Category Archives: IFS Securities

George M. Warner-Former IFS Securities Broker-Discloses Regulatory Suspension-Rockwall, TX

October 2017-Rockwall, TX

The FINRA records of  George M. Warner ,  a  stockbroker who is currently registered with Chelsea Financial Services disclose a prior regulatory event, a prior customer dispute and 2 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.

In 4/2017 Warner was fined $5,000 and suspended for 30 days by FINRA to resolve allegations that while employed by Kestra Financial Services, he altered various customer documents on at least five occasions after the documents had already been signed by the customers. The regulatory findings state that Warner corrected or included the customer’s anticipated liquidity needs, net worth, liquid net worth, and or annual income on new account forms, alternative investment forms, and an IRA application. The findings state that by changing new account documentation of the customer’s, Warner caused his member firm to preserve and maintain altered books and records. FINRA Case 2014043727001. 

In 2/2010 , while employed by LPL Financial , a customer alleged that Warner made an error in connection with the purchase of Citi Corp bonds causing losses of $329,426. That matter was settled for $225,000.

In 11/2014 Warner was ‘permitted to resign’ from NFP Advisor Services who made the following allegation on his FINRA record: “Rep corrected client documents after client signature. “

In 6/2013 Warner was discharged from LPL Financial,  who made the following allegation on his FINRA record: “Employment terminated by related bank program for obtaining client signatures on blank account transfer forms. “

George Warner’s employment history includes:

  • Dominion Investor Ser.-Rockwall, TX                       6/2017-7/2017
  • Dominion Investor Ser.-Horseshoe Bay, TX          3/2017-4/2017
  • IFS Securities-Rockwall, TX                                        12/2014-3/2017
  • NFP Advisor Services-Rockwall, TX                     7/2013-12/2014                    LPL Financial-Rockwall, TX                          4/2003-6/2013

Warner discloses a business affiliation with Summit Rockwall Wealth Managers LLC, in Rockwall, Texas.

If you have losses in an account in an account handled by George M. Warner , 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

Jason Anderson, Former LPL Financial Broker, Named in Unauthorized Trading/Churning Suit-Beaumont, TX

October  2017 – Beaumont, Texas

In May 2017, two elderly former customers of LPL Financial filed a class action lawsuit against LPL Financial and their former broker Jason N. Anderson seeking damages on behalf of  current and former clients of Anderson. The suit alleges unauthorized trading, churning and mismanagement of customer accounts from 4/2007-1/2016.

LPL Financial challenged the suit that was filed in Jefferson County, TX, and  the case was removed to federal court for the Eastern District of Texas. In August 2017, the case was  remanded back to the 58th Judicial District Court of Jefferson County, Texas.

According to his FINRA  record, Anderson worked for LPL Financial from 2007 until January 2016 when he was fired for for conducting discretionary trading in customer accounts, in violation of firm policy.

Following his discharge from  LPL Financial, Anderson was employed by Kovack Securities for a few months,  1/2016-5/2016. Kovack Securities discharged Anderson because they found incomplete signed documents during a firm audit.

Anderson then joined IFS Securities from 5/2016-4/2017. He is not currently registered with any firm.

A discretionary account is one that allows a broker to buy and sell securities without  first obtaining the client’s consent. Discretionary trading generally requires that permission be granted by the client in writing.  Most accounts are non discretionary, meaning the broker is required to consult with the customer and obtain permission before executing trades. Trades made in non discretionary accounts without consulting with the customer are unauthorized trades.

Investor suits for damages are generally required to be pursued in arbitration before the Financial Industry Regulatory Authority (FINRA) in accordance with the new account agreement customers sign when opening an account. FINRA arbitration is a method of dispute resolution that is generally much more expedient and less costly than court litigation.

If you had an account with Jason Anderson and suffered losses due to unauthorized trading, churning, mismanagement or other reasons, contact us to learn how you may be able to recover damages from his prior 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

George Warner-Summit Rockwall Wealth Managers-Discloses Regulatory Sanction/Discharge From Employment-Rockwall, TX

April 2017-Rockwall, TX

The FINRA records of  George M. Warner ,  a  stockbroker who is not currently registered with any broker dealer disclose a regulatory event, a prior customer dispute and 2 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.

In 4/2017 Warner was fined $5,000 and suspended for 30 days by FINRA to resolve allegations that he altered various customer documents on at least five occasions after the documents had already been signed by the customers. The findings stated that Warner corrected or included the customer’s anticipated liquidity needs, net worth, liquid net worth, and or annual income on new account forms, alternative investment forms, and an IRA application. FINRA Case 2014043727001. 

In 2/2010 , while employed by LPL Financial , Warner settled a customer dispute for $225,000. The customer alleged that he made an error in connection with the purchase of CIT bonds versus Citi Corp. bonds.

