Category Archives: Failure to Cooperate with Regulatory Investigation

Demitrios Hallas-Former PHX Financial Broker-Named in SEC Complaint-

April 2017- New York

The FINRA records of  Demitrios Hallas ,  a  former PHX Financial stockbroker who is currently not registered disclose two final regulatory events, 2 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.

Hallas was recently named in an SEC Complaint alleging that he purchased and sold daily leveraged Exchange Traded Funds and Notes (ETFs and ETNs) knowingly or recklessly disregarding that the products were unsuitable for his customers. In addition the SEC alleges that Hallas misappropriated over $170,000 from one customer. Link to SEC complaint. 

Hallas was suspended by FINRA in April 2016 for failing to respond to a request for information.

In February 2012 Halllas was discharged by Chase Investment Services Corp. who made the following allegation in connection with the termination: “Job performance, including customer complaints alleging unauthorized trades and failure to disclose fees”

Hallas’ prior employment includes PHX Financial, Forefront Capital Markets, Santander Securities, Aegis Capital Corp., Chase Investment Services and PNC Investments.

If you have losses in an account in an account handled by Demitrios Hallas  , contact us to discuss how you may be able to recover damages for those losses.

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

Lloyd Dotson-Former Commonwealth Financial Network Broker-Sanctioned by Securities Regulator-New Canaan, CT

April 2017- New Canaan, CT

According to publicly available records Lloyd Dotson , (CRD# 2551716) ,  a  former stockbroker who was last employed by Commonwealth Financial Network discloses a prior regulator event, 2 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 April 2017 Lloyd Dotson was permanently barred from the securities industry by FINRA for failing to appear for on the record testimony in connection with an investigation into suspected outside business activities, private securities transactions and the overall circumstances surrounding his termination from Common Financial Network. 

Commonwealth discharged Dotson in June 2016 and made the following allegation on his FINRA public record: “RR was engaged in multiple Outside Business Activities where he used an alias to promote participation in multi-level marketing programs. RR failed to provide prior written notice to or receive written approval from the firm, in violation of FINRA rules 3270.”

Dotson discloses other business affiliations with:

  • HarvestWealth Partners
  • Six Figure MentorsLloyd Dotson.

If you have questions about an account  handled by Lloyd Dotson, 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

Eddie Basora Jr.-Former Merrimac Broker-Named in Regulatory Complaint

March 2017-Altamonte Springs, Florida

According to publicly available records Eddie Basora, Jr.  , (CRD# 4388378) ,  a   former stockbroker who last worked for Merrimac Corporate Securities has been named in a complaint filed by FINRA.

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.

The FINRA complaint alleges that Basora willfully failed to timely amend FINRA records to disclose a felony charge and nolo contendere plea. In addition the complaint alleges that Basora failed to appear for on the record testimony before FINRA thereby impeding FINRA’s ability to investigate other rule violations, including failures to disclose a federal tax lien and three bankruptcies.

Basora’s other employment includes Freedom Investors Corporation and Financial Network Investment Corp.

If you have questions about  an investment account handled by Eddie Basora, Jr. , 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

Douglas W. Studer-Former Kovack Securities Broker-Barred by Securities Regulator-Ft. Lauderdale, FL

February 2017-Ft. Lauderdale, FL

According to publicly available records Douglas W. Studer , (CRD# 4440047) ,  a  former stockbroker who was last employed by Kovack Securities, disclose that he was permanently barred by FINRA from acting as a broker or otherwise associating with firms that sell securities to the public.

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 September 2016 , without admitting or denying the allegations, Studer consented to the entry of findings that he refused to appear before FINRA for on the record testimony in relation to an investigation into whether he had violated his employing member firm’s policy by being named in an elderly customer’s estate documents to inherit the customer’s waterfront condominium.

 

In November 2015, a customer of Studer’s prior employer, National Securities Corporation alleged damages in excess of $5,000 for unauthorized trading in mutual funds. That matter was settled for $60,010.

