Category Archives: Stockbroker Discharged

Christopher Kazan Discharged From Maxim Group After Customer Alleges Unsuitable Trading-S. Norwalk, CT

May 2016-South Norwalk, CT

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 records,   Maxim Group stockbroker Christopher Kazan discloses that he was discharged by Maxim Group 9/24/2015 with the following allegation: “Terminated due to allegations made by a customer regarding unsuitable transactions”

According to FINRA records, Christopher Kazan was registered with Maxim Group from 10/2002-10/2015. Kazan is currently registered with National Securities Corporation

If you have questions about an account handled by Christopher Kazan  contact us to discuss your options and to learn how 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

Jay D. Jordan -Former WFG Investments Broker-Discloses $4M Customer Dispute-Oklahoma City, OK

April 2016- Oklahoma City, OK

UPDATE MAY 2017FINRA Records disclose that Jay D. Jordan currently has 9 pending and 4 prior customer disputes. The recently filed  pending disputes include:

  • FINRA Case 17-0358- customer of WFG Investments alleges damages of $4 million for unsuitable investments
  • FINRA Case 17-0535-customer of WFG Investments alleges damages of $900,000 for unsuitable investments.
  • July 2015 claim by customer seeking damages of $164,645 for unauthorized trading from 6/2011-present.

ORIGINAL POST JUNE 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.

The FINRA records of Jay D. Jordan report that he was discharged from WFG Investments 3/31/2016, with the following allegations made by WFG Investments:
“WFG Investments has reasonably concluded the representative failed to follow certain policies of WFG, including failure to report a customer complaint, attempting to settle a customer complaint, unauthorized use of a personal email address to communicate with a customer and mischaracterizing aspects of an outside business activity”.

In a currently pending customer dispute, the customer alleges unauthorized trading in the account and claims damages of $164,644.

There are 4 prior customer disputes against Jordan reported that have been settled, including a claim that Jordan unsuitable recommendations and engaged in unauthorized trading. That case (NYSE 2002-010629) was settled for payment of $500,000 to the customer.

Jordan was registered with WFG Investments from 9/2005-4/2016.

If you have losses in an account handled by Jay D. Jordan, and believe that your account was mishandled, call to find out how you may be able to recover damages

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. McKinstry Investigation-Former Moloney Securities Broker-St. Louis

1/21/2016-St. Louis, MO

Rex Securities Law is investigating former Moloney Securities broker John R. McKinstry on behalf of an elderly retired couple.

According to his FINRA brokercheck report, McKinstry was discharged from Moloney Securities in August 2015. The termination comment provided by Moloney Securities states: “Internal review concerning customer complaints and FINRA cause exam”.  

This is not the first time McKinstry has been discharged by a broker dealer. In March 2004, he was discharged by Smith, Moore & Co. The termination comment provided by Smith, Moore states: “Violation of company policies & procedures”. 

In January 1997 he was ‘permitted to resign” from A.G. Edwards & Sons.  In May 1997 he was sanctioned by the State of Missouri who alleged that McKinstry inappropriately used margin for securities purchases in a customer account. In 1998 the New York Stock Exchange sanctioned McKinstry for margin related issues.

McKinstry’s FINRA report indicates that there have been numerous settlements with customers, including:

  • 2002-Settlement of $170,000 paid to customer who alleged unsuitablity and churning.
  • 1999- Settlement of $54,000 paid to customer who alleged losses of principal
  • 1996- Settlement of $63,961 to customer who alleged investment was not suitable based on age of client

We would like to speak with former customers of this broker who may have information helpful to this investigation.

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

Timothy Landrum-Former Wells Fargo Broker-Sanctioned by Securities Regulator-Atlanta, GA

September 22, 2014- Atlanta, Georgia-Timothy Wayne Landrum was barred from the securities industry by FINRA to resolve allegations that he failed to appear to testify in a FINRA investigation alleging that he had misappropriated funds from the accounts of multiple bank clients.

FINRA Rule 8210 authorizes FINRA, in the course of its investigations. to require persons associated with a FINRA member to “provide information orally, in writing. or electronically….and to testify at a location specified by FlNRA staff, under oath or affirmation…with respect to any matter involved in the investigation….’

In addition, FINRA Rule 2010 provides that, “[a] member, in the conduct of its business, shall observe high standards of commercial honor andjust and equitable principles oftrade.”

By refusing to appear and provide testimony as required by the September 5, 2014, FINRA Rule 8210 request, Landrum violated FINRA Rules 8210 and 2010.

Landrum was registered with Wells Fargo Advisors from 11/2013-5/2014.

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