Category Archives: Rockwell Global Capital

Joseph Stone Capital Brokers Named in Regulatory Complaint

August 2016- Mineola, NY

The FINRA records of  Lawrence P. Sullivan,  a  stock broker who is not currently licensed and who was last employed by Joseph Stone Capital  disclose  a currently pending regulatory event and a termination from employment.

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.

Office of the Commissioner of Securities and Insurance, Montana State Auditor Case No. SEC-2016-124

On June 8, 2016, the Montana Commissioner of Securities and Insurance (CSI) filed a complaint (CSI Case Number SEC-2016-124) naming Lawrence Sullivan, who at the time was a salesperson with Joseph Stone Capital  and other parties, including:

  • Joseph Stone Capital, Lawrence’s  former employing firm
  • James Pardy-Chief Compliance Officer of Joseph Stone
  • Adam Maggio-a salesperson with Joseph Stone
  • David Manashea salesperson with Joseph Stone
  • Frank Spadaro-a salesperson with Joseph Stone

The Montana CSI complaint alleges that in January 2016, the Montana CSI received a cold call from Sullivan who was transferred to an analyst for CSI. Sullivan pitched an investment about Paypal to the Montana CSI employee who then informed Sullivan that he had called the Montana State securities regulators. At that point, Sullivan denied he was trying to solicit an investment and hung up.

That same day Montana CSI requested complete records regarding all of Joseph Stone’s Montana clients. Analysis of the records revealed churning in the accounts of Montana residents , overcharging of commissions and other statutory violations.

According to the Montana CSI complaint with regard to one of the accounts handled by Frank Spadaro : “The total of all trades resulted in $4,052,938.36 in purchases and $3,747,491.70 sales, with corresponding Looper[l] tumover rates of 30.52 and,28.22 respectively “

Churning & The Looper Formula

The Looper turnover rate calculates the dollar amount of purchases during a time period divided by the average account equity annualized. The 2-4-6 ‘rule of thumb’ turnover rate is often used to generally analyze trading:

  • Twice a year is ‘suggestive’ of excessive trading
  • Four times a year is ‘indicative’ of excessive trading
  • Six times a year turnover is ‘conclusive’ of excessive trading

According to public records:

  • On January 19, 2016, Lawrence Sullivan was discharged by Joseph Stone Capital
  • David Manashe is now registered with Newbridge Securities Corporation

If you have questions about an account handled by Joseph Stone Capital  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

Kristopher R. Tung-Axiom Capital Mgmt. Broker-Discloses Pending Customer Arbitration

August  2016-Westbury, New York

The FINRA records of Kristopher R. Tung ,  a  stock broker who is currently employed by Axiom Capital Management  , discloses a pending customer dispute.

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 FINRA Case 16-0140, a customer of Tung’s prior employer, Liberty Partners Financial Services alleges damages of $42,383 for failure to supervise.

 

Tung has been employed by Axiom Capital Management since 10/2015. Prior to that he was employed by Rockwell Global Capital, B.B. Graham & Co. and Liberty Partners Financial Services.

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

Steven R. Luftschein-Aegis Capital Broker-Discloses $2M Customer Dispute

July 2016-Melville, New York

The FINRA records of Steven R. Luftschein ,  a  stock broker currently employed  by Aegis Capital Corp. , disclose a pending customer dispute and 11 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 the currently pending dispute, received in June 2016 , a customer of Aegis Capital  alleges damages of $2,000,000  for unsuitable investment recommendations and mishandling of their account from June 2013-January 2016.

The prior customer disputes include:

  • FINRA Case 10-03873 in which a customer of Luftschein’s prior employer, GunnAllen Financial, alleged damages of $1,000,000 for failure to supervise. That case was settled for $275,000.
  • NASD Case 06-3161 in which a customer of Luftschein’s prior employers Investec Ernst and Maxim Group alleged damages of $392,387 for excessive and unauthorized trading in unsuitable securities and use of margin without authorization. That case was settled for $77,500.

Luftschein has been employed by Aegis Capital since  6/2013. Prior to that he was employed by John Thomas Financial (expelled by FINRA 10/2013) and before that Rockwell Global Capital.

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

Bryan Mazliach-Laidlaw & Company Broker-Named in 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,  Bryan G. Mazliach has been registered with Laidlaw & Company since 1/2015. Prior to that he was registered with Rockwell Global Capital from 12/2010-1/2015.

