Category Archives: Selling Away

Austin W. Morton-Former Edward Jones Broker-Named in Theft Complaint-Sallisaw, OK

March 2017-Sallisaw, OK

According to publicly available records Austin W. Morton , (CRD# 5538108) ,  a  currently unregistered stockbroker who previously worked for Edward Jones  disclose a pending regulatory matter, a pending customer dispute 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 FINRA case 2016052347901, the regulator named Morton alleging that he converted $36,000 from an 82 year old former customer with dementia. The complaint alleges that Morton first took $20,000 in cash from the customer after taking he took the customer to the bank to withdraw the money. He then had the customer loan him $6,000 for non existent medical expenses, but actually had the customer give him a signed blank check which Morton made out for $22,000 according to FINRA. He also had the customer give him $2,000 for a purported outside business investment.

Edward Jones discharged Morton in November 2016.

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 A. Cusano-Former Sandlapper Securities Broker-Discloses Regulatory Matter and Customer Disputes-Sarasota, FL

February 2017-Sarasota, Florida

According to publicly available records David A. Cusano , (CRD# 1805308) ,  a   stockbroker who is not currently registered and who was last employed by Sandlapper Securities, discloses a pending regulatory matter, 3 prior customer disputes that have been settled  and two separations from employment after allegations.

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.

Cusano discloses the following FINRA arbitrations that have been settled:

  • 12-0594-a customer of his prior employer NEXT Financial Group alleged damages of $100,000 for unsuitable investments. That case was settled for $50,000
  • 12-2302-a customer of his prior employers NEXT Financial Group, High Mark Securities and SII Investments  alleged damages of $1,593,168 for losses on annuities. That case was settled for $95,000.
  • 11-3339-a customer of his prior employer NEXT Financial Group alleged damages of $945,030 for excessive trading in unsuitable products, misrepresenting fees and commissions that would be charged, failure to disclose material information and breach of fiduciary duty. That case was settled for $330,000.

According to his disclosures, in November 2016 the Florida Office of Financial Regulation filed a cease and desist action seeking sanctions, including a permanent bar from the industry for borrowing from customers, engaging in prohibited business practices and failing to observe high standards of commercial honor. FL Docket Case 58302-S. 

In 2002, Cusano voluntarily resigned from Walnut Street Securities on allegations that he  participated in selling an unregistered security away from the firm. In 2010 Cusano was permitted to resign from NEXT Financial for submitting variable annuity forms that contained inaccurate information.  

Cusano’s registrations include:

  • Sandlapper Securities– 6/2014-1/2015
  • Invest Financial Corp.-7/2011-6/2014
  • Sterling Enterprises– 1/2011-7/2011
  • J.P. Turner & Co.-7/2010-10/2010
  • NEXT Financial Group– 8/2007-6/2010

If you have losses  in an account handled by David A Cusano, 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

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

Mark R. Holcombe-Former Source Capital Broker-Sanctioned by Securities Regulator-Pompano Beach, FL

December 2016-Pompano Beach, FL

According to publicly available records Mark R. Holcombe , (CRD# 2901441) ,  a  stockbroker who is currently under suspension who was last employed by  Source Capital Group,  disclose  a recent regulatory sanction.

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.

Without admitting or denying the findings, Holcombe consented to sanctions and the entry of findings that he participated in two private securities transactions without providing written notice to his member firm. The findings state that Holcombe sold two million shares of stock in Trident Brands (TDNT) ,a company for which he served as chairman of the board to a third party for $100,000. In addition he participated in TDNT’s sale of senior secured debentures to the same third party for $2.3 million by executing the note purchase agreement on TDNT’s behalf.

Holcombe was fined $10,000 and suspended from associating with any FINRA member firm in any capacity for nine months.

Mark Holcombe was registered with Source Capital Group from 4/2014-12/2015. His prior registrations include Global Hunter Securities and Madison Williams and Co.

