Category Archives: Garden State Securities

Glenn R. King- Prior Buckman, Buckman & Reid, Inc. Broker- Discloses FINRA Sanction, Numerous Customer Disputes – Shrewsbury, NJ

August 2017 – Shrewsbury, NJ

According to publicly available records  Glenn Robert King (CRD#2191091) , a former stockbroker who was last registered with Buckman, Buckman & Reid, Inc. disclose a regulatory event, 20 customer disputes, a  separation from employment and an outstanding 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.

In2015 , FINRA commenced an investigation into a complaint alleging that King  made fraudulent misrepresentations and omissions to his retiree customers , promising that he would use their investment funds to purchase safe and no-risk bonds and that he wouldn’t charge fees or commissions.

In reality, according to FINRA,  King used the customers’ funds to purchase UITs resulting in approximately $17,000 in realized losses to customers and approximately $43,000 in unrealized losses and approximately $38,000 in commissions to him.   The complaint also alleges that King engaged in a pattern of short-term trading in long-term investments products in accounts of customers.   This pattern of trading was excessive and unsuitable and resulted in approximately $163,000 in customer losses and gross commissions to King of approximately $210.000.   The complaint further alleges that King exercised discretion in the accounts of customers without the ir written authority or the approval of his firm.   In 8/2017  Glenn King was permanently barred from FINRA.

In FINRA Case 15-01027 , a Buckman, Buckman & Reid, Inc. customer alleged  misrepresentation in connection with an investment in a Unit Investment Trust. That case was settled for $75,000.

In currently pending FINRA Case 15-3462, a Buckman, Buckman & Reid, Inc., customer alleges unauthorized trading and unsuitability in connection with an investment in a Unit Investment Trust (UIT) and seeks damages of $150,000.

In FINRA Case 15-3259 , a  Buckman, Buckman & Reid, Inc. customer alleges unauthorized trading and unsuitability in connection with a UIT investment and seeks damages of $428,000.

In June of 2011, Royal Alliance, Associates allowed King to “voluntarily resign”  while he was under an internal review regarding the sale of investment products such as UITs and mutual funds to certain customers because of misrepresentation and failure to deliver a product prospectus.

 

King  was employed with Royal Alliance, Associates from January 2005 to June 2011.  He was employed with Saxony Securities, Inc. from June 2011 to October 2011 and with Garden State Securities, Inc. October 2011 to November of 2011 before going to work for in Buckman, Buckman & Reid, Inc. in January of 2012.

King discloses an outstanding lien to the Internal Revenue Service of $234,400.

If you have questions about an account handled by Glenn Robert King 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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Terry Lee Brodt, Jr.-Garden State Securities Broker-Discloses Regulatory Event and Customer Disputes – Boise, Idaho

August 2017 – Boise, Idaho

According to publicly available records  Terry Lee Brodt, Jr. (CRD#2033812) , a stockbroker currently registered with Garden State Securities, Inc. , disclose a regulatory event , five customer disputes and outstanding judgment/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.

In May 2017 to resolve  FINRA allegations that he traded without authority,  Terry Lee Brodt, Jr.  consented to a $10,000 fine and a two month suspension from June 5, 2017 to August 4, 2017.   His official FINRA record states:  “Without admitting or denying the findings, Brodt consented to the sanctions and to the entry of findings that he exercised discretion in accounts maintained by customers without written authorization from these customers and without having obtained approval from his member firm to treat these customer accounts as discretionary.   The findings stated that Brodt provided inaccurate responses about his use of discretion in connection with his firms annual compliance documents.”

In FINRA Case 16-01108, a  Garden State Securities, Inc.  customer alleged churning, excessive losses and commissions and sought damages of $485,980.   The case was settled for $120,000 with Brodt being personally responsible for $45,000.

In FINRA Case 12-3841 , a Garden State Securities customer  alleged unauthorized trading and unsuitable investments and sought damages of $50,570.   That case settled for $24,900 with Brodt being personally responsible for the entire settlement.

Brodt discloses that a Chapter 13 bankruptcy is pending in Idaho and he discloses 10 outstanding judgment/liens including federal and state tax liens.

Brodt has been  employed with Garden State Securities, Inc. since August of 2010. He discloses a business affiliation with Brodt Capital Management of Boise, Idaho.

If you have questions about an account handled by Terry Lee Brodt, Jr., 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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Dave Nicolas-Garden State Securities Broker-Discloses Customer Dispute-Hackensack, NJ

August 2017 – Hackensack, NJ

According to publicly available records  Dave Nicolas (CRD#5176405) , a former stockbroker  registered with Garden State Securities, Inc. , disclose a customer dispute.

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 June of 2016,  FINRA case #16-01623 was filed by a Garden State Securities, Inc. customer alleging damages of $100,000 due to unsuitable investments, churning and failure to supervise. That case was settled in 8/2017 for $10,000.

 Nicolas has been employed with Garden State Securities, Inc. since 12/2008.

If you have questions about an account handled by Dave Nicolas, 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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Christopher Jansen – Broker Currently Registered with Newbridge Securities- Discloses Four Customer Disputes and Two Terminations – Princeton, NJ

June 2017 – New York, City

The FINRA records of  Christopher C. Jansen ,  a  stockbroker who is currently registered with Newbridge Securities disclose a pending customer dispute,  3 prior customer disputes and two terminations 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.

While employed by Emmett A. Larkin Co. , a customer was awarded $59,056 in NASD arbitration 2-3827. The customer alleged unauthorized trading and failure to follow instructions.