Public records reveal that Studer filed and was discharged from Chapter 7 Bankruptcy in April 2010.

Prior to Kovack Securities, Studer was employed by National Securities and before that by Prime Capital Services.

If you have questions about an account in an account handled by Douglas W. Studer, 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

John Simpson-Former RBC Capital Markets Broker-Barred From Securities Industry

December 2016-Hunt Valley, MD

The FINRA records of  John Scott Simpson,  a  stockbroker who formerly worked for RBC Capital Markets, was permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public.

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.

Simpson’s FINRA record discloses a pending customer dispute and 5 prior customer disputes as well as two terminations from employment.

Simpson consented to the FINRA sanction barring him from the industry and to the entry of findings that he refused to appear for on the record testimony as requested by FINRA in connection with an investigation regarding the use of discretion in client accounts.

 

Simpson was employed by RBC Capital Markets from 2009-2016. Prior to that he was employed by Ferris, Baker, Watts.

If you have losses in an account in an account handled by John Simpson , contact us to discuss how you may be able to recover damages for those losses.

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- Barred From Securities Industry

September 2016-Frisco, Texas

Tye Williams, a stockbroker who formerly worked for NEXT Financial Group was barred by the Financial Industry Regulatory Authority (FINRA) from acting as a broker or otherwise associating with firms that sell securities to the public.

Williams entered into a Letter of Acceptance Waiver and Consent (AWC) without admitting or denying the findings made by FINRA in disciplinary case #2015047059702.

FINRA initiated an investigation into Williams regarding a customer complaint that he had converted over $1 million from the customer’s accounts from 2004-2014, had made unsuitable investment recommendations, engaged in unauthorized transactions and mismanaged the customer assets. FINRA repeatedly requested , pursuant to FINRA Rule 8210, that WIlliams produce documents and information, however Williams failed to produce the requested information and documents, according to the FINRA AWC.

FINRA records indicate that Williams was employed ty NEXT Financial frmo 11/2008-8/2016. He operated Tye Williams Financial Services in Frisco, TX,  as well as One Source Advisors Group, also in Frisco, TX. Prior to that he was employed by First Heartland Capital and before that Mutual Service Corporation.

If you have losses in an account handled by Tye Williams, a broker who formerly worked for NEXT Financial, call for a no charge consultation to learn your options for recovering damages.

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

Lizabeth Gotuaco Ty-Former Park Avenue Securities Broker-Discloses Customer Disputes Over Unregistered Promissory Notes

UPDATE February 2017Lizabeth Beth Ty, also known as Lizabeth Gotuaco Ty discloses that another customer of Park Avenue Securities has filed a FINRA arbitration (case #17-429) alleging damages of $1.9 million related to the sale of unregistered promissory notes.

Original Post–November 2016-Houston, Texas

The FINRA records of  Lizabeth “Beth” G. Ty,  a  former stockbroker with Park Avenue Securities disclose three pending customer disputes and a prior regulatory matter that is final.

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.

The pending customer disputes against Beth Ty are:

  • FINRA Case 16-0871-in which a customer of Park Avenue Securities alleges damages of $250,000 related to the purchase of an unregistered promissory note.
  • FInra Case 16/0481 in which a customer of Park Avenue Securities alleges damages of $500,000 in connection with the purchase of unregistered promissory note investments.
  • FINRA Case 16-0424 in which a customer of Park Avenue Securities alleges damages of $400,000 in connection with investments in unregistered promissory notes.

On April 16, 2016, during the course of an investigation into allegations that Beth Ty sold unregistered securities, FINRA requested that Ty provide documents and information pursuant to FINRA Rule 8210. Through her attorney, Ty indicated that she would not produce the information or documents at any time. In May 2016, FINRA permanently barred Beth Ty from acting as a broker or otherwise associating with firms that sell securities to the public. FINRA Disciplinary Action 2016049315001.  

Ty was registered with Park Avenue Securities from 1/2006-7/2015.

If you have losses in an account in an account handled by Lizabeth “Beth” Gotuaco Ty , 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