Category Archives: Investment Professionals Inc (IPI)

San Antonio Based Investment Professionals Inc. Sanctioned for Unsuitable Advice

October 2017-San Antonio, Texas

San Antonio, Texas, based stock brokerage firm Investment Professionals, Inc.  (IPI)  recently was ordered by William F. Galvin of the Massachusetts Securities Division to pay a $100,000 fine and offer restitution to four senior clients who were allegedly sold unsuitable investment products from offices on the premises of local financial institutions.

In addition the settlement order requires IPI to retain an independent compliance consultant to review the firm’s policies governing supervision of their Massachusetts-registered financial consultants and the sales of securities to persons over 65.

In November 2016, Massachusetts regulators charged IPI with using high pressure sales contests and selling unsuitable investment products to senior citizens who were depositors at community banks.

“This case highlights the dangers of aggressive sales culture that leaves older customers exposed to pressure to buy unsuitable investments,” Secretary Galvin said. “This is especially true when the broker dealer is operating out of a community bank.”

Link to the Massachusetts Securities Division/ Investment Professionals Consent Order. 

In February 2017, without admitting or denying, Investment Professionals agreed to pay FINRA $125,000 and to the entry of findings that from 10/2011-10/2013 it executed 167 non-bona fide municipal transactions without a change of beneficial ownership and that the execution of seven of the transactions were pre -arranged. FINRA also found that IPI did not have written supervisory procedures applicable to trading in limited partnership accounts. FINRA Case 20120313632.

Investment Professionals, Inc., has been a FINRA member since 1992 and operates over 300 branch offices and over 360 employees nationwide.

FINRA records disclose that Investment Professionals, Inc. has 15 prior final regulatory events.

If you have questions about an account handled by Investment Professionals, Inc. call to learn 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

San Antonio Based Investment Professionals, Inc. Sanctioned Over Sales to Senior Citizens

March 2017-San Antonio, Texas

San Antonio, Texas, based stock brokerage firm Investment Professionals, Inc.  (IPI)  was ordered by William F. Galvin of the Massachusetts Securities Division to pay a $100,000 fine and offer restitution to four senior clients who were allegedly sold unsuitable investment products from offices on the premises of local financial institutions.

In addition the settlement order requires IPI to retain an independent compliance consultant to review the firm’s policies governing supervision of their Massachusetts-registered financial consultants and the sales of securities to persons over 65.

In November 2016, Massachusetts regulators charged IPI with using high pressure sales contests and selling unsuitable investment products to senior citizens who were depositors at community banks.

“This case highlights the dangers of aggressive sales culture that leaves older customers exposed to pressure to buy unsuitable investments,” Secretary Galvin said. “This is especially true when the broker dealer is operating out of a community bank.”

Link to the Massachusetts Securities Division/ Investment Professionals Consent Order. 

Investment Professionals, Inc., has been a FINRA member since 1992 and operates over 300 branch offices and over 360 employees nationwide.

FINRA records disclose that Investment Professionals, Inc. has 15 prior final regulatory events.

If you have losses in an account with Investment Professionals, Inc. you may be able 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

San Antonio Based Investment Professionals Inc. (IPI) Fined $170,000 by FINRA

July 2016-San Antonio, Texas

San Antonio, Texas, based stock brokerage firm Investment Professionals, Inc.  (IPI)  entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that they failed to supervise the advisory activities of nine registered representatives who were dually-registered with unaffiliated registered investment advisors and failed to record the transactions that these representatives executed away from the firm.

In addition FINRA alleged that IPI failed to preserve securities related emails  utilized in IPI’s Bethlehem, Pennsylvania branch office in violation of FINRA and NASD rules.

Investment Professionals, Inc., a FINRA member since 1992 with 305 branch offices and over 360 employees nationwide,  was censured and fined $170,000.

AWC 2014039093501

FINRA records disclose that Investment Professionals, Inc. has 13 final regulatory events.

If you have losses in an account with Investment Professionals, Inc. you may be able 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

Betsy Marcom-NEXT Financial Group Broker Fined/Suspended for Unsuitable Recommendation to Church-Georgetown, TX

November 19, 2015-Georgetown, Texas

Betsy Marcom (formerly Betsy Bratton Perryman) , entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that between June 1, 2009 and August 31, 2012, she made unsuitable investment recommendations to her client, a non-profit parish church.

