Former Thrivent Investment Management Broker Sanctioned for Falsifying Annuity Documents

June 24, 2015

Bruce R. Geiger entered into an Order Accepting Offer of Settlement with the Financial Industry Regulatory Authority (FINRA) to resolve allegations by FINRA that he had violated various FINRA rules altering annuity forms by adding dates to the forms after the client had signed, re-using original customer signature pages from forms previously executed and altering the dates of customer signatures.

According to the FINRA Order, between October 2005 and October 2010, while registered with Thrivent Investment Management,  Geiger falsified 115 forms relating to the accounts of 14 customers to cause disbursements totaling over $562,000.

Geiger was fined $5,000 and suspended for three and one half months.

Geiger is currently registered with Woodbury Financial Services. He was previously registered with Thrivent Investment Management from 6/1987-12/2010.

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

South Carolina Regulators Seek to Take Securities License of Mark Hotton

June 23, 2015- Columbia, South Carolina

The Securities Commissioner for South Carolina filed a Rule to Show Cause seeking to permanently ban Mark Christopher Hotton from the securities industry.

In 2013 Hotton was permanently barred from the securities industry by FINRA in FINRA Disciplinary Proceeding 2009017408101, which alleged that Hotton improperly used and converted nearly $6 million of customer funds while employed by Oppenheimer & Co. , Inc. The FINRA proceeding also alleges that Hotton forged and falsified numerous company documents to perpetuate is scheme, made unsuitable recommendations to customers and churned accounts.

Hotton has numerous customer complaints seeking damages on his official FINRA records, including an arbitration award of $2.35 million in damages to one customer.

Hotton was most recently registered as follows:                                2/2012-5/2012

  • Alexander Capital LP                                         9/2010-3/2012
  • American Capital Partners                            1/2009-8/2010
  • Oppenheimer & Co.                                           11/2005-2/2009

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

San Antonio Oil & Gas Promoter Shut Down by Texas State Securities Board

June 23, 2015-Austin, Texas

John Morgan, Texas Securities Commissioner, entered a Cease and Desist Order against Petro-San Resources LLC and Sean Patrick Riley of San Antonio, Texas, alleging that they are offering to sell unregistered investments in oil and gas drilling prospects in Caldwell County, Texas.

According to a news release from the Texas State Securities Board (TSSB) , this is the third regulatory sanction for Riley. In 2012 the Pennsylvania Securities Commission issued a cease and desist and in 2013 the Georgia Securities Commissioner issued a cease and desist, both for the sale of unregistered oil and gas investments to unqualified investors.

Riley pled guilty in Harris County State District Court to a felony for promotion of a pyramid scheme in 2005, according to the TSSB.

The San Antonio Express-News reports that Riley was the pastor to the Secret Place International Church ten years ago, when he pleaded guilty to operating a pyramid scheme.

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

Allstate Financial Services Broker Barred For Falsifying Insurance Applications

June 23, 2015

Michael G. Seidel  entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that he  submitted falsified applications for automobile insurance to Allstate’s insurance affiliate for 4 customers who would not have otherwise qualified for coverage or would not have qualified for the reduced rates they received. As a result Seidel violated FINRA Rule 2010.

Seidel, of Baltimore, Maryland  was barred from associating with any FINRA member firm in any capacity.

AWC NO. 2014041669901

According to FINRA records, Seidel  was registered with Allstate Financial Services 4/2013-6/2014.

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 Issues Investor Alert: Five Red Flags of Investment Fraud

June 15, 2015

The U.S. Securities and Exchange Commission Office of Investor Education issued an Investor Alert pointing out the Five Red Flags of Investment Fraud:

  • Promises of High Returns with Little or No Risk-if it sounds too good to be true, it probably is.
  • Unregistered Individuals -always check to make sure the person selling the investment is registered and licensed.
  • Red Flags in the Financial Professional’s Background-check the background by looking at the FINRA BrokerCheck site, SEC and state regulator records.
  • Pressure to Buy Quickly-if you are being pressured to act quickly, you should stop and take a closer look.
  • Free Meals-be wary of the ‘free lunch’.

To read the Investor Alert in its entirety, follow this.

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