Rex Securities Law Investigates Aegis Capital Broker Malcolm Segal

Rex Securities Law is investigating registered representative Malcolm Segal of Langhorne, PA,  and Boynton Beach, FL, in connection with the alleged mishandling of a brokerage account. We have been contacted by a client of Aegis and Segal who is concerned about certain Certificates of Deposit investments.

Segal is registered with Aegis Capital and, according to FINRA records, is licensed in California, Florida, Missouri, New Jersey, New York, Pennsylvania and Texas. Segal  was previously registered with Cumberland Brokerage Corporation of Langhorne, PA, from 01/1989-04/2011.

If you have information which you believe may be helpful to this investigation, we would appreciate hearing from you. Rex Securities Law represents investors nationwide seeking recovery of losses due to the negligence and/or fraud of stockbrokers and stock brokerage firms.

Rex Securities Law

561 391 1900

Sunset Financial Acquired by Securities America

On July 21, 2014, Securities America announced that it had made a deal, to acquire Sunset Financial Services, a broker dealer owned by Kansas City Life Insurance Co.

Sunset Financial has about 268 registered representatives and $2.4 billion in client assets. According to The Investment News, Sunset’s brokers are low producers , averaging about $67,000 a year in commissions and other revenue.  Sunset FInancial will cease operations and the accounts and brokers will transfer to Securities America.

Earlier this month, Securities America, a subsidiary of Ladenburg Thalmann Financial Services, Inc. announced the acquisition of Dalton Strategic Investment Services, a broker dealer with 60 registered representatives.

If you have questions about the way your brokerage account has been handled or about how to recover investment losses due to the negligence or fraud of a stockbroker or broker dealer, call to speak with an experienced securities lawyer.

Nationwide representation.

Rex Securities Law

561 391 1900

 

Update on G.A. Repple Sale of Baptist Church and Manifestation Worldwide Bonds

Rex Securities Law has been investigating G.A. Repple, a broker dealer located in Casselberry, FL concerning the sale of various church bonds.

Repple’s website describes their firm as offering a “faith based” investment philosophy.

Our current investigation involves the sale of Baptist Church and Manifestations Worldwide bonds to a disabled individual who anticipates filing an arbitration claim with the Financial Industry Regulatory Authority (FINRA) alleging that the investments were unsuitable for him and that Repple failed to supervise its broker Richard Crouse.

Crouse operates a company called GVC Financial, Inc. located in Altamonte Springs, FL.  According to its website, GVC Financial offers IRS representation, a variety of accounting services and the sale of securities through a G.A. Repple supervisory office located in Longwood, FL.

If you have information relative to this matter, we would appreciate hearing from you.

Rex Securities Law represents investors nationwide seeking recovery of investment losses due to the negligence and/or fraud of stock brokers and brokerage firms. If you have questions about loss recovery call to speak with an experienced securities attorney.

Contingent fee representation.

Rex Securities Law

561 391 1900

 

NEXT Financial and Broker Pay $140,000 Settlement to New Hampshire Securities Regulators

 

May 12, 2014) – The New Hampshire Bureau of SecuritiesRegulation has finalized a Consent Order with NEXT Financial Group, Inc. and Charles C. Kulch, a broker for NEXT in Nashua. The Order states that Kulch, through his company Kulch Financial Services, Inc., mailed seminar invitations to New Hampshire residents from December 2010 to December 2011 that contained inaccurate information.

The investigation by the Bureau that led to the Consent Order revealed that mailers disseminated on behalf of Kulch Financial were not properly reviewed for errors or omissions. Instead, NEXT approved the inaccurate mailers. In addition, Kulch failed to supervise his staff in connection with the mailers at issue. As a result, mailers went out incorrectly listing two designations that neither Kulch nor Kulch Financial Services possessed.

“Direct mail marketing can be a legitimate and effective way for brokers to solicit new clients,” said Adrian LaRochelle, Bureau Staff Attorney. “However, brokers and their firms are obliged to properly supervise such campaigns to ensure that New Hampshire investors are getting accurate information.”

The Bureau of Securities Regulation is charged with protecting New Hampshire investors. As part of this charge and to educate and warn the public, the Bureau issues public announcements regarding certain enforcement cases, such as this one.

If you have a question about the way your brokerage account is being handled or about how to recover investment losses through FINRA arbitration, call to speak with an experienced securities attorney.

