Category Archives: 1st Discount Brokerage

Rex Securities Law Files Arbitration Vs. NEXT Financial Group for Failure to Supervise Heidi Wivolin-Manalapan FL

On September 9, 2014, Rex Securities Law filed an arbitration with the Financial Industry Regulatory Authority (FINRA Case #14-02791) against NEXT Financial Group on behalf of a 98 year old lady who resides in a nursing home in West Palm Beach ,FL , seeking damages in excess of $500,000. Press release. 

In the Statement of Claim, our client alleges that NEXT FInancial Group, failed to supervise its former registered representative Heidi Wivolin who ran the NEXT Financial office on S Ocean Blvd. in Manalapan, FL, and permitted her to operate a Ponzi scheme and sell fraudulent and unsuitable investments. 

Over the past 5 years our elderly client was provided statements indicating that she had over $1.3 million dollars in the investment account being handled by WIvolin. In February of 2014, our client was contacted by the Federal Bureau of Investigation who told her they were investigating Wivolin’s activities at NEXT Financial. Since then our client has been unable to access her account and it appears that the statements she was provided are phony.

Wivolin joined NEXT Financial Group in February 2009  where she ran their local office until February 2014, when, according to FINRA records, she was terminated for “failure to cooperate with an internal investigation”.

Prior to joining NEXT Financial Wivolin, was a registered broker with 1st Discount Brokerage, of Lake Worth, FL from October 2005 until December 2008. We recently filed a FINRA arbitration on behalf of a retired couple seeking damages  from 1st Discount Brokerage for losses suffered while Wivolin handled their accounts. 

NEXT Financial is an independent brokerage firm and has its headquarters in Houston, TX.  Independent brokerage firms operate much like a franchise, with the local broker responsible for paying the operating expenses (rent, salaries, etc) and sharing a portion of the commissions generated in exchange for being FINRA licensed with the broker dealer . In general, supervisory practices and procedures are lax with independent broker dealers since there generally is no on-site manager or compliance person.

In this case, Wivolin’s supervisor was located hundreds of miles away and only visited the office once or twice a year.  NEXT Financial has been sanctioned, fined and ordered by securities regulators to pay restitution of over $4 million dollars during the past 7 years

The law firms of Dickenson Murphy Rex & Sloan, Boca Raton, FL and Mrachek Fitzgerald Rose Konopka Thomas & Weiss, West Palm Beach, FL are representing another group of claimants in a similar action involving Wivolin &  NEXT Financial Group.  PASI MARTIN, et al vs. NEXT FINANCIAL GROUP, INC. , a Texas corporation, and HEIDI WIVOLIN, Case # 2014a002961XXXXMBAD, filed in the Circuit Court of the Fifteenth Judicial Circuit in and for Palm Beach County, Florida.  See this for more information on the Martin v NEXT Financial case. 

Wivolin has admitted in the Martin case that she has been advised that she is a potential target in a criminal investigation and seeks to assert her Fifth Amendment privilege against self-incrimination. 

Rex Securities Law provides nationwide representation to investors 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

561 391 1900

Former NEXT Financial Broker Heidi Wivolin Barred from Brokerage Industry

Heidi Wivolin, formerly a broker with NEXT Financial Group  was barred permanently from the industry by the Financial Industry Regulatory Authority (FINRA) on June 24, 2014.

According to FINRA records Wivolin failed to respond to FINRA requests for information sent to her during the spring of 2014.

Wivolin operated the NEXT Financial office located on AIA in Manalapan, Florida, until late January of 2014, when a client from Finland questioned her about a discrepancy in his account. Wivolin was immediately terminated by NEXT.

In February 2014, a civil  complaint was filed in Palm Beach County Circuit court,  Pasi Martin, et al v NEXT Financial and Heidi Wivolin, alleging fraud against Wivolin and negligent supervision against NEXT Financial.

The complaint further alleges that from February 2009 until January 2014, the plaintiffs entrusted NEXT Financial and Wivolin with millions of dollars which they believed was being invested in a bond portfolio, and that WIvolin has admitted that the money was not invested in a bond portfolio but rather used to fund personal expenses, purchase real estate in Central America and lost in unauthorized investments.

In July 2014, a FINRA  arbitration was filed against 1st Discount Brokerage of Lake Worth, Florida, on behalf of a retired couple from Kansas City, alleging that 1st Discount Brokerage failed to supervise  Wivolin and permitted her to operate a ponzi scheme and sell fraudulent and unsuitable investments.

Rex Securities Law provides nationwide representation to investors 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

561 391 1900

Wivolin / NEXT Financial / 1st Discount Brokerage Investigation Continues

By Robert H. Rex, Esq. 