If you have questions about an account in an account handled by Mark Holcombe  , 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

Neal & Natalie Moon-Former Waddell & Reed Brokers-Named in Regulatory Complaint-Dallas, TX

July 2016- Dallas, TX

FINRA Department of Enforcement filed Disciplinary Proceeding 2015046926801 against Neal Charles Moon (CRD 3271716) and his wife Natalie E. Fogiel Moon (CRD 5010360) alleging that from 2/2012-8/2015 they participated in nine private securities transactions that raised $2.64 million without providing their employer Waddell & Reed with written notice as required by NASD and FINRA rules.

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 complaint also alleges that Neal Moon lied to an investigator from Waddell & Reed about his participation in the private securities transactions in violation of FINRA Rule 2010.

The securities set forth in the FINRA complaint are:

  • Boxx Technologies
  • NMN Boxx
  • Total Operating LLC
  • Hoffbrau Steaks
  • CCBRAU Ltd.

Neal Moon was registered with Waddell & Reed from 10/2009-10/2015 when he was permitted to resign following his admission that he participated in private securities transactions.

If you have questions about an account in an account handled by Neal Charles Moon, 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

From Securities Regulator-List Of Things Your StockBroker Is Prohibited From Doing

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 lists certain types of conduct that is prohibited in the securities industry, including the following:

  1. Recommending to a customer the purchase or sale of a security that is unsuitable given the customer’s age, financial situation, investment objective and investment experience. Investment in a particular type of security may be unsuitable, or the amount or frequency of transactions may be excessive and therefore unsuitable for a given customer.
  2. Purchasing or selling securities in a customer’s account without first contacting the customer and receiving the customer’s authorization to make the sale or purchase, unless the broker has received from the customer written discretionary authority to effect transactions in the account or the broker was given discretion as to price and time.
  3. Switching a customer from one mutual fund to another when there is no legitimate investment purpose for the switch.
  4. Misrepresenting or failing to disclose material facts concerning an investment. Examples of information that may be considered material and that should be accurately presented to customers include: the risks of investing in a particular security; the charges or fees involved; company financial information; and technical or analytical information, such as bond ratings.
  5. Removing funds or securities from a customer’s account without the customer’s prior authorization.
  6. Charging a customer excessive markups, markdowns or commissions on the purchase or sale of securities.
  7. Guaranteeing customers that they will not lose money on a particular securities transaction, making specific price predictions or agreeing to share in any losses in the customer’s account.
  8. Private securities transactions between a broker and a customer that may violate FINRA rules, particularly where the transactions are done without the knowledge and permission of the sales representative’s firm.
  9. “Trading ahead,” which involves placing an order for the firm’s account before entering a customer’s limit order, without having a valid exception.
  10. Failure by a market maker to display a customer limit order in its published quotes, without a valid exception.
  11. Failing to use reasonable diligence to see that a customer’s order is executed at the best possible price, given prevailing market conditions.
  12. Purchasing or selling a security while in possession of material, non-public information about an issuer.
  13. Using manipulative, deceptive or other fraudulent methods to effect a transaction in, or induce the purchase or sale of, a security.

LInk to FINRA Investor Education website.

If you have questions about losses in your brokerage account or the way your brokerage account has been handled, contact us for a no charge consultation with an experienced securities attorney.

 

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

Stuart G. Dickinson-Former WFG Investments Broker-Barred by Securities Regulagtor-Highland Park, TX

November 2016-Highland Park, Texas

According to publicly available records Stuart G. Dickinson, (CRD# 1047824) ,  a  former stockbroker who is was last employed in the securities industry by WFG Investments disclose that FINRA has permanently barred him from acting as a broker or otherwise associating with firms that sell securities to the public. FINRA alleged that Dickinson failed to conduct reasonable due diligence on private placement investments involving automated teller machines ( ATM Alliance, LP ) which were fraudulent.

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.

Dickinson  was employed by WFG Investments from 10/2005-9/2013, when he was discharged by WFG Investments.

If you have questions about an account in an account handled by Stuart Graham Dickinson , 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