Category Archives: International Assets Advisory

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

Donald Watson-Former Jeffrey Matthews Broker- Discloses Discharge from Employment

November 2016-Sarasota, FL

The FINRA records of  Donald Lee Watson ,  a  former stockbroker with Jeffrey Matthews Financial Group,  who is not currently  employed disclose a prior customer dispute that has been resolved and two terminations from employment after allegations.

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.

Watson’s FINRA record discloses that on 1/5/2015 he was discharged by FirstTrust LLC. The company made the following allegations in connection with the discharge: “Disregard for compliance procedures. Failure to repay debt to company. Donald Watson did not comply with requests for personal securities transaction reports and repeatedly violated email compliance protocols. Furthermore, Watson collected a 4-month series of loan payments secured by his personal and unconditional guarantee. He is now disputing the loan and expressing his intent to default.”

His record further discloses that on 12/15/2015, Watson was discharged by The Jeffrey Matthews Financial Group who made the following allegations in connection therewith: “Don Watson (DW) alleged he produced over $700k/yr in gross production at his prior employer. He produced a W2 as evidence to Jeffrey Matthews (JM). JM relied on his assertion adn W-2 as the basis for issuing a corporate advance of $200K. While employed at JM from 9/29/15-12/15/15 DW did not transition any client assets to the firm and had no gross production. DW misrepresented the W2 information as production-related, but JM subsequently learned it was not. In addition, we learned DW’s client spreadsheet presented to JM was also fraudulent.”

Jeffrey Matthews Financial Group filed a FINRA arbitration against Watson seeking recovery of the $200,000 advance plus costs and fees. In November 2016, a FINRA arbitration panel ordered Watson to pay the company $260,000. FINRA Case 16-0548. 

Watson’s prior employment in the securities industry includes:

  • Stifel, Nicolaus & Co.
  • International Assets Advisory
  • PNC Investments
  • LPL Financial
  • UVest Financial Services Group
  • Raymond James Financial Services

 

If you have losses in an account in an account handled by Donald Watson , contact us to discuss how you may be able to recover damages for those losses.

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

FINRA Announces October 2012 Disciplinary Actions

The Financial Industry Regulatory Authority (FINRA) issues a report on disciplinary and other actions involving registered brokers, investment advisers and brokerage firms every month. 

Here are significant Florida related actions for October 2012. Follow this link to the FINRA website for the entire report for actions nationwide for the month of October 2012 as well as to access  earlier time periods.


This month Variable Annuities seems to be the common theme in the Florida matters. These investments are subject to abuse since they generally offer the selling broker a commission substantially greater than most of the other options. 

You can access the employment, educational and disciplinary history of any broker by going to the FINRA Broker Check website which can be accessed here


Cobalt Capital, Inc.-Winter Park, FL– was censured and fined $15,000 and findings were entered that the firm failed to preserve all of its business-related electronic communications for about two years.

Credicorp Securities, Inc.-Coral Gables, FL– was censured and fined $10,000 and findings were entered that the firm failed to report transactions to TRACE and also incorrectly reported some transactions and that in 31 instances the firm failed to provide proper disclosure to customers. 

EFG Capital International, Corp.-Miami-FL– was censured and fined $32,500 and findings that the failed to report the correct contra-party identifier for transactions in TRACE eligible securities to TRACE and other violations related to TRACE.

Equity Station, Inc.-Boca Raton, FL– censured and fined $10,000 and findings entered that the firm conducted securities business while failing to maintain its required net minimum capital and that the firm booked transactions for which there was no economic substance or support and improperly classified a receivable. It was also found that the firm failed to file early warning notifications and filed inaccurate monthly FOCUS reports. 

Venecredit Securities, Inc.-Miami, FL– censured and fined $25,000 and FINRA found that for 2 years most of the firm’s retail business came from foreign finders who were employed by a related entity and that the firm did not adequately supervise the foreign finders. Deficiencies were also found as to the retention of electronic communications. 

vFinance Investments, Inc.-Boca Raton,FL-censured and fined $22,500 and findings that is sold corporate bonds to customers at a price that was not fair. The firm was also fined an additonal $25,000 for failing to maintain minimum net capital requirements, booking transactions for which there was no economic substance and other infractions.

