Category Archives: Girard Securities

Michael M. Hurtgen-Former Raymond James Broker-Discloses Discharge

Greenwood, CO

According to FINRA records,  Michael M. Hurtgen   a stock broker currently  employed by Girard Securities , discloses a termination from prior 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.

Michael M. Hurtgen discloses that he was discharged from Raymond James Financial in February 2016. The company made the following allegations on Hurtgen’s FINRA record: “Terminated for soliciting interest in a private placement, for a firm approved outside business activity and company owned by FA, to clients without approval. The solicited parties were a relative of FA and a longtime client.”

Hurtgen has been employed by Girard Securities since 3/2016. He was employed by Raymond James from 6/2009-3/2016.

If you have questions about an account handled  by Michael M. Hurtgen, 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

Matthew J. Lum-Girard Securities Broker-Discloses Pending Customer Dispute

Santa Barbara, CA

UPDATE MAY 2017-In January 2017 a customer of Girard Securities filed a case in Superior Court of CA , County of Santa Barbara alleging damages of $996,216 for fraud , negligent misrepresentation and other claims related to the purchase of direct investments, limited partnerships, oil & gas investments , and real estate investment trusts (REITs).

ORIGINAL POST JUNE 2016

According to FINRA records,  Matthew J. Lum   a stock broker currently  employed by Girard Securities , discloses a pending customer dispute and two previously resolved 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.

Currently pending is FINRA Case 14-03788, in which a customer alleges damages of $915,000 for negligence, misrepresentation and suitability in connection with an investment in a secured loan product. CASE WAS SETTLED FOR $615,000 IN JULY 2016. 

In FINRA Case 10-0953, a customer alleged damages of over $1.1 million on unsuitable investments made through Lum. That case was resolved for $290,000.

In Case #1343146 filed in Santa Barbara Superior Court a customer alleged damages of $536,000 for an unsuitable investment in IMH Secured Loan Fund, LLC. That case was settled for $175,000.

Lum has been employed by Girard Securities since 3/2004.

If you have questions about an account handled  by Matthew J. Lum, 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

Brent V. Lott-Former LPL Financial Broker-Discloses Pending Customer Disputes

Orem, Utah

According to FINRA records,  Brent V. Lott   a stock broker currently  employed by Girard Securities , discloses two pending customer disputes and a termination.

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 October 2013, Brent Lott, was discharged by LPL Financial who made the following allegations on Lott’s FINRA record: Submitted equity indexed annuity applications without meeting or discussing with clients and violation of the firm’s document signature policy. Lott was employed by LPL Financial from 4/2006-12/2013.

A customer while Lott was employed by LPL Financial alleges that a third party, acting in concert with Lott, forged customer signature on contract to acquire insurance policy issued by Pacific Life. No specific damages are listed. This matter is currently pending.

A second customer while Lott was employed by LPL Financial alleges that he never met Lott who is listed as the selling agent for his variable annuity contracts and that Mr. Lott may be aware that the signatures on the contract delivery receipts are not those of the customer. No specific amount of damages is alleged. This matter is currently pending.

If you have questions about an account handled  by Brent Lott, 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

Losses on RCS Capital (RCAP) ? Recovery Options for Investors.

December 3, 2015

RCS Capital Corp. (RCAP) was trading at over $38 in April 2014. At the time of this writing it is trading for 43 cents. Investors who have suffered losses on RCAP may be able to recover damages from the brokerage firm that recommended the investment if it can be shown that the recommendation was not suitable.

How did the value of this once high flying company drop so dramatically?

Last month , RCS Capital, founded by real estate mogul Nicholas Schorsch, settled charges with Massachusetts securities regulators who had charged the company with fraudulently obtaining proxy votes to support real estate deals sponsored by AR Capital, a related company. RCAP agreed to pay $3 million to settle the charges.

This week RCS Capital announced that they would shut down its wholesale brokerage division Realty Capital Securities due to declining sales of nontraded real estate investment trusts (REITs). This move will result in the layoff of around 200 people, according to recent press.

RCS Capital was on an acquisition binge over the past couple of years acquiring a string of independent broker dealers. At the time Schorsch was criticized for overpaying for these small brokerage firms and after third quarter reporting results, it appears the criticism was warranted, based upon the massive write-offs taken:

  • Cetera Financial Holdings-purchased in 2014 for $1.15 billion, written down by $134 million.
  • Summit Financial Services Group= purchased in 2014 for $57.2 million, written down by nearly $10 million.
  • First Allied Holdings purchased in 2014 for $177 million, written down by nearly $45 million.
  • Investors Capital Holdings purchased in 2014 for $52.5 million, written down by $26.7 million.
  • VSR Group, purchased in 2015 for $66.7 million, written down by $28 million.
  • Girard Securities purchased in 2015 for $27.8 million, written down by $13.2 million.
  • J.P. Turner purchased in 2014 for $32.7 million was written down by over $13 million earlier this year.

RCAP took additional write-offs on other business units totaling tens of millions of dollars as well.

If you suffered losses on RCAP that you purchased based on the recommendation of your broker you may be able to recover damages from the broker dealer where the broker worked at the time. Call 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

David Harari-San Antonio Stock Broker Sanctioned by Regulator

March 9, 2015- San Antonio, Texas 

The National Adjudicatory Council of the Financial Industry Regulatory Authority (FINRA) issued a decision in Complaint No. 20111025899601 , affirming and modifying sanctions against David Harari who was barred in all capacities for providing false information and documentation to FINRA and a FINRA member in violation of FINRA rules 8210 and 2010. A second bar was imposed on Harari for obtaining customer funds by false pretenses and converting those funds.

In addition, the Hearing Panel found that Harari failed to disclose tax liens on his FINRA Form U4.

Sian Harari was found to have participated in the creation of the false documentation submitted to FINRA and suspended for 18 months.

FINRA records indicate that David Harari was previously registered as follows:

  • Girard Securities                             2/2012-1/2013
  • Raymond James & Assoc.        12/2010-1/2012
  • Ameriprise Financial                     2/2000-1/2011

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

Girard Securities Acquisition Closed by RCS Capital Group

March 12, 2015

RCS Capital Corporation announced that it closed the acquisition of Girard Securities.

Girard Securities has over  $10  billion of assets and 250 financial advisors. They become a part of the  Cetera Financial Group which has $236 billion in assets and over 9,600 financial advisors.

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

Girard Securities Hit With SEC Audit of Branch Offices

January 29. 2015

The InvestmentNews reports that Girard Securities is conducting an audit which will focus on the supervision of registered representatives and financial advisers in branch offices. According the article chairman and CEO Susie Woltman Tietjen reported in a memo that the data request from the SEC (Securities & Exchange Commission(  is “massive”.

Audits focussing on branch office supervision is one the Examination Priorities for 2015 listed on a recently issued memo from the SEC National Exam Program.

Girard Securities was formed in 1988 and has about 360 registered individuals located in 136 branch offices. In December 2014, in FINRA Case# 2012033033901, to resolve allegations by regulators that Girard’s systems and supervisory procedures were not reasonably designed to prevent fraudulent third party wire transfers, Girard agreed to a censure and a $15,000 fine.

One of the incidents in the FINRA regulatory action cited is that hackers obtained access to a customer’s accounts and began making requests for illegitimate wire transfers.

If you have losses in an account at Girard Securities, contact us to find out how you may be able to recover damages.

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