Category Archives: FSC Securities Corporation

Andrew S. Corbman-Former Kovack Securities Broker-Discloses 5 Pending Customer Disputes

UPDATE DECEMBER 2016Andrew S. Corbman was permanently barred by FINRA from acting as a broker or otherwise associating with firms that sell securities to the public. Without admitting or denying the findings, Corbman consented to sanctions and entry of findings that he refused to appear for on the record testimony as requested by FINRA in connection with his termination from employment from his firm and allegations against him regarding unsuitable and unauthorized trading. FINRA Case 2016051009001.

ORIGINAL POST-July 2016- South Florida

The FINRA records of Andrew S. Corbman disclose 1 final regulatory matter, 5 pending customer disputes, 7 prior final customer disputes, 1 termination from employment , a pending personal bankruptcy and 2 Federal tax liens.

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.

The currently pending customer disputes include:

  • FINRA case 16-1671- a customer while Corbman was employed by Kovack Securities alleges damages of $700,000 for violations of the Virginia Securities Act, common law fraud, breach of fiduciary duty and other claims.
  • FINRA Case 16-0498-a customer while Corbman was employed by Kovack Securities alleges damages of $1.3 million for unauthorized and unsuitable trading and failure to supervise.

Earlier in 2016 Corbman was sanctioned and suspended  by FINRA to resolve allegations that while he was employed by FSC Securities, he made unsuitable recommendations to three customers that were inconsistent with their investment objectives and risk tolerance.

FINRA records indicate that Corbman was registered with Newbridge Securities from 11/2015-3/2016. He was registered with Kovack Securities from 1/2011-11/2015. Prior to that he was registered with FSC Securities from 2/2008-1/2011. He is not currently registered.

Corbman was discharged by FSC Securities in 2011 , who made the following statement on Corbman’s official FINRA record:

“The registered representative violated firm policies, including the use of unapproved advertising, failure to utilize required firm sale practice forms and was found to have utilized an unapproved email address.”

If you have losses in an account handled by Andrew Corbman, you may be able to collect damages from his former employer.

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

Richard M. Ohlhaber-Former Southwest Securities Broker-Discloses Pending Customer Disputes/Regulatory Actions-Grapevine, TX

June 2016-Grapevine, Texas

According to FINRA records,  Richard M. Ohlhaber   a stockbroker  who most recently was  employed by FSC Securities Corp., Inc. , discloses two pending customer disputes. He also discloses  3 prior final regulatory events , 8 prior final customer disputes and has been permanently barred from the securities industry .

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 15-02113, a customer while Ohlhaber was employed by Southwest Securities (now known as Hilltop Securities) ,  alleges damages of $230,000 for losses incurred by following Ohlhaber’s recommendation to invest in Life Partners, Inc. , an unregistered security which was represented as a conservative, low risk investment.

In currently pending FINRA Case 13-03547, a customer while Ohlhaber was employed by Southwest Securities,  alleges damages of $450,000 for misrepresentation with respect to the tax consequences of the surrender of a variable annuity.

In 2014, FINRA permanently barred Ohlhaber from the securities industry in connection with his sale of life settlement contracts.

According to FINRA records Ohlhaber was registered with FSC Securities from 8/2012-11/2012. Prior to that he was registered with Southwest Securities from 5/2008-4/2012.

If you have questions about an account handled  by Richard Ohlhaber, 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

Henry Kulig & FSC Securities Hit with FINRA Arbitration Award For Sale of REIT-Clearwater, FL

February 25 , 2016- Chicago, Illinois

A Financial Industry Regulatory Authority (FINRA) arbitration panel ordered FSC Securities and broker Henry John Kulig, III, to pay two of their customers, a married couple, $65,333 plus interest and costs. The couple filed their case seeking damages as a result of the broker’s recommendation that they invest in American Capital Properties, a real estate investment trust (REIT). FINRA Case# 15-193.

The couple alleged they were seeking a safe and conservative investment and that the American Capital Properties REIT was unsuitable for their risk tolerance and investment goals.

FINRA records report that Henry J Kulig of Clearwater, FL, has been licensed with FSC Securities since 1998 and associated with the Csenge Advisory Group since 2011.

REITs have been sold to many investors with representations that it is a safe and conservative investment, with the promise of regular income distributions and an expectation that the principal is secure. Many investors have found these promises to be untrue. If you have losses on REITs you may be able to recover damages through FINRA arbitration.

