Dallas Financial Adviser Fined for Failure to Register with Texas State Securities Board

February 24, 2016- Dallas, Texas

The Texas State Securities Board (TSSB) has reprimanded and fined Donald Lee Laseter $15,000 for acting as an investment adviser when he was not registered to do so. Laseter does business as Financial Consulting Services of Dallas.

According to the TSSB Order, Laseter has been engaged in the business of advising others with respect to the advisability of investing in, purchasing or selling securities for compensation, from March 1989 through May 2015. Laseter submitted an application for registration with the Texas Securities Commissioner on March 23, 2015. Registration was granted as a part of the TSSB order.

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

Anthony Diaz-Former IBN Financial Broker-Discloses 42 Customer Complaints

Scotrun, PA

UPDATE October 2016-Anthony Diaz discloses a total of 42 customer complaints, of which 16 are currently pending. In addition he discloses 5 Employment Separations After Allegations by former employers. See this for FINRA brokercheck record.  

 

Original post February 2016-Anthony Diaz (CRD 4131948) entered into an Order Accepting Offer of Settlement with the Financial Industry Regulatory Authority (FINRA) on May 27, 2015, agreeing, without admitting or denying FINRA’s allegations, to a bar from acting as a broker or otherwise associating with firms that sell securities to the public.

The FINRA Order makes the following Findings and Conclusions:

  • Diaz induced approximately eighty customers to enter into variable annuity exchanges, often subject to significant surrender charges, without a reasonable basis for recommending those exchanges.
  • Diaz engaged in misconduct in connection with the sale of direct participation partnerships and real estate investment trusts, or REITs, during the period February 2007 through February 2010, falsely telling seven customers that the investments were either guaranteed or guaranteed to pay certain amounts of interest.
  • Diaz falsified or caused the falsification of the liquid net worth, net worth, and/or income information for at least nine customers to make it appear that they were eligible to invest in the products described in the preceding paragraph when they in fact were not. He also altered or caused the alteration of the dates that appeared next to the signatures ofcustomers on authorizations to transfer accounts on at least two occasions.
  • Diaz made unauthorized trades in the accounts of at least seven customers
  • Diaz was fired by or allowed to resign from more than half of the eleven firms at which he worked over his fourteen years in the securities industry.

According to FINRA records, Diaz has been named in 38 customer disputes of which 23 are currently pending.

Diaz most recent employments  were:

9/2012-4/2015                      IBN Financial Services

3/2012-9/2012                      Sandlapper Securities 

8/2011- 3/2012                      International Financial Solutions

4/2011-8/2011                       Kovack Securities

3/2010- 4/2011                      Matrix Capital Group

If you have losses in an account handled by Anthony Diaz, contact us to learn how you may be able to collect damages from his former employer. FINRA records indicate that Diaz operated under these DBAs: Financial Planners Group of America, Wealth Management Group of America and Anthony Diaz, Inc. 

Anthony Diaz FINRA Order May 2015 can be viewed here.

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

David McQueen’s Conviction/30 Year Sentence on Ponzi Scheme Upheld

1/21/2016- Grand Rapids, MI

David McQueen‘s  conviction and 30 year prison sentence for mail fraud, money laundering and tax charges was upheld by the Sixth Circuit Court of Appeals in Cincinnati.

McQueen’s Ponzi scheme targeted elderly and unsophisticated  investors and cost victims $46 million. McQueen’s scheme failed after he used investor money to invest in a separate Ponzi scheme operated by another scammer. When that company ceased making distributions, McQueen’s company failed.

As it began to fail McQueen took ever greater risks with the remaining capital, investing in highly speculative investments and scams. While the money dwindled, McQueen provided investors with statements showing their money safe and growing, as he collected a $100k a month salary and lived a lavish lifestyle.

If it seems too good too good to be true, it probably is. Investors should be wary of any deal that seems too good to be true.

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

Andrew Corbman-Former FSC Securities Broker Sanctioned by FINRA- Lansdowne, VA

UPDATE April 2016-Corbman named in arbitration by customer seeking $1.3M in losses while Corbman was employed by Kovack Securities. See this link for more.

February 1, 2016- Lansdowne, VA

Andrew S. Corbman entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that  he made unsuitable recommendations to three customers that were inconsistent with the customer’s investment objectives and risk tolerances and resulted in over-concentration of their liquid net worth in these investments.

