Category Archives: Failure to Cooperate with Regulatory Investigation

Donna Boyd (Chen)-Former Sunbelt Securities Broker-Named In SEC Complaint-Houston, TX

January 2018-Houston, Texas

Donna Boyd (formerly Donna Chen) , a former stockbroker who last worked for Sunbelt Securities was named in a complaint filed by the Securities and Exchange Commission in December 2017, which alleges that Boyd acted as an unregistered broker in connection with the solicitation and sale of investments in Presidio Venture Capital fund (PVC),  a company she formed with another former Sunbelt Securities broker, James Tao.

The SEC alleges that Boyd and Tao raised funds for PVC without the knowledge or approval of their employing firm Sunbelt Securities.

Link to SEC complaint.

According to FINRA records Boyd worked for Sunbelt Securities in Houston from 10/2011-3/2016. Prior to that she was employed by Ameriprise Financial. On her FINRA records, Boyd discloses 2 prior regulatory events 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 8/2013 Boyd was suspended for 10 days and fined $5,000 by FINRA to resolve allegations that she maed 58 discretionary trades without obtaining prior written authority from the customers.

In 10/2011 Boyd was discharged by Ameriprise Financial Services who alleged that Boyd violated the firms policy on discretionary trading.

In 3/2016, Boyd was discharged by Sunbelt Securities who made the following allegation on FINRA records: “Registrant is under internal review for potential violations of FINRA rules. These violations relate to failure to provide prior written notification and receive written approval for outside business activities and private securities transactions”.

In 8/2016, Boyd was permanently barred from the securities industry by FINRA for failing to respond to a request for information in connection with a FINRA investigation.

If you have questions about  an account handled by Donna Boyd (formerly Donna Chen) , 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

James Tao-Former Sunbelt Securities Stockbroker-Named in SEC Complaint-Houston, TX

January 2018-Houston, Texas

James Tao, a former stockbroker who last worked for Sunbelt Securities was named in a complaint filed by the Securities and Exchange Commission in December 2017, which alleges that Tao misappropriated investor money and made material misrepresentations in offering documents for Presidio Venture Capital fund (PVC).

Link to SEC complaint.

The SEC alleges that Tao misused investor funds by investing more than $200,000 in companies he owned or had a personal interest and used investor funds to pay for various expenses unrelated to uses authorized in the private placement memorandum for PVC.

According to FINRA records Tao worked for Sunbelt Securities in Houston from 8/2012-3/2016. On his FINRA records, Tao discloses a prior regulatory event 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 3/2016, Tao was discharged by Sunbelt Securities who made the following allegation on FINRA records: “Registrant is under internal review for potential violations of FINRA rules. These violations relate to failure to provide prior written notification and receive written approval for outside business activities and private securities transactions”.

In 8/2016, Tao was permanently barred from the securities industry by FINRA for failing to respond to a request for information in connection with a FINRA investigation.

 

If you have questions about  an account handled by James Tao, 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

Tye Williams-Former NEXT Financial Broker-Subject of $1M Customer Dispute-Frisco, TX

UPDATE OCTOBER 2017– Frisco, TX

Former NEXT Financial Group stockbroker, Tye Williams was barred from the securities industry by FINRA for failing to cooperate with regulatory investigation alleging theft of $1M, making unsuitable recommendations and mismanaging accounts. FINRA Case 2015047059702. See this for more details. 

FINRA records report that NEXT Financial Group stockbroker Tye Williams , of Frisco, TX,  has been named in Case 2015-41457, pending in Harris County, Texas, alleging that from mid 2004 until 2015  Williams mismanaged the finances of a customer and exceeded the scope of his authority. Damages of $1 million are sought.

Williams FINRA record also discloses a pending FINRA arbitration (16-0609) filed by a customer of NEXT Financial that makes identical allegations as are made in the Harris County court case.

