Tennessee Group Announces Fraud & Financial Abuse Awareness

The Adult Abuse Coalition of South Central Tennessee is sponsoring the 10th annual statewide campaign to educate citizens about fraud and financial abuse of seniors and disabled adults.

Tennessee Governor Bill Haslam is set to sign a proclamation that October is Fraud & Financial Abuse Awareness month in Tennessee.

For more information visit their website, or call 931 379 2941.

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

Texas Securities Board Approves Crowdfunding

On October 22, 2014, the Texas Securities Board approved rules permitting intrastate crowdfunding that eliminate the income requirements for investors.

Texas companies will be required to disclose financial information to investors who no longer have to be accredited and will be permitted to invest as much as $5,000 per year in startups.

The rules are scheduled to go into effect in late November.

See the Texas State Securities Board website for details. 

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

Oil & Gas Scams: SEC Publishes Common Red Flags

Promoters of Oil & Gas scams often target retirees by  repeatedly calling  and mailing information on oil and gas investments. The Securities and Exchange Commission offers the following description of an oil and gas scam from a Seniors Summit held a few years back:

Henry . . . was a successful business man, married for 30 years, raised a family and had a good life . . . after his wife’s death, he received an [overnight] package of materials with all kinds of reports, and it was offering an oil and gas investment . . . And it was unsolicited. . . he ignored it . . . But the next day, a salesman called him and used high-pressure sales tactics . . . to persuade him to invest $40,000. And here are some examples of what was said to him on the phone: “These gas wells are guaranteed to produce $6,800 a month in income;” “Some of the most successful investors in the country are interested in these wells;” “There are only two units left in this project;” “We drilled a well in Texas that had these same early gas readings, and the investors all made millions.” . . . Over a three year-period, Henry was recontacted 12 times and invested, essentially, his life savings in 4 different gas wells, each time thinking that he had to invest or lose his original investment . . . He ultimately lost over $500,000 to this oil and gas scam investing in wells that always seemed promising at first . . .

Visit the SEC website for Red Flag Warnings and steps investors can take to protect themselves from high pressure sales tactics.

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

Dawson James Securities Sanctioned by FINRA

In March 2014, the Financial Industry Regulatory Authority sanctioned Dawson James Securities, fining them $75,000 and requiring the firm to revise  their Written Supervisory Procedures (WSPs).

In FINRA Case # 2008012546802 , the industry regulator found numerous portions of the written supervisory procedures to be deficient  including the following areas:

  • Broker’s disclosure of potential conflicts of interests to clients
  • Brokers trading in opposite directions of solicited customer transactions
  • Unauthorized trading
  • Suitability
  • Excessive trading
  • Free riding
  • Concentrations of securities in client accounts
  • Wash sales
  • The firm failed to investigate numerous “red flags” relating to the activities of a broker

Dawson James Securities was formed in 2002 and is headquartered in Boca Raton, FL. They also have offices in New York City, Columbia, Maryland, Santa Clara, California, and Manasquan, New Jersey.

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

Montgomery County Maryland Announces Senior Citizen Fraud Task Force

Montgomery County Maryland announced the formation of a new public service unit in the State Attorney’s Office, “Crimes Against Seniors and Vulnerable Adults” which will target financial exploitation, physical abuse and neglect of anyone age  65 or older.

County officials anticipate having more seniors in Montgomery County in 2020 that school aged children.

See webpage for the new government unit on the Office of the State’s Attorney for Montgomery County, Maryland website for contact 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

Texas Regulators File Cease & Desist vs. James Bona/ Quixote Xploration

On October 20, 2014, John Morgan, Securities Commissioner of Texas signed an emergency cease and desist order against Quixote Xploration LLC, and its President and CEO James Patrick Bona. Quixote Xploration offices at 777 S. Post Oak Lane, Suite 1700, Houston, TX. Bona has an address at 315 Southeast 23rd Ave., Apt 1, Pompano Beach, FL.

