Category Archives: QA3 Financial Corp

Dawson James Broker James Bernthal Named in Two Customer Arbitrations

May 2016

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.

According to FINRA records,  James R. Bernthal has been registered with Dawson James Securities since 4/2016. Prior to that he was registered with Network 1 Financial Securities from 1`2/2012-4/2016.  Prior to that he was registered with Obsidian Financial (expelled from industry by FINRA 10/2013) and prior to that he was registered with QA3 Financial Corp.

FINRA records disclose that there are currently two customer disputes pending against  James R. Bernthal.

  • FINRA Case 15-3181- A customer alleges  unsuitable transactions, unauthorized trading and failure to supervise. Damages are alleged to be $137,000.
  • FINRA Case 15-1467- A customer alleges unsuitable transactions, breach of contract, fraud and churning. Damages are alleged to be $250,000.

If you have losses in an account handled by James Bernthal , contact us to learn how 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

Wesley Clinton -Network 1 Financial Securities Broker-Discloses Customer Disputes-Wantagh, NY

October 2017-Wantagh, NY

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.

According to FINRA records,  Wesley O. Clinton has been registered with Network 1 Financial Securities since 12/2012. Prior to that he was registered with Obsidian Financial (expelled from industry by FINRA 10/2013) and prior to that he was registered with QA3 Financial Corp.

FINRA records disclose that there is a customer dispute pending against Wesley Clinton. In FINRA Case 17-0141 a customer of Obsidian Financial alleges that an investment in an equity is unsuitable and is seeking damages of $50,000.

In a prior matter, FINRA Case 15-1467,  a customer of Obsidian Financial Group alleged unsuitable transactions, breach of contract, fraud and churning . That case was settled in 10/2016 for $30,000

If you have losses in an account handled by Wesley Clinton , contact us to learn how 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

Centaurus Broker Stephen Lard Fined/Suspended by FINRA For Sale of Private Placement Investments

Roseville, CA

Stephen Samuel Lard was fined $5,000 and suspended for twenty days by FINRA to resolve allegations that he solicited and recommended that customers invest in speculative, high-risk and illiquid private-placement securities, resulting in an unsuitable overconcentration of the customer’s financial assets.

One customer suffered losses of over $400,000 in three different private-placements, two of which were Ponzi Schemes. Another customer invested $750,000 of their assets in a private-placement which they have been unable to liquidate due to significant limitations on reselling the investment and its redemption provisions.

According to FINRA records Lard was registered with Centaurus Financial from 3/2011 to 7/2014. He was previously registered with QA3 Financial.

If you have suffered losses on private-placement investments, also known as Reg D offerings, you may be able to recover damages. Call to discuss your legal options.

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

QA3 Financial Broker David Theis Hit With $290,000 FINRA Award

March 2013-FINRA Case # 12-01157
A couple from Minnesota was awarded $290,000 against David Theis, a broker for QA3 Financial Corp., following an arbitration alleging failure to supervise, misrepresentation, negligence, breach of fiduciary duty, common law fraud and promissory estoppel.

The claimants alleged they were convinced to invest in the following investments based upon the false and misleading misrepresentations of the selling broker Theis:

During the course of the proceeding, QA3 filed for bankruptcy, staying the proceeding as to them. The case continued against broker David Theis.

Beware of Small Undercapitalized Broker Dealers

This case points out why investors should be wary when dealing with smaller independent broker dealers who may be thinly capitalized. If a broker makes a mistake like this in your account, you want to know that the firm has adequate resources to compensate you and not be forced into bankruptcy.

Before entrusting your nest egg to a small broker dealer you should obtain copies of their most recent financials and determine their net capital to assure yourself that your trust is well placed. You should also review the FINRA disclosures for the broker you are thinking of placing your account with. See this for more information on how to access the FINRA BrokerCheck website.

If you have questions about your brokerage account or stock market losses, contact us for a no charge consultation.

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