Category Archives: Securities America

Matthew J. Westfall-Former Securities America Broker-Discloses Pending Customer Dispute

February 2017-Grand Isle, NE

According to publicly available records Matthew J. Westfall , (CRD# 1112977) ,  a   stockbroker who is not currently registered, discloses a pending customer dispute, a discharge from employment and a final regulatory matter.

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.

Westfall discloses that in March 2016, a customer of Securities America filed FINRA arbitration 16-0771 alleging damages of $336,813 for unsuitable recommendations, fraudulent misrepresentation and violations of federal and Nebraska securities laws in connection with an investment in real estate securities. That matter is currently pending.

Westfall discloses that in 12/2012 he was discharged from National Planning Corporation who alleged that he solicited an investment and accepted funds in connection with an investment that was not offered by the firm.

Westfall discloses that in January 2014, he was fined $25,000 and suspended for two years to resolve allegations that he solicited and accepted funds from firm customers to purchase Iraqi Dinar currency as an investment and other allegations.

Westfall’s prior employment includes Primex, National Planning Corporation, Securities America, Sunamerica Securities and VSR Financial Services. 

If you have questions about an account in an account handled by Matthew J. Westfall , contact us to discuss 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

Stuart Horowitz-Former Securities America Broker-Discloses 37 Customer Disputes

July 2016-Coral Springs, Florida

The FINRA records of Stuart Horowitz  , a former stock broker employed by  Securities America  disclose a prior final regulatory event, 33 prior customer disputes, 4 currently pending customer disputes and a separation 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.

In February 2016, without admitting or denying the findings, Horowitz entered into an agreement with FINRA to resolve allegations that he recommended and engaged in unsuitable trading in preferred notes of an unregistered limited partnership investment fund. Horowitz was fined $100,000 and suspended for a year. He is not currently registered with any FINRA broker dealer.

Horowitz’s FINRA disclosure indicates that 31 customer cases have been settled, including:

  • A tenant in common (TIC) investment in 2005 while Horowitz was employed by NFP Advisors resulted in a settlement of $100,000.
  • FINRA Case 15-0367, involving another TIC investment while Horowitz was employed by NFP Advisor Services resulted in a settlement of $50,000.
  • In FINRA Case 13-02685 a customer of NFP Securities alleged damages of $590,000 on alternative investments. That case resulted in a settlement of $184,000.

Horowitz was employed by Securities America from 2/2009 until 1/2016 when he was ‘permitted to resign’. Securities America made the following statement in connection with his termination: “After consultation with FINRA, Stuart Horowitz in and agreement with FINRA proposed to resign prior to FINRA’s planned suspension and subsequent fine. Mr. Horowitz will be permitted to resign on January 25, 2016”.

Investors who suffered losses in an account handled by Stuart Horowitz may be entitled 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

Pamela Posey-Former Securities America Broker-Discloses Bankruptcy Filing

July 2016- Boynton Beach, Florida

The FINRA records of Pamela Posey  , a stock broker who formerly worked for  Securities Americadisclose  a pending financial event and  3 outstanding judgements/liens

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.

Posey discloses the filing of a chapter 13 bankruptcy petition In the US Bankruptcy Court for the Southern District of Florida in October 2013. According to FINRA records the matter is still pending.

Posey also discloses 3 outstanding judgements/liens to Chateaux Fall Creek,LLC.

Posey was employed by  Securities America from since 8/2014-5/2016. Prior to that she was employed by Pruco Securities. 

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 WFG Investments Broker With 42 Customer Complaints Pleads Guilty on Fraud Charges-San Antonio, TX

March 8, 2015- San Antonio, Texas

The Financial Industry Regulatory Authority (FINRA) reports that Matthew A. Bell , 47 of Boerne, TX, a broker who formerly worked for WFG Investments and Securities America, has been named in 42 customer disputes alleging damages in excess of $2,.5M. There are three disputes that have not yet been resolved, all of which allege unsuitable recommendations and misrepresentation and seek damages ranging from $5,000 to $75,000.

Bell was permitted to resign from WFG Investments in 6/2013 and is not currently registered with any broker dealer. Bell pleaded guilty to conspiracy to commit securities fraud and conspiracy to commit mail and wire fraud in a civil action brought by the Securities and Exchange Commission (SEC).

The SEC had charged Bell and a group of other conspirators with pumping up the price of penny stocks and dumping them on unsuspecting investors. The companies involved in the pump and dump were CodeSmart Holdings Inc., Cubed Inc., StarStream Entertainment Inc. and The Staffing Group Ltd. 

Bell found many of his victims through the Oak Hills Church.

If you had an account handled by Bell that suffered losses, contact us to learn how you may be entitled to damages from his former employer.

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 Fined $250,000 by Regulators- Coral Springs, FL

February 23, 2016- Coral Springs, FL

Securities America entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that from March 2009 through July 2009 the company permitted one of its brokers to sell Preferred Notes of CSMIF without first conducting adequate due diligence regarding this product.

AWC No.  2013036692002

Securities America was censured and was fined $250,000.

 

If you have losses in an account at Securities America, contact us to find out how you may be able to recover damages through FINRA arbitration.

Securities America broker Stuart Horowitz suspended for one year and fined $100,000. 

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 Has Over 30 Customer Disputes On FINRA Record- Coral Springs, FL

February 23, 2016- Coral Springs, FL

Stuart Horowitz entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that  between February 2009 and July 2009, Horowitz recommended and engaged in unsuitable trading in Preferred Notes of CSMIF. an unregistered limited partnership investment. Specifically, his recommendations lacked a reasonable basis because he failed to adequately investigate red flags that it was not a viable investment.

AWC No.  2013036692001

Horowitz was suspended from association with any FINRA member for 1 year and was fined $100,000.

FINRA records indicate that Horowitz was registered with  Securities America from 2/2009-1/2016.  Prior to that he was registered with NFP Securities  from 7/2005-2/2009

Horowitz has been the subject of 32 customer disputes that have been resolved and 4 customer disputes are pending, according to FINRA records. In January 2016 he was permitted to resign from Securities America.

If you have losses in an account handled by Stuart Horowitz, contact us to find out 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

Senator Elizabeth Warren Criticizes Wall Street For Inadequately Policing Stock Brokers

March 3, 2016-Washington, DC

The Investment News reported that Massachusetts Senator Elizabeth Warren raised doubts during a Senate banking subcommittee hearing about whether FINRA can adequately police itself. Wa

During the hearing she questioned FINRA chairman and CEO Richard Ketchum on what the regulators are doing to ensure the protection of investors, citing a recent study by business school professors from the University of Chicago and University of Minnesota asserting that one in 13 brokers has some type of misconduct reported on their FINRA record. That same study shows that half of the brokers with ethical issues are fired, but 44% are rehired by another firm within a year.

While Ketchum said recidivism is being addressed, Senator Warren was not satisfied and insists that the industry must do better.

The study lists the 10 firms with the highest rate of misconduct:

FIRM                                                                     Misconduct     Brokers

Rate

1 Oppenheimer & Co. 19.60% 2,275
2 First Allied Securities 17.72% 1,112
3 Wells Fargo Advisors 15.30% 1,797
4 UBS Financial Services 15.14% 12,175
5 Cetera Advisors 14.39% 1,432
6 Securities America 14.30% 2,546
7 National Planning Corp. 14.03% 1,760
8 Raymond James Financial Inc. 13.74% 5,495
9 Stifel Nicolaus & Co. 13.27% 4,008
10 Janney Montgomery Scott 13.27% 1,394

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