According to the Order Quixote and Bona have been offering investments in oil and gas to the general public at www.quixotexploration.com and are also advertising on www.fundable.com and www.startups.co .

The Order alleges that Quixote was offering an interest in a prospect located in South Louisiana known as the Powell Prospect, however Quixote did not own an interest in the Power Prospect and it had not been registered for sale in Texas. In addition Bona has a criminal history, in March 2013, he was sentenced to 98 months in Florida State Prison for securities fraud and grand theft and ordered to pay restitution of over $600,000. State of Florida v James Patrick Bona, Case #08-2154CF10A. In 2004, he  was sentenced by a Broward County, FL, court to 3 years probation for dealing in stolen property. In 2000, he was sentenced to 33 months in Florida State Prison and 12 years probation for grand theft in the second degree.

Bona and Quixote are ordered to cease and desist offering unregistered securities for sale in Texas and from engaging in any fraud in connection the offer for sale of any security in Texas.

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

Man Sentenced to 5 Years For Stealing Life Savings From Wichita Falls Couple

Dallas, TX- On October 20, 2014, U.S. Attorney Sarah Saldana of the Northern District of Texas announced that Paul Eugene Prewitt, 44, was sentenced by U S District Judge Reed C. O’Connor to 60 months, the statutory minimum sentence and ordered to pay nearly $250,000 restitution for defrauding a Wichita Falls couple out of their life savings.

Prewitt used a series of fraudulent, false and fictitious investment opportunities to defraud an elderly couple out of their retirement savings. Touting a purported condominium project in Utah, Prewitt convinced the couple to send all of their retirement savings to him. He used the money for personal expenses and none was invested.

If it sounds too good to be true, it generally is. Don’t fall victim to exaggerated and unrealistic promises, especially from promoters who are not registered securities brokers.

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

Agencies Clarify Privacy Provisions of Gramm- Leach-Bliley Act When Reporting Suspected Financial Abuse of Seniors

In September 2014, eight federal agencies (Federal Reserve, Commodity Futures Trading Commission, Consumer Financial Protection Bureau, FDIC, FTC, National Credit Union Admin, Office of the Comptroller and the SEC) issued guidance to financial institutions to clarify applicability of the Gramm-Leach-Bliley Act to reporting suspected financial exploitation of the elderly.

The ACT contains several exemptions allowing the reporting of suspected financial exploitation of seniors and elderly, either at the request of a local, state or federal agency or upon the initiative of the financial institution.

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

Free Elder Abuse Seminars Set in Greensboro, North Carolina

Oct. 21, 2014-Greensboro, North Carolina

Elder abuse seminars sponsored by the Triad Retirement LIving Association, the Greensboro Bar and other associations are set for later this week.

Thurs. Oct 23, 2014-Smith Senior Center-for seniors and general public. Free brunch.

Friday Oct. 24, 2014-UNCG Elliot University Center-For professionals. Free breakfast.

Follow this link to the WFMY News link for contact information for these free seminars on how to spot and avoid physical and financial abuse of seniors. Sign up on-line for free by e-mailing: communityrelations@greensboro-nc.gov or by calling 336-373-2723.

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

Texas Investor Sam Wyly Loses SEC Fraud Case–Files for Bankruptcy

Oct. 20, 2014- News service Reuters reports that Sam Wyly, 80,  has filed for Chapter 11 bankruptcy in Dallas alleging that he does not have the $300 million the Securities & Exchange Commission seeks for his participation in an offshore scheme.

In a Federal case in New York last month a jury found Wyly and the estate of his late brother Charles  liable for on charges that they had a complex system of trusts in the Isle of Man which netted them over half a billion in untaxed profit. Their companies included Sterling Software, Michaels Stores, Sterling Commerce and Scottish Annuity & Life Holdings, now call Scottish Re Group Ltd. 

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.