Category Archives: Wells Notice

Donald J. Fowler-Worden Capital Management Broker-Discloses Customer Disputes Alleging Churning & Receipt of Wells Notice

UPDATE August 2016Fowler discloses regulatory investigation. On July 15, 2016, Fowler’s FINRA records disclose that he has received a Wells Notice from the US Securities and Exchange Commission who has made a preliminary decision to bring an action alleging violation of Section 17(a), 10(b) and Rule 10(b) 5.

A Wells Notice is a letter that the U.S. Securities & Exchange Commission (SEC) sends to people or firms when it is planning to bring an enforcement actions against them. The notice indicates that the SEC staff has determined it may bring a civil action against a person or firm, and provides the person or firm the opportunity to provide information as to why the enforcement action should not be brought.

July 2016-Rockville Ctre. , New York

The FINRA records of Donald J. Fowler ,  a stock broker who is currently employed by Worden Capital Management, disclose 9 prior finalized customer disputes and 2 pending customer disputes.

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 prior finalized customer disputes include:

  • A complaint brought in 1/2015 in which a customer of J.D. Nicholas & Associates alleged damages of $150,000 for unsuitable trading in highly speculative and risky investments that were wholly unsuitable to his investment objectives and risk tolerance. That case was settled for $50,000.
  • FINRA Case 14-03697 in which a customer of J.D. Nicholas & Associates alleged damages of $344,948 for churning, negligence, unsuitability, overconcentration and failure to supervise. That case was settled for $350,000.
  • A complaint brought in 8/2011 in which a customer of A&F Financial Services (now known as J.D. Nicholas & Associates) alleged damages of $487,285 for unsuitability and improper use of margin. The case was settled for $178,500.

The pending customer cases include:

  • FINRA Case 16-1503 in which a customer of Worden Capital Management alleges damages of $812,000 for churning, excessive trading, failure to supervise fraud, breach of fiduciary duty and violation of the securities laws.

Donald J. Fowler has been employed by Worden Capital Managment since 11/2014..Prior to that he was employed by J.D. Nicholas & Associates from 1/2007-11/2014.

If you have losses in an account handled by Donald J. Fowler call to learn how you may be entitled to collect 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

Bahram Mirhashemi-Former Accelerated Capital Group Broker-Discharged & Barred from Securities Industry

July 2016

The FINRA records of Bahram Mirhashemi  , a stock broker who formerly was employed by Accelerated Capital Group  disclose 2 prior final regulatory events,  a currently pending regulatory event, 5 currently  pending customer disputes, a prior final customer dispute, two terminations from employment, a currently pending financial matter and 4 currently outstanding judgements/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.

 

Mirhashemi was permanently barred from the securities industry in 2/20. He agreed to the sanction and to the entry of findings that he placed trades in the accounts of customers for which he rarely obtained authority from the customer prior to executing the trade and that he churned accounts.

The five pending customer arbitrations against Mirhashemi seek total damages in excess of $500,000 and are based on claims of excessive trading, churning, misrepresentation, elder financial abuse, unauthorized trading and other claims.

Mirhashemi was discharged by Accelerated Capital Group in January 2016 after the firm received a Wells Notice from FINRA enforcement for violating FINRA rules by making unauthorized and unsuitable trades in customer accounts.

Mirhashemi was employed by  Accelerated Capital Group  from 9/2012-1/2016. Prior to that he was employed by Ameriprise Financial Services.

Investors suffering losses in an account handled by Mirhashemi at Accelerated Capital Group or Ameriprise Financial Services 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

John Billy Kakonikos-Former Southeast Investments Broker-Discloses Regulatory Investigation

East Meadow, New York

According to FINRA records,  John Billy Kakonikos  a stockbroker who most recently worked for Southeast Investments, but who is not currently registered with any firm discloses  five final customer disputes, a pending regulatory investigation and twelve pending 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 FINRA Case 8-2152 a customer while Kakonikos was employed by J.P. Turner & Co. alleged damages of $345,582 for churning, excessive trading, negligence and breach of fiduciary duty. That case was settled for $100,000.