FINRA records disclose that there are currently two customer disputes pending against Bryan G. Mazliach:

  • FINRA Case 16-00291-a customer of Mazliach, while he was employed by Laidlaw & Company, alleges excessive trading and commissions resulting in damages of $200,000.
  • FINRA Case 14-2981- a customer of Mazliach, while he was employed by Rockwell Global Capital, alleges churning, suitability and unauthorized trading resulting in damages of $201,095.

If you have losses in an account handled by Bryan G. Mazliach 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

Robert Murray, III-Spartan Capital Securities Broker-Named in 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,  Robert J. Murray, III has been registered with Spartan Capital Securities since 10/2012. Prior to that he was registered with Rockwell Global Capital, Summit Brokerage Services and Vanguard Capital.

FINRA records disclose that there are currently three customer disputes pending against  Robert J. Murray III, including:

  • FINRA Case 15-2421- a customer alleges that Mr. Murray made unsuitable investments causing damages of $31,711.
  • FINRA Case 15-1888- a customer alleges that Mr. Murray made unsuitable investments and charged excessive commissions causing damages of $45,249.
  • FINRA Case 15-1416-a customer alleges that Mr. Murray made unsuitable transactions in the account and charged excessive commissions resulting in losses of $27,243.

If you have losses in an account handled by Robert J. Murray 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

Wayne Ford-Salomon Whitney Broker-Discloses Pending Customer Dispute & Liens

UPDATED August 2016– Farmingdale, New York

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.

FINRA records are public and can be accessed on the BrokerCheck website. 

The FINRA records of Wayne F. Ford  disclose a currently  pending customer dispute,  5 prior final customer disputes, and 13 currently outstanding judgment/liens.

In currently pending FINRA Case 16-0687-a customer of Salomon Whitney Financial  alleges unsuitability, breach of contract, negligent supervision, breach of fiduciary duty and violations of the Louisiana Securities Act.  Damages are alleged to be $50,000.

Ford’s prior customer disputes include:

  • FINRA Case 14-02534- a customer of Salomon Whitney Financial  alleged unauthorized trading, churning, unsuitability and failure to supervise and damages of  $244,125. That case was settled for $125,000.

Ford’s disclosures regarding judgements and liens includes:

  • Internal Revenue Service tax lien in the amount of $68,010.
  • New York State Commissioner of Taxation and Finance tax lien in the amount of $15,945.

Ford has been registered with Salomon Whitney Financial  since 11/2011.  He was previously registered with Rockwell Global Capital from 1/2011-12/2011. Prior to that he was registered with Brookstone Securities.

If you have losses in an account handled by Wayne F. Ford , and believe that your account was mishandled, 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

Vincent Pereira- Private Placement Customer Complaints Settled

According to FINRA records, stockbroker Vincent Louis Pereira currently is employed by Alexander Capital, where he has been registered since 2/2015. His previous registrations include:

  • Blackbook Capital                       11/2014-2/2015
  • Source Capital Group                 6/2014-11/2014
  • John Carris Investments           2/2014-6/2014
  • Rockwell Global Capital            10/2011-2/2014
  • Rockwell Global Capital            12/2008-3/2011

In 3/2014, Pereira pled guilty to  misdemeanor petit larceny from a store in the criminal court of the City of New York and was sentenced to 1 day of community service.

Pereira has settled five customer disputes, including:

FINRA Case 11-3539– customer alleged that while Pereira was employed by Rockwell Global Capital, Pereira failed to perform due diligence and breached his fiduciary duty in connection with a $100,000 private placement investment. The case was settled for $35,000.

FINRA Case 11-3373-customer alleged that while he was employed by Rockwell Global Capital, Pereira failed to perform due diligence and breached his fiduciary duty in connection with a $150,000 private placement investment. The case was settled for $40,000.

FINRA Case 11-3003-customer alleged that while he was employed by Rockwell Global Capital, Pereira made false statements, was negligent and breached his contract duty in connection with a $300,000 private placement investment. The case was settled for $150,000.

FINRA Case 11-3586-customer alleged that while he was employed by Rockwell Global Capital, Pereira failed to perform due diligence and breached his fiduciary duty in connection with a $50,000 private placement investment. The case was settled for $20,000.

FINRA records report seven outstanding judgments and liens, including an Internal Revenue Service lien of $25,817. See FINRA report for full details.

If you have questions about an account handled by Vincent Pereira, 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