Claus C. Foerster Sanctioned by South Carolina Securities Regulators

October 17, 2014-The Securities Commissioner of South Carolina, Alan Wilson, entered a consent order barring Claus Christop Foerster from participating in any aspect of the securities industry in or from the State of South Carolina. In addition Foerster was assessed an administrative fine of $120,000.

In June 2014, FINRA entered a permanent bar from the securities industry against Foerster to resolve allegations that while employed at Citigroup Global Markets, Morgan Keegan & Company and Raymond James & Associates, Foerster converted about $3 million in customer funds to his personal use.

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

FINRA Releases Study Highlighting Financial Vulnerability of American Renters

FINRA is the Financial Industry Regulatory Authority and is the agency that licenses and regulates stock brokers and the broker-dealer firms they work for. Recently the FINRA Investor Education Foundation released a new study American Renters and Financial Fragility, highlighting the vulnerability of renters.

The study, which can be accessed at the link above, found that nearly a quarter of those who rent, rather than own, their home said they have difficulty covering their monthly bills and 58% said that they probably or definitely could not come up with $2,000 in 30 days in the event of an unexpected expense. This compares to 29% of the homeowners responding to the same question.

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

FBI Cracks Down on Belize Based Offshore Asset Protection Securities Fraud Scheme

In September 2014, FBI unsealed an indictment against the operators of a $500 million fraudulent scheme designed to enable U.S. citizens to evade and circumvent U.S. securities and tax laws. Investigation of off shore tax evasion and money laundering have been on the top of the list for IRS Criminal investigators in recent years.

The individuals named in the indictment are:

  • Robert Bandfield, US citizen
  • Andrew Godfrey, citizen of Belize
  • Kelvin Leach, citizen of Bahamas
  • Rohn Knowles, citizen of Bahamas
  • Brian De Wit, citizen of Canada
  • Cem Can, citizen of Canada

Corporate defendants named are:

  • IPC Management Services
  • IPC Corporate Services
  • Titan International Securities
  • Legacy Global Markets
  • Unicorn International Securities

The charges include conspiracy to commit securities fraud, tax fraud and money laundering. Shell companies were created in Belize and Nevis, West Indies designed to conceal ownership in the stock of public US companies. According to the indictment, this enabled the fraudsters to manipulate the stock of Cannabis.Rx (CANA). Between March 27, 2014 and April 16, 2014, CANA plummeted from nearly $14 a share to fifty cents.

If you suffered losses on CANA that you purchased on the recommendation of your stock broker, you may be able to recover damages. Contact us for more information.

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

Parkland Resident Louis Gallo Sentenced to 14 Years For Investment Fraud

The former vice president of Commodities Online, Louis N. Gallo III, 45, of Parkland, Florida was sentenced by US District Judge Loan Lenard to 14 years in prison for his role in operating a commodities investment fraud scheme.

Gallo had pleaded guilty on counts of mail fraud and wire fraud  for operating a Ponzi scheme in 2010 and 2011 soliciting investments from people who thought they were purchasing “pre-sold” commodities contracts. The only return they received was a portion of the money received from new victims of the scheme. The court also ordered Gallo, who has a prior federal felony conviction, to pay nearly $20 million in restitution.

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

Financial Abuse of Elderly Under-reported- According to Allianz Study

Allianz Life recently published a study Safeguarding Our Seniors confirming that the financial abuse and exploitation of the elderly is under-reported and a misunderstood issue that will increase as the population ages and life expectancy rises.

The study included over 2,000 Americans from 40-65 and concluded that senior victims had average losses of $30,000 and that 10% of the victims suffered losses of over $100,000.

See this for more details on the Allianz Safeguarding Our Seniors 2014 study. 

If you or one of your loved ones suspect their investment account has been mishandled, contact us to learn about 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

FINRA Sanctions Broker For Twitter Postings

A research analyst  who formerly worked for MDB Capital Group was recently sanctioned  by FINRA to resolve allegations that he made posts on Twitter concerning equity securities that were not fair and balanced, failed to disclose risk factors and that he failed to disclose that he owned shares of the subject securities.

Jon R. Hickman, who is now registered with Ladenburg Thalmann was suspended for 10 days and fined $15,000 by FINRA.

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

Hunter Scott Financial of Delray Beach Expelled from Securities Industry

On August 22, 2014, FINRA reports that Hunter Scott Financial of Delray Beach, FL, had its registration cancelled for failure to pay outstanding CRD fees pursuant to FINRA Rule 9553.

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

Investigation of Former Wells Fargo Broker Richard Ohrn

Boca Raton, FL

RIchard W. Ohrn, formerly a broker with Wells Fargo Advisors was named in FINRA complaint alleging that he converted over $15,000 from two elderly customers who were also bank customers. The complaint also alleges that Ohrn forged or falsified customer signatures on documents.

If you suffered damages in an account handled by Ohrn, contact us to learn how you may be able to recover your 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

Raymond James Broker Ronald Vaught Barred by FINRA

To resolve allegations that he failed to disclose a trustee relationship and that he altered a client document, Ronald W. Vaught , who formerly worked for Raymond James Financial  in Melbourne, FL,  consented to an order barring him from the securities industry. The findings also state that Vaught failed to notify his member firm that he had been named a successor trustee and beneficiary of an elderly customer’s trust in violation of firm policy.

Findings also state that Vaught falsified the signature of the customer on a business-related form with a date that was after the date of the customer’s death and made distributions from the trust to himself that were not authorized by the trust document.

If you suffered damages in an account handled by Vaught, contact us to learn how you may be able to recover your 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

Wells Fargo Broker Ane Plate Barred For Wrongfully Taking Customer Funds

To resolve allegations that she wrongfully converted $140,058 from a customer’s account for her own use and benefit, Ane S. Plate , who formerly worked for Wells Fargo Advisors  in Deland, FL,  consented to an order barring her from the securities industry. The findings also state that Plate executed 15 unauthorized trades in the customer account to generate the cash proceeds she subsequently converted.

If you suffered damages in an account handled by Plate, contact us to learn how you may be able to recover your 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

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