Randy Burke Investigation- Former Stockbroker Calton & Associates-Hickory, N. Carolina

1/25/2016-Hickory, North Carolina

Rex Securities Law is investigating former Calton & Associates broker Randy W. Burke.

According to his FINRA brokercheck report, Burke was  barred from the securities industry October 2015, to resolve FINRA allegations that  between February 2008 and May 2011, while registered with Synergy Investment Group and Capital Investment Group (CIG) , he participated in private securities transactions without first providing notice to his member firm.

In addition, FINRA alleged that between February 2008 and June 2013, Burke, while registered with Synergy, Capital Investment Group  and Calton & Associates, made material misrepresentations and omissions in connection with the sale of private securities in violation of SEC and FINRA rules.

Burke provided false answers in response to annual certifications from his member firms regarding his outside business activities in violation of FINRA rules, the regulator alleged.

A former customer filed a complaint against Burke alleging that he had made misrepresentations to them in recommending an unsuitable real estate investment. That matter was resolved for over $264,000. Currently there is a customer dispute pending alleging a fraudulent investment in an entity called Lodge Alaska, LLC. That customer alleges that Burke utilized the invested funds for personal use.

Burke’s FINRA records reveal that he filed for Chapter 11 bankruptcy in January 2015.

We would like to speak with former customers of this broker who may have information helpful to this investigation. If you had losses in an account handled by Randy Burke, contact us to find out how you may be able to recover damages.

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

Former Southwest Securities Broker Sentenced for Fraud- Dallas, TX

January 21, 2016 – Dallas Texas

Former  Southwest Securities broker Wade J. Lawrence was sentenced to three years in prison for fraud, according to the Dallas Morning News.

According to FINRA records Lawrence was registered with Southwest Securities 8/2011-12/2013. Prior to that  he was registered with Oppenheimer & Co. in Fort Worth, Texas, 6/2008-7/2011.

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

James Nixon –Former Bridge Capital Associates/ Source Capital Group Stock Broker — Sanctioned by Securities Regulator

January 8, 2016- Rowayton, CT

James J. Nixon entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that while associated with Bridge Capital Associates he failed to provide written notice to the firm before selling $600,000 of convertible promissory notes. Offering securities to investors that have not been approved for sale by the company is called ‘selling away’ and generally leads to regulatory sanctions against the broker.

Investors purchasing these unapproved investments may be able to recover losses from the brokerage firm employing the broker.

AWC No.  2013038289101

Nixon  was fined $15,000 and suspended in all capacities for three months.

According to FINRA records Nixon was registered with Bridge Capital Associates from 12/2007-9/2013. He is currently registered with Source Capital Group.

If you have questions about losses in your stock brokerage account, call to discuss your options 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

John R. McKinstry Investigation-Former Moloney Securities Broker-St. Louis

1/21/2016-St. Louis, MO

Rex Securities Law is investigating former Moloney Securities broker John R. McKinstry on behalf of an elderly retired couple.

According to his FINRA brokercheck report, McKinstry was discharged from Moloney Securities in August 2015. The termination comment provided by Moloney Securities states: “Internal review concerning customer complaints and FINRA cause exam”.  

This is not the first time McKinstry has been discharged by a broker dealer. In March 2004, he was discharged by Smith, Moore & Co. The termination comment provided by Smith, Moore states: “Violation of company policies & procedures”. 

In January 1997 he was ‘permitted to resign” from A.G. Edwards & Sons.  In May 1997 he was sanctioned by the State of Missouri who alleged that McKinstry inappropriately used margin for securities purchases in a customer account. In 1998 the New York Stock Exchange sanctioned McKinstry for margin related issues.

McKinstry’s FINRA report indicates that there have been numerous settlements with customers, including:

  • 2002-Settlement of $170,000 paid to customer who alleged unsuitablity and churning.
  • 1999- Settlement of $54,000 paid to customer who alleged losses of principal
  • 1996- Settlement of $63,961 to customer who alleged investment was not suitable based on age of client

We would like to speak with former customers of this broker who may have information helpful to this investigation.

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

Ponca City Oklahoma Resident Named in Regulatory Action

January 20, 2016-Ponca City, Oklahoma

THe U S Commodity Futures Trading Commission (CFTC) filed an enforcement action against Kevin J. Davis charging him with acting as an unregistered commodity pool operator and entered a temporary restraining order prohibiting Davis from acting in any capacity requiring registration with the CFTC. His assets were frozen as well.

According to the CFTC since at least February 2012 Davis solicited $2.7 million for the purpose of trading off-exchange foreign currency contracts.

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

Phony “Frontier Disney” Near Dallas Fooled Many Investors

January 19, 2015- Dallas, Texas

The FBI reports that Thomas W. Lucas, Jr. was such an effective liar that he was able to convince hundreds of investors—even members of his own family—that he had inside information about a Disney resort to be built in Texas that would make the nearby scrubland worth a fortune for those who bought it ahead of time.

“Thomas Lucas Jr. fooled savvy investors and very intelligent people,” said Special Agent Rick Velasquez, who investigated the case from the FBI’s Dallas Division. “He was a very believable guy.”

Lucas convinced over 250 people to invest millions based upon  his phony insider information about a planned Disney Resort, “Frontier Disney” north of Dallas. During the investigation, it was learned that most of his “information” was learned from a man he met at a methadone rehab clinic.

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