Category Archives: Unregistered Securities

Investigation-William A. Hightower-Former UBS/Legacy Asset Broker-Houston, TX

OCTOBER 2017- Houston, TX

We are currently investigating former stockbroker William A. Hightower of Houston, TX, on behalf of a former UBS Financial Services client who alleges Hightower recommended that she invest in an unsuitable and illiquid investment, Reproductive Research Technologies.

Hightower was employed by UBS Financial Services from 2007-2013 and then by Legacy Asset Securities from 2013-2015.

In October 2015 Hightower was permanently barred from the securities industry by the Financial Industry Regulatory Authority (FINRA). Without admitting or denying the findings, Hightower agreed to the bar and to entry of findings that while employed by UBS Financial he failed to respond to requests for information  in connection with a FINRA investigation that he improperly referred customers to an unapproved private securities transaction. Specifically, Hightower failed to provide a list of any customers he referred to the private securities transaction.

FINRA records report that former UBS Financial Services stockbroker William A. Hightower is named in  currently pending FINRA arbitration case #15-03387 by a former customer who is seeking damages of $150,000 from UBS Financial Services.

The former UBS Financial Services customer alleges that in 2012 Hightower recommended the purchase of a high risk, illiquid and unsuitable private placement. Claimant further alleges omissions and misrepresentations regarding the recommended investment.

 

If you have losses in an account handled by William Hightower, call to learn how you may be able to recover damages from his former employer.

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

Losses on Tiburon Saltwater Reclamation Fund Private Placement ?

October 2017-Austin, Texas / Greenville, South Carolina

If you lost money on the Tiburon Saltwater Reclamation Fund, we may be able to help you recover damages.

FINRA (The Financial Industry Regulatory Authority) recently filed a fraud complaint alleging that Sandlapper Securities created and sold private placements in saltwater disposal wells in Texas while charging huge markups (as much as 270%), totalling over $8 million in undisclosed markups.

Sandlapper CEO Trevor Gordon and another Sandlapper executive Jack Bixler are also named in the complaint which alleges that investors were defrauded when undisclosed markups were channeled to Sandlapper through a middleman development company owned by the defendants. FINRA Complaint No. 2014041860801. 

According to the FINRA complaint, investors in Tiburon Saltwater Reclamation Fund were led to believe that not only was their capital protected but they could also anticipate a long term return of 15%.

Private placements are non public offerings that are only sold to accredited investors.

If you purchased  the Tiburon Saltwater Reclamation Fund, call to learn about your options for recovery.

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

William W. Marshall-Ameriprise Broker-Discloses 4 Pending Customer Arbitrations-Plano, TX

October 2017-Plano, TX

The FINRA records of  William W. Marshall ,  a  stockbroker who is currently registered with Ameriprise Financial Services disclose a prior regulatory event, 4 pending customer disputes including at least one claim that alleges a fraudulent investment.

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 June 2016 Marshall was sanctioned by FINRA who found that he participated in the sale of $1.72 million of privately issued preferred stock without approval of his employing firm and that he received common stock purchase warrants as compensation for serving as a member of the advisory board of the issuer. FINRA found that the offering materials, including sales literature, contained misleading, exaggerated and/or unwarranted statements and inadequate risk disclosures. Marshall was fined $10,000 by FINRA and was suspended from 3/2016-6/2017. FINRA Case 2012033291204.

The pending customer disputes include:

  • A customer of Ameriprise Financial alleges that they were sold two fraudulent investments: $100,000 in Colorado Rare Earths and $100,000 in WestMountain Index Advisors now known as WestMountain Gold. FINRA Case 17-2240
  • A customer of Ameriprise Financial alleges that Marshall recommended they invest $150,000 in an outside investment, BioChemics, without disclosing material information and his relationship to it. FINRA Case 17-1801.
  • A customer of Ameriprise Financial alleges that there was a failure to conduct reasonable due diligence in connection with the sale of Colorado Rare Earths which was represented as a conservative, low risk investment. Damages of $100,000 are sought. FINRA Case 17-1575
  • A customer of Hilltop Securities alleges selling away, misrepresentation and unsuitable recommendations of unregistered securities and seek $350,000. FINRA Case 17-1564.

William Marshall’s employment history includes:

  • Ameriprise Financial Services                     12/2010-present
  • Southwest Securities (now Hilltop)            10/19999-12/2001

If you have losses in an account in an account handled by William W. Marshall , 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

Jason Anderson, Former LPL Financial Broker, Named in Unauthorized Trading/Churning Suit-Beaumont, TX

October  2017 – Beaumont, Texas

In May 2017, two elderly former customers of LPL Financial filed a class action lawsuit against LPL Financial and their former broker Jason N. Anderson seeking damages on behalf of  current and former clients of Anderson. The suit alleges unauthorized trading, churning and mismanagement of customer accounts from 4/2007-1/2016.

LPL Financial challenged the suit that was filed in Jefferson County, TX, and  the case was removed to federal court for the Eastern District of Texas. In August 2017, the case was  remanded back to the 58th Judicial District Court of Jefferson County, Texas.

According to his FINRA  record, Anderson worked for LPL Financial from 2007 until January 2016 when he was fired for for conducting discretionary trading in customer accounts, in violation of firm policy.

Following his discharge from  LPL Financial, Anderson was employed by Kovack Securities for a few months,  1/2016-5/2016. Kovack Securities discharged Anderson because they found incomplete signed documents during a firm audit.

Anderson then joined IFS Securities from 5/2016-4/2017. He is not currently registered with any firm.

