Kenneth Thomas & 3 Others Indicted in “Retire America” Fraud

November 17, 2014-Lexington, KY

The Lexington Herald-Leader reports that Kenneth Eugene Thomas, 65, has been indicted by a grand jury in Lexington County on charges of theft and fraudulent practices in connection with his company Retire America.

Also indicted were:

  • Shannon Kay Hunt
  • Phillips J. Ash
  • Roy Myers

At least 10 victims have been identified and losses are estimated to be in excess of $3.3 million.

If you lost money as a result of a recommendation by a stockbroker to invest in Retire America, you may be able to recover damages. Call to discuss your rights.

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

Raymond T. Clark Named in Complaint by Securities Regulator

November 24,2014

The Financial Industry Regulatory Authority (FINRA) filed a disciplinary complaint against Raymond T. Clark alleging:

  • that FINRA began investigating whether Clark executed excessive and/or unauthorized trades in customer accounts, exercised discretion without authority in customer accounts and accepted trade instructions from an individual who was not authorized to exercise trading authority in a customer account.
  • that FINRA requested that Clark appear for on-the-record testimony on several occassons
  • that Clark informed FINRA that he would not appear to provide testimony

The complaint seeks sanctions against Clark.

According to FINRA records, Clark was registered with Dynasty Capital Partners from 8/2010-8/2014 in Buffalo, NY. Prior to that he was registered with First Midwest Securities, Inc. 

If you suffered losses in an account which was handled by Raymond Clark contact us to learn how you may be able to recover 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

Former WFG Investments Broker Gregory Noble Sanctioned by FINRA

November 24, 2014- Dallas, TX

Gregory H. Noble entered into a letter of acceptance , waiver and consent with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that he willfully responded inaccurately to questions on FINRA documents by stating that he had not been charged with or convicted of any felony.

According to the FINRA pleadings, Noble was charged with a felony in 2002, pled guilty and was sentenced to two years probation and a fine. By filing inaccurate and misleading documents in connection with his registration with FINRA, Noble violated FINRA and NASD rules and was suspended for six months and fined $5,000.

FINRA records indicate that Noble was registered with a Dallas branch of  WFG Investments from 1/2012-1/2013.

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

Former LPL Financial Broker Travis Wetzel Pleads Guilty

The US Attorney’s Office for the District of Maryland reported on November 18, 2014, that former LPL Financial broker Travis Wetzel, 35, of Frederick Maryland, pleaded guilty to wire fraud and money laundering.

According to the release, Wetzel took nearly $1.3 million from an annuity account of a customer without the knowledge or permission of the customer and used the money for personal expenses. Wenzel, who was indicted in May 2014, faces more than 30 years in prison. Sentencing is scheduled for February 23, 2015.

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

Kentucky Securities Regulators (DFI) Warn of Affinity Fraud

November 24, 2014-Frankfort, KY

The Department of Financial Institutions (DFI) is an agency in the Public Protection Cabinet and for over 100 years has supervised the financial services business, including securities firms and stockbrokers operating in Kentucky.

The DFI issued a warning regarding Affinity Fraud in a press release stating that Ronnie Perry, of Lexington, pleaded guilty to securities fraud and will be sentenced on January 16, 2015. According to the DFI release, “Perry used his friendship with the victim in this case to develop trust that eventually led  to fraud being committed.”

The Securities & Exchange Commission defines Affinity Fraud this way: “Affinity fraud refers to investment scams that prey upon members of identifiable groups, such as religious or ethnic communities, the elderly, or professional groups. The fraudsters who promote affinity scams frequently are – or pretend to be – members of the group. They often enlist respected community or religious leaders from within the group to spread the word about the scheme by convincing those people that a fraudulent investment is legitimate and worthwhile. Many times, those leaders become unwitting victims of the fraudster’s ruse.”

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

Ohio Securities Regulators Warn Investors to Be Wary of Church Related Investment Scams

The Division of Securities of the Ohio Department of Commerce has published an alert for investors – Affinity Fraud: Preying on the Faithful can be accessed here.

Affinity fraud “refers to investment scams that prey upon members of identifiable groups, including religious, elderly, ethnic and professional..” according to the publication which offers the following tips:

  • Be wary of investments that seem closely tied to a particular religious belief.
  • Be cautious if the promoter of an investment opportunity tries to capitalize on connections or a leadership position within a religious group.
  • Be on your guard for a new member of your church who springs up out of no where with a ‘surefire’ investment scheme
  • Ignore claims that religious-based investments are unregulated.
  • Check out the promoter and the investment opportunity.
  • Don’t give a break to the swindler who hides behind religion.

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

Wells Fargo Advisors Lose Case Involving Sale of Annuities

November 5, 2014-Los Angeles, CA

In an arbitration hearing before The Financial Industry Regulatory Authority (FINRA) Wells Fargo Advisors and one of their brokers were ordered to pay over $144,000 to two individuals and a trust who file the claim alleging that the sale of sale of two annuities (Lincoln Choice Plus Variable Annuities) was unsuitable. Chase,et al v. Wells Fargo Advisors & Mark S. Vandeburgt Case 13-0333. 

In addition, the Claimants alleged damages for breach of fiduciary duty, fraudulent misrepresentation, breach of contract, failure to supervise, elder abuse and emotional distress.

Annuities are often misunderstood by investors and many times the ‘guaranteed’ rate of return that was used to sell the product is deceiving, resulting in actual income far less due to service fees and other hidden charges to the investor. With variable annuities there is investment risk associated with ownership, a fact often downplayed at the time of sale.

The importance of liquidity is often downplayed and underestimated at the time of sale. Having too much of one’s liquid net worth locked up in an annuity that has significant surrender charges is a real problem if cash is need for health or living expenses.

If you feel you were sold an annuity that is not suitable for you and feel that the risks were misrepresented, contact us to learn how you may be able to recover 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

Malcolm Meikle Sanctioned by Securities Regulators

November 20, 2014

The Financial Industry Regulatory Authority (FINRA) sanctioned broker Malcolm McGreggor Meikle by assessing a fine of $10,000 and suspending his securities registration for 20 days to resolve allegations that he made discretionary trades, without written authority , in the accounts of 11 customers and made unauthorized trades in violation of FINRA Rule 2010.

FINRA records indicate that Meikle was registered with Pruco Securities, South Portland, Maine branch from 2/1982-7/2013. A customer complaint alleging damages of about $641,000 was settled for $380,000 in October 2014. He was discharged by Pruco in 7/2013 when the firm learned of the discretionary and unauthorized trading.

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

Regal Securities Sanctioned by FINRA

November 21, 2014

The Financial Industry Regulatory Authority (FINRA) censured and assessed a fine of $12,500 against Regal Securities, Inc. of Glenview, Illinois to resolve allegations that Regal failed to amend the regulatory documents of a registered representative to disclose civil judgements and an IRS lien. In addition, FINRA alleged that Regal’s supervisory system was inadequate.

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

Robert Benou & Son Marc Benou Charged With Violating Securities Laws by SEC

November 21, 2014

The SEC announced that charges were filed against Robert Benou and his son Marc Benou for violating securities laws by issuing false and misleading press releases while secretly selling thousands of shares of their own stock in Conolog Corporation. They agreed to pay about $325,000 and accept officer and director bars to resolve the SEC charges.

“Information released by a company into the marketplace must be truthful and substantiated so investors can make well-informed trading decisions,” said Andrew M. Calamari, Director of the SEC’s New York Regional Office.  “The Benous caused Conolog Corporation to issue press releases with false and misleading information that was used to promote the stock to unwitting investors.”

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

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