In March 2016,  in Wells Notice Examination #20150457187, FINRA made a preliminary determination that disciplinary action be brought against Kakonikos for potential willful violation of Section 10(b) of the Securities Exchange Act of 1934 and FINRA Rules 2010, 2020, and 2111. That investigation is currently pending.

Kakonikos was employed by Southeast Investments from 2/2014-2/2016. Prior to that he was employed by Caldwell International Securities from 8/2010-2/2014.

If you have questions about an account handled  by John Billy Kakonikos, call for a no charge consultation.

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 Poston-Former H. Beck Broker. Plano, TX-Discloses Customer Disputes & Pending Investigation

Plano, Texas

According to FINRA records, Richard E. Poston, a broker who worked for H. Beck, Inc. in Plano, Texas , until he was  discharged in December 2015  for failing to cooperate with an internal investigation, has recently been named in a customer dispute.

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 March 2016 a customer of  H. Beck, Inc. has instituted FINRA Case# 16-0766 seeking $200,000 in damages. The customer claims that he was sold an unsuitable concentration of illiquid investments in non-traded real estate investment trusts (REITs) between 10/2007-9/2015.

Poston’s FINRA record also discloses that on December 11, 2015, FINRA made a preliminary determination that disciplinary action be brought against Poston alleging potential violations of FINRA Rules 2010, 2150, 3240 and 8210. Wells Notice Examination #20150455785.

Poston is not currently employed in the securities industry as of July 5, 2016.

In 2009, Poston reports he was discharged from a Chapter 11 bankruptcy protection in the Eastern District of Texas.

Poston was employed by H. Beck, Inc. from  3/2010 until his discharge in 12/2015. Prior to that he worked for a number of other brokerage firms in the Plano area, including GunnAllen Financial and LPL Financial. 

Investors with  losses in accounts handled by Richard E. Poston , may be able to recover damages through FINRA arbitration. FINRA arbitration is a method of dispute resolution that is typically much shorter in duration than court litigation.

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

Stockbroker Richard E. Poston of Plano, Texas Discharged By H. Beck, Inc.-Named in Arbitration

Plano, Texas

According to FINRA records, Richard E. Poston, a broker who formerly worked for H. Beck, Inc. in Plano, Texas , was discharged in December 2015  for failing to cooperate with an internal investigation.

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.

Poston’s FINRA record reveals that on December 11, 2015, FINRA made a preliminary determination that disciplinary action be brought against Poston alleging potential violations of FINRA Rules 2010, 2150, 3240 and 8210. Poston is not currently employed in the securities industry. In 2009, Poston filed for Chapter 11 bankruptcy protection in the Eastern District of Texas.

Poston is named in FINRA Arbitration 16-0766 in which a customer alleges damages of $200,000 for the recommendation of unsuitable and illiquid investments in non-traded real estate investment trusts (REITs).

Poston was employed by H. Beck, Inc. since 3/2010. Prior to that he worked for a number of other brokerage firms in the Plano area, including GunnAllen Financial and LPL Financial. 

If you have losses in an account handled by Richard E. Poston , 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

Garrett Ahrens, Former LPL Financial Broker Receives Notice of Investigation by Securities Regulator

September 18, 2015- Lafayette, Lousiana

The Investment News reports that Garrett Andrew Ahrens, a broker ranked as one of the top advisers in Louisiana by Barron’s, with assets under management of $775 million, has parted ways with LPL Financial after receiving a Wells Notice announcing an investigation by the Financial Industry Regulatory Authority (FINRA).

The Investment News article quotes Mr. Ahrens as stating that the move was separate and aside from the FINRA inquiry and that the timing was coincidental and unfortunate.

According to FINRA records, Ahrens is not currently registered with  any broker dealer after briefly registering with Mutual Securities, Inc. who discharged him in August 2015, reporting “Unable to affiliate in a supervisory capacity due to pending wells notice, dated August 4, 2015. “

The FINRA investigation is focussed on the alleged misuse of consolidated reports provided to clients potentially violating FINRA Rules 2210(D)(1) and 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