Category Archives: Santander Securities

Demitrios Hallas-Former PHX Financial Broker-Named in SEC Complaint-

April 2017- New York

The FINRA records of  Demitrios Hallas ,  a  former PHX Financial stockbroker who is currently not registered disclose two final regulatory events, 2 prior customer disputes 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.

Hallas was recently named in an SEC Complaint alleging that he purchased and sold daily leveraged Exchange Traded Funds and Notes (ETFs and ETNs) knowingly or recklessly disregarding that the products were unsuitable for his customers. In addition the SEC alleges that Hallas misappropriated over $170,000 from one customer. Link to SEC complaint. 

Hallas was suspended by FINRA in April 2016 for failing to respond to a request for information.

In February 2012 Halllas was discharged by Chase Investment Services Corp. who made the following allegation in connection with the termination: “Job performance, including customer complaints alleging unauthorized trades and failure to disclose fees”

Hallas’ prior employment includes PHX Financial, Forefront Capital Markets, Santander Securities, Aegis Capital Corp., Chase Investment Services and PNC Investments.

If you have losses in an account in an account handled by Demitrios Hallas  , 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

Felix A. Bartolomei-Cuso Financial Services Broker-Discloses Pending Customer Disputes

Orlando, Florida

According to FINRA records,  Felix Alberto Bartolomei   a stockbroker  employed by Cuso Financial Services , discloses  3 pending customer disputes and 2 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 FINRA Case 16-0737, a customer while Bartolomei was employed by Santander Securities alleges damages of $400,000 for breach of fiduciary duty, breach of contract, constructive fraud and failure to supervise in connection with an investment in Puerto Rico bonds and closed-end funds.

In FINRA Case 16-0326, a customer while Bartolomei was employed by Santander Securities alleges damages of $243,000 for breach of fiduciary duty, unsuitable investments,  and failure to supervise in connection with an investment in  closed-end funds.

In FINRA Case 15-0262, a customer while Bartolomei was employed by Santander Securities alleges damages of $300,000 for fraud, breach of fiduciary duty, breach of contract, constructive fraud and failure to supervise in connection with an investment in Puerto Rico bonds and closed-end funds.

Bartolomei has been employed by Cuso Financial since 11/2014 Prior to that he was employed by Santander Securities from 9/2006-3/2014.

Robb was employed by Cuso Financial Services from 5/2012-4/2016. He was permitted to resign from Cuso Financial in 4/2016 for violation of firm special supervision program for failing to secure pre-approval of a variable annuity transaction.

Robb’s prior employment includes Lincoln Financial Distributors from 5/2006-5/2012.

If you have questions about an account handled  by Felix Alberto Bartolomei , call 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

FINRA Fines Firms for Violations in 2015

January 8, 2015

The Investment News published a summary of the largest penalties handed out in 2015 by the Financial Industry Regulatory Authority (FINRA), which included:

  • Puerto Rican Bonds-A fine of $7.5 million and restitution order of $11 million to UBS Financial Services in connection with the sale of Puerto Rican closed-end funds. Santander Securities was ordered to pay over $4 million in restitution and a fine of $2 million for their sale of similar funds.
  • Mutual Fund OverchargesWells Fargo Advisors was ordered to pay $15 million in restitution for overcharges on the sale of mutual funds. Edward Jones paid $13.5 million in a similar action.
  • LPL Financial Supervisory Failures– FINRA fined LPL a couple of times, once in May , a $10 million fine for supervisory failures related to nontraditional exchange traded funds, and $1.7 in million in restitution to customers.
  • Rogue Oppenheimer Broker Mark Hotton– FINRA fined Oppenheimer $2.5 million and ordered restitution of over $1 million for failure to properly supervise broker Mark Hotton who was barred from the industry in 2013.
  • Brookville Capital– was fined $500K and ordered to pay a $1 million fine for sales violations related to private placements.

If you have losses in your brokerage account that you feel are the result of the improper handling of your account, call to learn about your legal 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