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

Andrew Corbman-Former FSC Securities Broker Sanctioned by FINRA- Lansdowne, VA

UPDATE April 2016-Corbman named in arbitration by customer seeking $1.3M in losses while Corbman was employed by Kovack Securities. See this link for more.

February 1, 2016- Lansdowne, VA

Andrew S. Corbman entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that  he made unsuitable recommendations to three customers that were inconsistent with the customer’s investment objectives and risk tolerances and resulted in over-concentration of their liquid net worth in these investments.

According to FINRA, Corbman, while working for FSC Securities, improperly recommended to a married couple with growth objectives and moderate risk tolerances , to purchase unsuitable highly risky leveraged, inverse Exchange Traded Funds (ETFs).

He also recommended to an elderly customer with a conservative risk tolerance and an investment objective of income to purchase an unsuitable and risky mutual fund with no operational history. The investments were unsuitable as they were over-concentrated and exposed each customer to a risk of loss that exceeded each customer’s risk tolerance and investment objectives.

AWC No.  20100246200302df

Corbman was suspended from association with any FINRA member for 1 month.

FINRA records indicate that Corbman has been registered with Newbridge Securities since 11/2015. He was registered with Kovack Securities from 1/2011-11/2015. Prior to that he was registered with FSC Securities from 2/2008-1/2011. 

Corbman has been the subject of 7 customer disputes that have been resolved and there is currently one customer dispute pending.

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

Rex Securities Law Investigates Kovack Securities Broker Stanley Keyes-Crowley, LA

February 12, 2016- Crowley, LA

Rex Securities Law is investigating Kovack Securities broker Stanley J. Keyes  of Keyes Financial Services in connection with customer complaints and a FINRA regulatory matter in 2011.

According to FINRA records  Keyes has been named in  several FINRA arbitrations. In case  #13-1688  a customer alleged unsuitable recommendations in real estate securities. That case was settled in 3/2015 for $250,000.

In case #12-01771, a customer alleged unsuitable investments and breach of fiduciary duty regarding product diligence and disclosure in connection with variable annuities and real estate securities. That case was settled for $80,000.

In case #04-07684, a customer alleged unsuitability and unauthorized trading in connection with annuity investments. A settlement of $23,000 was reached in that matter.

To resolve FINRA allegations that Keyes violated firm policy by borrowing $214,000 from a customer, Keyes was fined $5,000 and suspended for three months. FINRA Case# 2009017605101.

According to FINRA records, in 3/2009 Keyes was ‘permitted to resign’ from FSC Securities for “borrowing money from firm customer in violation of firm policy.”

In 10/1996, Keyes was ‘permitted to resign’ from Edward D. Jones for “presented checks to the firm for deposit into his money market account knowing that there was not sufficient funds available to pay the check.”

According to FINRA records Keyes  has been registered with Kovack Securities since 04/2009. Prior to that he was registered with FSC Securities. 

 

If you have losses in an account handled by  Stanley Keyes contact us to discuss how you may be able to recover damages from his employer 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

Barry Hartman-FSC Securities Broker- Sanctioned by Regulator

 

Barry George Hartman , entered into a Letter of Acceptance, Waiver and Consent (AWC)  with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that he engaged in outside business activities without providing written notice to his member firm FSC Securities Corporation. In addition, according to the AWC, Hartman participated in private securities transactions without obtaining the required approval of FSC Securities.

AWC  No. 2015044671601

Barry Hartman was permanently barred from the securities industry. According to FINRA records, Hartman  was registered with FSC Securities in Missoula, MT.,  from 2/2002-3/2015, and there are 4 pending and 11 final customer disputes disclosed on his FINRA record.

If you lost money as a result of an account handled by Barry Hartman, you may be entitled to damages from his former employer.

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

FSC Securities Hit with $1.28M Award For Aubrey Lee Price Ponzi Scheme

Aubrey FSC brokerAugust 11, 2015 -Atlanta, Georgia

An arbitration panel of the Financial Industry Regulatory Authority (FINRA) awarded $1.28 million to a group of individuals who were victims of a ponzi scheme conducted by Aubrey Lee Price, a former FSC Securities broker. FINRA Case# 14-02355.

Price , who went from devout Christian minister and trusted financial adviser, was registered with FSC Securities in McDonough, GA,  from 2006-2008. He made headlines when, after his scheme was uncovered,  he faked his suicide on a boat in Key West, FL, in 2012.  See this FBI story “The Fraudster Who Faked His Own Death: Inside the Aubrey Lee Price Case” for more details.

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