Category Archives: IFS Securities

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

April 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 1 prior regulatory event
  • 1 civil lawsuit
  • 8 currently pending customer diputes
  • 3 prior customer disputes
  • 3 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.

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.

We are interested in speaking with former customers of Richard G. Cody. 

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

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

Michael Delao-Former Century Securities Broker-Sanctioned by Texas Securities Regulators

December 2016-Georgetown, Texas

The FINRA records of  Michael Ramon Delao,  a  stockbroker with St. Bernard Financial Services , disclose a recently regulatory event , a prior customer dispute and 2 terminations.

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.

According to FINRA records, while Delao was employed by  he was arrested in connection with two felony charges and was indicted. Although the felony charges were later dismissed, Delao did not report these events to Century or to the Texas State Securities Board (TSSB) as required by Board Rules. The TSSB reprimanded Delao and assessed an administrative fine of $7,500.

In 2009, Delao was discharged by Southwest Securities who made the following allegation: “Guaranteeing a client against losses in an email.” In 2015, Delao voluntarily resigned from Stifel Nicolaus & Company.

 

Delao has been employed with  since 10/2016. He was employed by IFS Securities from 8/2016-8/2016 and prior to that with Century Securities.

If you have questions about an account handled by Michael Delao , contact us 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

Chad E. Thompson-Former IFS Securities Broker-Discloses Customer Dispute

July 2016

The FINRA records of Chad E. Thompson  , a currently unlicensed stockbroker who was last  employed by  IFS Securities  disclose a final regulatory event 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 2004 the Colorado Division of Securities filed a notice of hearing alleging unsuitable trading, unauthorized trading, unfair and dishonest dealings, securities fraud and failure to supervise. Thompson agreed to a 90 day suspension and repayment of $14,000 to an affected investor.  Case#XY 2004-001

In currently pending FINRA Case 14-03343, a customer of Merrimac Corporate Securities alleges damages of $150,000 for churning and unsuitability.

Thompson was employed by IFS Securities from 6/2015-11/2015 and from 2/2013-4/2013. Prior to that he was employed by Merrimac Corporate Securities. Merrimac was expelled by FINRA in 3/2016.

Investors who suffered losses in an account handled by Chad E. Thompson 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

Antonio Costanzo-Former Newport Coast Securities Broker-Discloses Churning Complaint-Industry Bar

July 2016-Chesapeake, VA

The FINRA records of Antonio Costanzo  , a former stock broker who was last employed by  TItus Rockefeller  disclose a pending regulatory event, a prior final regulatory event, 8 prior customer disputes 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.

Costanzo‘s FINRA disclosure reports that he is named in a FINRA complaint alleging that he, with his then member firm Newport Coast Securities and other firm representatives excessively traded and churned customer accounts. FINRA alleges that Costanzo engaged in a deceptive and manipulative scheme by churning the accounts of customers and acted with the intent to defraud customer’s interests by seeking to maximize his own remuneration. Costanzo violated his obligation to conduct his activities in accordance with ethical standards by conditioning restitution offers upon customer’s’ refusal to cooperate with a FINRA investigation and by attempting to dissuade customers from testifying in the disciplinary hearing. FINRA Case# 2012030564701.

In August 2015, Costanzo was permanently barred from the securities industry by FINRA for failing to respond to a FINRA request for information. FINRA Case#2015044604701.

Four  of the prior customer disputes were settled with payments of monetary compensation.

In July 2008, Costanzo was discharged by Wedbush Morgan Securities who alleged “violation of industry rules, possible fraud’ in connection with the termination.

Costanzo was employed by TItus Rockefeller from  1/2013-3/2015, with IFS Securities from 7/2012-12/2012 and with  Newport Coast Securities  from 7/2008-8/2012.

Investors who suffered losses in an account handled by Antonio Costanzo may be entitled 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