David A. Basinger-Former VSR Financial Services Broker-Investigation Over Alternative Investments-Alexandria, VA

Alexandria, Virginia

Rex Securities Law is investigating  broker David Alan Basinger  on behalf of a elderly, retired widow from Alexandria who was advised to purchase  limited partnerships, direct investments in oil & gas,  , real estate securities, and other investments which she believes were unsuitable, for her retirement accounts. Basinger was employed by VSR Financial Services during the relevant time period.

The investments include:

  • KBS REIT
  • NET REIT
  • Star Scientific stock

Basinger discloses one prior customer dispute and four outstanding liens to the Internal Revenue Service on his FINRA record.

According to public records, Basinger was employed by VSR Financial Services from 9/2003-6/2014. He is currently employed  by Ameriprise Financial Services.

VSR Financial Services was fined $550,000 by the Financial Industry Regulatory Authority (FINRA) in May 2013 in connection with the sale of alternative investments. In their findings, FINRA criticised VSR Financial for recommending high concentration levels of alternative investments in customer accounts and for its lack of supervision over the use of consolidated reports prepared by brokers and provided to customers.

Alternative investments include non publicly traded real estate investment trusts (REITS) , hedge funds, real estate, commodities and derivatives contracts and, managed futures. It may also include art, wine, antiques, coins or stamps. These investments tend to be complex, illiquid, nontransparent, hard to value and expensive. Many of the alternative investments sold over recent years are not traded on any public market making them difficult to value and even more difficult to liquidate if cash is needed.

Follow this link for additional information related to VSR Financial Service’s issues related to alternative investments.

VSR Financial closed down its operations in the fall of 2016, transferring most brokers and clients to Summit Brokerage Services, an affiliated entity.

If you have losses in an account in an account handled by David A. Basinger or another broker who was employed by VSR Financial Services , contact us to discuss how you may be able to recover damages for those losses through FINRA arbitration.

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

Noel Vincent-Madison Ave. Securities Broker-Discloses Customer Dispute-Houston, TX

March 2017-Houston, Texas

According to publicly available records Noel Ray Vincent, (CRD# 1370987) ,  a  stockbroker who previously worked for Investors Capital Corp and who is currently employed by Madison Avenue Securities  disclose a prior final regulatory matter, a pending customer dispute , 8 prior final customer disputes and an outstanding judgement/lien.

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 currently pending FINRA arbitration 17-0029 a customer of Investors Capital Corp. alleges damages of $500,000 for misrepresentations, breach of fiduciary duty and other claims related to the purchase of alternative investments during the period 2005-2008.

In one of the prior customer disputes, FINRA arbitration 15-0037,  a customer of Investors Capital Corp. alleged damages of $413,000  for unsuitable investments in oil & gas investments and real estate securities made between 2006 and 2009. That matter was settled for $125,000.

Vincent discloses an outstanding lien in favor of the Internal Revenue Service in the amount of $170,000, filed in Harris County, Houston.

Vincent has been employed by Madison Avenue Securities since 11/2009. He was employed by Investors Capital Corp. from 9/2001-11/2009.

Investors Capital Corp., a part of the Cetera Group, wound down its operations during 2016, transferring many of its brokers and customers to Summit Brokerage Services. In November 2016, Investors Capital Corp. withdrew its FINRA registration and closed operations.

INVESTORS CAPITAL CORP. SUBJECT OF 21 REGULATORY MATTERS–CEASES OPERATIONS FALL 2016

Investors Capital Corp. withdrew its registration with FINRA in fall 2016. Investors Capital has been named in 21 regulatory matters and a number of customer arbitrations. For more information on Investors Capital Corp, follow this link. 

If you have questions about an account in an account handled by Noel Ray Vincent, contact us to discuss your legal options.

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

Tony Morris-Former Investors Capital Corp. Broker-Discloses Customer Dispute-El Paso, Texas

March 2017- El Paso, Texas

According to publicly available records Anthony  “Tony” R. Morris , (CRD# 2849581) ,  a  stockbroker who previously worked for Investors Capital Corp and who is currently employed by Lincoln Investment  disclose a pending customer dispute and 2 prior final customer disputes.

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 the currently pending dispute a customer of Investors Capital Corp. alleges damages of $147,536 related to the purchase of a variable annuity.

In FINRA arbitration 9-5362 a customer of Investors Capital Corp. alleged damages of $641,643 for investment losses and failure to process a transfer. That matter was settled for $35,000.

Morris has been employed by Lincoln Investment since 7/2015. He was employed by Investors Capital Corp. from 2/2002-7/2015.

Investors Capital Corp., a part of the Cetera Group, wound down its operations during 2016, transferring many of its brokers and customers to Summit Brokerage Services.

