Category Archives: Theft

Mark C. Parman Sentenced to Six Years on Fraudulent Oil Deals-Frisco, TX

April 2017-Frisco, Texas

A Texas State Securities Board (TSSB) news release reports that Mark Christopher Parman has been sentenced to six years in state prison after pleading guilty to securities fraud for selling phony investements in oil and gas drilling projects in Grayson and Brazoria counties in Texas and Jefferson Davis parish in Louisiana. He raised $850,000 promising investors the money would be used on the drilling deals.

Instead he used funds to pay for personal expenses.

Parman had a number of  prior investment related  legal troubles dating back to 2003 which he failed to disclose to investors. Regulators had ordered him to pay $2 million in restitution on these prior deals and his securities license had been revoked in 2003.

See the TSSB news release 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

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

Steven Zoernack Pleads Guilty to Wire Fraud Conspiracy-Tampa, FL

March 31, 2017-Tampa, Florida

The U.S. Attorney”s Office for the Middle District of Florida announced that Steven Zoernack, 55, of Sarasota, Florida, pleaded guilty to conspiring to commit wire fraud in connection with a hedge fund scheme involving EquityStar Capital Management LLC, Petroleum Black Energy Fund, the Global Partners Fund, and the Momentum Growth Fund.

According to the press release, Zoernack and his co-conspirators marketed the investments to accredited investors across the United States and Canada and raised more than $6 million.

He faces a maximum penalty of five years in federal prison, a $250,000 fine and restitution to victims of $2.8 million.

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

Chad Sayers Indicted for Fraud-Dallas, Texas

March 2017-Sherman, Texas

Carlton Chadbourne Sayers (‘Chad”), 51, of Dallas was indicted for fraud by a Federal Grand Jury for the Eastern District of Texas according to a press release from the U.S. Attorney’s Office. 

Sayers was charged with wire fraud, mail fraud, bank fraud and aggravated identity for his involvement in a scheme to defraud numerous victims by requesting that  individuals loan to or invest money with him and Wellington and Franklin Financial, a business he controlled. Victims were told that their money would be used to purchase and/or renovate residential real estate properties. The scheme is alleged to have resulted in losses of over $3 million.

Sayers faces up to 30 years in federal prison if convicted.

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

Jean Walsh-Josephson -Former Thrivent Investment Management Broker & Husband Die In Murder-Suicide

February 2017-Oshkosh, Wisconsin

According to US News, the sheriff of Winnebago County reports that former Thrivent Investment Management stock broker Jean A. Walsh-Josephson and her husband, Dewey Josephson,  were found shot to death in a murder-suicide. The couple was in the middle of a two week trial for allegedly stealing money from elderly clients.

The couple was found in their home in Town of Utica after they failed to show up for trial Monday morning, February  27, 2017.

Public records disclose that Walsh-Josephson worked for Thrivent Investment Management from 7/1996-9/2015 when she was discharged following being criminally charged for forgery and theft. She was permanently barred from the securities industry by FINRA in 1/2016.

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

Peter Martorana, Former Toms River, NJ, Financial Advisor, Pleads Guilty to

February 2017-Toms River, NJ
New Jersey 101.5 reports that Wall Township financial advisor Peter Martorana, 62, who worked for Retirement Benefit Specialists, pleaded guilty to accepting checks from clients in the 70s, 80s, and 90s but used the money for his own benefit.

Martorana was charged with one count of financial facilitation of criminal activity in excess of $500,000. Sentencing is scheduled for July 2017. The prosecutor has recommended a sentence of 10 years with a period of parole ineligibility of four years.

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 Varacchi and Sentinel Growth Fund Management Accused of Theft by Regulators

February 2017- Washington

The Securities and Exchange Commission (SEC) charged Sentinel Growth Fund Management and its founder Mark J. Varacchi with stealing money from investors to settle a private lawsuit, among other misuses of the investor’s capital.

Per the SEC complaint, the money raised was commingled and at least $3.95 million was stolen from investors, including over a million which was used to settle litigation brought by Varacchi’s prior employer.

Investors who made their investments with Sentinel Growth Fund Management as a result of a recommendation by a registered stock broker may be able to recover damages. 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