Category Archives: Failure to Supervise

RSL Investigates G.A. Repple Over Baptist Church Bond Sales-Casselberry, FLA

Rex Securities Law is investigating the potential for investors to recover losses on purchases of church bonds.

Church bonds are generally sold in small offerings of $20 million or less. Churches are experiencing hard times as are most businesses and individuals, following the 2008 financial crash and many churches have had to resort to bankruptcy protection. See this recent article in the Orlando Sentinel.

G.A. Repple & Company, a broker dealer headquartered in Casselberry, FL, has sold church bonds over the recent years. Their website describes their firm as “an investment, financial, tax and estate planning firm that gives objective counsel from a biblical perspective”

One of their brokers, Roy Carlson, has a number of disclosures on his FINRA CRD, including  customers complaining about losses on:

  • California Baptist Foundation bonds
  • Baptist Church Loan Fund
  • New Life Anointed Ministries International Church Bonds
  • Manifestations Worldwide Inc. Bonds 

To review the entire FINRA disclosure report for  G.A. Repple, visit the BrokerCheck site here.

If you have losses on church bonds purchased from G.A. Repple or any other FINRA registered broker/dealer you may have legal rights that would permit you to recover all or a part of 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

The Tidal Group-Shertz, TX, Fined by FINRA Over Oil & Gas Investments

The Tidal Group, a broker-dealer located in Shertz ,TX ,was  fined $20,000 by FINRA in December 2012, for failing to properly identify in private placement offering documents, plugged and abandoned oil & gas wells. FINRA Case No. 2009020022401

Lee M. Novikoff is listed in FINRA records as President, Secretary, Treasurer and Principal of The Tidal Group. FINRA records also indicate that he owns 75% or more of Tidal Group.

Texas corporate records list Lee M. Novikoff as an officer of Tidal Petroleum, Inc. an oil and gas exploration company located in Shertz Texas.

In December 2012,  Janice Hallett, a broker for Tidal Group, without admitting or denying the findings, agreed to a fine of $10,000 and a suspension of 20 business days to resolve FINRA allegations that she negligently made inaccurate statements to several investors relating to the returns they could expect from the oil & gas prospects as well as the drilling track record of the affiliate (presumably Tidal Petroleum).

Hallett negligently advised some prospective investors that they could expect a return of their principal in 1-3 years. She also advised a customer that the firm’s affiliate  had drilled several successful wells in a particular area when in fact at least one dry hole and a couple marginal producers had been drilled.

FINRA Case No. 2009020022402

Oil & gas investments are generally not suitable for those not willing to speculate and take great risk. While prospect identification and drilling techniques have vastly improved and the success rate has risen over recent years, these investments are generally not considered suitable for retirees.

If you have questions about oil and gas investment losses, do not hesitate to contact. We have a great deal of knowledge regarding the oil & gas exploration industry and have been helping investors recover stock market losses for more than 25 years.

Rex Securities Law , located in Boca Raton, FL, provides representation to  investors  in Texas and  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

561 391 1900

 

FINRA Fines ING Companies For Supervisory Issues

FINRA announced February 19 , 2013, that it has fined five ING affiliates $1.2M for failing to review emails for periods ranging from two months to six years. The five affiliates are:

  • Directed Services, LLC
  • ING American Equities, Inc.
  • ING Financial Advisers, LLC
  • ING Financial Partners, Inc.
  • ING Investment Advisors, LLC

The FINRA press release which can be accessed here said:

“In addition, four of the firms failed to review millions of emails that
the firms’ email review software had flagged for supervisory review. At
various times between January 2005 and May 2011, nearly six million
emails flagged for review went unreviewed by supervisory principals
because the email review software was not properly configured.”

These emails could have been flagged for review are likely related to supervisory issues and/or customer complaints and the failure to review them could have resulted in no action being taken where it is clear that supervision was needed.

If you have questions about losses in your brokerage account, do not hesitate to contact us for a no charge consultation.

Rex Securities Law , located in Boca Raton, FL, 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

561 391 1900