Category Archives: Prudential Securities

Joel H. Kassewitz-Former Credit Suisse Broker-Discloses Customer Disputes-Coral Gables, FLA

February 2017-Coral Gables, FL

According to publicly available records Joel H. Kassewitz , (CRD# 1674124) ,  a   stockbroker who is  not currently registered discloses one pending and seven prior, final customer disputes.

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 pending FINRA arbitration 16-2746, a customer of his prior employer, Credit Suisse Securities , alleges damages of $400,000 for  recommending unsuitable  investments in oil and gas, violations of FINRA rules and Florida statutes, fraud and  breach of fiduciary duty.

His prior customer disputes include FINRA arbitration 11-2814 in which a customer of Kassewitz’s prior employer, Merrill Lynch, alleged damages of $1,000,000 for unsuitable investments. That case was settled in 2012 for $450,000.

Kassewitz  was employed previously by Wells Fargo Advisors, Credit Suisse Securities, Merrill Lynch, Prudential Securities and PaineWebber Inc.

If you have losses  in an account handled by Joel H. Kassewitz, call 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

Securities America Broker James McLaughlin Barred by Regulators for Churning Accounts

November 25, 2014-Westover, Alabama

James Mark McLaughlin was permanently barred from the securities industry by the Financial Industry Regulatory Authority for excessive trading (churning) customer accounts, unsuitable short term trading of A-Share mutual funds and for exercising discretion in customer accounts, also known as exercising discretion.

According to the FINRA letter of Acceptance Waiver and Consent, McLaughlin engaged in the following violative conduct:

Excessive Trading is measured by the  turnover rate and the cost to equity ratio. FINRA found that McLaughlin excessively traded in four accounts. In one of the accounts there were 459 purchases and sales resulting in a turnover rate of nearly 16 times the value of the account and a cost to equity ratio of nearly 70%. The cost to equity ratio is the amount the account would have to make to break even.

Unsuitable Short-Term Trading of A-share Mutual Funds, purchase and sale within a year, resulted in customers paying unnecessary mutual fund fees and commissions to McLaughlin. The customers would have paid 75% less in fees had they purchased C-shares.

Unauthorized Trading occurs when a broker places trades in an account without having discussions with the customer first. McLaughlin traded four customer accounts without obtaining written authority to do.

According to FINRA records, McLaughlin was registered with Securities America from 10/2000 until 10/2012 when he was discharged for violating firm policy related to excessive trading.  Prior to that he was registered with Prudential Securities Inc.

He was also barred by the Alabama Securities Commission in November 2013.

If you believe your account has been excessively traded or that the broker has traded it without your authority, contact us to learn how you may be able to recover damages.

Rex Securities Law , located in Boca Raton, FL, provides representation to  investors  in Alabama and 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