Category Archives: Outside Business Activities

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

Matthew J. Westfall-Former Securities America Broker-Discloses Pending Customer Dispute

February 2017-Grand Isle, NE

According to publicly available records Matthew J. Westfall , (CRD# 1112977) ,  a   stockbroker who is not currently registered, discloses a pending customer dispute, a discharge from employment and a final regulatory matter.

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.

Westfall discloses that in March 2016, a customer of Securities America filed FINRA arbitration 16-0771 alleging damages of $336,813 for unsuitable recommendations, fraudulent misrepresentation and violations of federal and Nebraska securities laws in connection with an investment in real estate securities. That matter is currently pending.

Westfall discloses that in 12/2012 he was discharged from National Planning Corporation who alleged that he solicited an investment and accepted funds in connection with an investment that was not offered by the firm.

Westfall discloses that in January 2014, he was fined $25,000 and suspended for two years to resolve allegations that he solicited and accepted funds from firm customers to purchase Iraqi Dinar currency as an investment and other allegations.

Westfall’s prior employment includes Primex, National Planning Corporation, Securities America, Sunamerica Securities and VSR Financial Services. 

If you have questions about an account in an account handled by Matthew J. Westfall , 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 R. Stevens-Former Wilbanks Securities Broker-Discloses Customer Disputes Alleging Damages in Excess of $2M

Grand Junction, CO

The FINRA records of John R. Stevens ,  a  stock broker who is currently not licensed and who was last employed by Wilbanks Securities  disclose   2 prior customer disputes, 3 pending customer disputes  and  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 pending FINRA arbitration #16-0395, a customer of Wilbanks Securities alleges damages of $300,000 and that Stevens misrepresented features of variable annuity and purportedly suffered damages as a result of Steven’s misrepresentations.

In pending FINRA arbitration #16-0226, a customer of Wilbanks Securities alleges damages of $600,000 and that Stevens misconstrued the rate of return of a variable annuity sold on or about September 2008 and as a result of Steven’s purported misinformation alleges damages.

In another pending dispute,  customers of Wilbanks Securities allege damages of $1,465,000 and that Stevens misrepresented an oil and gas limited partnership investment made by customers and guaranteed them against loss without the proper licensing to sell the program.

In April 2014, Stevens was discharged by Wilbanks Securities who made the following allegation: “Representative put individuals into a non-approved secured notes investment program without notice to or approval from the firm. Representative also used non-approved email platform for securities business, with which he guaranteed client against loss”.

Stevens was employed by  Wilbanks Securities from 1/2006-4/2014.

Aaron Wilbanks, President and CEO of Wilbanks Securities, Randy Wilbanks, its Vice President and Steven Sharpe, Chief Compliance Officer, disclose FINRA #14-0335 on their respective FINRA records, indicating that the subject oil and gas investment is Aztec Oil & Gas. See this for details.

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

Jamie D. Pope-Former Wilbanks Securities Broker-Discloses Permanent Bar from Industry & Discharge

August  2016-Winter Park, Florida

The FINRA records of Jamie D. Pope ,  a  stock broker who has been permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public  discloses  a regulatory event and a termination.

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.

Pope was permanently barred from the industry by FINRA in 11/2014 to resolve allegations that he converted customer funds provided to him for the express purposes of investing in one of Pope’s outside business activities.

Pope was discharged by Wilbanks Securities in 11/2013 for failure to disclose the investment by a client in his outside insurance business and failure to disclose a private real estate transaction with the client.

 

Pope was employed by Wilbanks Securities from 1/2011-11/2013.    Prior to that he was employed by Allegiant Securities from 5/2009-12/2010.

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

GWN Securities Agrees to $20K Fine with Florida Securities Regulators

July 2016- Palm Beach Gardens, FL

The FINRA records of GWN Securities, Inc. ,  a  stock brokerage firm whose main office is located in Palm Beach Gardens, FL , disclose a recently finalized regulatory event.

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.

To resolve allegations by the the Florida Department of Financial Regulation (FOFR) that GWN Securities failed to detect outside business activities, published non approved advertising and failed to provide required documents in branch locations, GWN entered into stipulation and consent with FOFR and agreed to pay a fine of $20,000. .

GWN Securities was formed in 1999 and is registered with the Securities and Exchange Commission, FINRA and 51 U.S. States and Territories. World Investment Network owns more than 75% of GWN Securities according to recent regulatory filings.

Another brokerage firm Money Concepts Capital Corp. shares the same address at 11440 N. Jog Road, Palm Beach Gardens, FL , with GWN Securities. Money Concepts Capital is also owned by World Investment Network. 

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 Newman-Former First Western Securities Broker-Fined by Securities Regulator

Hurst, Texas- April 2016

David P. Newman who formerly was a stockbroker with First Western Securities  (4/2008-1/2016) in Hurst, Texas,  entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that between fall 2012 and spring of 2015 he participated in undisclosed securities transactions by introducing a married couple and two other individuals to an outside investment.

FINRA alleged that nearly $900,000 was invested by Newman on behalf of the individuals for which he received a 10% commission. His actions violated various NASD and FINRA Rules requiring notice to his member firm and the requirement that recommendations for investments be suitable for the customer.

An insurance agent from Wichita Falls, Texas, Bobby Collins was selling notes to investors and the money raised purportedly was to be used for various business purposes. Collins was charged by the SEC with operating a fraud targeting elderly investors in November 2015, since he did not use the money raised for valid business purposes.

FINRA alleged that Newman did not perform adequate due diligence on the proposed investment and did not adequately investigate  Collin’s background prior to making the recommendation that his customers invest in Collin’s scheme.

Newman was fined $15,000, suspended for 15 months and required to disgorge the commissions of $89,500 he earned.

AWC 2015046649901

Newman’s FINRA record discloses 4 pending Internal Revenue Service liens ranging in amount from $594 to $999,0000.

If you have losses in an account handled by David Newman 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

Richard Gomez Investigation Update-Avenir Financial-Legend Securities

April 2016- New York

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.

FINRA records are public and can be accessed on the BrokerCheck website. 

The FINRA records of Richard Gomez  report that he is currently named in  a FINRA regulatory Complaint, No. 2011030293503, which alleges that while employed by Legend Securities, Inc., he defrauded investors of at least $499,000 through his participation in two separate schemes involving private securities transactions away from his firm, Praetorian Global Fund and U.S. Coal Corporation.

Gomez’s FINRA record discloses 2 pending customer disputes:

    • FINRA Case 16-0035 filed by a Florida resident against Gomez while he was employed by Avenir Financial Group alleges unauthorized trading, excessive commissions, churning and suitability. The customer alleges damages of $110,000.
    • FINRA Case 15-01041  filed against Gomez while he was employed by Legend Securities, alleges violation of NY Consumer Protection Act and NY Business Law 349, breach of contract, fraud and other claims and seeks damages of $110,000.

Gomez has been registered with 17 different brokerage firms since 2006, some for as short a period as 2 or 3 months. See his FINRA record for complete details.

If you have losses in an account handled by Richard Gomez, and believe that your account was mishandled, call 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