Category Archives: A.G. Edwards

Christopher D. Sinkula Investigation-Janney Montgomery Scott Broker-Stuart, FL

June 2017-Stuart, Florida

We are investigating Stuart-based Janney Montgomery Scott stockbroker Christopher D. Sinkula. FINRA records indicate that Sinkula has been employed by Janney Montgomery Scott since 8/2008.

Our client is a single lady approaching retirement who alleges damages for  unsuitable investments which she alleges were purchased for her account by Sinkula.

Sinkula’s official broker records disclose that two of his customers brought actions that resulted in cash settlements:

  • In FINRA Case 12-01357 a customer of CItigroup Global Markets, his prior employer, sought damages of $879,680 alleging that Sinkula misrepresented the features of variable annuities that he recommended. That case was settled for $200,000.
  • In NASD Case 97-0761 a customer of A.G. Edwards, his prior employer, sought damages of $67,540 and alleged breach of contract, breach of fiduciary duty, account related negligence and failure to execute. That case was settled for $46,000.

If you have information you feel could be helpful to this investigation, please contact Nan Thompson at 561 391 1900.

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

Jeffrey L. Offen-Craft Capital Management Broker-Discloses Customer Disputes & Judgements-Garden City, NY

April 2017- Garden City, NY

According to publicly available records Jeffrey L. Offen  , (CRD# 2893980) ,  a  stockbroker who is currently registered with Craft Capital Management  discloses:

  • a prior regulatory event
  • 2 prior customer disputes
  • 12 currently outstanding liens/judgments

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 December 2016 Offen was fined $5,000 and suspended for 60 days by FINRA for failing to timely disclose reportable information. FINRA Case 2016048415301.

In FINRA Case 9-5377 a customer of New Castle Financial Services alleged damages of $98,000 for breach of fiduciary duty, fraud and negligence. That case was settled for $60,000 in 1/2011.

The 12 outstanding judgment/liens against Offen include:

  • $4,970 to Sharton T. McLaughlin, MD
  • $17,049 to Daimler Chrysler
  • $58,970 to the Internal Revenue Service
  • $35,621 to the Family Court of the State of New York
  • $6,117 to Salvatore Albanese & Co.

Offen has been employed by Craft Capital Management since 10/2016. His prior employment includes Salomon Whitney Financial, Network 1 Financial Securities, Laidlaw & Company and Obsidian Financial Group. 

If you have questions about an account handled by Jeffrey L. Offen, 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

Debra R. Lambert-Raymond James Broker-Discloses Pending Customer Arbitration

August  2016-The Villages, Florida

The FINRA records of Debra R. Lambert ,  a  stock broker who is currently employed by Raymond James & Assoc. , disclose a pending customer dispute brought by a customer of Merrill Lynch, Lambert’s prior employer.

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 pending FINRA arbitration #16-0228, a customer alleges damages of $326,515 for unsuitable investment recommendations, unauthorized trading and excessive trading from June 2011-April 2014.

Lambert has been employed by Raymond James & Assoc. since 5/2014.  Her prior employment includes Merrill Lynch and  A.G. Edwards & Sons. 

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

Kyle Ratcliff-Stifel,Nicolaus Broker-Discloses Pending Customer Arbitration

August  2016-Denton, Texas

The FINRA records of Robert Kyle Ratcliff ,  a  stock broker who is currently employed by Stifel, Nicolaus & Co. , disclose a currently pending 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 currently pending FINRA arbitration 15-03427, a customer of Stifel, Nicolaus  alleges damages of $75,000 for breach of fiduciary duty, negligence, failure to supervise, failure to make suitable investment recommendations, unauthorized trading, violations of Texas Securities Act, fraud, misrepresentation and breach of contract from 4/28/2011-5/28/2013.

Ratcliff has been employed by Stifel, Nicolaus & Co. since 2/2010. His prior employment includes Wells Fargo Advisors and A.G. Edwards & Sons.

