August 2016-New York
The FINRA records of Hank M. Werner , a currently unlicensed stock broker who was most recently employed by Legend Securities Inc. , discloses a pending FINRA investigation in which he was charged with excessive trading and commissions which cost a 77 year old widow, who is blind, $184,000 over a three year period.
In addition Werner’s FINRA record discloses a prior final customer dispute, 2 terminations from employment and six outstanding judgment/liens.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In recently filed FINRA regulatory case 2015048048801, FINRA makes the following allegations:
- Werner enriched himself at the expense of an elderly, blind and physically disabled customer by engaging in a manipulative, deceptive and fraudulent scheme pursuant to which he churned three accounts of the widow.
- The victim, blind since birth, had recently lost her husband of 40 years, who was also blind.
- Werner place over 700 trades in the accounts, generating nearly $250,000 in commissions resulting in losses of $184,000.
In FINRA case 98-0692, a customer of one of Werner’s prior employers, American Investment Services, (firm expelled by FINRA in 2/2003) , alleged damages of $412,636 for unsuitable investments, churning, misrepresentation and fraud. That case was settled for $190,000.
Werner was discharged for cause by two prior firms.
Werner discloses six outstanding tax liens, including amounts to the Internal Revenue Service totaling over $500,000.
Werner was employed by Legend Securities from 12/2012-3/2016. Prior to that he was employed by Liberty Partners Financial Services.
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
TollFree: 877-224-3199
Florida-561 391 1900
Texas-512-329-2870