Category Archives: Invest Financial Corporation

David A. Cusano-Former Sandlapper Securities Broker-Discloses Regulatory Matter and Customer Disputes-Sarasota, FL

February 2017-Sarasota, Florida

According to publicly available records David A. Cusano , (CRD# 1805308) ,  a   stockbroker who is not currently registered and who was last employed by Sandlapper Securities, discloses a pending regulatory matter, 3 prior customer disputes that have been settled  and two separations 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.

Cusano discloses the following FINRA arbitrations that have been settled:

  • 12-0594-a customer of his prior employer NEXT Financial Group alleged damages of $100,000 for unsuitable investments. That case was settled for $50,000
  • 12-2302-a customer of his prior employers NEXT Financial Group, High Mark Securities and SII Investments  alleged damages of $1,593,168 for losses on annuities. That case was settled for $95,000.
  • 11-3339-a customer of his prior employer NEXT Financial Group alleged damages of $945,030 for excessive trading in unsuitable products, misrepresenting fees and commissions that would be charged, failure to disclose material information and breach of fiduciary duty. That case was settled for $330,000.

According to his disclosures, in November 2016 the Florida Office of Financial Regulation filed a cease and desist action seeking sanctions, including a permanent bar from the industry for borrowing from customers, engaging in prohibited business practices and failing to observe high standards of commercial honor. FL Docket Case 58302-S. 

In 2002, Cusano voluntarily resigned from Walnut Street Securities on allegations that he  participated in selling an unregistered security away from the firm. In 2010 Cusano was permitted to resign from NEXT Financial for submitting variable annuity forms that contained inaccurate information.  

Cusano’s registrations include:

  • Sandlapper Securities– 6/2014-1/2015
  • Invest Financial Corp.-7/2011-6/2014
  • Sterling Enterprises– 1/2011-7/2011
  • J.P. Turner & Co.-7/2010-10/2010
  • NEXT Financial Group– 8/2007-6/2010

If you have losses  in an account handled by David A Cusano, call 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

David L. Hannett Sr.-Invest Financial Broker-Discloses $5M Customer Dispute

Vienna, VA

According to FINRA records,  David L. Hannett, Sr.  a stockbroker  who works  for Invest Financial Corp. discloses  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.

Hannett discloses  currently pending FINRA Case 15-0023, in which a customer alleges damages of $5,000,000  for mishandling assets.

Hannett also discloses a prior customer dispute that has been resolved. In 2012 a customer alleged damages of $60,000 for unsuitable investment recommendations. That matter was settled for $60,000.

Hannett has been employed by Invest Financial Corp.  since 1991.

If you have questions about an account handled  by David L. Hannett Sr., 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

William L. Baumner of Buckman, Buckman & Reid Discloses Customer Dispute/Outstanding Liens-Boca Raton, FL

Boca Raton, Florida

According to FINRA records,  William L. Baumner, IV ,   a stockbroker who currently works for Buckman, Buckman & Reid   discloses  a currently pending customer dispute. In addition he discloses 6 prior finalized customer disputes and 5 pending 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.

A customer  while Baumner was employed at Invest Financial Corp. has filed a complaint in Palm Beach County Circuit Court alleging misrepresentation of material facts, insider trading and fraud. No specific amount of damages is alleged. Case # 502010CA017971.

Baumner discloses five outstanding liens in favor of the IRS ranging from $5,825 to over one million.

Baumner has been employed by Buckman, Buckman & Reid since 3/2010.

If you have questions about an account handled  William Baumner, 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

Stockbroker Leavitt Sanders has 38 Customer Complaints- Invest Financial Corporation-West Point, Georgia

West Point, Georgia

We are investigating Leavitt F. Sanders,  of Leavitt Financial Group, who was a registered stockbroker with the following broker dealers:

  • Capital Asset Advisory Services                   1/2014- present
  • Triad Advisors                                                        1/2014-12/2014
  • Invest Financial Corporation                       10/2008-1/2014
  • Financial Network Investment Co.               11/1998-10/2008

According to FINRA records, Sanders has been named in 38 customer disputes, of which 13 are still pending.

In these prior and pending customer disputes, Sander’s former customers have made numerous allegations regarding the mishandling of their brokerage accounts, including:

  • unsuitable investment strategies
  • misrepresentation
  • breach of fiduciary duty
  • lack of diversification
  • excessive trading
  • unauthorized trading
  • failure to follow liquidation instructions

In March 2015, the Georgia Secretary of State suspended Sanders pending his agreement to produce documents and records for inspection in connection with an official records examination.

