Michael J Gamez-Former Edward Jones Broker-Suspended for Unauthorized Trading

July 2016-Corsicana, Texas

The Texas State Securities Board (TSSB) issued a Disciplinary Order suspending Corsicana investment adviser Michael Jason Gamez, who is currently registered with Maplewood Investment Advisors,  for 100 days, beginning August 8, 2016.

According to the TSSB order:

  • Gamez was registered with Edward Jones from March 2008-December 2014
  • From January 2013 to November 2014 Gamez regularly placed trades in certain client’s brokerage accounts without first discussing the specific trades with his clients
  • Gamez selected the date and price to purchase shares of stock without obtaining the client’s approval for each trade. Furthermore, Gamez selected the amount of shares to purchase through each trade without obtaining approval from the clients, thereby engaging in discretionary trading in the client accounts.
  • Gamez was terminated for cause by Edward Jones as a result of the discretionary trading activity.

DISCRETIONARY TRADING

In the securities industry exercising discretion means that the customer has authorized the broker to buy and sell securities without first consulting with the customer on each transaction. To avoid regulatory issues and to comply with the policy of most firms, this permission must be granted in writing. Most accounts are not discretionary accounts, meaning that the broker is required to consult with the customer before making a purchase or a sale in the account.

If you have losses in an account handled by Michael J. Gamez, you may be able to collect damages through FINRA arbitration.

Rex Securities Law , with offices in Boca Raton, FL,  and  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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Steve D. Heath-Former LPL Financial Broker-Discloses Termination From Employment

July 2016-Newport News, VA

The FINRA records of Steve D. Heath ,  a  stock broker who is currently  employed  by Capitol Securities Management  , disclose 2 terminations and one final financial event.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

Heath discloses that in August 2014 he was discharged by Stratos Wealth Partners and LPL Financial .

Stratos Wealth Partners made the following allegation in connection with the discharge: “Termed by broker dealer-violation of LPL firm policies regarding mutual fund trading and discretionary trading in brokerage accounts”.

LPL Financial made the following allegation in connection with the termination: “Violation of firm policies regarding mutual fund trading and discretionary trading in brokerage accounts.”

Kramer was employed by Capitol Securities Management from 9/2014-5/2016. Prior to that he was employed by Northeast Securities from 7/2010-9/2014.

Rex Securities Law , with offices in Boca Raton, FL,  and  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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Andrew B. Kramer-Former Capitol Securities Management Broker-Discloses Customer Dispute

July 2016-Brooklyn, NY

The FINRA records of Andrew B. Kramer ,  a  stock broker who is currently unlicensed and was most recently employed  by Capitol Securities Management & Kramer Capital Management , disclose a prior regulatory event, 2 pending customer disputes and 3 prior final customer disputes.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In one of the currently pending matters, FINRA Case #15-0879, a customer of Capitol Securities Management and Northeast Securities alleges damages of $635,000 for fraud, misrepresentation, unsuitability, breach of fiduciary duty, breach of contract and failure to supervise in connection with investments in exchange traded funds (ETFs) and exchange traded notes (ETNs).

Kramer was employed by Capitol Securities Management from 9/2014-5/2016. Prior to that he was employed by Northeast Securities from 7/2010-9/2014.

Rex Securities Law , with offices in Boca Raton, FL,  and  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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

James B. Moran-Capitol Securities Management Broker-Discloses Customer Dispute

July 2016-Florham Park, NJ

The FINRA records of James B. Moran ,  a  stock broker currently employed  by Capitol Securities Management  , disclose a prior regulatory event, a pending customer dispute, 3 prior final customer disputes and a termination.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In the currently pending matter, in May 2016 a customer of Capitol Securities Management alleged damages of $167,640 for unsuitable transactions in mutual funds and oil and gas investments.

Moran has been employed by Capitol Securities Management since 7/2007.

Rex Securities Law , with offices in Boca Raton, FL,  and  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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Scott N. Hananel-Aegis Capital Broker-Discloses Pending Customer Complaint Alleging Unauthorized Trading

July 2016-Melville , New York

The FINRA records of Scott N. Hananel ,  a  stock broker currently employed  by Aegis Capital Corp.  , disclose a pending customer dispute and 2 prior final customer disputes.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In the currently pending matter, FINRA Case #16-0684, a customer of Aegis Capital alleges damages of $150,000 for unauthorized trading, over concentration in unsuitable investments, unsuitable use of margin and breach of fiduciary duty from March 2010-November 2015.

In one of the prior customer disputes, FINRA Case 09-0498, a customer of Hananel’s prior employer, Gunnallen Financial alleged damages of $300,000 for misrepresentations. That matter settled for $150,000.

Hananel has been employed by Aegis Capital Corp since 2/2010.   

