Category Archives: Park Avenue Securities

Scott D. Offerman-Former Concorde Investment Services Broker-Discloses Termination from Employment/ Liens-New York

June 2017- New York

According to publicly available records Scott David Offerman  (CRD#4619093) ,  a  stockbroker who currently is employed by Sandlapper Securities  discloses a termination from employment and 9 outstanding 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.

In 4/2017 Scott Offerman was permitted to resign from Concorde Investment Services for “failure to disclose Form U4 reportable liens in a timely manner”.

Offerman discloses tax liens to the Recorder of Deeds in Trenton, NJ, New York, NY and  Albany, NY. He also discloses a tax lien in the amount of $12,649 to the New York Department of Taxation and Finance.

Offerman was employed by Concorde Investment Services 1/2013-4/2017. Prior to that he was employed by Park Avenue Securities.

 

If you have questions about an account handled by Scott D. Offerman , 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

Lizabeth Gotuaco Ty-Former Park Avenue Securities Broker-Discloses Customer Disputes Over Unregistered Promissory Notes

UPDATE February 2017Lizabeth Beth Ty, also known as Lizabeth Gotuaco Ty discloses that another customer of Park Avenue Securities has filed a FINRA arbitration (case #17-429) alleging damages of $1.9 million related to the sale of unregistered promissory notes.

Original Post–November 2016-Houston, Texas

The FINRA records of  Lizabeth “Beth” G. Ty,  a  former stockbroker with Park Avenue Securities disclose three pending customer disputes and a prior regulatory matter that is final.

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 pending customer disputes against Beth Ty are:

  • FINRA Case 16-0871-in which a customer of Park Avenue Securities alleges damages of $250,000 related to the purchase of an unregistered promissory note.
  • FInra Case 16/0481 in which a customer of Park Avenue Securities alleges damages of $500,000 in connection with the purchase of unregistered promissory note investments.
  • FINRA Case 16-0424 in which a customer of Park Avenue Securities alleges damages of $400,000 in connection with investments in unregistered promissory notes.

On April 16, 2016, during the course of an investigation into allegations that Beth Ty sold unregistered securities, FINRA requested that Ty provide documents and information pursuant to FINRA Rule 8210. Through her attorney, Ty indicated that she would not produce the information or documents at any time. In May 2016, FINRA permanently barred Beth Ty from acting as a broker or otherwise associating with firms that sell securities to the public. FINRA Disciplinary Action 2016049315001.  

Ty was registered with Park Avenue Securities from 1/2006-7/2015.

If you have losses in an account in an account handled by Lizabeth “Beth” Gotuaco Ty , contact us to discuss how you may be able to recover damages for those losses 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

Ronnie W. Shaffer-OneAmerica Securities Broker-Discloses Outstanding Judgements/Liens

July 2016- Tyler, Texas

The FINRA records of Ronnie W. Shaffer  , a stock broker who works for OneAmerica Securitiesdisclose  7 outstanding judgements/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.

 

Shaffer discloses 7 outstanding judgments filed at the Smith County Courthouse in favor of the Internal Revenue Service. The liens range in amounts from $12,280-$125,000.

Shaffer has been employed by OneAmerica Securities since 7/2010. Prior to that he was employed by Park Avenue Securities. 

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

Jay John Soojian Sanctioned by Regulators for Sale of Osiris Securities

In July 2014 Jay John Soojian entered submitted a Letter of Acceptance, Waiver and Consent to the Financial Industry Regulatory Authority (FINRA)  to resolve allegations that he he fraudulently omitted material facts in connection with his sales of $775,000 of Osiris Fund limited partnership interests. FINRA also alleged that Soojian participated in private securities transactions with written approval from his firm.

According to FINRA records, Soojian was registered with New England Securities from 12/2000-8/2011 and with Park Avenue Securities from 09/2011-10/2012.

Soojian was  permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public.

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

Garland Texas Broker Sanctioned by FINRA

Lloyd J. Chappell of Garland, Texas was suspended for four months and received a deferred fine of $5,000 by the Financial Industry Regulatory Authority (FINRA) on findings that on two occasions he contacted an investment company where one of his former customers held an account and impersonated the customer.  According to the findings, Chappell altered his voice and provided personal data in order to obtain  information related to the account, without the customer’s knowledge or consent.

According to FINRA records, Chappell was registered with BFT Financial Group of Bedford, Texas 8/2013-12/2013 and with Park Avenue Securities from 1/2000-4/2013.

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

Texas State Securities Board Revokes License of Lloyd J. Chappell

By Robert H. Rex, Esq.

