Category Archives: Source Capital Group

Source Capital Group Discloses Customer Disputes and Regulatory Sanctions

March 2017- Westport, CT

According to publicly available records Source Capital Group, (CRD# 36719) ,  a  broker dealer with headquarters in Westport, CT, discloses 8 prior final regulatory events, one regulatory event that is currently on appeal and 2 prior customer arbitrations.

Source Capital Group has about 130 brokers in 15 branch offices.

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 one of the prior customer disputes, FINRA case 16-0147, a customer alleged damages of $810,000 for breach of fiduciary duty, unsuitable investments, failure to supervise, violations of the securities acts of Georgia, Kentucky and Ohio and other claims. The arbitration panel awarded over $1.1 million to the customer.

In July 2014, Source Capital Group was censured and fined $100,000 by FINRA to resolve allegations that through a branch manager, Source sold investments in private offerings of oil and gas securities without adequately disclosing material information to investors. FINRA Case 2008011771602.

If you have questions about an account in an account at Source Capital Group , 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

Mark R. Holcombe-Former Source Capital Broker-Sanctioned by Securities Regulator-Pompano Beach, FL

December 2016-Pompano Beach, FL

According to publicly available records Mark R. Holcombe , (CRD# 2901441) ,  a  stockbroker who is currently under suspension who was last employed by  Source Capital Group,  disclose  a recent regulatory sanction.

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.

Without admitting or denying the findings, Holcombe consented to sanctions and the entry of findings that he participated in two private securities transactions without providing written notice to his member firm. The findings state that Holcombe sold two million shares of stock in Trident Brands (TDNT) ,a company for which he served as chairman of the board to a third party for $100,000. In addition he participated in TDNT’s sale of senior secured debentures to the same third party for $2.3 million by executing the note purchase agreement on TDNT’s behalf.

Holcombe was fined $10,000 and suspended from associating with any FINRA member firm in any capacity for nine months.

Mark Holcombe was registered with Source Capital Group from 4/2014-12/2015. His prior registrations include Global Hunter Securities and Madison Williams and Co.

If you have questions about an account in an account handled by Mark Holcombe  , 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

James Nixon –Former Bridge Capital Associates/ Source Capital Group Stock Broker — Sanctioned by Securities Regulator

January 8, 2016- Rowayton, CT

James J. Nixon entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that while associated with Bridge Capital Associates he failed to provide written notice to the firm before selling $600,000 of convertible promissory notes. Offering securities to investors that have not been approved for sale by the company is called ‘selling away’ and generally leads to regulatory sanctions against the broker.

Investors purchasing these unapproved investments may be able to recover losses from the brokerage firm employing the broker.

AWC No.  2013038289101

Nixon  was fined $15,000 and suspended in all capacities for three months.

According to FINRA records Nixon was registered with Bridge Capital Associates from 12/2007-9/2013. He is currently registered with Source Capital Group.

If you have questions about losses in your stock brokerage account, call to discuss your options 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

Andre Young -Former Source Capital Stock Broker- Sanctioned by Regulator

March 19, 2015  – Connecticut

Andre Paul Young   entered into a Letter of Acceptance, Waiver and Consent  (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that  from June 2010 to June 2012, he improperly borrowed over $200,000 from customers of the firm where he was registered in violation of FINRA rules.

FINRA record indicates that in February 2013 a customer alleged that they had provided over $163,000 to Young for investment and learned that the funds were deposited into a bank account in Young’s name. The matter was settled for $163,400.

Young was suspended for a period of one year.

FINRA Case # 2012034319701

Young was previously registered as follows:

  • Source Capital Group                        8/2012-4/2013
  • MetLife Securities                  11/2009-9/2012
  • BancNorth Investment Group      8/2007-6/2009

Source Capital Group was formed in 1994 and has its main office in Westport, Connecticut. They currently have regional offices located in:

  • Scottsdale, AZ
  • West Hartford CT
  • Pearl City, Hawaii
  • Bowling Green, KY
  • Morristown, NJ
  • New York City

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

Donald Saccomano- Source Capital Group Investigation Update

UPDATE APRIL 2017Donald Saccomano is not currently registered. FINRA records indicate that he ceased working for Source Capital Group 10/2016.

