Icon Leasing Funds – Notice to Investors

If you have suffered losses in Icon Leasing Fund Eleven or Twelve, you may be entitled to recover damages.

While investors were promised returns of 9% and above, that has not occurred and many investors were fully informed of the risks associated with these investments.

Sold originally at $1,000 per share, Icon Leasing Fund 11 & 12 now trade at a fraction of that.

Contact us for more information.

Rex Securities Law , located in Boca Raton, FL, 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 Suspends Trading in Four Ebola Related Penny Stocks

November 20, 2014

The US Securities and Exchange Commission (SEC) suspended the trading in four Ebola related penny stocks:

  • Bravo Enterprises, LTD (OGNG)
  • Immunotech Laboratories, Inc. (IMMB)
  • Myriad Interactive Media, Inc. (MYRY)
  • Whole health Products, Inc. (GWPC)

According to the SEC, questions have arisen concerning the accuracy and adequacy of publicly disseminated information, including information about the relationship between each of the company’s business prospects and the current Ebola crisis.

The SEC also issued an Investor Alert: Investment Scams Involving Ebola-Related Companies.

The Financial Industry Regulatory Authority (FINRA) had issued a similar alert several weeks ago.

If you suffered losses on an Ebola related investment that was recommended to you by your stock broker, contact us to discuss how you may be entitled to damages.

Rex Securities Law , located in Boca Raton, FL, 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

FTC & State of Florida Obtain Injunction Vs. Delray Beach Tech Support Scam

November 19, 2014

A Federal Court for the Southern District of Florida temporarily has shut down a telemarketing operation that has scammed tens of thousands of consumers out of over $120 million. The action, which was filed by the State of Florida and the Federal Trade Commission also temporarily freezes the assets of the businesses.

According to the complaint, the operation takes advantage of the fact that many people don’t understand enough about the technical aspects of their computers and through deceptive sales tactics and high pressure are convinced to buy software that is supposed to fix computer problems that is allegedly useless.

Defendants named in the actions include:

  • PC Cleaner
  • Necom 3 Global
  • Cashier Myricks, Jr.
  • Inbound Call Experts
  • Advanced Tech Support
  • PC Vitalware
  • Super PC Support
  • Robert Deignan
  • Paul Herdsman
  • Justin Wright
  • Boost Software
  • Amit Mehta
  • Vast Tech Support
  • OMG Tech Help
  • Success Capital
  • Jon Paul Holdings
  • Elliot Loewenstern
  • Jon-Paul Vasta
  • Mark Donahue

Press sources indicate that Loewenstern, an officer with Vast Tech Support and OMG Tech Help was formerly a top broker with Stratton Oakmont, which was founded by Jordan Belfort and made into “The Wolf of Wall Street” movie recently.

 

 

Rex Securities Law , located in Boca Raton, FL, 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

Jeffrey Petersen of Edina, MN, Charged With Securities Fraud

November 19, 2014

The Minneapolis/St. Paul Business Journal reports that Jeffrey A. Petersen, 56, of Edina has been charged in Hennepin County with 12 counts of securities fraud and other charges related to a scam he operated on Craigslist that duped investors out of more than $400,000.

FINRA records indicate Petersen was last registered in 1997 with LFK Incorporated of Minnetonka, MN. In October 2013, the State of Minnesota Department of Commerce issued a Cease and Desist Order In the Matter of Jeffrey A. Petersen for the sale of securities without the required license and for violating two previous Consent Orders issued by the Department.

Rex Securities Law , located in Boca Raton, FL, provides representation to  investors in Minnesota 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

SEC Charges Anthony Thompson, Jay Fung & Eric Van Nguyen In Pump & Dump Scheme

November 17, 2014- Anthony Thompson of Bethesda, Maryland , Jay Fung of Delray Beach, FL,  and Eric Van Nguyen of Canada were charged by the SEC for operating pump and dump schemes involving stocks they were promoting in their purported independent newsletters.

The SEC says the three operated in concert to obtain large positions in micro-cap stocks, hyped the stocks in supposedly independent newsletters , then after the stock price rose, dumped their low priced positions on the market they had falsely created.

The penny stocks they promoted were:

  • Blast Applications
  • Smart Holdings
  • Blue Gem Enterprises
  • Lyric Jeans
  • Mass Hysteria Entertainment Company

The newsletters used to promote the stocks include:

  • PennyPic.com
  • FreeInvestmentReport.com
  • OxofWallStreet.com
  • UnrealStocks.com
  • InsanePics.com

Thompson’s wife Kendall Thompson and John Babikian were named as relief defendants for purposes of recovering money in their possession from the schemes.

