Category Archives: International Assets Advisory LLC

Damian Bell -Prior WFG Investments, Inc. Broker-Discloses Customer Disputes-Daphne, AL

September  2017 – Daphne, AL

According to publicly available records Damian M. Bell  (CRD#2348521) ,  a  stockbroker who was previously employed by WFG (Williams Financial Group) Investments, Inc.  disclose 2 pending and 5 prior 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.

In April of 2017, a customer of  WFG Investments, Inc. filed a  dispute alleging unsuitable recommendations in mutual funds.   That complaint was settled for $4,950.

In March of 2016,  a customer of  WFG Investments, Inc. filed FINRA arbitration 16-0346 alleging failure to conduct a reasonable investigation into an investment in a private placement, Servergy , misrepresentation, unsuitable recommendations and breach of fiduciary duty.   That dispute was settled for $250,000.

In August 2002 a customer of Merrill Lynch, Pierce, Fenner & Smith, Inc.  filed NASD arbitration 6-4415 alleging unsuitable recommendations and failure to disclose fees.   That case settled for $40,000.

In March of 2017, a customer of  WFG Investments, Inc.  , filed FINRA arbitration #17-00822  seeking damages of $505,000 and alleging failure to conduct reasonable due diligence, material misrepresentations and failed to disclose material facts in connection with an investment in a private placement.   This case is currently pending.

In November of 2016, another customer of WFG Investments, Inc. , filed FINRA arbitration #16-03305 seeking damages of $1,100,000 alleging failure to conduct due diligence, material misrepresentations and failure to disclose material facts.  This case is currently pending.

Damian Bell was employed by   WFG Investments from April of 2010 until May of 2017. He has been employed by International Assets Advisory since 6/2017.

If you have questions about an account handled by Damian Bell, 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

Joseph L. Derrico-Woodstock FInancial Group Broker-Discloses Customer Disputes-Staten Island, NY

May 2017-Staten Island, NY

The FINRA records of  Joseph L. Derrico  ,  a  stockbroker who is currently  registered with Woodstock Financial Group  disclose a pending regulatory matter, a pending customer dispute and a prior 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 the pending matter received in 1/2017 a customer of Woodstock Financial Group alleges damages of $63,000 for losses due to unauthorized trading and failure to follow instructions.

Joseph L. Derrico has been employed by Woodstock Financial Group since 7/2015. He was employed by Alexander Capital  from 10/2014-7/2015 , International Assets Advisory. from 6/2012-11/2014 and Brookstone Securities 11/2009-6/2012.

If you have questions about an account  handled by Joseph L. Derrico , 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

Steven Ridgley, Waddell & Reed Broker, Sanctioned for Unauthorized Trading

March 23, 2016-Louisville, KY

Steven D. Ridgley  entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that  while employed by Waddell & Reed, between January 2013 and January 2015, he exercised discretion in 80 customer accounts without obtaining prior written authority from the customers or his employing firm.

 

AWC No.  20140430257 03

RIdgley was suspended from association with any FINRA member in any capacity for two months and fined $10,000.

FINRA records disclose that Ridgley was discharged from Waddell & Reed on 1/27/2015, with the following comment in the allegations section of the FINRA report: “Use of discretion in multiple client accounts without written authorization in violation of firm’s policies.” 

Ridgley is currently named in a pending customer dispute in which the customer alleges “purchase of closed end fund in May 2013 did not fit within objectives and risk tolerance. Was overconcentrated in the account, and that they continue to pay taxes on the dividends for a product that has lost value.” No damages are specified.

Ridgley is currently registered with International Assets Advisory. His registration with Waddell & Reed was 10/200-2/2015.

If you have losses in an account handled by Steven Ridgley, you may be able to collect damages from his 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

Former FSC Securities Broker In Grapevine, TX, Barred From Securities Industry

April 10, 2015-Grapevine, Texas 

James E. Scott , entered into an Order Accepting Offer of Settlement (Order) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that he aided and abetted a person who was not registered with the state of Texas in engaging in the recommendation and sale of securities in Texas.

In addition, according to the Order, Scott shared at least $47,500 of commissions related to the transactions with the unregistered individual. Furthermore, during his on the record testimonrhy, Scott knowingly provided false information to FINRA regarding the nature of his relationship with the unregistered individual

Scott  was permanently barred from the industry. According to FINRA records Scott was previously registered as follows:

  • International Assets Advisory                          2/2013-7/2014
  • IMS Securities                                                             2/2013-2/2013
  • Kovack Securities                                                    12/2012-1/2013
  • FSC Securities                                                             3/2012-12/2012
  • Southwest Securities                                              5/2008-4/2012

Disciplinary Proceeding NO. 2013035723501

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

FINRA Files Complaint Vs. Fort Worth Broker James Elward Scott

On July 14, 2014, the Financial Regulatory Authority (FINRA) Department of Enforcement filed a complaint against James Elward Scott of Fort Worth, Texas, alleging that assisted an individual in the recommendation and sale of securities in Texas when the individual was not registered with the State of Texas or FINRA.

The complaint further alleges that Scott collected over $117,000 in commissions which he shared with the non registered individual and that during his on the record interview with FINRA he knowingly supplied  false information.

According to FINRA records, Scott most recent registration includes:

  • International Assets Advisory         2/2013-7/2014
  • IMS Securities                 2/2013-2/2013
  • Kovack Securities          12/2012-1/2013
  • FSC Securities Corp.     3/2012-12/2012
  • Southwest Securities    5/2008-4/2012

 

Rex Securities Law provides nationwide representation to investors 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.

Rex Securities Law

561 391 1900

Regulators Fine/Suspend International Assets Advisory Broker Joseph Beagnyam

Dickinson, Texas

The Financial Industry Regulatory Authority (FINRA) is the largest independent regulator for all securities firms doing business in the United States. FINRA’s chief role is to protect investors by maintaining the fairness of the U.S. capital markets.

All stockbrokers and broker dealers (brokerage firms) are required to be licensed by and subject to the rules and regulations of FINRA. Each month FINRA publishes disciplinary actions against brokers and broker dealers. Discipline can range from monetary fines and suspensions, or in extreme cases, revocation of licensing and a bar from the securities industry.

See the FINRA website for current and historical disciplinary actions.

AUGUST 2013
Joseph Fon Beagnyam (CRD #1262605, Registered Representative, Dickinson, Texas- currently registered with International Assets Advisory, LLC) submitted a Letter of Acceptance, Waiver and Consent in which he was fined $5,000 and suspended from association with any FINRA member in any capacity for 10 business days. Without admitting or denying the findings, Beagnyam consented to the described sanctions and to the entry of findings that he executed discretionary transactions in the brokerage accounts of member firm customers without their prior written authorization and without the firm’s acceptance of the accounts as discretionary.

The findings stated that the firm did not receive complaints from these customers. The customers provided oral consent to Beagnyam to place orders to buy and sell securities in their accounts, but had not given him written authorization to exercise discretion. The findings also stated that Beagnyam did not hold his firm’s Strategic Portfolio Services (SPS) Advisor designation and was therefore not permitted by the firm to exercise discretion in customer accounts.

The findings also included that Beagnyam completed firm compliance attestations in which he acknowledged, among other things, his awareness of the firm’s policies and procedures, which included policies addressing discretionary trading.

The suspension was in effect from July 1, 2013, through July 15, 2013. (FINRA Case #2011027995301)

If you have questions about investment losses or the way your brokerage account has been handled, please contact us to discuss your legal rights.

Rex Securities Law , located in Boca Raton, FL, provides representation to  investors  in Texas and 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.

Rex Securities Law

561 391 1900