Our investigation into the activities of Heidi Wivolin, a broker who previously was registered with NEXT Financial Group and 1st Discount Brokerage continues and has expanded from south Florida to include activities in Kansas City, MO. 

See this  and this for prior postings on the investigation of Wivolin and Shawn O’Sullivan

We currently are investigating Wivolin on behalf of an elderly lady from Kansas City, MO. who gave $100,000 to Wivolin in 2008 while she was registered with 1st Discount Brokerage, Inc. , with the understanding that the funds were to be invested  in a 7% bond that would mature in 2015. 

Over the years, Wivoliin provided spreadsheets showing the “bond” valued at the purchase plus accrued interest. It appears that the funds were not invested as represented by Wivolin.

If you have information you feel may be of assistance to this investigation we would appreciate hearing from you.

If you invested money with Wivolin, call to discuss your legal rights with an experienced securities attorney. 

Nationwide representation.


561 391 1900

Heidi Wivolin Terminated by NEXT Financial Group

By Robert H. Rex, Esq. 

According to FINRA records NEXT Financial Group discharged broker Heidi Wivolin on February 6, 2014. The termination comment indicates Wivolin was “discharged” for “failure to cooperate with internal investigation“. 

We have been investigating Heidi Wivolin, NEXT FInancial Group, 1st Discount Brokerage and Shawn O’Sullivan since early February on behalf of a group of Finnish citizens who for many years entrusted Wivolin and the brokerage firms she worked for with millions of dollars with the belief their funds were invested in a bond portfolio. 

Wivolin and O’Sullivan, who operated a company called FirsTrust Investments from the NEXT Financial office in Manalapan, Florida,  have admitted to our client that there was no bond portfolio and that the funds were lost in various unauthorized investments and used to pay the living expenses of Wivolin and O’Sullivan as well as the operating expenses of the NEXT Financial office. 

On February 19, 2014, suit was filed in Palm Beach County Circuit Court against NEXT Financial and Wivolin. See this  and this for more information. 

We are also assisting another victim of this apparent fraud from Lantana, Florida, who alleges she was encouraged by Wivolin  to make a six figure loan to O’Sullivan with the promise of tax free interest in an insured investment. Monthly payments were made for a period of time but have now ceased. 

If you have questions about an account which was handled by Wivolin, contact us to speak with an experienced securities attorney to discuss your legal options. 

Nationwide representation.


561 391 1900

RSL tutkii 1st Discount Brokerage firmaa ja pörssimeklari Heidi Wivolinia

By Robert H. Rex, Esq. 

Rex Securities Law tutkii 1st Discount Brokerage, Inc. firmaa, Lake Worth , Florida ja heidän entistä välittäjäänsä Heidi Marika Wivolinia useiden entisten 1st Discount Brokerage’n asiakkaiden puolesta.Asiakkaamme ovat jäseniä paikallisten Lake Worthin ja Lantanan , FL , suomalaisen yhteisön jäseniä . Tutkimus liittyy siihen, miten varoja, jotka he uskoivat menevän investoitisalkkuihin, todellasijoitettiin.

 

Tammikuussa 2012 Securities & Exchange Commission pani vireille hallinnollisen menettelyn 1st Discount Brokerage’ia vastaab, kun he huomasivat , että yksi yhtiön välittäjistä oli huijannut yli 50 ihmistä lähes 9000000 dollarilla. SEC totesi, että yhtiön hallintoneuvoston menettelyt olivat riittämättömiä ja että ne eivät suorittaneeta ennalta ilmoittamattomia vuotuisia tarkistuksia .

 

Lisäksi 1st Discount Brokerage, Inc.’in lisäksi, joka on FINRA’n rekisteröity pörssiosakeyhtiö, meidän tutkimuksemme sisältää NEXT Financial Groupin ,pörssiosakeyhtiö , jolla on toimistot Manalapanissa, FL , ja seuraavat rekisteröimättömät Floridan yritykset :

 

FinnTrust , Inc.

Suomen helluntaiseurakunta Lake Worth

FirsTrust Financial Corporation

FirsTrust Insurance Services, Inc.

FirsTrust Investment , Inc.

FirsTrust Mortgage ja lainananto Corp.

Global Land Finance Group, Inc.

Global Insurance Trust Corporation

United East Investments LLC

Tutkimuksemme kohdistuvat myös Shawn O’Sullivaniin, ,entinen rekisteröity osakevälittäjä , joka on työskennellyt Wivolinin kanssa monta vuotta .