In September 2014, the Manhattan District Attorney indicted 8 people, including Thompson, Fung and Van Nguyen claiming they profited by more than $8 million operating the scheme.

Rex Securities Law , located in Boca Raton, FL, provides nationwide representation to  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

Big Spring Bank Manager Lisa L. Barber Sentenced to 41 Months for Bank Fraud

November 18, 2014-Lubbock Texas

The Dallas Division of the FBI announced that former BBVA Compass Bank bank manager Lisa Lynette Barber, 49, of Amarillo, was sentenced to 41 months and order to pay restitution of over $1 million after pleading guilty to bank fraud. Her sentence begins December 19, 2014.

Barber withdrew money from BBVA Big Springs customer accounts without their knowledge and deposited it in her personal accounts. She victimized customers she had known a long time since she knew they would not immediately report the unauthorized transactions.

Rex Securities Law , located in Boca Raton, FL, provides representation to Texas investors & 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

Albert J. Scipione Pleads Guilty in Traders Cafe Fraud & Is Charged in SEC Lawsuit

November 18, 2014

The SEC filed a complaint against Albert J. Scipione of Tampa charging him with stealing investor funds and operating a fraudulent day trading scheme called Traders Cafe. Over $500,000 was raised from investors who believed their money was being invested and used for day trading. Scipione and his partner used the money for personal expenses.

“Scipione portrayed Traders Café as a broker-dealer for customers interested in day trading, but it became merely a depository from which he stole investor funds for himself,” said Eric I. Bustillo, Director of the SEC’s Miami Regional Office.

Scipione’s partner Matthew P. Ionno has agreed to settle the case and has been barred from the securities industry.

The US Attorney’s Office for the Middle District of Florida also announced today that Scipione had pleaded guilty in a parallel criminal action.

Rex Securities Law , located in Boca Raton, FL, 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

Satirist Carl Hiaasen’s Observations on the Gathering of “Troubled” Stockbrokers in Florida

November 19, 2014-

Earlier this week we commented on the recent Wall Street Journal’s investigation of “troubled” stockbrokers nationwide and the fact that 4 out of the top ten “hot spots” for stockbrokers with bad disciplinary histories are located in South Florida.

Carl Hiaasen, a long time South Florida resident and satirical journalist  for the Miami Herald for decades, whose prior experience includes The Emory Wheel and The Independent Florida Alligator, offers his poignant, interesting and always entertaining observations on why why brokers with lots of regulatory violations are drawn to affluent communities here in the sunny tropics. Read it, you will enjoy it. 

Some of my favorite excerpts from this fine article :

  • “Jackals always follow the herds. The scent is stronger when the herds have money, and Florida’s elderly tend to have more money than most.”
  • “In Florida the securities industry is overseen by the Office of Financial Regulation, which last year disciplined 25 registered brokers. That’s a pitifully puny total in a place teeming with predators, but some hot-spot states didn’t bother to take action against anybody.”
  • “Whether it’s the balmy climate or the abundance of prey that appeals to white-collar crooks, they are here in thriving colonies that make Florida the undisputed Sleazoid Capital of America. It’s a title that will be hard to shake, and no place else is eager to claim it.”

Rex Securities Law , located in Boca Raton, FL, 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

Considering a New Broker? Be Smart: Check Out His/Her Background

Before handing over the nest egg you spent a life time gathering together, do you and your family a favor and take a look at the background of the broker who will be handling the account.

The Wall Street Journal recently published an article with information on how to access this information on the FINRA website as well as a discussion about the “hot spots’ nationwide where brokers with troubled histories tend to gather.

You should also take a look at our page Research Your Broker where you can also find instructions on how to get information from the Edgar website about the financial stability of the brokerage firm you are considering dealing with. All brokerage firms are not created equal and there is no requirement that they insure the losses caused by the negligence of their brokers. See this for details. 

Rex Securities Law , located in Boca Raton, FL, 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

Madoff Ponzi Recovery Now Over $10 Billion

November 18, 2014

The recent $500 million settlement with two Cayman Island funds, Herald Fund SPC and Primeo Fund, raised the total recovery to nearly $10.3 billion of the $20 billion lost by victims of the Madoff Ponzi scheme.

Madoff is serving a 150 year prison term.

Rex Securities Law , located in Boca Raton, FL, 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.