Category Archives: Failure to Supervise

Daniel T. Fischer-Former Four Points Capital Partners Broker-Named In SEC Complaint-Melville, NY

January 2018-Melville, New York / Texas

Daniel T. Fischer , a currently unregistered stockbroker who last worked for Four Points Capital Partners, a Texas LLC, (Four Points) was named in a complaint filed by the Securities and Exchange Commission in December 2017, which alleges that Fischer and another Four Points broker, Zachary S. Berkey, recommended a high cost, in and out trading strategy without reasonable basis to believe it was suitable for the customers.

The SEC alleges that Berkey and Fischer:

  •  were reckless in making such a recommendation which was not suitable given the customers’ financial needs, investment objectives and circumstances.
  • made material misrepresentations and omissions to customers

and that Fischer engaged in unauthorized trading.

Link to SEC complaint.

According to the SEC complaint, the ten customers accounts involved suffered losses of $573,867 while Berkey earned $106,000 and Fischer earned $175,000 in commissions.

According to FINRA records Fischer was employed by Four Points Capital Partners from 11.2012-7/2017. Prior to that he was employed by WTS Proprietary Trading Group and before that Dimension Securities.

Fischer discloses a prior regulatory event. In 7/2016 he consented to FINRA sanctions and was fined $5,000 and suspended for 20 business days to resolve allegations that he exercised discretion in customers’ accounts notwithstanding the fact that he did not have written authorization from the customers to place discretionary trades.

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.

If you have questions about  an account handled by Daniel T. Fischer if you have an account with Four Points Capital Partners that you believe has been mishandled , 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

Zachary Berkey-Former Four Points Capital Broker-Named in SEC Complaint-Melville, NY

January 2018-Melville, New York / Texas

Zachary S. Berkey , a currently unregistered stockbroker who last worked for Four Points Capital Partners, a Texas LLC, (Four Points) was named in a complaint filed by the Securities and Exchange Commission in December 2017, which alleges that Berkey and another Four Points broker, Daniel T. Fischer, recommended a high cost, in and out trading strategy without reasonable basis to believe it was suitable for the customers.

The SEC alleges that Berkey and Fischer:

  •  were reckless in making such a recommendation which was not suitable given the customers’ financial needs, investment objectives and circumstances.
  • made material misrepresentations and omissions to customers

and that Fischer engaged in unauthorized trading.

Link to SEC complaint.

According to the SEC complaint, the ten customers accounts involved suffered losses of $573,867 while Berkey earned $106,000 and Fischer earned $175,000 in commissions.

According to FINRA records Berkey was employed by Four Points Capital Partners from 4/2013-1/2015. Prior to that he was employed by National Securities Corp. and before that Woodstock Financial Group.

Berkey discloses 4 prior customer disputes including a case settled in 2005 for $231,000 in which a customer alleged misrepresentation and churning.

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.

If you have questions about  an account handled by Zachary S. Berkey or if you have an account with Four Points Capital Partners that you think has been mishandled, 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

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

Kermit Gable, Jr.-Former Cambridge Investment Research Broker-Sanctioned by Texas Regulator-Arlington, TX

January 2018-Arlington, Texas 

The FINRA records of Kermit G. Gable, Jr. ,  a  stockbroker who previously worked for Cambridge Investment Research , disclose a recent regulatory event and a separation from employment.

In November 2016 Gable was ‘permitted to resign’ from Cambridge Investment Research due to improper trading in client advisory accounts.

In April 2017, the Texas State Securities Board (TSSB) suspended Gable for 150 days. According to the TSSB, during the relevant time period, Gable entered a significant number of trades in a block trading account as part of an active trading strategy, but failed to prepare a written statement identifying the accounts that would participate in each trade prior to entering the trade in the block trading account.

This failure to properly document which clients would participate in the block trades constitutes an inequitable practice, according to the TSSB.

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.

Gable  was employed by Cambridge Investment Research from 2/2012-12/2016. Prior to that he was employed by BrokersXpress in Richardson, TX. Gable discloses a business affiliation with Fidelis Financial Services in Arlington, TX. He is not currently registered as a broker.

If you have questions about an account handled by Kermit G. Gable, 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

David Krumrey-Former Oppenheimer Stockbroker-Subject of Customer Complaints-The Woodlands, TX

January 2018-The Woodlands, Texas

We are investigating former Oppenheimer & Co.  stockbroker David W. Krumrey who was recently discharged by Oppenheimer for attempting to settle a customer complaint without informing the firm. According to FINRA records, Krumrey was employed by Oppenheimer from 2009 until his discharge in 8/2017.

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.

A customer of Oppenheimer has filed an arbitration seeking damages of $200,000 alleging negligence, breach of fiduciary duty, negligent supervision and breach of contract related to energy investments.

Another customer of Oppenheimer seeks damages of $91,000 alleging that Krumrey made unauthorized trades in his account.

If you have losses in an account handled by David W. Krumrey, 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

Joeann Walker-Former LPL Financial Broker-Sanctioned Over Annuity Sales-Brockton, MA

December 2017-Brockton, MA

According to FINRA  records Joeann M. Walker, (CRD# 2210194) ,  a   stockbroker who formerly worked for NEXT Financial Group and LPL FInancial  was barred from the securities industry for failing to cooperate with a regulatory investigation.

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.

According to FINRA Letter of Acceptance Waiver and Consent #2016049354501 , FINRA requested financial records and other documents from Walker in connection with an inquiry into the unsuitable sales of variable annuities to one of Walker’s clients. While Walker did provide some documents to FINRA , and  acknowledged that her response was incomplete, she refused to cooperate fully, resulting in a bar from the securities industry.

In 11/2016 a customer of NEXT Financial Group and LPL Financial alleged unauthorized sales of stocks, unauthorized and unsuitable purchases of variable annuities and unauthorized mutual fund switches. That matter was settled for $175,000, with Walker contributing $50,000 toward the settlement.

 

 

Walker was employed by LPL Financial from 8/2006-4/2015 and by NEXT Financial Group from 4/2015-11/2017.

If you have questions about an account handled by Joeann M. Walker, 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

George Oldoerp Investigation-Former H. Beck Broker-Corona, CA

December 2017-San Antonio, Texas – Corona, California

We are investigating former H. Beck , Inc. stockbroker George J. Oldoerp in connection with a FINRA arbitration which we have filed on behalf of an elderly retired couple from San Antonio, Texas.

Our clients, who are seeking damages of $500,000,  allege that Oldoerp made unsuitable recommendations to them in various alternative investments including:

  • Cypress Income Fund VII
  • Cypress Income Fund 9
  • Cypress Income Fund III
  • Cypress Equipment Fund X
  • Atlas Energy
  • FS Investments
  • CNL Lifestyle Property Trust
  • Northstar Real Estate Income Trust
  • Cole Credit Property Trust II
  • Cole Credit Property Trust III

Our clients also allege that Oldoerp asked them to make a personal loan to him. Brokerage firms and industry rules generally prohibit borrowing from customers.

According to FINRA records, George J. Oldoerp  was employed by H. Beck, Inc. from 1/2002-12/2016 .

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.

 

If you have information you feel would be helpful to our investigation, please contact us. If you have questions about an account handled  by George J. Oldoerp, 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