Category Archives: American Portfolio Financial Services

Cullen Kempson-Former Commonwealth Financial Network Broker-Discloses Regulatory Event & Discharge From Employment-Sparta, NJ

May 2017- Sparta, NJ

According to publicly available records V. Cullen Kempson III (CRD#1280887) ,  a  stockbroker currently registered with American Portfolios Financial Services, Inc discloses a prior regulatory event 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 May 2017 FINRA suspended Kempson for 30 days and fined him $5,000 to resolve allegations that he effected 40 unauthorized trades in a deceased customer’s accounts. While he had written authority to trade the account with discretion while the customer was alive, he did not have that authority follow the customers’ death.

In June 2016 Kempson was discharged by Commonwealth Financial Network who alleged: ” RR failed to provide notification to the firm of the death of two advisory clients in violation of firm policy and industry standards of conduct. “

Kempson has been with American Portfolios Financial Services since 6/2016. He was previously with Commonwealth Financial Network. He discloses a business affiliation with Kempson & Tschopp.

If you have questions about an account in an account handled by Cullen Kempson  contact us to discuss your legal 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

Unsuitable Mutual Fund Switching Leads to Fine/Suspension for Stuart, FL, Stock Broker

Januray 6, 2016- Stuart, Florida

Jeffrey Davidson entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that while associated with American Portfolio Financial Services in Stuart, FL,  he recommended 49 unsuitable mutual fund switch transactions in 12 customer accounts.

According to the AWC one of the customers involved was 97 years old. Five other customers were 65 years of age or older. All the purchases involved A shares which  Davidson recommended be sold within less than a year of purchase.

Class A shares generally have significant up front costs and are designed to be held long term.

AWC No.  20130394827-02

Davidson  was fined $10,000 and suspended from association with any FINRA member in any and all capacities for three months.

According to FINRA records Davidson has been registered with American Portfolios Financial Services since 1/2009.

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

Stuart, FLA- American Financial Portfolios Services Broker Sanctioned by Regulators

December 30, 2015- Stuart, Florida

John D. Wiswell entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that while associated with American Portfolio Financial Services in Jensen Beach, FL,  he failed to supervise the activities of a registered representative to prevent unsuitable mutual fund switching.

AWC No.  20130394827-01

Wiswell was fined $5,000 and suspended from association with any FINRA member in any principal capacity for 15 days.

According to FINRA records Wisell has been registered with American Portfolios Financial Services since 9/2007.

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 Sanctioned for Mutual Fund Churning

August 4,2015

Ronald J. Benevento of Holbrook, NY entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that he engaged in unsuitable mutual fund switching in three customer accounts from 9/2011-4/2013. In addition, FINRA found that he mismatched 15 order tickets as “unsolicited” causing his member firm to maintain inaccurate books and records in violation of FINRA rules.

With regard to the mutual fund switching, FINRA found that Benevento recommended 29 mutual fund switch transactions in three customer accounts without having reasonable grounds for believing that such transactions were suitable for those customer and causing losses of $45,000.

AWC NO. 20130353695

Benevento was suspended for 60 days and assessed a fine of $5,000.  According to FINRA records Benevento was registered with American Portfolios Financial Services from 3/2010-3/2015. Prior to that he was registered with AXA Advisors.

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

Aron M Coit Barred by FINRA

In August 2014 FINRA announced that broker Aron Michael Coit was barred from association with any FINRA member in any capacity to resolve allegations that he willfully failed to disclose civil judgments entered against him on regulatory forms as required by FINRA rules.

The findings state that Coit created and submitted a false paystub document in support of a personal loan application with a lender, overstating his income on the paystub and indicating that he was a salaried employee instead of an independent contractor.

According to FINRA records, Coit was formerly registered as follows:

  • 10/2012-07/2013       American Portfolios Financial Services
  • 01/2010-10/2012       MML Investors Services
  • 09/2008-11/2009       Pacific Select Distributors

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