Category Archives: Kovack Securities

Douglas W. Studer-Former Kovack Securities Broker-Barred by Securities Regulator-Ft. Lauderdale, FL

February 2017-Ft. Lauderdale, FL

According to publicly available records Douglas W. Studer , (CRD# 4440047) ,  a  former stockbroker who was last employed by Kovack Securities, disclose that he was permanently barred by FINRA from acting as a broker or otherwise associating with firms that sell securities to the public.

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 September 2016 , without admitting or denying the allegations, Studer consented to the entry of findings that he refused to appear before FINRA for on the record testimony in relation to an investigation into whether he had violated his employing member firm’s policy by being named in an elderly customer’s estate documents to inherit the customer’s waterfront condominium.

 

In November 2015, a customer of Studer’s prior employer, National Securities Corporation alleged damages in excess of $5,000 for unauthorized trading in mutual funds. That matter was settled for $60,010.

Public records reveal that Studer filed and was discharged from Chapter 7 Bankruptcy in April 2010.

Prior to Kovack Securities, Studer was employed by National Securities and before that by Prime Capital Services.

If you have questions about an account in an account handled by Douglas W. Studer, contact us to discuss your legal 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

Gerald J. OHalloran- Kovack Securities Broker-Discloses Customer Disputes- Punta Gorda, FL

January 2017-Punta Gorda, FL

According to publicly available records Gerald J. OHalloran, (CRD# 1056697) ,  a  stockbroker currently employed by Kovack Securities  discloses five  prior finalized customer disputes, 3 pending customer disputes 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.

A customer of  Kovack Securities, filed FINRA Case 7-01446, alleging damages of $64,193 for recommending unauthorized trading. An arbitration panel awarded the customer $76,565.

In pending  FINRA Case 16-2140  a customer of Kovack Securities alleges damages of $135,000 for negligence , misrepresentation and other claims related to investments in real estate investment trusts (REITs).

In 5/2000  O Halloran  was ‘permitted to resign’ from A. G. Edwards  . In 9/ 1998, O Halloran was discharged from Edward D. Jones & Co for failure to comply with records keeping requirements.

O Halloran has been registered with Kovack Securities since May 2004.

If you have questions about an account in an account handled by Gerald J. O Halloran, contact us to discuss your legal 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

Andrew Scheirer-Kovack Securities Broker-Discloses Customer Disputes-Sanford, FL

January 2017-Sanford, FL

According to publicly available records Andrew R. Scheirer, II (CRD# 4256666) ,  a  stockbroker currently employed by Kovack Securities  discloses two  prior finalized customer disputes and a separation 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.

A customer of Scheirer’s prior employer, First Allied Securities, filed FINRA Case 16-0772, alleging damages of $200,000 for recommending various unsuitable private equity products which the customer alleged were unsuitable investments. That case was settled for $30,000.

IN FINRA Case 14-0006 a customer of First Allied Securities alleged damages of $2,700,000 for common law fraud, negligent misrepresentation and other claims related to the investment in private equities. That case was settled for $650,000.

In 12/2014, Scheirer was ‘permitted to resign’ from First Allied Securities who made the following allegations in connection with the termination:“Investment adviser representative did not follow firm procedures in connection with a customer initiated arbitration proceeding.”

Scheirer has been registered with Kovack Securities since December 2014.  He was previously registered with First Allied Securities from 10/2007-12/2014. 

If you have questions about an account in an account handled by Andrew R. Scheirer, II, contact us to discuss your legal 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

Ronald A. Christopher-Kovack Securities Broker-Discloses Customer Dispute-Altamonte Springs, FL

January 2017-Altamonte Springs, FL

According to publicly available records Ronald A. Christopher, Jr.  (CRD# 2892530) ,  a  stockbroker currently employed by Kovack Securities  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.

A customer of Christopher’s former employer Merrimac Corporate Securities has filed FINRA Case # 16-2963, seeking damages of $400,000 and  alleging that Christopher was negligent and sold unsuitable oil & gas and real estate investments (REITs).

Christopher has been registered with Kovack Securities since January 2014.  He was previously registered with Merrimac Corporate Securities (FINRA expelled Merrimac 3/2016)

If you have questions about an account in an account handled by Ronald A. Christopher, Jr. , contact us to discuss your legal 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

Andrew S. Corbman-Former Kovack Securities Broker-Discloses 5 Pending Customer Disputes

UPDATE DECEMBER 2016Andrew S. Corbman was permanently barred by FINRA from acting as a broker or otherwise associating with firms that sell securities to the public. Without admitting or denying the findings, Corbman consented to sanctions and entry of findings that he refused to appear for on the record testimony as requested by FINRA in connection with his termination from employment from his firm and allegations against him regarding unsuitable and unauthorized trading. FINRA Case 2016051009001.

ORIGINAL POST-July 2016- South Florida

The FINRA records of Andrew S. Corbman disclose 1 final regulatory matter, 5 pending customer disputes, 7 prior final customer disputes, 1 termination from employment , a pending personal bankruptcy and 2 Federal tax 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.