A discretionary account is one that allows a broker to buy and sell securities without  first obtaining the client’s consent. Discretionary trading generally requires that permission be granted by the client in writing.  Most accounts are non discretionary, meaning the broker is required to consult with the customer and obtain permission before executing trades. Trades made in non discretionary accounts without consulting with the customer are unauthorized trades.

Investor suits for damages are generally required to be pursued in arbitration before the Financial Industry Regulatory Authority (FINRA) in accordance with the new account agreement customers sign when opening an account. FINRA arbitration is a method of dispute resolution that is generally much more expedient and less costly than court litigation.

If you had an account with Jason Anderson and suffered losses due to unauthorized trading, churning, mismanagement or other reasons, contact us to learn how you may be able to recover damages from his prior employer.

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

Jason H. LeBlanc-Former Girard Securities Broker-Barred From Securities Industry-Fulshear, TX

September 2017 -Fulshear, Texas

According to publicly available records Jason H. LeBlanc (CRD#2483182) , a  former stockbroker who was last employed by Girard Securities , disclose  a prior regulatory event,  3 prior customer disputes 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.

In June 2017 LeBlanc was permanently barred from the securities industry by FINRA to resolve allegations that he failed to disclose several outside business activities and provided inaccurate information about an outside business activity to Girard Securities.

The FINRA findings, which LeBlanc consented to without admitting or denying state:

  • LeBlanc misused customer funds by applying a customer’s money to an an investment other that the one he represented to her
  • LeBlanc sold a promissory note from one customer to another for $23,000
  • The second customer was led to believe she was investing in a coffee shop, instead LeBlanc returned $3,000 to the customer and invested the remaining $20,000 in a real estate investment company, without informing the customer
  • LeBlanc misused customer funds by commingling personal and customer funds

LeBlanc was employed by Girard Securities 4/2009-9/2015. He was discharged by Girard in 9/2015 when they learned of his outside business activities.

If you have questions about an account handled by Jason H. LeBlanc,  contact us to discuss your options.

Girard Securities is a part of the Cetera Financial Group. Girard has been a FINRA member since 1988 and is headquartered in San Diego, CA. The company has about 478 registered persons in 139 branch offices nationwide.

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.

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Jason H. LeBlanc-Former Girard Securities Broker-Barred From Securities Industry-Fulshear, TX

September 2017 -Fulshear, Texas

According to publicly available records Jason H. LeBlanc (CRD#2483182) , a  former stockbroker who was last employed by Girard Securities , disclose  a prior regulatory event,  3 prior customer disputes 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.

In June 2017 LeBlanc was permanently barred from the securities industry by FINRA to resolve allegations that he failed to disclose several outside business activities and provided inaccurate information about an outside business activity to Girard Securities.

The FINRA findings, which LeBlanc consented to without admitting or denying state:

  • LeBlanc misused customer funds by applying a customer’s money to an an investment other that the one he represented to her
  • LeBlanc sold a promissory note from one customer to another for $23,000
  • The second customer was led to believe she was investing in a coffee shop, instead LeBlanc returned $3,000 to the customer and invested the remaining $20,000 in a real estate investment company, without informing the customer
  • LeBlanc misused customer funds by commingling personal and customer funds

LeBlanc was employed by Girard Securities 4/2009-9/2015. He was discharged by Girard in 9/2015 when they learned of his outside business activities.

If you have questions about an account handled by Jason H. LeBlanc,  contact us to discuss your options.

Girard Securities is a part of the Cetera Financial Group. Girard has been a FINRA member since 1988 and is headquartered in San Diego, CA. The company has about 478 registered persons in 139 branch offices nationwide.

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.

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Ernest Romer III-Former CoreCap Investments Broker-Discloses Customer Disputes/Industry Bar-Sterling Heights, MI

August 2017-Sterling Heights, MI

According to publicly available records Ernest Julius Romer III  (CRD#2311741) ,  a  former stockbroker who was most recently registered with Corecap Investments, Inc.  disclose 5 Regulatory Events, 8 Customer Disputes , 4 Terminations and outstanding judgment/liens.

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 July of 2017, FINRA permanently barred Romer from acting as a broker or otherwise associating with firms that sell securities to the public. Romer discloses other regulatory sanctions alleging that he failed to disclose federal and state tax liens against him.

In a pending matter brought by Michigan regulators, it is alleged that Romer defrauded a customer by convincing several customers to liquidate securities and entrust Romer with the proceeds, which Romer then deposited in an account which he controlled for his own benefit.

In a matter currently pending in Michigan circuit court a customer of CoreCap Investments seeks damages of $110,000 and alleges that Romer solicited funds from them to invest in a firm owned by him , P&R Capital. The customer alleges that Romer converted the funds to his own use.

In FINRA case 17-01082, a customer of CoreCap Investments seeks damages of $50,000 and alleges that Romer solicited them to invest in “CoreCap Solutions” but converted the money to his own use.

In January 2017, Romer was discharged by CoreCap Investments who made the following allegation on Romer’s FINRA record: “Romer obtained loans from three clients for the stated purpose of starting a business: he was instructed to return the funds and not to engage in the business. To the firm’s knowledge, no funds have been returned as of the date of this filing”.

Romer discloses two tax liens to the State of Michigan and one to the Internal Revenue Service in the amount of $160,634.

ROmer’s prior employment includes L.M. Kohn & Co. and Leonard and Company.

If you have questions about an investment account handled by Ernest Romer, III, contact us 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