Category Archives: Brookville Capital

Francis L. Smookler-Former Legend Securities Broker-Discloses Numerous Customer Disputes

Syosset, New York

According to FINRA records,  Francis L. Smookler, Jr.    a stockbroker  who  is currently employed by Cova Capital Partners , discloses one pending and twelve prior customer disputes. He also discloses a final regulatory event and a pending judgment/lien.

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 Case 16-0405, a customer while Smookler while he was employed by New Castle Financial Services, Brookville Capital Partners and Legend Securities alleges damages of $750,000 for high pressure sales techniques, unsuitable investments, churning and excessive and hidden commissions.

If you have questions about an account handled  by Francis L. Smookler, 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

Yousuf Saljooki Named In $750K Customer Complaint Alleging High Pressure Sales Techniques

April 2016- Farmingdale, New York

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.

FINRA records are public and can be accessed on the BrokerCheck website. 

The FINRA records of Yousuf Saljooki  disclose  2 final customer disputes and 1 pending customer disputes .

In  the pending case, FINRA Case 16-00405, a customer of Saljooki while he was previously employed by New Castle Financial Services ,now known as Brookville Capital Partners, and Legend Securities alleges that Saljooki used high pressure sales techniques, made unsuitable investments, churned the account and charged excessive and hidden commissions. Damages, which include punitive and exemplary damages exceed $750,000 are alleged.

Saljooki has been registered with Salomon Whitney Financial  since 8/2015.  He was previously registered with  Legend Securities 3/2015-8/2015, Tryco Securities 3/2015-3/2015  and Brookville Capital Partners 7/2009-3/2015

If you have losses in an account handled by Yousuf Saljooki  , and believe that your account was mishandled, 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

Michael Oromaner Named In Customer Complaint Alleging High Pressure Sales

April 2016- Farmingdale, New York

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.

FINRA records are public and can be accessed on the BrokerCheck website. 

The FINRA records of Michael L. Oromaner  disclose 1 regulatory matter that has been finalized, 9 final customer disputes, 2 pending customer disputes and 2 outstanding judgements or liens.

In one of the pending cases, FINRA Case 16-00405, a customer of Oromaner’s while he was previously employed by New Castle Financial Services ,now known as Brookville Capital Partners, and Legend Securities alleges that Oromaner used high pressure sales techniques, made unsuitable investments, churned the account and charged excessive and hidden commissions. Damages of $750,000 are alleged.

Oromaner has been registered with Salomon Whitney Financial  since 3/2016.  He was previously registered with Avenir Financial Group 1/2015-3/2016. Prior to that he was registered with Legend Securities 1/2014-1/2015 and Brookville Capital Partners 11/2009-1/2014.

If you have losses in an account handled by Michael L. Oromaner , and believe that your account was mishandled, 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

Christopher Veale Investigation-Numerous Customer Complaint & Regulatory Issues

FINRA records report that Christopher F. Veale , of New York,  who is not currently registered, is currently  named in a customer dispute:

  • FINRA Case 15-00373-customer alleges breach of fiduciary duty by Veale while he was employed with Brookville Capital Partners and seeks damages of $44,733. Settlements paid to customers have ranged from $35,000-$90,000. See his FINRA record for details. 

 

Prior Customer Complaints: Veale has been named in 10 customer disputes that have been resolved. Allegations against Veale include excess commissions charged, unsuitable investments, breach of fiduciary duty, excessive trading (churning) , unauthorized trading

Judgments/Liens vs. Veale: FINRA records report the following outstanding judgements/liens vs. Veale. According to FINRA “This type of disclosure event involves an unsatisfied and outstanding judgments or liens against the broker”:

  • Federal Tax Lien                                                  $503,008
  • State of NY -Nassau County                       $27,979
  • State Tax Warrant-Queens County        $189,187
  • American Express Centurion Bank         $201,562
  • State Tax Warrant-New York                      $184,257
  • Federal Tax Lien                                                  $143,672

Pending Regulatory Investigations vs Veale: 

  • State of Rhode Island– filed 1/15/2014- Notice of Intent to Revoke License, impose civil penalty, impose sanctions and opportunity for hearing. Alleges that Veale, while employed by Brookville Capital Partners churned the account of a senior investor.
  • Commonwealth of Massachusetts-filed 1/15/2014-Administrative Complaint and notice of adjudicatory proceeding regarding churning the account of a senior investor.

Prior Regulatory Actions vs. Veale:

  • FINRA-8/18/2015– Suspended for 12 months and fined $5,000. Veale consented to sanctions and entry of findings that he failed to timely produce documents and information requested by FINRA in connection with an investigation and that he failed to report liens against him totaling approximately $730,000.
  • Illinois-11/21/2005-Veale’s application for registration as a salesperson in Illinois withdrawn.
  • NASD-12/22/2004-Veale consented to sanctions suspending him , a fine and payment of restitution of $36,696 to a customer.

Veale’s Prior Registration History, includes the following:

  • Legend Securities                    5/2013-2/2015
  • John Thomas Financial         4/2013-5/2013  (expelled by FINRA 10/2013)
  • Meyers Associates                   11/2012-3/2013
  • Blackwall Capital Markets   6/2012-11/2012
  • Brookville Capital Mkts          1/2009-6/2012 (expelled by FINRA 6/2015)

If you have losses in an account handled by Christopher F. Veale, you may be able to collect damages from his employing firm. Call to speak with an experienced securities attorney 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

FINRA Fines Firms for Violations in 2015

January 8, 2015

The Investment News published a summary of the largest penalties handed out in 2015 by the Financial Industry Regulatory Authority (FINRA), which included:

  • Puerto Rican Bonds-A fine of $7.5 million and restitution order of $11 million to UBS Financial Services in connection with the sale of Puerto Rican closed-end funds. Santander Securities was ordered to pay over $4 million in restitution and a fine of $2 million for their sale of similar funds.
  • Mutual Fund OverchargesWells Fargo Advisors was ordered to pay $15 million in restitution for overcharges on the sale of mutual funds. Edward Jones paid $13.5 million in a similar action.
  • LPL Financial Supervisory Failures– FINRA fined LPL a couple of times, once in May , a $10 million fine for supervisory failures related to nontraditional exchange traded funds, and $1.7 in million in restitution to customers.
  • Rogue Oppenheimer Broker Mark Hotton– FINRA fined Oppenheimer $2.5 million and ordered restitution of over $1 million for failure to properly supervise broker Mark Hotton who was barred from the industry in 2013.
  • Brookville Capital– was fined $500K and ordered to pay a $1 million fine for sales violations related to private placements.

If you have losses in your brokerage account that you feel are the result of the improper handling of your account, call to learn about 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