Category Archives: Southeast Investments

Michael P. Lessard-Former MetLife Securities Broker-Discloses Regulatory Suspension

Charlotte, North Carolina

According to FINRA records,  Michael P. Lessard, Jr.  a stockbroker who currently works for Southeast Investments,  discloses  a regulatory investigation and a discharge from a prior firm.

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 March 2016,  without admitting or denying the findings Lessard consented to a 4 month suspension and a $10,000 fine to resolve allegations that while he was employed by MetLife Securities, he forged a customer’s name on a fixed annuity application and falsified his member firm’s customer contact log.

In 9/2014, Lessard was discharged from MetLife Securities for failing to follow company policy.

Lessard also discloses that he was discharged from Chapter 7 bankruptcy in May 2010.

If you have questions about an account handled by  Michael P. Lessard, Jr., 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

John Billy Kakonikos-Former Southeast Investments Broker-Suspended Over Account Churning

East Meadow, New York

UPDATE MAY 2017-In November 2016 John B. Kakonikos was suspended by FINRA for 18 months, fined $10,000 and ordered to pay restitution of $72,524 to resolve allegations that he engaged in excessive trading and unsuitable trading in a customer account. The findings stated that Kakonikos recommend and executed 117 trades in the customer’s account and exercised de facto control over the account. The trading generated an annualized turnover rate of 13.68 and an annualized cost-to-equity ratio of 49.79%, requiring a minimum return of about 50% just to break even. FINRA Case 2015045718701. 

ORIGINAL POST JUNE 2016

According to FINRA records,  John Billy Kakonikos  a stockbroker who most recently worked for Southeast Investments, but who is not currently registered with any firm discloses  five final customer disputes, a pending regulatory investigation and twelve pending judgment/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.

In FINRA Case 8-2152 a customer while Kakonikos was employed by J.P. Turner & Co. alleged damages of $345,582 for churning, excessive trading, negligence and breach of fiduciary duty. That case was settled for $100,000.

In March 2016,  in Wells Notice Examination #20150457187, FINRA made a preliminary determination that disciplinary action be brought against Kakonikos for potential willful violation of Section 10(b) of the Securities Exchange Act of 1934 and FINRA Rules 2010, 2020, and 2111. That investigation is currently pending.

Kakonikos was employed by Southeast Investments from 2/2014-2/2016. Prior to that he was employed by Caldwell International Securities from 8/2010-2/2014.

If you have questions about an account handled  by John Billy Kakonikos, 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

Frank D. Marinelli-Former J.P. Turner Broker-Discloses Two Pending Customer Disputes

Staten Island, New York

According to FINRA records,  Frank D. Marinelli  a stockbroker who currently works for Southeast Investments,  discloses  two pending customer disputes, a termination, two pending judgment/liens and two 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 pending FINRA Case 15-03004, a customer while Marinelli was employed by J.P. Turner & Co. alleges damages of $300,000 for unsuitability, breach of fiduciary duty, common law fraud, and violations of the Idaho Uniform Securities Act of 2004.

In pending FINRA Case 14-0633, a customer while Marinelli was employed by J.P. Turner & Co. alleges damages of $120,000 for unsuitability, churning, breach of contract, breach of fiduciary duty and violation of the Arizona Securities Act.

In FINRA Case 12-01402 a customer while Marinelli was employed by J.P. Turner & Co. alleged damages of $200,000 for unsuitable recommendations, high pressure sales, negligence, unauthorized trading and churning. That case was settled for $102,500.

In FINRA Case 08-0278 a customer while Marinelli was employed by J.P. Turner & Co. alleged damages of $100,000 for fraud, breach of contract, breach of fiduciary duty and negligence. That case was settled for $50,000.

Marinelli has been employed by Southeast Investments since 12/2011. He was employed by J.P. Turner from 9/2001-12/2011.

If you have questions about an account handled  Frank D. Marinelli, 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