According to FINRA, Corbman, while working for FSC Securities, improperly recommended to a married couple with growth objectives and moderate risk tolerances , to purchase unsuitable highly risky leveraged, inverse Exchange Traded Funds (ETFs).

He also recommended to an elderly customer with a conservative risk tolerance and an investment objective of income to purchase an unsuitable and risky mutual fund with no operational history. The investments were unsuitable as they were over-concentrated and exposed each customer to a risk of loss that exceeded each customer’s risk tolerance and investment objectives.

AWC No.  20100246200302df

Corbman was suspended from association with any FINRA member for 1 month.

FINRA records indicate that Corbman has been registered with Newbridge Securities since 11/2015. He was registered with Kovack Securities from 1/2011-11/2015. Prior to that he was registered with FSC Securities from 2/2008-1/2011. 

Corbman has been the subject of 7 customer disputes that have been resolved and there is currently one customer dispute pending.

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

Mexican Man Convicted in El Paso, TX, on $15M Investment Fraud

February 23, 2016- El Paso, Texas

CBS 7 reports that Mexican businessman Roberto Trinidad Del Carpio Frescas of Chihuahua was convicted by a federal jury on 24 counts of wire fraud and 10 counts of money laundering.

More than 100 investors in the US and Mexico were swindled out of more than $15 million when they fell victim to  Del Carpio’s representations that he had superior knowledge in trading stocks, bonds, oil and gas and precious metals. The scheme operated from August 2010-early 2012.

Del Carpio faces up to 30 years in prison.

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

Larry & Dixie Masino Indicted in Bingo Related Fraud Scheme-Fort Walton Beach, FL

February 22, 2016- Pensacola, Florida

A federal grand jury returned an indictment charging Larry L. Masino, 65, of Gulf Breeze and Dixie L. Masino, 63, of Pensacola,  with wire fraud conspiracy, operating an illegal gambling business, money laundering conspiracy and money laundering, according to Christopher P. Canova, US Attorney for the Northern District of Florida.

The indictment alleges that, between 2006 and 2015, Larry and Dixie Masino conspired to defraud local charities out of millions of dollars by operating Racetrack Bingo Inc. in Fort Walton Beach on behalf of a number of charitable organizations in Okaloosa County.

According to the indictment, Racetrack Bingo Inc. was an illegal gambling business in violation of Florida law because the Masinos compensated themselves and their employees, instead of using bona fide charity members, to run bingo games.  The indictment further alleges that the Masinos charged the charities grossly inflated lease fees.  By law, those proceeds should have gone to the charities.  The indictment also alleges that Larry and Dixie Masino conspired to launder more than $5.8 million in proceeds of their illegal bingo operation through the deposit of profit distribution checks from Racetrack Bingo Inc.

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.

Masino Indictment

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

Promoters & Executives of Sterling Currency Group Indicted on Alleged Iraqi Dinar Scam

February 22, 2016- Atlanta, Georgia

The US Attorney’s Office for the Northern District of Georgia announced the indictment of Tyson Thame, James Shaw, Terrence Keller and Frank Bell in connection with the operation of Sterling Currency Group, a company that touted itself as the largest sellers of the Iraqi dinar in the United States.

They are charged with fraudulently inducing investors into purchasing the Iraqi dinar.

“Investors in the Iraqi dinar, like all investors, are entitled to make an informed choice based on honest and transparent information,” said U. S. Attorney John Horn. “These defendants are alleged to have defrauded investors by spreading misinformation about the investment potential of the Iraqi dinar in order to profit from sale of the currency.  We urge anyone who believes they were impacted by this scheme to contact the FBI.”

According to the indictment, Sterling Currency Group, LLC, which also did business as Sterling Online Processing Services, LLC, and Dinar Banker (collectively, “Sterling”), was a Georgia corporation with its principal place of business in Atlanta, Georgia. Sterling sold and exchanged so-called “exotic currencies,” including most predominantly the Iraqi dinar.Tyson Rhame and James Shaw were co-owners of Sterling, which began operations in 2004. Frank Bell began working for Sterling in 2010 and became Sterling’s Chief Operating Officer in 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