In 11/2014 Warner was ‘permitted to resign’ from NFP Advisors who made the following allegation on his FINRA record: “Rep corrected client documents after client signature. ”

In 6/2013 Warner was discharged from LPL Financial who made the following allegation on his FINRA record: “Employment terminated by related bank program for obtaining client signatures on blank account transfer forms. ”

George Warner’s employment history includes:

  • Dominion Investor Services               3/2017-4/2017
  • IFS Securities                                               12/2014-3/2017
  • NFP Advisor Services                               7/2013-12/2014
  • LPL Financial                                                 4/2003-6/2013

Warner discloses a business affiliation with Summit Rockwall Wealth Managers LLC. 

If you have losses in an account in an account handled by George Warner , 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

James T. Flynn-Former Voya Financial Advisors Broker-Discloses Customer Disputes / Outstanding Liens-Greenville, SC

MAY 2017-Greenville, SC

The FINRA records of  James Travis Flynn ,  a  former Voya Financial Advisors stockbroker  disclose 2 pending customer disputes, 4 prior final customer disputes, a termination from employment and 3 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 a recent dispute a customer of Voya Financial Advisors seeks damages of $115,000 and alleges that he questioned the suitability of REIT investments and the replacement of a variable annuity policy.

In another currently pending matter,  a customer of Voya Financial and Brookstone Securities alleges damages in connection with a $575,000 investment in annuities and real estate investment trust (REITs) which they allege were unsuitable.

In February 2017  Flynn was discharged from Voya Financial Advisors who made the following allegation in connection therewith: “The representative provided misleading information to the Firm during a complaint investigation” related to a variable annuity.

Flynn discloses Federal Tax Liens of $256,165 and $18,837.

Jim Flynn is currently registered with IFS Securities. He was registered with Voya Financial Advisors 5/2013-2/2017, Capital Investment Group in Greer, SC, 7/2011-6/2013 and Brookstone Securities 9/2006-7/2011. He discloses a business affiliation with Flynn Insurance Group and Flynn Wealth Management.

If you have questions about an account  handled by James  (Jim) T. Flynn  , contact us to discuss 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

RIchard G. Cody-Former Concorde Investment Services Broker-Charged With Fraud by SEC-Spring Lake, NJ

UPDATED SEPTEMBER 2017– Spring Lake, New Jersey

According to publicly available records Richard G. Cody , (CRD# 2794558) ,  a  currently unregistered stockbroker who last worked for IFS Securities  , has numerous disclosures: 

  • 1 pending and 2 prior regulatory events
  • 1 civil lawsuit
  • 18 currently pending customer disputes
  • 3 prior customer disputes
  • 2 currently pending regulatory investigations
  • 1 termination from employment
  • 1 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.

In December 2016 the SEC instituted litigation charging Cody with defrauding his retired clients by concealing the fact that their retirement accounts had suffered extensive losses and that the monthly payments they were receiving were exhausting their retirement savings. The SEC alleges that Cody concealed their substantial losses by making materially misleading statements, leading the clients to believe that their investments were maintaining steady value and that their monthly withdrawals were being financed by investment gains.

Currently pending customer disputes include:

  • 8/2017-In FINRA Case 17-2035 a customer of Westminster Financial Securities and Concorde Investments alleges damages in excess of $5,000 for fraud, deceit and mismanagement of accounts.
  • 8/2017-In FINRA Case 17-0279 a customer of Westminster Financial Securities and Concorde Investments alleges damages in excess of $5,000 for fraud, deceit and mismanagement of accounts.
  • 4/2017-A customer of Westminster Financial Securities seeks damages of $164,358 and alleges that Cody misrepresented account balances.
  • 3/2017-A customer of Concorde Investment Services seeks damages of $150,000 and alleges that Cody misappropriated funds and forged documents.
  • 3/2017-A customer of Concorde Investment Services seeks damages of $25,000 and alleges that Cody misappropriated funds and forged documents.

Richard G. Cody‘s employment in the securities industry includes IFS Securities, Concorde Investment Services and Westminster Financial Securities.

In September 2016 Cody was discharged by IFS Securities who alleged that Cody was “selling away” from the firm and had forged documents.

For information on Richard Cody’s ex-wife Jill Cody (Tramontano) who has been barred from the securities industry and who faces a number of customer suits, follow this link.

We are interested in speaking with former customers of Richard G. Cody and Jill Cody (Tramontano). 

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

Michael Guilfoyle-Former Legend Securities Broker-Discloses Settlement of Churning Complaint

New York

UPDATE JUNE 2017Michael Guilfoyle is not currently registered He left employment at Four Points Capital Partners in 3/2017.

ORIGINAL POST 2/2017

Publicly available records of Michael N. Guilfoyle, (CRD# 5119593) ,  a  stockbroker who is currently employed by Four Points Capital Partners disclose that in 2014 a customer of his prior employer Legend Securities filed FINRA arbitration #14-3134 alleging damages of $298,687 for churning, excessive trading, recommending unsuitable investments and engaging in unauthorized trading. That case was settled for $99,999.

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.

Guilfoyle  has been employed by Four Points Capital Partners since 9/2016. His prior employment includes IFS Securities, Legend Securities, Joseph Gunnar, America’s Choice Equities, J.P. Turner and Newbridge Securities. 

If you have questions about an account in an account handled by Michael Guilfoyle, 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