On January 13, 2014, the Texas State Securities Board (TSSB) revoked the securities license of Lloyd J. Chappell. According to official records of the Financial Industry Regulatory Authority (FINRA), Chappell operated various businesses in the Dallas area, including:
  • Texas Financial Associates Insurance Agency Garland, Texas
  • Texas Financial Associates Garland, Texas
  • Guardian Life Ins Co Dallas, Texas
  • The Financial Process Group Austin, Texas
FINRA records indicate that Chappell was discharged by BFT Financial Group, LLC, on December 3, 2013, for contacting an investment company and pretending to be several customers to gain account information.
Chappell’s registration history per FINRA includes:
  • BFT Financial Group 8/2013-12/2013
  • Park Avenue Securities  1/2000-4/2013
According to FINRA’s allegations Chappell pretended to be several shareholders that were clients of Chappell’s previous firm in order to obtain information related to these shareholder’s accounts. In support of these efforts, Chappell impersonated these shareholders by altering his voice. When contacted by the TSSB about these impersonations, Chappell repeated denied doing so.

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

Darrell Frazier-Former MML Investor Services Broker-Discloses 38 Customer Disputes

UPDATE July 2016FINRA records disclose that Darrell G. Frazier has 17 customer disputes pending and 21 customer disputes that are final. Frazier was employed by MML Investors Services from 8/2010-5/2011. Prior to that he was employed by Park Avenue Securities.

August 2013-Dublin, Ohio

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.
Darrell Glynn Frazier (CRD #1663429, Registered Representative, Dublin, Ohio-not currently registered, formerly with MML Investors Services, LLC, prior to that Park Avenue Securities, LLC. ) 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, Frazier consented to the described sanction and to the entry of findings that he made false representations in connection with the sale of variable annuities. The findings stated that as a result of this conduct, Frazier willfully violated Section 10(b) of the Securities Exchange Act of 1934, FINRA Rules 2010 and 2020, and NASD Rules 2110 and 2120.

Frazier told customers that they would earn a return of 7 percent or
more by purchasing variable annuity products and that the principal
amount they invested through the variable annuity would be guaranteed against loss. Frazier assured one customer that he would not be charged annual fees on his variable annuities, and advised another customer that he, Frazier, would only make money from the annuity purchase if the customer made money. All of these representations and assurances were false.

The findings also stated that some of the customers separately contacted Frazier to question why a particular annuity was not performing as expected. The customers questioned why they were not seeing the guaranteed 7 percent return reflected in account documents, and why the values of their annuities appeared to be decreasing. Frazier assured them that they were receiving the 7 percent return and that their principal was safe.

The findings also included that Frazier separately told customers that the 7 percent return had not yet been added to their annuity but soon would be, that an annuity was making money but that the 7 percent return would only be reflected on annual, not quarterly, statements, that for various reasons, he had not been able to obtain documents reflecting the 7 percent return; and in response to why the value of his annuity seemed to be declining, Frazier promised to look into the matter, but never did.

FINRA found that Frazier made unsuitable allocation recommendations to his variable annuity customers. The customers had not completed college and had little investment experience. All were at or near retirement age, were of moderate means and expressed concerns about losing their principal. Nevertheless, at various times during the terms of their variable annuity contracts, Frazier recommended that the customers allocate most or all of their annuity assets to a single investment portfolio, and often the portfolio he recommended involved high-risk investments. Frazier’s recommendations to over concentrate assets in high-risk investments were unsuitable for customers who were at
or near retirement, had only moderate means, and were concerned about preservation of principal.

FINRA also found that Frazier recommended that customers take out home mortgages from their paid-off homes and invest the proceeds into variable annuities.

Some customers followed this advice. Frazier convinced customers to use profits from their annuities to purchase duplicative or excessive insurance policies, and arranged for systematic withdrawals from the variable annuities to pay the insurance premiums.

The withdrawals to pay the insurance premiums resulted in several customers incurring additional tax liability and surrender charges. Frazier also recommended that a customer, whose variable annuity was beyond the surrender period and was no longer subject to deferred sales charges, sell the annuity and invest the proceeds in a new variable annuity, exposing her to a new period of deferred sales charges. These strategies produced additional compensation for Frazier but were unsuitable for the customers.

In addition, FINRA determined that Frazier often completed or partially completed forms that the customers were required to fill out when applying for a variable annuity contract. Several of the forms Frazier completed were inaccurate. Frazier overstated the net worth and income of customers and inaccurately characterized their risk tolerances. Frazier regularly had customers sign undated, blank
brokerage forms. Such signed, but otherwise blank forms were located among his files, along with correspondence specifically instructing customers to sign but not date blank forms.(FINRA Case #2010023442901)

If you have losses in an account handled by Darrell G. Frazier 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