Rex Securities Law , with offices in Boca Raton, FL,  and  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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

James B. Schwartz-Former Aegis Capital Broker-Discloses Three Pending Customer Disputes

July 2016-Garden City, New York

The FINRA records of James B. Schwartz ,  a  stock broker currently employed  by First Standard Financial Co.  , disclose 3 pending customer disputes, 1 prior final customer dispute and 6 currently outstanding judgement/liens.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

The currently pending disputes include:

  • In June 2016 a customer of Schwartz’s prior employer, Aegis Capital Corp. alleges damages of $2,000,000 for unsuitable recommendations and mishandling their account from June 2013-January 2016.
  • In pending FINRA Case #15-3428, another Aegis Capital customer alleges damages in excess of $287,000 for excessive trading, negligence, breach of fiduciary duty and unsuitable recommendations.
  • In pending FINRA Case #15-2901, another Aegis Capital customer alleges damages of $289,163 for for unauthorized trading, negligence, breach of fiduciary duty and misrepresentation.

Schwartz discloses six tax liens to the Internal Revenue Service and New York State Taxation. Amounts range from $1,775 to $116,932.

 

Schwartz was only recently employed by First Standard Financial Co. in June 2016.   Prior to that he was employed by Aegis Capital Corp from 6/2013-6/2016 and before that John Thomas Financial (expelled by FINRA 10/2013.

Rex Securities Law , with offices in Boca Raton, FL,  and  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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Bruce A. Stark-Aegis Capital Broker-Discloses Pending Customer Complaint for Churning

July 2016-Melville, New York

The FINRA records of Bruce A. Stark ,  a  stock broker currently employed  by Aegis Capital Corp. , disclose 2 pending customer disputes, a prior final customer dispute and 1 currently outstanding judgment/liens.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In one of the currently pending disputes, FINRA Case# 15-1478 , a customer of Stark’s former employer Obsidian Financial Group  alleges damages of $534,1508 for churning, excessive trading, unauthorized trading and unsuitable investments.

Stark discloses a notice of levy from  the Internal Revenue Service in the amount of $37,875, for the tax period ended 12/31/2006.

Stark has been employed by Aegis Capital Corp. since  11/2012. Prior to that he was employed by Obsidian Financial Group (expelled by FINRA 10/2013) and before that EKN Financial Services (expelled by FINRA 10/2012.

Rex Securities Law , with offices in Boca Raton, FL,  and  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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

David L. Sheppard-Former Aegis Capital Broker-Discloses Pending Customer Dispute

July 2016-Melville, New York

The FINRA records of David L. Sheppard ,  a  stock broker currently employed  by Meyers Associates , disclose a pending customer dispute, a prior final customer dispute and 2 currently outstanding judgment/liens.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In the currently pending dispute, received in December 2015 , a customer of Aegis Capital  alleges damages of $86,088 for unauthorized trading, unsuitable investment recommendations, unsuitable use of margin and breach of fiduciary duty.

The outstanding judgment/liens include:

  • $10,797 in favor of Discover Bank filed in Framingham Division District Court, Middlesex County, MA.
  • $11,753 in favor of Household Finance Corp, filed in Framingham Division District Court, Middlesex County, MA.

Sheppard has been employed by Meyers Associates since  12/2015. Prior to that he was employed by Aegis Capital Corp. and before that Bishop, Rosen & Co.

Rex Securities Law , with offices in Boca Raton, FL,  and  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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Steven R. Luftschein-Aegis Capital Broker-Discloses $2M Customer Dispute

July 2016-Melville, New York

The FINRA records of Steven R. Luftschein ,  a  stock broker currently employed  by Aegis Capital Corp. , disclose a pending customer dispute and 11 prior final customer disputes.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In the currently pending dispute, received in June 2016 , a customer of Aegis Capital  alleges damages of $2,000,000  for unsuitable investment recommendations and mishandling of their account from June 2013-January 2016.

The prior customer disputes include:

  • FINRA Case 10-03873 in which a customer of Luftschein’s prior employer, GunnAllen Financial, alleged damages of $1,000,000 for failure to supervise. That case was settled for $275,000.
  • NASD Case 06-3161 in which a customer of Luftschein’s prior employers Investec Ernst and Maxim Group alleged damages of $392,387 for excessive and unauthorized trading in unsuitable securities and use of margin without authorization. That case was settled for $77,500.

Luftschein has been employed by Aegis Capital since  6/2013. Prior to that he was employed by John Thomas Financial (expelled by FINRA 10/2013) and before that Rockwell Global Capital.

Rex Securities Law , with offices in Boca Raton, FL,  and  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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Paul A. Falcon-Aegis Capital Broker-Discloses Customer Dispute

July 2016-Boca Raton, Florida

The FINRA records of Paul A. Falcon ,  a  stock broker currently employed  by Aegis Capital Corp. , disclose a pending customer dispute and 3 prior final customer disputes.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In the currently pending dispute, received in April 2016 , a customer of Aegis Capital  alleges damages of $190,672  for unsuitable investment recommendations and poor performance of the overall portfolio  from August 2013-February 2016.

Falcon has been employed by Aegis Capital since 7/2013. Prior to that he was employed by Global Strategic Investments and before that Statetrust Investments.

Rex Securities Law , with offices in Boca Raton, FL,  and  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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

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