Nationwide representation.

Rex Securities Law

561 391 1900

 

 

Aegis Capital Corp. Fined $50,000 by FINRA

 

 Aegis Capital Corp. (CRD #15007, New York, New York) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured, fined $50,000 and required to comply with an undertaking. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to provide timely information to FINRA in response to separate requests for information made pursuant to FINRA Rule 8210. ( FINRA Case #2013037139601)

Information provided by Rex Securities Law, a nationwide law firm assisting investors recover stock market losses.

Nationwide Representation

Rex Securities Law

561 391 1900

 

RSL INVESTIGATES VSR BROKER M.F. (MICKEY) LONG II & PERSONAL WEALTH ADVISORS, LLC

By Robert H. Rex, Esq.

Rex Securities Law is investigating VSR Financial Services broker Mickey Long II, of Plano , TX, and his company Personal Wealth Advisors, LLC,  on behalf of several customers who were sold high concentrations of alternative investments that have resulted in significant losses. Our clients attended dinner meeting/sales seminars sponsored by VSR Financial Services, Inc. during which Mickey Long and former VSR Financial broker, John H. Towers, gave presentations on various alternative investments, including the following:

Alliance Petroleum Corp 2006-B

Alliance Petroleum Corp. 2007A

Altegris Winton Futures Fund LP Class A

Arciterra Note Fund III, LLC

Arciterra Strategic Retail Echelon

Arcitera Whitefish Opportunity Fund

Atlas America Public #17-2007A Ltd.

Behringer Harvard REIT, I, Inc.

Bradford Drilling Associates 27, LP

Cole Credit Property Trust II, Ltd.

Cypress Equipment Fund 13

Cypress Equipment Fund 15

Florida Capital Real Estate Partners 27

FS Investment Corporation

KBS REIT, Inc.

Mewbourne Energy Partners 9A, 10A, 11A, 12A

NetREIT Common

Odyssey Residential Realty II LLC 9% Note

Odyssey Properties III

Reef Income & Development Fund 3

Reef SWD 2007-A

Waveland Drilling Partners 2006-B, 2007-A, 2008-B

Waveland NeoMatrix, LLC

Waveland Resource Partners

Waveland Vanguard Partners

The Certified Financial Planning Board website lists Mickey Long and John H. Towers under the “suspension” category on its listing of disciplined individuals.

VSR Financial was recently sanctioned and assessed a fine of $550,000 in connection with the sale of alternative investments, non-conventional investments and private placements. (FINRA Case #2010022963602, July 2013.)

John H. Towers was discharged from VSR in December 2013 after he was fined $25,000 and suspended for three months connection with the sale of over $6 million in alternative investments to a couple who were seeking low risk investments. See this for more details. 

Our clients anticipate filing one of more FINRA arbitrations in the immediate future seeking the recovery of damages. If you have information related to these matters we would appreciate hearing from you.

If you have questions about investments made through Mickey Long, John H. Towers or Dennis Van Patter or any other VSR Financial Services, Inc. broker, please call us at 561 391 1900 to discuss this matter with an experienced securities attorney. Contingent fee representation.

Nationwide representation.

Rex Securities Law

561 391 1900

Arbitration Filed vs. Essex Securities LLC & Jennifer Trowbridge Over Annuities

Rex Securities Law filed an arbitration claim with the Financial Industry Regulatory Authority (FINRA Case #14-02139) against Essex Securities LLC and former Essex Securities broker Jennifer Trowbridge on behalf of an 80 year old widow from Boynton Beach, FL, seeking damages in excess of $200,000.

In the Statement of Claim filed with FINRA, our client alleges that Essex Securities and Trowbridge , recommended annuities and other investments that were unsuitable given the age of our client and the failing health of her husband. It further alleges that too large a percentage of their liquid net worth was invested in annuities at the recommendation of Trowbridge and Essex and that Essex failed in its duty to supervise its broker/agent Trowbridge. Our client and her husband had been married for 59 years. 

Our client’s husband had been receiving treatment for bone cancer and dementia for more than a year prior to his death , and he passed away at age 81 only months after the questioned annuities were sold to them. 

Trowbridge was registered with Essex Securities from January 2010 to September 2012 and operated an office for Essex in Boynton Beach, FL. 

Visit our website  for more information on the recovery of investment losses through FINRA arbitration. 