The currently pending customer disputes include:

  • FINRA case 16-1671- a customer while Corbman was employed by Kovack Securities alleges damages of $700,000 for violations of the Virginia Securities Act, common law fraud, breach of fiduciary duty and other claims.
  • FINRA Case 16-0498-a customer while Corbman was employed by Kovack Securities alleges damages of $1.3 million for unauthorized and unsuitable trading and failure to supervise.

Earlier in 2016 Corbman was sanctioned and suspended  by FINRA to resolve allegations that while he was employed by FSC Securities, he made unsuitable recommendations to three customers that were inconsistent with their investment objectives and risk tolerance.

FINRA records indicate that Corbman was registered with Newbridge Securities from 11/2015-3/2016. He was registered with Kovack Securities from 1/2011-11/2015. Prior to that he was registered with FSC Securities from 2/2008-1/2011. He is not currently registered.

Corbman was discharged by FSC Securities in 2011 , who made the following statement on Corbman’s official FINRA record:

“The registered representative violated firm policies, including the use of unapproved advertising, failure to utilize required firm sale practice forms and was found to have utilized an unapproved email address.”

If you have losses in an account handled by Andrew Corbman, you may be able to collect damages from his former 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

“Free Dinner” Investment Scam in Florida Leads to Fraud Complaint Against Four Individuals

April 4, 2016

The Securities and Exchange Commission (SEC) filed a complaint charging four individuals with fraud on senior citizens who were tempted to “free dinner” seminars where they were solicited to invest.

At the dinners, which were held at a Tampa restaurant, the mostly elderly attendees were provided with phony marketing materials that were actually cut and pasted from another firm’s website. According to the SEC a large portion of the money raised was never invested but split among the co-conspirators of the fraud.

Named in the complaint are:

  • Joseph Andrew Paul of Philadelphia. According to FINRA records, Paul was a stock broker with Arjent LLC from 3/2010-1/2011. Prior to that he worked for Kovack Securities. He has previously settled five customer complaints. In May of 2007 he was discharged by Wachovia Securities for failure to adhere to firm policies. IN July 200y he was discharged from PNC Investments.
  • John D. Ellis, Jr. of Philadelphia- According to FINRA records he was last employed as a broker with Kovack Securities where he worked from 11/2007-7/2009. He has previously settled two customer complaints.
  • Donald H. Ellison of Palm Bay, FL- He was last employed by Southridge Investment Group from 5/2011-9/2011 and from 9/2009-8/2010.
  • James S. Quay of Atlanta- Quay used an alias “Stephen Jameson”  to conceal his identity so that potential victims would not learn of his prior conviction for tax fraud in 2005 and securities fraud in a 2012 SEC enforcement action.

According to the SEC, from 2010-2012 Paul and Ellis marketed themselves as experienced money managers through Paul-Ellis Investment Associates

If you had losses in an account handled by   Joseph A. Paul,  John D. Ellis or Donald H. Ellison while they were working for a registered broker dealer, contact us to learn about your legal rights.

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

Aldo Marchena-Former Northeast Securities Broker-Discloses Settlement of Customer Disputes

UPDATE December 2016Aldo Marchena discloses two customer disputes on his FINRA record. 

FINRA Case 16-1918-in which a customer of Northeast Securities alleges damages of $75,000 for breach of fiduciary duty by recommending high risk investments. This case was settled in December 2016 for $30,000.

FINRA Case 15-3116-in which a customer of Northeast Securities alleges damages of $65,250 for unauthorized trading and unsuitable investments. This case was settled for $45,000 in November 2016

ORIGINAL POST -March 24, 2016-Boca Raton, FL

Aldo Nestor Marchena , a broker with Northeast Securities, entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that  he engaged in an outside business activity while associated with Northeast Securities without providing written notice to the firm in violation of FINRA rules.

In addition, FINRA alleged that Marchena made inaccurate statements on two annual firm questionnaires , in violation of FINRA rules.

According to FINRA records, Marchena formed ABC, a Florida LLC which offered business consulting services and used his Northeast Securities address as the official address of ABC. In early 2011, Marchena orally requested permission from the firm to refer Northeast Securities customers to ABC for business consulting purposes and for referrals from ABC for brokerage services. The firm denied the request.

According to FINRA, Marchena did not tell the firm he was continuing his involvement with ABC.

AWC No.  2014040769401

Marchena was suspended from association with any FINRA member in any capacity for five months and fined $5,000 in April 2016.

FINRA records disclose that Marchena was registered with Northeast Securities from 10/2010-4/2014. Prior to that he was employed by Kovack Securities. He is not currently registered as of July 2016.

Northeast Securities was founded in 1989 and is headquartered in Mitchelfield , NY.  According to FINRA , Northeast Securities discloses 15  regulatory events and 11 customer arbitrations.

If you have losses in an account handled by Aldo Marchena, 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