While Jansen was employed with Essex National Securities,  two customer disputes were brought alleging misrepresentation of annuities.    Both cases were settled for small amounts.

In a currently pending  matter a customer of Invest Financial Corporation,  alleges misrepresentation in the sale of a variable annuity and seeks damages of over $17,000.

In 12/2016, Jansen was discharged by Invest Financial Corporation who alleged “misrepresentation of features and guarantees associated with annuities”.

In 5/2001 Jansen voluntarily resigned from Wall Street Financial.

Jansen has been employed by Newbridge Securities  since 4/2017.  He was with Invest Financial Corporation  from 10/2015-1/2017, and with Essex National Securities 7/2-13-10/2015. Prior employment includes Regal Securities, PNC Investments and Garden State Securities.

If you have questions about an account  handled by Christopher Jansen , 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

Tyre F. Newsome-Former Cape Securities Broker-Discloses Termination and Outstanding IRS Lien-New York

July 2017-New York

According to publicly available records Tyre F. Newsome , (CRD# 4812894) ,  a   stockbroker who is  currently registered with Windsor Street Capital , disclose  a prior customer dispute, an outstanding judgment lien 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.

Public records reveal that in April 2016, Tyre Newsome was ‘permitted to resign’ by his employer Garden State Securities who alleged that Newsome made unsuitable recommendation to a senior investor and made an inappropriate recommendation to utilize margin.

Newsome discloses that there is an outstanding judgement or lien against him for $32,094 in favor of the Internal Revenue Service.

Newsome  is currently employed by Windsor Street Capital. His prior employment includes:

  • Cape Securities                            6/2016-3/2017
  • Spartan Capital Securities    4/2016-5/2016
  • Garden State Securities          7/2015-4/2016
  • Meyers Associates                      9/2013-5/2015
  • Aegis Capital                                    7/2013-8/2013
  • Maxim Group                                  3/2013-6/2013
  • Caldwell International Securities         7/2010-7/2011
  • Meyers Associates
  • Maximum Financial Investment Group
  • Avalon Partners
  • Great Eastern Securities

If you have losses  in an account handled by Tyre Newsome, 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

George E. Johnson-Former Newport Coast Broker-Discloses $2.6M Customer Dispute

July 2016-Chicago, Illinois

The FINRA records of George E. Johnson  , a former stockbroker who was last  employed by  Newport Coast Securities  disclose 3 final regulatory events, 6 prior customer disputes and a pending customer dispute.

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 February 2016 Johnson was permanently barred from the securities industry by FINRA who had named him in a complaint alleging that he manipulated the market for a common stock by soliciting certain customers to sell the stock at increasingly higher and artificially inflated prices, frequently effecting matched orders among his own customers. FINRA Case#2013035533701.

In currently pending FINRA Case 15-02391, a customer of Garden State Securities and Meyers Associates alleges damages of $2.6 million for unsuitability.

Johnson was employed by Newport Coast Securities from 4/2013-2/2016, by Meyers Associates from 11/2011-5/2013 and by Anderson & Strudwick from 7/2010-12/2011.

Investors who suffered losses in an account handled by George E. Johnson may be entitled to recover damages from his former employer 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

Raymond J. Pirrello-Former Garden State Securities Broker-Named in SEC Insider Trading Complaint

May 2017 UPDATE-FINRA records disclose that Raymond J. Pirrello, Jr.  has 9 prior final customer disputes and one currently pending customer dispute.

In FINRA case 17-0365 filed in 2/2017, a customer of Garden State Securities alleges damages of $1 million for unauthorized trading, unsuitable investments, churning and negligence.

AUGUST 2016 UPDATE-FINRA suspended Raymond Pirrello for failing to respond to FINRA request for information. According to FINRA’s statement, if Pirrello fails to request termination of the suspension within 3 months of the date of the notice of suspension he will be automatically barred on October 14, 2016, from association with any FINRA member in any capacity.

JULY 2016-ORIGINAL POST

FINRA records report that on July 7, 2016, the U S Securities and Exchange Commission filed an insider trading injunction against former  Garden State Securities  stock broker Raymond J. Pirrello, Jr., age 40 of Sparta, New Jersey.

Thomas W. Avent, Jr. , 63,  of Atlanta, who is a tax partner with KPMG LLP, one of the world’s largest accounting firms, and Lawrence J. Penna, age 72, of Edgewater, New Jersey, a long time friend of Pirrello, are also named in the complaint  filed in the U.S. District Court for the Northern District of Georgia. SEC v. Pirello, et al, Case 1:16-cv-02459-SCJ.

The complaint alleges that in 2011 and 2012 Avent, who was working as an acquisition attorney, obtained highly confidential nonpublic information about impending acquisitions of Radiant Systems, Inc., Brightpoint  and Midas Inc. and illegally tipped off PIrrello who passed on the illegal tip to his long time friend Penna.

The complaint further alleges that Penna traded the in the securities of each of the three companies and realized trading profits. Penna then made payments to Pirrello and Avent.

The SEC seeks an injunction prohibiting the defendants from further violations of the securities law and a disgorgement of the trading profits as well as civil penalties.

Pirrello was employed by Garden State Securities in Hackensack, New Jersey, from 8/2008- 5/2016. He was previously employed by The Concord Equity Group and J.P. Turner & Co.

We are currently evaluating potential cases for investors who suffered losses in accounts handled by Raymond J. Pirrello.

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