If you have losses in an account handled by Leavitt Sanders, contact us to discuss how you may be able 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

Independent Broker Dealer Rankings Announced by Investment News

The Investment News recently announced the rankings of independent broker-dealers for 2013

BrokerDealer                   Gross Revenue

 1            LPL Financial LLC           $4B (billion)

2            Ameriprise Financial
Services Inc.                                     $3.2 B

3            Raymond James Financial
Services Inc.                                   $1.4 B

4            Commonwealth Financial
Network                                         $822 M (million)

5            Lincoln Financial Network       $794M

6            Wells Fargo Advisors
Financial Network                $707 M

7            Axa Advisors            $677M

8            Northwestern Mutual        $654M

9            Cambridge Investment
Research Inc.                      $574 M

10          Securities America Inc.      $475M

11          Royal Alliance Associates
Inc.                              $444 M

12          Cetera Advisor Networks    $435M

13          Waddell & Reed
Financial Advisors                       $426 M

14          ING Financial Partners
Inc.                                  $396 M

15          National Planning Corp.      $383M

16          NFP Advisor Services
Group                                $381 M

17          MML Investors Services
LLC                              $361 M

18          Securian Financial
Services Inc.                            $355 M

19          FSC Securities Corp.        $280M

20          Princor Financial
Services Corp.                           $279 M

21          SagePoint Financial Inc.  $279M

22          INVEST Financial Corp.      $278M

23          HD Vest Investment
Services                               $273 M

24          First Allied Securities
Inc.                                   $272 M

25          Signator Investors Inc.   $269M

Rex Securities Law , located in Boca Raton, FL, 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.

Rex Securities Law

561 391 1900

Wells Fargo Broker Steals from Sick Child: Expelled by FINRA

Ralph Edward Thomas, Jr. of Reistertown, MD, most recently with Wells Fargo Advisors, was sentenced to four years in prison and ordered to pay $838,000 in restitution for stealing money from several customers. One of the customers was a a trust fund set up for a child suffering from cerebral palsy.

FINRA announced the bar from the industry in its March disciplinary actions. The U.S. Attorneys Office for the District of Maryland alleged that Thomas had been stealing from customers for a few years. Over $750,000 was taken from the child’s trust fund, which had been funded with a $3 million medical malpractice settlement. The fraud began as early as 2001. Thomas joined Wells Fargo in 2004 and was discharged in 2010. Prior to that time he worked for Invest Financial Corporation and SunTrust Securities, Inc.

If you have questions about losses in your brokerage account or other matters related to an investment account, do not hesitate to contact us. Nationwide representation. Free consultation. 561 391 19000

www.RexSecuritiesLaw.com

Rex Investigates Tenant in Common, TIC, 1031 Exchange Real Estate Investment Losses

Have you or your loved ones suffered losses as a result of purchasing Tenant in Common Real Estate Investments? We are investigating schemes involving the sale of private investments in real estate (office buildings, shopping centers, etc) in investments knows as TIC’s, 1031 exchanges or Tenant in Common real estate investment schemes.

Brokerage firms nationwide sold these investments to unsuspecting
investors, many who are retirees on fixed income who can ill afford to lose capital. Oftentimes the selling firm did little or no due
dilligence to determine the safety of the investment or the suitablity
of the investment for the particular investor involved.

The brokers generally highlighted selling points like the guaranteed
annual income distributions (often 7% or more), but failed to discuss
the risks associated with this type of investment. Since TIC investments are private investments, not traded on any securities market, they can not be readily sold, making them virtually illiquid. This can be  critical for those needing liquidity for living and health expenses.

In February 2012 LPL Financial was hit with a $1.4 million arbitration award for an elderly couple who was sold tenant in common real estate investments. DBSI Inc., one of the largest sellers of TICs declared bankruptcy in 2008, however the broker dealers that sold those deals remain liable for selling these products.

Brokerage firms that sold TIC investments include the following:

Alternative Wealth Strategies
American Wealth Management
Berthel Fisher & Co

Cambridge Investment Research
CapWest Securities Inc.
DBSI Securities
DeWaay Financial Network, Inc.
Equity Services Inc.
FINTEGRA LLC
F.A. Repple & Co.

Grubb & Ellis
INVEST Financial Corp.
Investment Security Corporation
Investors Capital
J.P. Turner Co. LLC
LaSalle St. Securities

KMS Financial Services, Inc.
LPL Financial
MCL Financial Group Inc.
Meridian Capital Partners
Next Financial Group
NPV/Direct Invest
Omni Brokerage Inc.
Orchid Securities
Pacific West Securities

QA3 Financial Corp.
Quest Securities
Questar Capital Corp.
Regent Financial Group
Sanders Morris Harris
Sagepoint Financial

Securities Network LLC
Sigma Financial
U. S. Advisors LLC
U. S. Commercial
WFP Securities
Workman Securities

Rex Securities Law , located in Boca Raton, FL, 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.

Rex Securities Law

561 391 1900