Category Archives: Signator Investors

Morissa Rivo-Signator Investors Broker- Barred From Securities Industry-Boca Raton

January 15, 2016-Boca Raton, FL

Morissa F. Rivo, formerly a broker with Signator Investors,   entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that  she failed to appear for on the record testimony in a FINRA investigation.

AWC No.  2014041961001

Rivo was permanently barred from association with any FINRA member in all capacities.

FINRA records disclose that Rivo was registered with Signator Investors from 2/2014-5/2015 when she was discharged for failure to adhere to firm policies and procedures. Prior to that she was registered with MetLife Securities from 6/2006-11/2013 when she was discharged for not following company policy with respect to customer signatures on account documents.

Rivo is currently named on a customer dispute in which the customer alleges that “he was tricked into exchanging a variable annuity”. In 7/2015, she settled another customer case for $68, 027. That customer alleged that policy recommendations were unsuitable.

If you suffered losses in an account handled by Rivo, you may be able to recover damages from her 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

Former FINTEGRA Broker Sanctioned by Securities Regulators

October 12, 2015 – Granger, Indiana

Albert Lee Rosebush  , entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that Rosebush violated FINRA rules by filing  late amendments to FINRA Form U4 to report six tax liens against him totaling over $198,000. In four instances Rosebush failed to report tax liens totaling over $23,000.

AWC No. 2013036065701

Rosebush was fined $5,000 and suspended for one year from association with any FINRA member in any capacity.

According to FINRA records, Rosebush  was registered with FINTEGRA LLC  from 1/2013-9/2015. Prior to that he was registered with Signator Investors from 1/1995-12/2012.

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

Texas-512-329-2870

Signator Investors Fined $450,000 for Inadequate Supervisory Procedures

August 13, 2015- Loudon, Tennessee/ Boston, MA

Signator Investors, Inc. , entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that between from May 2004 until March 2014 Signator failed to establish and maintain a reasonable supervisory system regarding the use of consolidated statements by its brokers.

Signator’s flawed system allowed brokers to enter customized values for assets and accounts held away from the firm and did not have a satisfactory way to to determine the accuracy of valuations manually entered by the brokers.

Gregory Mitchell, who was also a party to the AWC,  served as Agency Compliance Specialist for Signator’s offices in Vienna, VA, and Towson, MD.   Between 2009 and 2014,  FINRA found that Mitchell failed to enforce the firm’s policies and procedures related to client reviews and branch audits by providing advance notice of which client files would be reviewed, as well as advance notice of unannounced branch audits, in violation of NASD Rule 3010(b) and FINRA Rule 2010.

James Glover, a Signator broker at the Towson, Maryland branch office had sold over $13 million worth of Colonial, an investment in residential and commercial real estate. Glover had prepared and issued over 300 of the faulty consolidated reports including  inaccurate values for Colonial, which, due to the inadequate supervisory procedures of Signator, had gone undetected.

AWC No. 2012032782402

Signator  was  censured and fined $450,000.

Mitchell was fined $10,000 and suspended for seven months.

Signator and its predecessor company  has been a FINRA member since 1968,   is headquartered in San Antonio, Texas, and has over 1,500 brokers in 314 branch offices.

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

Signator Investors, Inc. Fined $450,000 for Supervisory Failures

August 13, 2015

Signator Investors, Inc. and Gregory J. Mitchell, Agency Compliance Specialist for Signator’s Vienna, Virginia office entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA).  Signator was charged with failing to have adequate procedures regarding the use of consolidated reports, failing to adequately review incoming and outgoing correspondence and having inadequate procedures related to branch audit reviews.

Mitchell was charged with failing to enforce firm policies and procedures relate to client file and reviews and branch audits.

AWC NO. 20120327824-02

 

Signator was censured and fined $450,000. Mitchell was put on 7 month supervisory suspension and fined $10,000.

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

FINRA Sanctions Financial Telesis Broker Michael R. Smith

11/4/2014- Michael R. Smith submitted a Letter of Acceptance, Waiver and Consent to FINRA, in which he did not admit or deny FINRA’s  findings.

FINRA alleged that from 2007 through 2012, five federal tax liens were filed against Smith and that Smith failed to report the liens on regulatory forms as required by NASD and FINRA rules. The IRS tax liens were in the amounts ranging from $23,887 to $240,000.

Smith consented to a three month suspension and a $5,000 fine.

FINRA records indicate that Smith was registered with the following firms:

  • Financial Telesis Inc                        9/2011-8/2014
  • Signator Investors                            1/1995-9/2011

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

Independent Broker Dealer Rankings Announced by Investment News

The Investment News recently announced the rankings of independent broker-dealers for 2013

BrokerDealer                   Gross Revenue

 1            LPL Financial LLC           $4B (billion)

2            Ameriprise Financial
Services Inc.                                     $3.2 B

3            Raymond James Financial
Services Inc.                                   $1.4 B

4            Commonwealth Financial
Network                                         $822 M (million)

5            Lincoln Financial Network       $794M

6            Wells Fargo Advisors
Financial Network                $707 M

7            Axa Advisors            $677M

8            Northwestern Mutual        $654M

9            Cambridge Investment
Research Inc.                      $574 M

10          Securities America Inc.      $475M

11          Royal Alliance Associates
Inc.                              $444 M

12          Cetera Advisor Networks    $435M

13          Waddell & Reed
Financial Advisors                       $426 M

14          ING Financial Partners
Inc.                                  $396 M

15          National Planning Corp.      $383M

16          NFP Advisor Services
Group                                $381 M

17          MML Investors Services
LLC                              $361 M

18          Securian Financial
Services Inc.                            $355 M

19          FSC Securities Corp.        $280M

20          Princor Financial
Services Corp.                           $279 M

21          SagePoint Financial Inc.  $279M

22          INVEST Financial Corp.      $278M

23          HD Vest Investment
Services                               $273 M

24          First Allied Securities
Inc.                                   $272 M

25          Signator Investors Inc.   $269M

Rex Securities Law , located in Boca Raton, FL, 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

561 391 1900