Category Archives: Commonwealth Financial Network

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

RIcky R. Moore-Sagepoint Financial Broker-Discloses Regulatory Suspension/Fine-Angleton, TX

May 2017-Angleton, TX

The FINRA records of RIcky R. Moore,  a  stockbroker who is employed by  Sagepoint Financial  disclose a final regulatory event, 3 prior customer disputes 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 1/2017 FINRA suspended Moore for four months and fined him $37,131 to resolve allegations that he failed to disclose to his firm his outside business activities involving the facilitation of a church bond offering for a church. FINRA alleged that Moore made a false and misleading statement on his firm’s annual compliance questionnaire which asked if he had participated in raising capital.

In FINRA case 12-02353 a customer of Moore’s prior employer, LPL Financial was paid $60,000 to settle claims that they requested Moore place them in a conservative portfolio but he recommended a portfolio overly concentrated in variable annuities and REITs (real estate investment trusts).

Ricky Moore has been employed by Sagepoint Financial since 12/2013. His prior employers include Securities America, Commonwealth Financial Network and LPL Financial Corp. Moore discloses a business affiliation with Oak Financial Group in Angleton, TX.

In 9/2013, Moore was ‘permitted to resign’ from Commonwealth Financial Network who made the following allegation on his FINRA record: “RR was the president of an outside business activity that subsequently engaged another broker-dealer to issue bonds on behalf of the entity, distributed a notice of the sale of bonds on behalf of the entity, and failed to provide prior written notice to or receive written approval from the firm, in violation of FINRA Rules 3270, and 2210..”

If you have questions about an account  handled by RIcky Moore , contact us 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

Lloyd Dotson-Former Commonwealth Financial Network Broker-Sanctioned by Securities Regulator-New Canaan, CT

April 2017- New Canaan, CT

According to publicly available records Lloyd Dotson , (CRD# 2551716) ,  a  former stockbroker who was last employed by Commonwealth Financial Network discloses a prior regulator event, 2 prior customer disputes 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 April 2017 Lloyd Dotson was permanently barred from the securities industry by FINRA for failing to appear for on the record testimony in connection with an investigation into suspected outside business activities, private securities transactions and the overall circumstances surrounding his termination from Common Financial Network. 

Commonwealth discharged Dotson in June 2016 and made the following allegation on his FINRA public record: “RR was engaged in multiple Outside Business Activities where he used an alias to promote participation in multi-level marketing programs. RR failed to provide prior written notice to or receive written approval from the firm, in violation of FINRA rules 3270.”

Dotson discloses other business affiliations with:

  • HarvestWealth Partners
  • Six Figure MentorsLloyd Dotson.

If you have questions about an account  handled by Lloyd Dotson, 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

Jeffery A. Vaughn-Former Hornor, Townsend, Kent Broker-Named in FINRA Complaint

July 2016-Horsham, PA

The FINRA records of Jeffery A. Vaughn  , a  currently unlicensed stockbroker who was  most recently employed by  Hornor, Townsend & Kent  disclose a pending regulatory event, 2 prior regulatory events 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 July 2016, FINRA filed an amended complaint in proceeding #2013037097602 against Vaughn alleging that he failed to timely respond to FINRA requests for information, that he willfully caused the filing of false and misleading disclosure information and that he provided false information to his firm Hornor, Townsend & Kent by failing to report two unsatisfied Ohio state tax liens.

Jeffery A. Vaughn was employed by Hornor, Townsend & Kent from 5/2014-3/2016. In February 2016 Vaughn was discharged by Hornor Townsend & Kent who alleged: ” registered representative was terminated for failing to disclose a Consent Order he executed with the Ohio Insurance Department when he joined the firm.”

Prior to that he was employed by Commonwealth Financial Network from 11/2005-5/2013.

Investors who have questions about how their account has been handled should 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

Ricky Moore-Sagepoint Financial Broker-Discloses Regulatory Matter- Angleton, Texas

Angleton, TX

December 31, 2015

The Financial Industry Regulatory Authority  (FINRA) filed a complaint against stockbroker Ricky Randon Moore, alleging that while working for Commonwealth Financial Network in Angleton, Texas, he failed to disclose to the firm his outside business activities involving the facilitation of a church bond offering for a church located in Brazoria, TX, in violation of FINRA and NASD Rules.

The complaint seeks monetary sanctions and other relief.

FINRA Disciplinary Proceeding #2013038770901

According to FINRA records, Moore was registered with Commonwealth from 2/2009-10/2013. Thereafter he was registered with Securities America 10/2013-12/2013 and with Sagepoint Financial since 12/2013.

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

Angela Borchardt Sanctioned by Securities Regulators

October 2, 2014-Tomahawk, Wisconsin

Angela M. Borchardt  entered into a Letter of Acceptance, Waiver and Consent  (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that in June 2013 she impersonated six customers in phone calls to her prior firm requesting that the customers’ accounts be liquidated so they could invest the proceeds with her new firm Commonwealth Financial Network. According to the AWC , ,when Borchardt’s supervisors at Commonwealth learned that she had impersonated customers in phone calls to her prior firm, Borchardt falsely stated to her supervisors that the customers were on the phone with her during the calls.   Case # 2013037650602.

Borchardt  failed to appear for on the record testimony pursuant to FINRA rules and was permanently barred  from acting as a broker or otherwise associating with firms that sell securities to the public.

FINRA records indicate Borchardt was registered with Commonwealth Financial from 5/2013-7/2013. Prior to that she was registered with LPL Financial Services from 5/2011-5/2013.

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

Independent Broker Dealer Rankings Announced by Investment News

The Investment News recently announced the rankings of independent broker-dealers for 2013

BrokerDealer                   Gross Revenue

 1            LPL Financial LLC           $4B (billion)

2            Ameriprise Financial
Services Inc.                                     $3.2 B

3            Raymond James Financial
Services Inc.                                   $1.4 B

4            Commonwealth Financial
Network                                         $822 M (million)

5            Lincoln Financial Network       $794M

6            Wells Fargo Advisors
Financial Network                $707 M

7            Axa Advisors            $677M

8            Northwestern Mutual        $654M

9            Cambridge Investment
Research Inc.                      $574 M

10          Securities America Inc.      $475M

11          Royal Alliance Associates
Inc.                              $444 M

12          Cetera Advisor Networks    $435M

13          Waddell & Reed
Financial Advisors                       $426 M

14          ING Financial Partners
Inc.                                  $396 M

15          National Planning Corp.      $383M

16          NFP Advisor Services
Group                                $381 M

17          MML Investors Services
LLC                              $361 M

18          Securian Financial
Services Inc.                            $355 M

19          FSC Securities Corp.        $280M

20          Princor Financial
Services Corp.                           $279 M

21          SagePoint Financial Inc.  $279M

22          INVEST Financial Corp.      $278M

23          HD Vest Investment
Services                               $273 M

24          First Allied Securities
Inc.                                   $272 M

25          Signator Investors Inc.   $269M

Rex Securities Law , located in Boca Raton, FL, 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.

Rex Securities Law

561 391 1900