Adam S. Deane- Naples, FL– censured and fined $25,000 and suspended for three months, with findings that Deane recommended and executed a variable annuity replacement in a state where he was not licensed to sell such a product. The findings also state that he included false information in the application. Suspension is from September 4, 2012-December 3, 2012. According to FINRA records, Deane is not currently registered. He last worked for Best Direct Securities, LLC in Bonita Springs. Prior to that he was with Merrill Lynch. 

Alice H. Everett-Hialeah, FL-submitted Offer of Settlement in which she was barred from association with any FINRA member in any capacity. Findings were entered that she failed to respond to FINRA requests for information regarding a private securities transaction and unsuitable investment recommendations. According to FINRA records, Everett is not currently registered and last worked for Allstate Financial Services in Sunny Isles, FL. Prior to that she worked for Intersecurities, Inc. in Hialeah.

Michael J Hester-Tampa, FL-barred by FINRA upon findings that he engaged in a private securities transaction by accepting $20,000 from individuals for the purchase of an investment without approval from his firm. Hester deposited the funds into a bank account controlled by him and converted them to his personal use. Hester is not currently registered with FINRA and last worked for International Assets Advisory in Orlando. Prior to that he was with Oppenheimer & Co. 

Alan B. Levin-Coral Springs, FL– fined $10,000 and suspended for 10 days for allowing his firm to conduct business while not capital deficient and while he was serving as FINOP. Levin is currently employed by VFinance Investments, Equity Station, Inc. and National Securities Corp. in Boca Raton, FL.

Edgar A Thomas-Winter Haven, FL-fined $5,000 and suspended for 10 days upon findings that he failed to supervise a broker who recommended variable annuity purchases and exchanges without reasonable basis to believe the customer was adequately apprised of the associated costs. Thomas is not currently registered and last worked for Brookstone Securities, Inc. in Lakeland, FL. Prior to that he was with J.W. Cole Financial. 

Kris M Thoresen-Ponte Vedra, FL-fined $10,000 and suspended for one year upon findings that he did not comply with firm guidelines with regard to the sale of variable annuities. The transactions had a value in excess of $1.2 million and some were resubmitted directly to the product sponsor after his firm had rejected them. Thoresen
is not currently registered and last worked for Allstate Financial Services in Jacksonville. 

Stephanie L Webster-Ft. Lauderdale, FL-fined $5,000 and suspended for 15 days upon findings that she trying to settle a customer complaint by paying $70,000, without notifying her current or previous member firm. Webster is not currently registered and last worked for Atlas One Financial Group in West Palm Beach, FL. Prior to that she was with Capital Guardian, LLC. 

Andrew M. Abern-Miami,FL-fined $25,000 and censured upon findings that he provided some customers with variable annuity expense disclosure forms containing inaccurate information. The proposed transaction was unsuitable since it contemplated using refinancing proceeds from the customers residence and was too high a concentration level. Abern is registered with Dalton Strategic Investment Services in Coral Gables, FL. 

Johan Mary-Lyn Akal-Sarasota, FL– named a respondent in a FINRA complaint alleging that she forged, without authority, a customers signature on withdrawal slips and took over $47,000 from the customers bank account. Akal is not currently registered. Her last registration was with Suntrust Investment Services in Sarasota, FL. 

Levinski D Barnes-Lutz, FL-named a respondent in a FINRA complaint that he misled a customer as to an outside investment, collected $50,000 from the customer and only returned a portion. Barnes is not currently registered. His last registration was with J.P. Turner & Company. 

If you have questions about losses or other activity in your brokerage account, please do not hesitate to contact us. We have been helping investors recover stock market losses for more than 20 years. 

Free consultation. Nationwide representation.


561 391 1900