ORIGINAL POST –February 20, 2015

A few months ago, we commenced an investigation of Donald Saccomano, a broker with Source Capital Group on behalf of an elderly couple and last month filed an arbitration against Source Capital Group  for that couple who are seeking damages in excess of $250,000.

The Financial Industry Regulatory Authority (FINRA) initiated a regulatory action against Donald Saccomano on January 7, 2015. Although the full details have not yet been made available, Saccomano’s FINRA record indicates this regulatory matter involves municipal debt , direct investment products, limited partnership interests and allegations of unsuitable investments, misrepresentations and failure to supervise.

The case we recently filed involves a direct investment product, Greenbacker Renewable Energy.  Our elderly clients have made similar allegations that the investments Saccomano sold them  were unsuitable , that he misrepresented the investments and that Source Capital Group failed to supervise Saccomano.  

Source Capital Group was formed in 1994 and has its main office in Westport, Connecticut. They currently have regional offices located in:

  • Scottsdale, AZ
  • West Hartford CT
  • Pearl City, Hawaii
  • Bowling Green, KY
  • Morristown, NJ
  • New York City

In July 2014 they were sanctioned and fined $100,000 in connection with the sale of oil and gas investments Blue Ridge Securities and Argyle Securities.

If you have losses in an account handled by Donald Saccomano,  or with Source Capital contact us to discuss how you may be able to recover damages for your 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

Source Capital Group Named in FINRA Arbitration For Losses in Account Handled by Donald Saccomano

January 7, 2014-Flushing, New York

Rex Securities Law filed an arbitration with the Financial Industry Regulatory Authority (FINRA) on behalf of a married couple in their mid to late 80’s from Flushing, New York, against broker dealer Source Capital Group, Inc.

The claim which seeks damages in excess of $250,000, alleges that Donald Saccomano, a registered representative with Source Capital  traded the account excessively and sold the couple unsuitable investments, including a high risk and speculative investment Greenbacker Renewable Energy Company. 

Source Capital Group was formed in 1994 and has its main office in Westport, Connecticut. They currently have regional offices located in:

  • Scottsdale, AZ
  • West Hartford CT
  • Pearl City, Hawaii
  • Bowling Green, KY
  • Morristown, NJ
  • New York City

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

Donald Saccomano & Source Capital Group Investigation

UPDATE JANUARY 7, 2015-FINRA ARBITRATION FILED VS SOURCE CAPITAL GROUP

An arbitration was filed with the Financial Industry Regulatory Authority against Source Capital on behalf of an elderly couple seeking damages to their investment account handled by Donald Saccomano. See this for more. 

Investigation—-December 24, 2014-Flushing, New York

On behalf of a married couple in their mid to late 80’s, Rex Securities Law is investigating stock broker Donald Saccomano who has been registered with Source Capital Group since February 2011. Prior to that, FINRA records indicate that he was registered with Janney Montgomery Scott from 8/29/2003-2/18/2011.

Our clients,  who anticipate filing a FINRA arbitration claim in the immediate future,  allege that Saccomano overtraded their accounts and made unsuitable investment recommendations, including an investment in Greenbacker Renewable Energy CL A. 

Source Capital Group was formed in 1994 and has its main office in Westport, Connecticut. They currently have regional offices located in:

  • Scottsdale, AZ
  • West Hartford CT
  • Pearl City, Hawaii
  • Bowling Green, KY
  • Morristown, NJ
  • New York City

In July 2014, Source Capital was sanctioned $100,000 by FINRA to resolve allegations that the firm sold investments in an oil & gas entity without adequately disclosing material information to investors and in order to solicit investments in private offerings of oil and gas securities and that the firm made exaggerated promises to customers.

If you have information relative to this investigation, we would appreciate hearing from you.

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