In addition, FINRA alleges that Marcom , who was a member of the finance council for the church, recommended that they invest almost its entire portfolio in non-investment grade corporate bonds, resulting in an unsuitable concentration in such bonds, in violation of various NASD and FINRA rules.

“Investment Grade” is defined as a credit rating denoting only minimal risk for investors, and encompasses bonds rated BBB and above. Bonds that are rated BB. B, CCC, CC, C, and below are considered non-investment grade, or “junk” bonds. They are also frequently referred to as “high-yield” bonds.

AWC No.  2013037257201

Marcom was fined $15,000 and suspended from association with any FINRA member firm in all capacities for a period of four months.

According to FINRA recordsMarcom  was registered with NEXT Financial Group  from 2/2009-11-2015. Prior to that she was registered with Investment Professionals, Inc. from 5/1995-1/2009.

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

Jaime Morales-Investment Professionals Stockbroker- Sanctioned by FINRA-San Antonio, TX

November 24 , 2014-San Antonio, Texas

FINRA suspended  Jaime Morales of Castle Hills, TX on November 14, 2014, for failing to comply with an  arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance. That suspension was lifted December 8, 2014.

According to FINRA records,  Morales is currently registered with Investment Professionals, Inc. in San Antonio, TX. Morales was previously registered with Allstate Financial Services   from 9/2012-12/2013 . Prior to that Lawrence was registered with Wells Fargo Advisors from 6/2008-7/2012.

Morales also discloses that he filed for Chapter 7 bankruptcy protection 11/24/2014.

The Financial Industry Regulatory Authority (FINRA) publishes disciplinary actions involving stockbrokers and stock brokerage firms on a monthly and quarterly basis. That site may be accessed here. 

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

Rex Securities Law Investigates Former Investment Professionals Inc. Broker Jason Miller

Rex Securities Law is investigating Jason Todd Miller who previously worked for Investment Professionals, Inc. (IPI), in Ash Flat, Arkansas. Our client is an elderly widow who was anticipates filing a FINRA arbitration alleging that Miller convinced her to invest the bulk of her liquid net worth into unsuitable investments, including Inland American real estate investment trust. In connection with the investment, our client alleges that Miller misrepresented her income level, her liquid net worth, tax bracket and investment experience.

Miller worked out of an IPI office located within the Horseshoe Bend  branch of FNBC Bank.
According to FINRA records, Miller was a registered representative of Investment Professionals Inc.  from 8/2003-3/2009 and he is not currently registered with any broker dealer. Investment Professionals Inc. has its main office in San Antonio, Texas.
His previous registrations include:
  • American Express Financial Advisors, Little Rock, Arkansas
If you have information you feel would be helpful to this investigation, we would appreciate hearing from you.

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

Timothy Ward of Investment Professionals, Inc. Barred by FINRA–Misappropriating Client Funds

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

Timothy Ruben Ward (CRD #2600718, Registered Representative, Dexter, Missouri) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Ward consented to the described sanction and to the entry of findings that he solicited customers to buy a mutual fund.

 

The customers gave Ward $10,000 in cash to invest in the mutual fund. Instead of investing the funds, Ward converted the funds for his own personal use and then provided the customers with false quarterly account statements that showed that the money had been invested in the mutual fund. The findings stated that Ward borrowed at least $10,000 in total from firm customers in violation of the firm’s written policy prohibiting lending arrangements with customers. Ward did not give written notice to, nor obtain prior written approval from, the firm for any of the loans he received from the customers.

 

The findings also included that Ward settled a customer complaint without notifying the firm. FINRA found that a firm customer purchased a variable annuity contract in the amount of $52,000. Due to a misunderstanding between the customer and Ward regarding the product, the customer decided to terminate the contract. The customer was beyond the free look period and thus subject to surrender charges in the amount of $4,454.54. Ward settled the complaint by paying the customer the full amount of the surrender charges via cashier’s checks without notifying the firm. (FINRA Case #2013036640801)

According to FINRA records, Ward is not currently registered. He was previously registered with the following firms:

Investment Professionals, Inc.
7/2008-4/2013

U.S. Bancorp Investments, Inc.
12/2001-7/2008

Firstar Investment Services, Inc.

1/2000-12/2001

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