Update on Former Aegis Capital Broker Malcolm Segal Investigation

According to FINRA records, Malcolm Segal of Langhorne, Pennsylvania and Boynton Beach, FL, was discharged by Aegis Capital Corporation on July 28, 2014. The following comment was entered by Aegis on the FINRA records:

“Mr. Segal failed to cooperate with an internal investigation into a customer complaint alleging that in December 2013, Mr. Segal, on an unauthorized basis, transferred monies via wire from the client’s account.”

FINRA records also reveal that on July 9, 2014, a customer of Segal located in Pennsylvania alleged that $225,000 was transferred from his account without his authorization.

If you had an account with Malcolm Segal and have suffered losses, call to discuss your legal options.

Nationwide representation. Contingent fee.

Rex Securities Law

561 391 1900

Alan D. Jerrigan of Lakeway, Texas, Indicted for Securities Fraud

In June 2014, a Brazoria County grand jury indicted Alan Derek Jerrigan of Lakeway, Texas, on charges of securities fraud, money laundering and aggregated theft in connection with an alleged investment scheme involving the sale of medical test kits to foreign countries.

The indictment alleges that Jerrigan raised $463,000 and failed to disclose to investors a number of prior problems, including:

  • Jerrigan had filed for bankruptcy in 2007
  • Jerrigan had failed to satisfy a $53,000 judgment in Maryland related to a similar investment program
  • Jerrigan had previously offered and sold a similar investment that was unsuccessful
  • Jerrigan intended to send investor funds to an agent in Benin,  Africa

If you have questions about how your brokerage account has been handled or if you believe you are the victim of the negligence or fraud by a stockbroker, call to speak with an experienced securities attorney to learn how to recover losses through arbitration.

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

 

561 391 1900

Texas State Securities Board Revokes Registration of Corpus Christi Broker Kenneth Wayne Graves

On June 27, 2014, Texas Securities Commissioner John Morgan revoked the registrations of Kenneth Wayne Graves and Warren Financial Services , both of Corpus Christi, Texas.

A default order was entered after Graves and his company Warren Financial failed to respond to a Notice of Hearing issued in May 2014.

According to the Texas State Securities Board, Graves sold a security that promised to pay between 2.5% and 5% of the monthly gross income of Warren Financial for periods of time from 3 to 7 years. Five investors had put up $425,000 for this investment, but the promised payments were not received. One victim was convinced to invest $70,000, which was nearly 100% of her assets in the scheme.

Graves charged clients fees far in excess of the 2% annual fee listed in the agreements with customers and Graves made unauthorized withdrawals of over $138,000 from custodial accounts.

Graves was last registered with FIrst Command Financial Planning from 8/2008-10/2010.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

SEC Charges Matthew A. Bell & Craig Josephberg With Securities Fraud

On July 17th, 2014, the Securities and Exchange Commission (SEC) charged former stock brokers Matthew A. Bell and Craig L. Josephberg with securities fraud in connection with an elaborate pump-and-dump scheme involving shares of CodeSmart, a medical education company in Pennsylvania. Two other microcap stocks were also involved in the scheme which involved hundreds of millions of dollars.

Follow this to read the SEC Litigation Release.

According to FINRA records, Bell, formerly of San Antonio, Texas, was previously registered with the following brokerage firms:

  • Securities America                   8/2013-10/2013
  • WFG Investments                   7/2009-6/2013
  • Raymond James                        2/2003-8/2009

Josephberg was formerly with the following brokerage firms:

  • Meyers Associates                   10/2013-present
  • Halcyon Cabot Pnrs                  11/2010-10/2013
  • VFinance Investments             3/2010-11/2010
  • ICM Capital Markets                 3/2009-2/2010

FINRA records indicate that Bell and Josephberg have multiple customer complaints and arbitrations. If you had  an account with Bell or Josephberg and suffered investment losses, you may be able to recover those losses through FINRA arbitration. Call to speak with an experienced securities attorney.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Rex Securities Law Investigates Former Aegis Capital Broker Malcolm Segal

 

UPDATE: July 30,2014- FINRA BrokerCheck records indicate that Segal is no longer registered with Aegis Capital  and that a customer has filed a complaint that Mr. Segal, on an unauthorized basis, transferred monies via wire from the client’s account. See update here.

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 (see update above)  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 , 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