Category Archives: Purshe Kaplan Sterling Inv.

Stanley Niekras-Former Purshe Kaplan Broker-Charged in Regulatory Complaint Alleging Financial Abuse of Elderly

November 2016-Watertown, New York

The FINRA records of  Stanley C. Niekras,  a  stockbroker who was formerly  employed by  Purshe Kaplan Sterling Investments disclose 7 prior customer disputes that have been resolved and a currently pending regulatory event.

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 the currently pending regulatory matter, FINRA case 2013037401001 , FINRA alleges that Niekras attempted to collect $70,000 in estate and financial planning fees from an elderly couple that he was not entitled to.

Niekras told the clients, who were in their 90’s and declining mentally and physically, that he he had spent hundreds of hours working on their estate plan and charged them at the rate of $250 per hour, notwithstanding the fact he had no agreement entitling him to such a fee.

The  prior customer disputes include several cases involving variable annuities which resulted in significant six figure settlements.

Niekras, who is not currently registered,  was last employed by Purshe Kaplan Sterling Investments from 5/2014-10/2015. Prior to that he was employed by MML Investors Services.

If you have losses in an account in an account handled by Stanley C. Niekras  contact us to discuss how you may be able to recover damages for those losses.

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

Aon D. Miller-Former Benjamin Edwards Broker- Sanctioned by Regulators

December 18, 2015-Chattanooga, TN

A Financial Industry Regulatory Authority (FINRA) hearing panel found that former Benjamin F. Edwards broker Aon D. Miller violated NASD Rule 3040 and FINRA Rule 2010 by participating in private securities transactions without providing the required prior written authority to his firm. Miller was suspended for two years, fined $50,000 and ordered to pay costs. Disciplinary Proceeding No. 2012034393801. 

Over $1.5 million was raised in three private securities transactions involving Chestnut Development Partners LP, City Title Loan and KB International, LLC.

According to FINRA records Miller has appealed the FINRA hearing panel ruling.

Aon Miller was registered with Benjamin F. Edwards from 7/2011-10/2012, when he was discharged for “violating firm procedures regarding outside business activities and private securities transactions.” Miller was registered with Purshe Kaplan Sterling Investments in Chattanooga from 11/2012-4/2013.

If you have questions about an account handled by Aon D. Miller call to speak with an experienced securities attorney.

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

Purshe Kaplan Sterling Investments and Broker Vungarala Named In Regulatory Complaint

February 4, 2016- Boca Raton, Florida

The Financial Industry Regulatory Authority (FINRA) filed a disciplinary proceeding against brokerage firm Purshe Kaplan Sterling Investments and broker Gopi Krishna Vungarala alleging that from June 2011-January 2015 Vungarala regularly lied to his customer, a Native American tribe, about the investments he was recommending to them.

According to the complaint Vungarala convinced the tribe to invest hundreds of millions of dollars in non-traded real estate investment trusts (REITs) and business development companies (BDCs)  , also known as alternative investments, generating over $11 million dollars in commissions.

The complaint seeks disgorgement and other relief. FINRA Disciplinary Proceeding 2014042291901.

 

According to FINRA records Vungarala has been registered with Purshe Kaplan Sterling Investments since 12/2007.

Purshe Kaplan Sterling Investments has been a FINRA member since 1994. They have about 1,250 registered persons in 460 branch offices.

Alternative investments include non publicly traded real estate investment trusts (REITS) , hedge funds, real estate, commodities and derivatives contracts and, managed futures. It may also include art, wine, antiques, coins or stamps. These investments tend to be complex, illiquid, nontransparent, hard to value and expensive. Many of the alternative investments sold over recent years are not traded on any public market making them difficult to value and even more difficult to liquidate if cash is needed.

If you have losses in an account handled by  Purshe Kaplan Sterling Investments , contact us to discuss how you may be able to recover damages for those losses.

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

Former Benjamin Edwards Broker Aon D. Miller Charged By FINRA

UPDATE January 2016-Chattanooga, TN–A FINRA hearing panel found that former Benjamin F. Edwards broker Aon D. Miller had violated NASD and FINRA rules in connection with private securities transactions. He was suspended for two years and fined $50,000. Miller has appealed the ruling, according to FINRA records. See this for more detail. 

____________________________________________________________

In September 2014, FINRA Department of Enforcement filed an Amended Complaint against Aon D. Miller alleging that he participated in private securities transactions in which $1.5 million was raised and did not provide his member firm Benjamin F. Edwards & Company (BFE) with prior written notice of his involvement in violation of NASD and FINRA rules.

Miller solicited BFE customers to invest in outside businesses and was  terminated for violation of firm procedures related to outside business activities in November 2012.

FINRA records indicate that Miller was registered with Purshe Kaplan Sterling Investments in Chattanooga, TN, from 11/2012-4/2013, after leaving Benjamin Edwards.

If you have questions about an account handled by Miller call to discuss your options with an experienced securities attorney.

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