We represent investors nationwide.

561-391-1900

1st Discount Brokerage Named in Arbitration for Failing to Supervise Heidi Wivolin

Rex Securities Law filed an arbitration with the Financial Industry Regulatory Authority (FINRA Case #14-02093) against 1st Discount Brokerage, Inc. on behalf of a retired couple from Kansas City, Missouri, seeking damages in excess of $250,000.

In the Statement of Claim, the couple allege that 1st Discount Brokerage, Inc., failed to supervise its former registered representative Heidi Wivolin of Lake Worth, FL, and permitted her to operate a ponzi scheme and sell fraudulent and unsuitable investments.

1st Discount Brokerage has its headquarters in Lake Worth FL, and was sanctioned by the Securities and Exchange Commision for failure to supervise a registered representative who was operating a ponzi scheme 2002-2008 which defrauded investors out of $9 million. See SEC Administrative Proceeding 3-14710 below. 

Wivolin was a registered broker with 1st Discount Brokerage from October 2005 until December 2008 when she joined NEXT Financial Group in Manalapan, Florida, as a broker from February 2009 until February 2014, when, according to FINRA records, she was terminated for failure to cooperate with an internal investigation.

The law firms of Dickenson Murphy Rex & Sloan, Boca Raton, FL and Mrachek Fitzgerald Rose Konopka Thomas & Weiss, West Palm Beach, FL are representing another group of claimants in a similar action involving Wivolin, who is fluent in Finnish and a well known member of the Lake Worth Finnish community, and NEXT Financial Group. PASI MARTIN, et al vs. NEXT FINANCIAL GROUP, INC. , a Texas corporation, and HEIDI WIVOLIN, Case # 2014a002961XXXXMBAD, filed in the Circuit Court of the Fifteenth Judicial Circuit in and for Palm Beach County, Florida.  See this for more information on the Martin v NEXT Financial case. 

Wivolin has admitted in the Martin case that she has been advised that she is a potential target in a criminal investigation and seeks to assert her Fifth Amendment privilege against self-incrimination. 

Visit our website for more information on the recovery of investment losses through FINRA arbitration. 

We represent investors nationwide

SEC Vs 1st Discount & Michael Fisher

561-391-1900

SEC Charges West Palm Beach Hedge Fund With Fraud

By Robert H. Rex, Esq.

On June 23, 2014, the Securities and Exchange Commission (SEC) charged West Palm Beach, FL, hedge fund Weston Capital Asset Management LLC and founder Albert Hallac with fraudulently shifting investor money from one investment to another. Hallac, his son Jeffrey Hallac, and Keith Wellner, general counsel for the company,  kept some of the transferred investor money. 

The SEC suit alleges that more than $17 million was drained from the fund and transferred to another company Swartz IP Services Group Inc. This transaction was contrary to the hedge fund’s stated strategy and was not disclosed to investors who continued to receive statements that falsely hid the unauthorized transaction. 

“Investment advisers owe their clients a fiduciary duty of utmost good faith and full disclosure about what they’re doing with their money, ‘ according to Eric I. Bustillo, director of SEC’s Miami Regional Office. 

Wellner and Jeffrey Hallac agreed to pay $120,000 each disgorgement. The monetary sanctions against Weston Capital and Albert Hallac have not yet been determined. 

If you have questions about losses in your brokerage account, call to discuss your legal rights with an experienced securities attorney. No charge for initial consultation and cases are handled on a contingent fee basis. 

Nationwide representation.


561 391 1900

Investor’s Capital Broker Patricia Miller Arrested for Wire Fraud

By Robert H. Rex, Esq. 

Hummelstown, Pennsylvania- Patricia S. Miller was terminated by Investor’s Capital Corp in May 2014, for misappropriation of funds, borrowing money from customers, fraudulent investment activity and creating false documents, according to FINRA records. 

In early June 2014, when the FBI went by her office to investigate a second complaint from one of her customers, they found her slumped over her desk following an apparent suicide attempt. She was arrested for wire fraud. 

It appears that Miller has been operating a ponzi scheme for some time using various entities, including KS Investment and KS Investment Partnership as well as some investment clubs. 

If you had an account with Miller, call for a no charge consultation to discuss your legal rights with an experienced securities attorney. 

Nationwide representation. 


561 391 1900

Current information for investors seeking information on recovery of investment losses.