Daniel and Matthew Rivera Ponzi Scheme-Robbins Lane

March 30, 2016

The U.S. Securities and Exchange Commission charged Daniel Rivera and his brother Matthew Rivera, and their company, with a $2.7 million Ponzi scheme targeting elderly and unsophisticated investors.

Investors were led to believe that they would share in the profits of Robbins Lane, a Pennsylvania real estate venture. In reality Robbins Lane had no real estate. In classic Ponzi scheme fashion money from early investors was used to pay distributions to later investors giving the impression of a going concern.

Neither admitting nor denying the charges, they consented to entry of a final judgment and will be disgorging over $2 million.

Copy of the SEC complaint.

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

Alan Z. Appelbaum Investigation-Former HJ Sims Broker-Boca Raton

March 31, 2016-Boca Raton, FL

We have filed an arbitration with the Financial Industry Regulatory Authority (FINRA) against H.J. Sims & Co. on behalf of a local resident who alleges that Alan Z. Appelbaum, while employed by H.J. Sims, mishandled her account, causing her significant losses to her retirement nest egg.

The FINRA records of Alan Z. Appelbaum disclose that he has been named in 7 regulatory events and 11 customer disputes. Four of the customer disputes (including the case of our client) are still pending.

The pending customer disputes include:

  • Complaint 8/15/2015-Client alleges unsuitable product and churning while Appelbaum was employed by H.J. Sims. Damages $200,000.
  • FINRA Case 14-2442-Client alleges breach of fiduciary duty, failure to supervise, violation of FINRA/NASD rules while Appelbaum employed by H.J. Sims. Damages $350,000.

Alan Appelbaum’s employment history, per FINRA, is as follows:

  • 6/2015-present                            Aegis Capital Corp.
  • 6/2002-6/2015                             H.J. Sims & Co. 

If you have losses in an account handled by Alan Appelbaum, call to speak with an experienced securities attorney and learn how you may be able to collect damages from Appelbaum’s employer.

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

Heather Weber Investigation Update-Merrill Broker-Tampa, FL

POSTED-April 2017

Additional claims filed against Heather P. Weber:

FINRA Case 16-1835- Merrill Lynch customer alleges damages of $500,000 for unsuitable recommendations and misrepresentations related to option trading from 9/2010-7/2014.

FINRA Case 16-1726-Merrill Lynch customer alleges damages of $500,000 for unsuitable recommendations and misrepresentations related to option trading from 2/2011-11/2014.

POSTED-March 30, 2016

FINRA records report another customer has recently filed an arbitration against Tampa-based  Merrill Lynch Broker Heather P. Weber. 

FINRA Case 16-00246 was filed 1/29/2016 alleging unsuitable recommendations and misrepresentations and omission of material facts from 2012-2016. The customer seeks damages of $200,000.

Two previously filed arbitrations are pending:

FINRA Case #15-2281-The customer alleges damages of $475,000 and ‘unsuitable investment recommendations and misrepresentation and omission of material facts from November 2012 to July 2014.”

FINRA Case #14-2984-the customer “alleges unsuitable investment recommendations and misrepresentations and omission of material facts from March 2006 to September 2014”. That customer alleges damages of $1,500,000.

If you have losses in an account handled by Heather Weber, 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

Michael Donnelly Investigation-Coastal Equities Broker Admits Theft From Elderly Clients

October 19, 2015

Former Coastal Equities broker Michael Donnelly of Lecanto, Florida, admitting defrauding his clients and to disgorge over $2.2 million. In addition he consented to an SEC order permanently barring him from the securities industry.

According to the SEC’s complaint filed in federal district court in Philadelphia, Donnelly took funds from elderly and unsophisticated investors and instead of investing it as promised, used it to pay for his own expenses, including rent, car payments, golf club membership dues, and his children’s private school tuition.  Donnelly concealed his scheme by providing investors with false account statements, trade confirmations, and other bogus information that purportedly reflected their investment holdings and repeatedly told investors that their fictitious “investments” were performing well.  The scheme ran from 2007 through August 2014.

Donnelly’s victims were primarily elderly persons, many of whom were in their mid to late 80’s. One couple, age 81 and 83, lost $800,000.

If you have questions about the way your brokerage account is being handled or about losses in your account, 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

Mark A. Lisser Named in Customer Complaints-Former Global Arena Capital Broker

March 30, 2016

FINRA records report that former Global Arena Capital stockbroker Mark A. Lisser is currently named in two pending customer arbitrations :

  • FINRA Case 15-02008– customer alleges unsuitable investments, churning, excessive use of margin and seeks damages of $61,458.
  • FINRA Case 14-03824-customer alleges excessive trading, excess and improper use of margin and seeks damages of $109,000.

Lisser has been named in 4 other customer disputes that have been resolved, including:

FINRA Case 14-0080– customer alleged churning, unsuitability, breach of fiduciary duty and other claims while Lisser was employed by Global Arena Capital Corp. That case was settled for $160,000.

Lisser was employed by Global Arena Capital from 11/2010-12/2014. Global Arena Capital was expelled by FINRA 1/2016. Lisser is currently employed by Garden State Securities.

If you have questions about an account handled by Mark A. Lisser, 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

Raymond Pirrello of Garden State Securities Investigated by Securities Regulator

UPDATE July 2016Pirrello named in insider trading complaint filed by the Securities and Exchange commission. See this for details. 

UPDATE June 2016-Former Garden State Securities stock broker Raymond J. Pirrello is not currently registered with any FINRA firm according to FINRA records as on June 27th, 2016.

Original Post —  March 10, 2016

FINRA records report that the U S Securities and Exchange Commission is currently investigating Garden State Securities  stock broker Raymond J. Pirrello, Jr. regarding alleged potential violations of sections 10(b) and 14(e) of the Securities Exchange Act of 1934 and Rules 10b-5 and 14e-3 there under.

FINRA records also report that Pirrello has been named in 9 customer disputes that have been resolved.

Pirrello has been employed by Garden State Securities in Hackensack, New Jersey, since 8/2008. He was previously employed by Concord Equity Group and J.P. Turner & Co.

If you have questions about an account handled by Raymond J. Pirrello, 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

Dwarka Persaud-Buckman Buckman & Reid Broker-Discloses Customer Disputes/ Bankruptcy Filing-Plainfield, NJ

UPDATE APRIL 2017

October 2016- Dwarka Persaud discloses that a customer of Buckman Buckman & Reid alleges damages of $40,000 related to investment strategy and fees in April 2016.

February 2017-Dwarka Persaud discloses filing of Chapter 7 bankruptcy in Newark, NJ Federal Court.

ORIGINAL POST–March 30, 2016

In FINRA Case 14-3762,  decided 2/5/2016 stock broker Dwarka Persaud was ordered to pay a former client $48,680, plus interest and attorney fees. The customer had alleged churning, unsuitability, breach of fiduciary duty and other claims related to the purchase and sale of securities.

FINRA records report that there are currently two customer disputes pending  against Persaud for account churning and unauthorized trading. Persaud was employed by Garden State Securities from 8/2008-4/2015. He is currently employed by Buckman, Buckman & Reid in Plainfield, New Jersey..

If you have questions about an account handled by Dwarka Persaud call to speak with an experienced securities attorney. You may be able to recover damages.

From the Financial Industry Regulatory Authority (FINRA) website:

“FINRA is dedicated to investor protection and market integrity through effective and efficient regulation of the securities industry.

FINRA is not part of the government. We’re an independent, not-for-profit organization authorized by Congress to protect America’s investors by making sure the securities industry operates fairly and honestly.

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