Category Archives: Parkland Securities (Sammons)

Delbert W. Carnes-Woodbury Financial Broker-Discloses Settlement with Customers & Outstanding Judgment

August 2016- Colorado Springs, CO

The FINRA records of Delbert W. Carnes ,  a  stock broker who is currently  employed by Woodbury Financial Services  disclose 5 prior customer disputes and a currently outstanding judgment.

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 prior finalized customer disputes include:

  • FINRA Case 14-02979 in which a customer of Carnes‘ prior employer, Parkland Securities (formerly Sammons Securities) alleged damages of $125,000 for inappropriate and misleading advice which resulted in an over concentration in unsuitable illiquid investments. That case was settled for $45,000.
  • FINRA Case 12-02470  in which a customer of Carnes‘ prior employer,  Sammons Securities alleged damages of $223,000 for misrepresentation, omission of facts, negligence and breach of fiduciary duty and failure to conduct adequate due diligence.That case was settled for $84,000.
  • FINRA Case 12-02220  in which a customer of Carnes‘ prior employer,  Sammons Securities,  alleged damages of $406,139 for misrepresentation, omission of facts, negligence and breach of fiduciary duty .That case was settled for $245,500.

Carnes discloses a currently outstanding lien in the amount of $132,993 in favor of First Citizens Bank & Trust, filed in District Court of Douglas County.

Carnes has been employed by  Woodbury Financial Services  since 7/2009.

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.

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Rex Securities Law

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Florida-561 391 1900 

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Cetera Advisors Broker Clark Gardner Sanctioned by Securities Regulator

September 26, 2014-Orem, Utah–Clark S. Gardner was permanently barred from the securities industry by FINRA to resolve allegations that he converted customer funds by depositing them in his personal bank account.

According to the FINRA pleadings, a customer provided Gardner with $243,000 for an “investment opportunity” in April 2014. Instead of making an investment for the customer, Gardner deposited the check into his personal account and used it to repay funds he owed to other individuals and for personal expenses.

In addition, FINRA alleged that Gardner engaged in an outside business activity with the Firm’s knowledge or consent. FINRA records indicate that Gardner was employed by Cetera Advisors from 12/2013-5/2014. Prior to that he was employed by Sammons Securities Company.

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

Parkland Securities (fka Sammons Securities) Sanctioned by Securities Regulators

Parkland Securities, Ann Arbor, MI, (formerly known as Sammons Securities Company) was censured and fined $100,000 by FINRA to resolve allegations that it violated FINRA and NASD rules related to supervision of its brokers and other matters.

The FINRA findings noted that from March 8, 2010 to October 8, 2012, Sammons supervisory and compliance functions were conducted by B/D OPS, LLC, a related company, which also provided supervisory and compliance services to another broker-dealer.

The 35 person staff of BD OPS was responsible for supervising a total of 1,274 brokers and 854 branch offices, an undertaking which FINRA found to be unreasonable. With only 3 people serving as field auditors, they were performing 5-10 branch inspections per week. Simmons system of supervision was found to be inadequate.

FINRA also found the Sammons failed to properly review broker emails for red flags, and failed to conduct any independent due diligence for structured products sold to customers.

If you lost money in an account at Parkland Securities (Sammons) 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