Category Archives: Broker Discloses Criminal Event

Marc Reda-Spartan Capital Broker-Discloses Settlement of Customer Claims

OCTOBER 2017

According to FINRA records,  Marc A. Reda , a broker who is currently employed by Spartan Capital Securities, discloses 9 prior customer disputes a prior regulatory event, 2 terminations from employment and a currently outstanding judgment/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 June 2017, without admitting or denying the findings, Marc Reda consented to a fine of $5,000 and a three month suspension. FINRA found that he exercised discretion in customer accounts without written authorization from the customers and that he failed to timely disclose on FINRA Form U4 a federal tax lien filed against him in the amount of $575,101.

The prior customer disputes include the following settlements:

  • FINRA Arbitration 16-1461-a customer of his prior employer PHX FInancial alleged breach of fiduciary duty and unsuitable recommendations, seeking damages of $100,000. That case was settled in 7/2016 for $26,000.
  • In 4/2016 a customer of PHX Financial alleged that Reda traded his account without authority and breach of fiduciary responsibility, seeking damages of over $500,000. That case was settled in 5/2016 for $85,000.
  • In 3/2016 a customer of his prior employer Phoenix Financial Services alleged that beginning in 11/2015 Reda failed to follow the customer’s instructions, made trades without authority and over concentrated investments causing damages of $500,000. That case was settled in 6/2016 for $112,500.
  • In 1/2016 a customer of Phoenix Financial Services alleged that Reda made unauthorized trades in her account causing damages of $400,000. That case was settled in 2/2016 for $120,000.

According to FINRA records, Reda  has been registered with Spartan Capital Securities  since 5/2016. Reda was registered with First Standard Financial from 2/2016-5/2016. Prior to that he was registered with PHX Financial from 10/2014-1/2016 and with Laidlaw & Company from 11/2013-10/2014.

In 1/2016 Marc Reda was “permitted to resign” from PHX Financial who alleged that Reda violated firm policy.

FINRA records disclose an Internal Revenue Service lien filed in the Supreme Court of Richmond County, New York,  against Reda in the amount of $575,101.

If you have losses in an account handled by Marc A. Reda contact us to learn how you may be able to recover damages 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

William B. Wyman-Former Royal Alliance Assoc. Broker-Barred From Securities Industry-Palm Bay, FL

April 2017- Palm Bay, FL

The FINRA records of  William B. Wyman ,  a  former stockbroker who was  employed by  Royal Alliance Associates disclose a prior regulatory event,  a pending customer dispute, two prior customer disputes and an outstanding judgment.

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 May 2017 Wyman was permanently barred from the securities industry by FINRA for failing to respond to information requests from FINRA leading to suspension and then a bar after he failed to request termination of his suspension.

In the currently pending matter a customer of Royal Alliance Associates seeks damages of $97,500 and alleges negligence in connection with an investment in a pool hall/bar that was sold away from the firm.

 

William Wyman was employed by Royal Alliance Associates from 7/2000-2/2016 and then by Ameriprise Financial 2/2016-11/2016.

If you have questions about an account  handled by William Wyman 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

Robert K Lindell-Former Revere Securities Broker-Discloses Criminal Securities Charge-Bangor, ME

March 2017-Bangor, Maine

According to publicly available records Robert Kenneth Lindell, (CRD# 14178) ,  a  previously registered stockbroker who was last employed by Richfield Orion International, disclose 4 prior regulatory events, a pending criminal charge, 2 prior customer disputes and 2 terminations 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 the pending criminal matter, Case17-707, Penobscot County Superior Court, Lindell is charged with knowing or intentional securities violations and theft by unauthorized taking or transfer. Lindell has pleaded not guilty to the charges.

In May 2013, Lindell was discharged by Revere Securities who alleged: “violations of the firms policies on service as a personal trustee, accepting a fee for financial planning which was not approved and discretionary trading of client accounts”.

Lindell worked for Revere Securities from 2010-2013, and then for Richfield Orion International from 2013-3/2017. He is not currently registered with any broker dealer. Lindell discloses a business affiliation with R.K. Lindell & Co., 1220 N. Dutton, Ste 101, Santa Rosa, CA.

If you have losses in an account handled by Robert K. Lindell, contact us to learn how you may be entitled to recover damages 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

Matthew A. Siliato-Meyers Associates Broker-Discloses Pending Customer Disputes

August 2016-New York

The FINRA records of  Matthew A. Siliato,  a  stock broker who currently is employed by Meyers Associates disclose 2 currently pending customer disputes, 4 prior final customer disputes, 1 prior financial event and a currently 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 Case #16-1528, a customer of Meyers Associates alleges damages of $250,627 for unsuitable investments.

In currently pending FINRA Case #15-3036, a customer of Siliato’s prior employer National Securities Corp.  alleges damages of $522,941 for unsuitable investments and breach of fiduciary duty.

Siliato has been registered with  Meyers Associates since 3/2013. Prior to that he was registered with National Securities Corp.  from 1/2010-2/2013.

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

Jeffrey Grove-Former Charles Schwab Broker-Discloses Felony Charges & Termination

Melbourne, Florida

The FINRA records of Jeffrey B. Grove ,  a  former Charles Schwab stock broker who was permanently barred from acting as a broker or otherwise associating with firms that sell securities disclose  a final regulatory event, a pending criminal matter, a prior criminal matter and 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 11/2014 FINRA barred Grove from the securities industry after Grove consented to sanctions an entry of findings that he converted the proceeds of office equipment sales, totaling about $1 million, for his own use. FINRA Case 2014042497701.

Grove discloses that adjudication was withheld and he was placed on probation for 18 months and served 50 hours of community service and 12 weeks of drug classes in 1999 to resolve criminal charges for possession of more than 20 grams of cannabis.

Grove discloses that In 8/2014 he was charged with two felonies: 1-Unlawful use of a two way communication device to commit a crime and 2-Conspiracy to traffic in oxycodone.

In 8/2014, Grove was discharged by Charles Schwab & Co. who made the following allegations: “Allegations regarding Mr. Grove’s purchases of unauthorized office equipment through the firm’s office supply channels.”

Grove was employed by Schwab from 7/1999-9/2014.

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