Category Archives: Margin

Steven J Shmulewitz-Former Woodstock Financial Group Broker-Discloses Numerous Customer Disputes-Garden City, NY

May 2017-Garden City, NY

The FINRA records of  Steven J Shmulewitz  ,  a  stockbroker who is currently  registered with Craft Capital Management disclose  10 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.

The prior customer disputes include:

  • In 12/2016 a customer of Craft Capital Management was paid $30,000 to resolve allegations that Shmulewitz failed to enter stop loss orders in October 2016.
  • In 6/2016 a customer of Woodstock Financial was paid $52,800 to resolve allegations that Shmulewitz used margin borrowing without authority from 2011-March 2014.
  • In 1/2016 a customer of Woodstock Financial was paid $125,000 to resolve allegations that Shmulewitz made unsuitable investments, churned the account, committed fraud and other claims.

Steven J Shmulewitz  has been employed by Craft Capital Management since 5/2015. He was employed by Woodstock Financial Group  from 2/1999-12/2014.

If you have questions about an account  handled by Steven J Shmulewitz , 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

Silvano R. Trino-Northeast Securities Broker-Discloses $3.9M Customer Dispute Alleging Churning-Miami, FL

April 2017-Miami, FL

The FINRA records of  Silvano R. Trino ,  a  broker with Northeast Securities   disclose a pending customer dispute and 3 prior final 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 currently pending FINRA Case 14-02908,  a customer of Northeast Securities  seeks damages of $3,900,000 and alleges unauthorized use of margin, unsuitable trades and churning.

Silvano has been registered with Northeast Securities since 11/2008 and discloses a business affiliation with Global Capital Insurance. .

If you have questions about an account  handled by Silvano R. Trino  , contact us to discuss 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

Jonathan M. Zucker-Northeast Securities Broker-Discloses Customer Dispute-Mitchelfield, NY

April 2017-Mitchelfield, NY

The FINRA records of  Jonathan M. Zucker ,  a  broker with Northeast Securities   disclose a pending customer dispute.

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 16-1806,  a customer of Northeast Securities  seeks damages of $3,000,000 and alleges trades were done in account without his knowledge, churning and the use of margin in his accounts. Mr. Zucker denies the allegations.

 

Zucker has been registered with Northeast Securities since 1/2012.

If you have questions about an account  handled by Jonathan M. Zucker  , contact us to discuss 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

Marcos Yanez-Former LPL Financial Broker-Named in Customer Dispute Over Insurance and Loan-Dallas, TX

April 2017-Dallas, Texas

The FINRA records of  Marcos Yanez ,  a   former stockbroker with LPL Financial who is currently not registered with any brokerage firm disclose a pending customer dispute.

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 #17-0528 a customer of LPL Financial and Edward Jones alleges damages of $200,000 for misrepresentations in the sale of a variable life insurance policy. In Addition the customer alleges that Yanez convinced him to take out a margin loan in order to loan the money to Yanez.

Yanez was employed by LPL Finanical from 12/2011-3/2016. Prior to that he was with Edward Jones 7/2007-1/2012. Yanez discloses business relationships with STAIB Wealth Management and Silver Sail Wealth Advisors.

If you have questions about an account handled by Marcos Yanez, call to learn about 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

John Fenimore-Former Aegis Capital Broker-Discloses Customer Disputes Alleging Unsuitable Use of Margin-Hauppauge, NY

April 2017- Hauppauge, NY

The FINRA records of  John David Fenimore ,  a  former Aegis Capital stockbroker who is currently not registered disclose a pending customer dispute and a prior customer dispute that has been settled.

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 pending FINRA Case 14-01293 a customer of Aegis Capital Corp alleges damages of $250,000 for breach of contract, unsuitable recommendations, excessive trading and unsuitable use of margin for period of January 2010-April 2014.

In a previous case, FINRA #13-01747, a customer of Aegis Capital alleged damages for recklessly and without due diligence trading speculative securities , stock shorting and excessive use of margin. That case was settled in 5/2014 for $210,000.

 

John Fenimore  was employed by Joseph Stone from 10/2014-5/2015 and with Aegis Capital Corp. 2/2010-7/2014. He is not currently employed as a broker.

If you have losses in an account in an account handled by John Fenimore  , 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

Merrill Lynch Fined $7M Over Leveraged Management Account Inadequacies

November 2016- New York

Merrill Lynch was fined $7 million by the Financial Industry Regulatory Authority (FINRA) for inadequately supervising the use of leverage (margin) in customer accounts.

Merrill Loan Management Accounts (LMAs) permit customers to borrow money from an affiliated bank using securities in the account as collateral. From 2010-2014, FINRA found that Merrill’s supervisory procedures were inadequate with regard to the use of the loan proceeds from the LMA’s and that customers were using the loan proceeds to purchase securities in violation of the LMA agreements.

In addition FINRA found that from 2010-2013 Merrill’s supervisory procedures were inadequate to ensure the suitability of transactions in certain Puerto Rican securities, including municipal bonds and closed-end funds, where customer accounts were highly leveraged through LMA or margin borrowing.

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