting arrangement in response to FINRA’s requests for information.

According to FINRA records Finley was registered with Sandlapper Securities from 10/2013-1/2014. Prior to that she was registered with Centaurus Financial. 

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

Centaurus Broker Stephen Lard Fined/Suspended by FINRA For Sale of Private Placement Investments

Roseville, CA

Stephen Samuel Lard was fined $5,000 and suspended for twenty days by FINRA to resolve allegations that he solicited and recommended that customers invest in speculative, high-risk and illiquid private-placement securities, resulting in an unsuitable overconcentration of the customer’s financial assets.

One customer suffered losses of over $400,000 in three different private-placements, two of which were Ponzi Schemes. Another customer invested $750,000 of their assets in a private-placement which they have been unable to liquidate due to significant limitations on reselling the investment and its redemption provisions.

According to FINRA records Lard was registered with Centaurus Financial from 3/2011 to 7/2014. He was previously registered with QA3 Financial.

If you have suffered losses on private-placement investments, also known as Reg D offerings, you may be able to recover damages. 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

Reuters Reports Oppenheimer Under Investigation on Penny Stock Trading, Money Laundering

On August 5th, 2014, Reuters reported that Oppenheimer had received a ‘Wells Notice” from the Financial Industry Regulatory Authority (FINRA) asking why the firm should not be charged with rules violations related to supervision and other matters involving a “former financial advisor”.

The US Securities & Exchange Commission and the Justice Department charged Vladimir Eydelman with securities fraud in March 2014 for trading in undisclosed merger deals and tender offers. According to FINRA records Eydelman was registered with Oppenheimer from 1/2003-9/2012 when he left for Morgan Stanley, which he left in 4/2014. He is not currently registered.

According to the Reuters article, Oppenheimer reported that it expects the SEC and FinCEN, a division of the US Treasury that investigates money laundering.,  to file actions against it related to the sale of low-priced securities, penny stocks, for the time frame of August 2008 to September 2010.

Oppenheimer paid FINRA a $1.43 million fine in 2013 to resolve allegations that its policies and procedures related to penny-stock sales were inadequate.

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

William Kupets, Former Fortune Financial Services Broker Barred by FINRA

June 2014-Hopwood, PA

The Financial Industry Regulatory  Authority (FINRA) barred William Thomas Kupets, Jr. from association with any FINRA member to resolve allegations that he failed to respond to requests for information and documents concerning potential disclosures on his form U4.  According to FINRA records, Kupets was registered with Fortune Financial Services from 07/2002-09/2013.

A form U4 is the Uniform Application for Securities Registration or Transfer. Stockbrokers must use this form to become registered and qualified to sell securities and must  update it from time to time as required by regulators. It contains information related to:

  • States where the broker is registered
  • Professional designations
  • Residential history
  • Employment history
  • Other businesses
  • Criminal disclosure
  • Regulatory action disclosure
  • Civil judgment disclosure
  • Customer complaints
  • FInancial disclosure, including bankruptcy

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 Spire Securities Broker Richard Holliday Barred by FINRA in Connection With Loans from Customers

August 2014-Belton, South Carolina

Richard Edward Holliday, formerly registered with Spire Securities, was barred by FINRA to resolve allegations that he borrowed $155,000 from customers and did not disclose the loans to his firm. The allegations stated that he provided false information in response to annual compliance questionaires which asked about the existence of loans from customers.

Brokerage firms have written supervisory procedures requiring brokers to disclose whether they have borrowed money from customers and most firms prohibit such borrowing.

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 Olgilvie Security Advisors Broker Steven Heinz Barred by FINRA

August 2014-Orem, Utah

The Financial Industry Regulatory Authority (FINRA) barred Steven Bruce Heinz from association with any FINRA member to resolve allegations that Heinz refused to appear and provide testimony related to 1035 annuity exchanges.

According to FINRA records, Heinz was registered with Olgilvie Security Advisors from 4/2004-10/2012.

If you have questions about annuity transactions or unexplained losses in your brokerage account, call to speak with an experienced securities attorney 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.