INVESTORS CAPITAL CORP. SUBJECT OF 21 REGULATORY MATTERS–CEASES OPERATIONS FALL 2016

Investors Capital Corp. withdrew its registration with FINRA in fall 2016. Investors Capital has been named in 21 regulatory matters and a number of customer arbitrations. For more information on Investors Capital Corp, follow this link. 

If you have questions about an account in an account handled by Anthony “Tony” Morris , contact us to discuss your legal options.

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

Rainmaker Securities Sanctioned Over Sales of Private Placement Investments

Saint Louis, Missouri

According to publicly available records, in July 2015,  Rainmaker Securities  , (CRD# 132995) ,  and its President Glen Anderson (CRD#5030000) entered into a Letter of Acceptance Waiver and Consent with FINRA to resolve allegations that from June 2011 through September 2014, Anderson failed to devote adequate time, attention and resources toward compliance and supervision in connection with the sale of certain unregistered private offerings. AWC 2013035059001.

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.

FINRA alleged that during 2011,  there was  inadequate due diligence performed on the following unregistered private placements offered to customers by Rainmaker Securities:

  • Buttonwood Social Network Fund ( “Facebook Fund”)
  • Eudora Global LLC
  • The Incubation Factory Technology Fund LLC (TIF Fund)
  • The Idea Fund

FINRA made additional allegations related to the sale of the offerings, including:

  • Improper general solicitation in connection with Regulation D offerings and failure to enforce the firm’s written supervisory procedures.
  • Distribution of inaccurate, misleading and exaggerated communications.
  • Allowing unregistered persons to engage in activity requiring registration.
  • Failing to register a branch office.
  • Failure to enforce compliance related to customer suitability information.
  • Violations related to the company website and email.

Rainmaker Securities has six branches and 34 registered representatives.

Rainmaker Securities was censured and fined $125,000. Anderson was fined $10,000 and suspended for two months.

In 2016 Rainmaker Securities was sanctioned by Illinois securities regulators for failing to supervise the sales activities of one of its brokers who sold direct investments and limited partnership investments.

 

If you have questions about  investments you made in an account at Rainmaker Securities , call for a no charge consultation.

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

Shane D. Ireland-Former Edward Jones Broker-Discloses Termination From Employment-Stuart-FL

Stuart, Florida

According to publicly available records Shane David Ireland  , (CRD# 5891934) ,  a   currently unregistered stockbroker who last worked for Ameriprise Financial Services,  discloses  a termination from employment.

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 June 2016 Shane D. Ireland was discharged from Edward Jones who alleged that Ireland had violated the firm’s policy on discretionary orders.

 

Ireland was registered with Ameriprise from 7/2016-12/2016 and with Edward Jones from 3/2011-6/2016.

If you have questions about an  investment account handled by Shane D. Ireland , call for a no charge consultation.

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

Lek Securities Named in Market Manipulation Regulatory Action

UPDATE JUNE 2017-FINRA records disclose that Lek Securities has 20 currently pending regulatory events and 7 prior regulatory events.

March 27, 2017

Lek Securities and its CEO Samuel F. Lek have been targeted in disciplinary proceedings filed by the Financial Industry Regulatory Authority (FINRA) , the New York Stock Exchange (NYSE) and a number of other exchanges. The complaints allege that Lek and his company were involved in manipulative trading in a customer account known as ‘Avalon” impacting both equities and options markets.

According to the FINRA press release, which can be accessed here, Avalon’s manipulative trading involved practices known as ‘layering‘ and ‘spoofing‘ which entails one or more traders moving the price of a security by placing bogus orders and then modifying or cancelling them so that they never become actual trades. Once there is an appearance of interest in the stock, the trader can buy or sell it on the other side at a better price.

The firm is also charged with violating the know your customer rules, failure to properly preserve electronic communications, maintenance of CRD information, supervision of outside business activities and other violations.

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

Leon Paul Rehak-Former Raymond James Broker-Named in Churning Complaint-Pompano, FL

March 2017-Pompano Beach, FL

According to publicly available records Leon Paul Rehak  , (CRD# 2331058) ,  a   stockbroker who presently works for LPL Financial,  discloses a pending customer dispute.

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 pending FINRA arbitration 16-03193 , a Raymond James customer alleges damages of $600,000 for fraud, excessive trading, churning, unauthorized trading, breach of fiduciary duty, unsuitability, deceptive practices and other claims from 4/2004-12/2011.

Rehak has been registered with LPL Financial since 10/2016 and was with Raymond James in Ft. Lauderdale from 4/2004-10/2016.

 

If you have losses in an  investment account handled by Leon P. Rehak , you may be entitled to recover damages. Call for a no charge consultation.

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