Category Archives: InvestaCorp Inc

Investacorp Broker Discharged for Failure to Follow Firm Policy-Austin, Texas

Austin, Texas

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,  Theodore M. Jenkin , currently a broker with Kestra Investment Services discloses that he was discharged by Investacorp, Inc. in 9/2015. Investacorp, Inc. alleged that the termination was due to “failure to follow rules and firm policy regarding approved investments”.

Jenkin has been registered with Kestra Investment Services since 9/2015. He was registered with Investacorp from 8/2008-9/2015.

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 Newbridge Securities Broker in Pompano Florida Sanctioned by Securities Regulators

August  2015- Pompano Beach, Florida

Walter Paul Priebe , entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that he failed to notify his firm that he was serving in a fiduciary capacity as either a primary or successor trustee for several trusts associated with certain clients of his firm in violation of FINRA rules and firm procedures.

In addition , according to FINRA, Priebe falsely stated on compliance questionnaires that he had disclosed all current outside business activities (OBAs).

AWC No. 2014041781901

Priebe was fined $25,000 and suspended from association with any FINRA member for six months.

According to FINRA records, Priebe  was registered with Newbridge Securities  from 7/2014 until he was suspended by FINRA 9/2015.  Prior to that he was registered with Investacorp in Fort Lauderdale, FL, from 3/1989-7/2014.

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

Miami Based Investacorp Sanctioned For Excessive Sales Charges on REIT Sales

July 15, 2015- Miami, Florida

Investacorp Inc. , entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that from April 2009 to April 2014 they failed to apply volume discounts to certain customers’ purchases of non-traded real estate investment trusts (REITs) and business development companies (BDCs).

As a result those affected customers paid excessive sales charges.

AWC No.2014042565701

Investacorp Inc. was censured , fined $50,000 and ordered to pay restitution of over $27,000.

Investacorp  has about 514 brokers in 331  branch offices and is headquartered in Miami, Florida.

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

Walter Priebe-Former Investacorp Broker – Sanctioned by Securities Regulator-Ft. Lauderdale

August19, 2015,

Walter Paul Priebe , entered into a Letter of Acceptance, Waiver and Consent (AWC)  with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that he acted in a fiduciary capacity for various trusts without providing notice to his member firm and without obtaining approval.

According to the AWC, between 2001-2012, while registered with Investacorp in Ft. Lauderdale, FL, , Priebe engaged in outside business activities by serving as trustee for several trusts with clients of the firm. He failed to provide notice to Investacorp of his fiduciary roles and raise to obtain approval in violation of firm policies and in violation of NASD and FINRA rules.

AWC  No. 2014041781901

Priebe was suspended for 6 months and assessed a fine of $25,000. According to FINRA records, Priebe  was registered with Investacorp from 3/1989-7/2014 when he left to join Newbridge Securities Corporation.

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 Richard A. McGuire Sanctioned by Regulators

November 3, 2014- The Financial Industry Regulatory Authority (FINRA) barred Richard A. McGuire from associating with any FINRA member firm in any capacity and ordered him to pay restitution of $95,000, plus interest for forging a former customer’s signature to loan agreements. Disciplinary proceeding No. 20110273503. 

According to FINRA records, McGuire was registered with the following firms:

  • Financial West Group                      7/28/2014-11/3/2014
  • Cabot Lodge Securities                   3/2013-8/2014
  • Investacorp, Inc.                                  6/2011-12/2012
  • Americas Investment Corp.         12/2009-4/2011

If you suffered losses in an account managed by McGuire, contact us to learn how you may be able to recover damages.

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 Sues Richard McGuire-Alleges Theft/Forgery in Customer’s Account

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.

July 2013

Richard Allen McGuire
(CRD #4637028, Registered Representative, Bay Shore, New York) was named a respondent in a FINRA complaint alleging that he converted a total of approximately $95,000 from a former customer by misrepresenting that purported investments of $60,000 and $35,000 were for the purchase of products similar to annuitiesand issued by a company he owned and controlled. The checks the customer provided were deposited in a bank account that McGuire controlled, and McGuire used them to
pay for personal expenses and to benefit his unapproved outside business. The complaint alleges that when the customer asked to withdraw a portion of her $95,000 investment, McGuire declined to do so, advising her that a withdrawal would result in the assessment of severe financial penalties. The complaint also alleges that in response to FINRA inquiries, McGuire provided copies of loan agreements, in which he forged or caused to be forgedthe customer’s signature, reflecting the customer’s purported loan of $95,000 to McGuire’s business. The customer never made any loans to McGuire or his company.

 

The complaint further alleges that McGuire failed to notify his member firms of his activities related to outside businesses, including his company. In addition, the complaint alleges that McGuire failed to make written notification to his member firms of securities accounts he maintained, one in his own name and one in his company’s name, at other brokerage firms; and also failed to notify the broker-dealers where he maintained the accounts of his association with member firms. Moreover, the complaint alleges that McGuire willfully failed to disclose unsatisfied state and federal tax liens on his Form U4. (FINRA Case #2011027350301)

According to FINRA records, McGuire is  currently registered with Cabot Lodge Securities since 3/4/2013. He was previously registered with the following firms:

InvestaCorp Inc.
6/2011-12/2012

Ameritas Investment Corp.
12/2009-4/2011

Ameritas Investment Corp. was formed in 1984. They have nearly 1,300 registered representatives in over 550 offices nationwide. Their main office is located in Lincoln, Nebraska.

TFS Securities, Inc.
5/2008-12/2009

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