 

FINRA’n rekordien mukaan , Wivolin , joka on tällä hetkellä rekisteröity First Finacial Securities alle, oli aikaisemmin rekisteröity seuraavasti :

 

1st Discount Brokerage 10/2005-12/2008

Sterling Financial Investment Group7/2002-9/2005

Delta Equity Services Corp 1/2002-7/2002

Securities America 5/1997-1/2002

 

Jos sinulla on tietoa, mikä sinusta tuntuu hyödylliseltä tässä tutkimuksessa , toivommekin kuulevamme sinusta .

Soita 561-391-1900 ja pyydä päästä puhumaan Tom Murphy , Esq.or Robert Rex , Esq . kanssa tai klikkaa Ota yhteyttä –painiketta sivun yläosassa ja anna meille yhteystietosi ja joku ottaa sinuun yhteyttä .

 

Valtakunnallinen edustus .

 

Rex Securities Law

 

561 391 1900

RSL Investigates 1st Discount Brokerage and Broker Heidi Wivolin

 

Rex Securities Law is investigating 1st Discount Brokerage, Inc., of Lake Worth, Florida and their former broker Heidi Marika Wivolin, on behalf of several former !st Discount customers. Our clients are members of the local Lake Worth and Lantana, FL, Finnish community. The investigation relates to how the funds ,which they believed were invested in a bond portfolio, were actually invested.

In January 2012, the Securities & Exchange Commission instituted administrative proceedings against 1st Discount Brokerage when they discovered that one of the company’s brokers had defrauded over 50 people out of nearly $9 million dollars. The SEC found that the company’s supervisory procedures were inadequate and that they failed to conduct unannounced annual audits.

In addition to 1st Discount Brokerage, Inc. , a FINRA registered broker dealer, our investigation includes NEXT Financial Group, a broker dealer with offices in Manalapan, FL, and the following unregistered Florida companies:

  • FinnTrust, Inc.
  • Finnish Pentecostal Church of Lake Worth
  • FirsTrust Financial Corporation
  • FirsTrust Insurance Services, Inc.
  • FirsTrust Investment, Inc.
  • FirsTrust Mortgage & Lending Corp.
  • Global Land Finance Group, Inc.
  • Global Insurance Trust Corporation
  • United East Investments LLC

Our investigation also includes Shawn O’Sullivan, a former registered stock broker who has worked with Wivolin for many years.

According to FINRA records, Wivolin, who is currently registered with NEXT Financial, was previously registered as follows:

  • 1st Discount Brokerage10/2005-12/2008
  • Sterling Financial Investment Group7/2002-9/2005
  • Delta Equity Services Corp1/2002-7/2002
  • Securities America  5/1997-1/2002
If you have information you feel may be beneficial to this investigation, we would appreciate hearing from you.

Call 561-391-1900 and ask to speak with Robert Rex, Esq.

Nationwide representation.

Rex Securities Law

561 391 1900

RSL Investigates NEXT Financial Broker Heidi Marika Wivolin

By Robert H. Rex, Esq. 


Seuraa linkkiä suomalaiseen käännökseen

Rex Securities Law is investigating Heidi Marika Wivolin, a broker currently registered with NEXT Financial Group, and Shawn O’Sullivan, who operated a number of businesses out of the same office as the NEXT Financial Group branch office at 205 S Ocean Blvd. , Manalapan FL, on behalf of several  customers, members of the local Lake Worth and Lantana, FL, Finnish community. The investigation relates to how the funds entrusted to Wivolin & NEXT were invested.

In addition to NEXT Financial Group, a FINRA registered broker dealer, our investigation includes the following unregistered Florida companies: 

  • FinnTrust, Inc.
  • Finnish Pentecostal Church of Lake Worth
  • FirsTrust Financial Corporation
  • FirsTrust Insurance Services, Inc.
  • FirsTrust Investment, Inc.
  • FirsTrust Mortgage & Lending Corp.
  • Global Land Finance Group, Inc.
  • Global Insurance Trust Corporation
  • United East Investments LLC

According to FINRA records, prior to NEXT Financial, Wivolin was  registered as follows. Our investigation also includes the activities in our clients accounts during the time they were at these firms: 

  • First Discount Brokerage10/2005-12/2008
  • Sterling Financial Investment Group7/2002-9/2005
  • Delta Equity Services Corp1/2002-7/2002
  • Securities America  5/1997-1/2002
According to FINRA records, O’Sullivan was previously registered as follows: 
  • Sterling Financial 7/2002-9/2005
  • Delta Equity Services1/2002-5/2002
  • Securities America5/1997-1/2002
If you have information you feel may be beneficial to this investigation, we would appreciate hearing from you. 

Call 561-391-1900 and ask to speak with Tom Murphy, Esq. or Robert Rex, Esq. or click the Contact Us button at the top of the page and provide us with your contact information and someone will be in touch with you.

Nationwide representation.

Rex Securities Law

561 391 1900