Category Archives: Credit Suisse

Joel H. Kassewitz-Former Credit Suisse Broker-Discloses Customer Disputes-Coral Gables, FLA

February 2017-Coral Gables, FL

According to publicly available records Joel H. Kassewitz , (CRD# 1674124) ,  a   stockbroker who is  not currently registered discloses one pending and seven prior, final customer disputes.

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 16-2746, a customer of his prior employer, Credit Suisse Securities , alleges damages of $400,000 for  recommending unsuitable  investments in oil and gas, violations of FINRA rules and Florida statutes, fraud and  breach of fiduciary duty.

His prior customer disputes include FINRA arbitration 11-2814 in which a customer of Kassewitz’s prior employer, Merrill Lynch, alleged damages of $1,000,000 for unsuitable investments. That case was settled in 2012 for $450,000.

Kassewitz  was employed previously by Wells Fargo Advisors, Credit Suisse Securities, Merrill Lynch, Prudential Securities and PaineWebber Inc.

If you have losses  in an account handled by Joel H. Kassewitz, 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

FINRA Fines 10 Firms $43.5 Million On “Toys R Us” IPO

December 11, 2014

The Financial Industry Regulatory Authority (FINRA) fined 10 brokerage firms a total of $43.5 million for allowing their analysts to solicit investment banking business and for offering favorable research coverage in connecting with the 2010 IPO of Toys R Us.

Firms and fines:

  • Barclays Capital                    $5 million
  • Citigroup Global Mkt         $5 million
  • Credit Suisse                           $5 million
  • Goldman Sachs                      $5 million
  • JP Morgan Sec.                      $5 million
  • Deutsche Bank                      $4 million
  • Merril Lynch                            $4 million
  • Morgan Stanley                     $4 million
  • Wells Fargo                              $4 million
  • Needham & Co.                     $2.5 million

Entire FINRA Press Release here. 

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

TVIX Plummets 60%-Securities & Exchange Commission Investigating

March 29, 2012

According to the Wall Street Journal, the SEC is looking into VelocityShares 2x long VIX Short Term Exchange traded note ( TVIX ),  managed by Credit Suisse Group AG.

TVIX had about $700 million in assets before its recent decline in which it lost 60% of its value during the last week of March.

Share price for TVIX over the past year has ranged from a high of $109 to a low of $5.85. TVIX is a complex exchange-traded note (ETN) that is designed to track stock market volatility, however its dramatic decline last week, during a period when market volatility was little changed has regulators and investors concerned and curious as to the reason for the price drop.

While hedge funds are generally the most active traders of exchange traded notes (ETNs), they have become more popular with smaller investors due to the fact they are low cost and east to trade. A similar type of securities, exchange-traded funds (ETFs) have become popular for the same reasons.

An ETN doesn’t actually hold any underlying investment as does an ETF, but rather is a contractual agreement by the issuer to pay shareholders returns equal to the investments it is designed to track. Risk is amplified by the fact that TVIX is linked to the Chicago Board Options Exchange Volatility Index, the VIX, an index that can experience wild swings. Investors make….or lose….twice as muchas the daily move in the VIX.

ETNs, like TVIX, are complex investments that are not generally suitable for the average investor who may not be aware of the risks associated with this type of investment.

If you are an investor who has losses from investing in TVIX or other ETNs or ETFs that were suggested to you by your broker or financial adviser, you may be able to recover some or all of your 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