June 9, 2015
The Investment News reports that Knoxville, Tennessee-based broker dealer Securities Service Network (SSN) has acquired The Horizons Group, a firm previously affiliated with Cadaret, Grant & Co.
The Horizon Group manages over $400 million and is located in Rochester, New York, where it grew by focusing on providing retirement counseling and advice to large local employers including Kodak and Xerox Corp.
SSN, which has about 450 advisers and manages $13 billion, was recently acquired by Ladenburg Thalmann.
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.
Rex Securities Law
Florida-561 391 1900
On September 22, 2014, Ladenburg Thalmann Services announced the purchase of Securities Service Network, Inc (SSN) for $45 million. SSN has about 4500 representatives and annual revenue in excess of $114 million.
A Ladenburg subsidiary, Securities America, announced the acquisition of Sunset Financial Services, earlier this year. The SSN acquisition will increase Ladenburg to 4,000 financial advisers who with $125 billion in client assets generating over a billion in annual revenues.
SSN is currently owned by the David L. and Patricia Coffey Descendants Trust.
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
By Robert H. Rex, Esq.
Shelby Lee Bowles of Newburg, Maryland, was suspended by FINRA for ten months and fined $40,000 for serving as the power of attorney, trustee, executor and sole beneficiary to a customer of the brokerage firm without disclosing these activities to his firm. FINRA findings state that Bowles prepared a trust agreement and a last will and testament for the customer. The trust agreement appointed Bowles as the sole trustee and sometime later Bowles appointed his wife as the sole beneficiary of the trust which had assets in excess of $1 million.
FINRA found that Bowles falsely represented on multiple occasions to his employing firm that he had not been named as a beneficiary, trustee, executor or power of attorney for any client and that he would not do so without first seeking his firm’s approval.
According to FINRA records, Bowles employing firm, Securities Service Network, Inc. , discharged him upon learning of his violations of firm policy.
According to FINRA records, Bowles previously was registered with Securities Service Network, Inc. from 1/2010-3/2012. He was previously registered with Medallion Investment Services from 1/1999-12/2009.
While firm policy with regard to a stock broker serving in the capacity of power of attorney, trustee, executor or as a beneficiary of a trust vary from firm to firm, most require that the relationship be disclosed to the employer.
If you have questions about the way your brokerage account is being handled or questions about investment losses, call to speak with an experienced securities attorney. No charge for initial consultation.
561 391 1900