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

Parks H. Brown Investigation-VSR Financial-Marietta, GA

UPDATE July 28, 2016 According to FINRA records, Parks Brown, Jr. left his employment with VSR Financial in July 2016. FINRA records indicate that he is not currently licensed.

Marietta, Georgia-February 2016

Rex Securities Law is investigating VSR Financial Services broker Parks H. Brown, Jr. of IM Portfolios, Inc.  in connection with the sale of unsuitable investments including options, penny stocks and common and preferred equities, including the following securities:

  • New Generation Biofuels Holdings
  • Exco Resources
  • Akamai Technologies
  • Synovus Financial 
  • Star Scientific, Inc. 

According to FINRA records Brown was named in a FINRA arbitration in 2014 (#14-1744) by a customer who alleged unsuitable investments, churning, unauthorized trades and breach of fiduciary duty. That case was settled in 9/2015 for $71,500.

Earlier in 2001, Brown, who at the time was working for A.G. Edwards,  was named in another arbitration ( NASD 01-1817) by a customer alleging unauthorized transactions, churning excessive concentration and violations of securities laws. An arbitration panel awarded $229,839 to the customer.

According to FINRA records Brown has been registered with VSR Financial Services since 10/2005.

VSR Financial Services was fined $550,000 by the Financial Industry Regulatory Authority (FINRA) in May 2013 in connection with the sale of alternative investments. In their findings, FINRA criticised VSR Financial for recommending high concentration levels of alternative investments in customer accounts and for its lack of supervision over the use of consolidated reports prepared by brokers and provided to customers.

Alternative investments include non publicly traded real estate investment trusts (REITS) , hedge funds, real estate, commodities and derivatives contracts and, managed futures. It may also include art, wine, antiques, coins or stamps. These investments tend to be complex, illiquid, nontransparent, hard to value and expensive. Many of the alternative investments sold over recent years are not traded on any public market making them difficult to value and even more difficult to liquidate if cash is needed.

If you have losses in an account handled by Parks Brown or losses in a VSR Financial Services account , contact us to discuss how you may be able to recover damages for those losses.

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

Shaun Paul Golden-Former NEXT Financial Group Broker Sanctioned by Regulators

UPDATE FEBRUARY 2017-RIverhead, New York

In February 2017 the Florida Office of Financial Regulation entered a Final Order against Shaun Paul Golden permanently barring him from applying for registration.  Case# 68851-S

His official FINRA record discloses 1 pending and 11 prior final customer disputes.

In pending FINRA arbitration 13-0341, a customer of NEXT Financial Group alleges damages of $250,000 for unsuitable investments in variable annuities, excessive trading and churning, misrepresentation, breach of fiduciary duty and negligence.

In FINRA Case 12-01562, a customer of NEXT Financial Group alleged damages of $1.1 million resulting from unsuitable investments in oil and gas and real estate investment trusts (REITs). That case was settled for $125,000.

ORIGINAL POST JUNE 2015– Rex Securities Law is investigating former broker Shaun Paul Golden on behalf of a semi retired individual who alleges Golden recommended the purchase of certain unsuitable investments.

According to FINRA records, Golden has been permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public.  His FINRA CRD reveals numerous disclosures, including 5 customer complaints, an internal review, 3 terminations from employment, a regulatory action and an internal review.

His recent registration history, according to FINRA, is as follows:

  • 1/2011-5/2011              Sterne Agee Financial Services -discharged for “failure to follow firm’s policies and procedures as to information provided on the representatives compliance questionnaire”
  • 4/10/2007-1/4/2011   NEXT Financial Group– discharged- “The firm has reasonably determined that paperwork submitted for three variable annuity transactions was misleading”
  • 6/15/2001-4/102007    A.G. Edwards-left voluntarily
  • 2/2/1998-5/4/2001      Merrill Lynch– discharged “Mr. Golden was terminated after the firm learned a client alleged he exercised discretion in their account”

If you have information you believe would be helpful in this investigation, please contact us. If you have losses in an account handled by Golden, call to learn how you may be entitled to collect damages from his former employing firm.

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