Williams was employed by NEXT Financial from 11/2008-8/2016. Williams discloses business affiliations with DC Rightside LLC which was formed to deal with the business activities following the sale of Smashburger, Tye Williams Financial Services, and One Source Advisors Group.

If you have losses in an account handled by Tye Williams, contact us to learn how you may be able to recover damages from his former 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

Investigation-William A. Hightower-Former UBS/Legacy Asset Broker-Houston, TX

OCTOBER 2017- Houston, TX

We are currently investigating former stockbroker William A. Hightower of Houston, TX, on behalf of a former UBS Financial Services client who alleges Hightower recommended that she invest in an unsuitable and illiquid investment, Reproductive Research Technologies.

Hightower was employed by UBS Financial Services from 2007-2013 and then by Legacy Asset Securities from 2013-2015.

In October 2015 Hightower was permanently barred from the securities industry by the Financial Industry Regulatory Authority (FINRA). Without admitting or denying the findings, Hightower agreed to the bar and to entry of findings that while employed by UBS Financial he failed to respond to requests for information  in connection with a FINRA investigation that he improperly referred customers to an unapproved private securities transaction. Specifically, Hightower failed to provide a list of any customers he referred to the private securities transaction.

FINRA records report that former UBS Financial Services stockbroker William A. Hightower is named in  currently pending FINRA arbitration case #15-03387 by a former customer who is seeking damages of $150,000 from UBS Financial Services.

The former UBS Financial Services customer alleges that in 2012 Hightower recommended the purchase of a high risk, illiquid and unsuitable private placement. Claimant further alleges omissions and misrepresentations regarding the recommended investment.

 

If you have losses in an account handled by William Hightower, call to learn how you may be able to recover damages from his former 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

Paul V Blum-Former RBC Capital Broker- Sued by Clients for Unsuitable Trading-W. Palm Beach, FL

October 2017-West Palm Beach, FL

The FINRA records of  Paul Vincent Blum ,  a  stockbroker who was previously employed by RBC Capital Markets disclose a prior regulatory event, 9 pending customer disputes and 14 prior 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 August 2017, Blum was permanently barred from the securities industry by FINRA for failing to appear for on the record testimony during the course of an investigation in connection with customer complaints alleging unsuitable trading.

In the pending arbitrations customers make various allegations of wrongdoing, mostly related to unsuitable investments in energy related investments,  including the following:

  • Blum recommended unsuitable and over-concentrated investments in the energy sector. Damages alleged, $886,070.
  • Three former customers allege that Blum was involved as an intermediary in making  unsuitable recommendations of energy sector corporate bond investments. Damages are alleged to be $525,000, $6,000,000  and $2,250,000.

Total dollar amount of the settlements already paid on  the prior customer disputes  is over $1.7 million.

If you have losses in an account handled by Paul Blum, call to discuss 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

 

Paul W. Smith-Former Bolton Global Capital Broker Investigated Over Haverford Investment-Wayne, PA

September 2017 -Wayne, PA

According to publicly available records Paul W. Smith (CRD#1070735) , a  former stockbroker who was last registered with Bolton Global Capital , disclose  a final regulatory event , 7 pending customer disputes, 4 prior customer disputes 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 June 2017 FINRA permanently barred Paul W. Smith from the securities industry for failing to provided documents and information requested by FINRA related to the sale of private securities. Smith consented to the sanction without admitting or denying the FINRA findings.

The pending customer disputes and arbitrations relate to investments in the Haverford Group and an Investment Club. Damages sought in the pending cases exceed $500,000.

Smith was employed by Bolton Global Capital 5/2007-2/2017. He was discharged by Bolton Global Capital 2/2017 who made the followng allegation on his official FINRA record: “SEC notified Bolton Global Capital that Mr. Smith had engaged in a private securities transaction without first notifying the firm.”

If you have questions about an investment you made with Paul W. Smith,  contact us to discuss your 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.

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