Category Archives: State Farm VP Management

Noe Garcia, Sr. of State Farm VP Management Sanctioned by Securities Regulator

Odessa, Texas

According to FINRA records, Noe Garcia, Sr.  a former investment company products and variable contracts representative for State Farm VP Management  from 5/2007-11/2015 discloses that he was sanctioned by FINRA for failing to amend FINRA reporting forms to disclose a state and a federal tax lien. In addition FINRA alleged that Garcia inaccurately responded on questionnaires that  he was not the subject of an unsatisfied lien.

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.

Garcia was fined $5,000 and suspended in all capacities for three months.

FINRA Case 2015047704001

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

Danny M. Thomas-Former Broker with State Farm VP Management-Barred From Securities Industry

Little Rock, Arkansas

According to FINRA records, Danny M. Thomas  a broker who worked for State Farm VP Management  from 8/2003-9/2015 discloses that he was permanently barred from the securities industry in May 2016.

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.

Thomas, without admitting or denying the findings,  consented to the sanctions and to the entry of findings that he failed to appear for on the record testimony in connection with a FINRA investigation into allegations that Thomas failed to disclose or timely disclose multiple tax liens on FINRA reporting forms.

FINRA Case 2015047087001

The official FINRA record of Thomas discloses five outstanding tax liens in favor of the State of Arkansas ranging in amounts from $14,121 to $22,031.

If you have questions about a brokerage account handled by Danny M. Thomas, 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

Matthew Schomburg-State Farm Agent-Katy, Texas-Sanctioned by Securities Regulator

September 29,  2015- Katy, Texas 

Matthew T. Schomburg , entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that from 11/2010-8/2013 he engaged in outside business activities and failed to give notice to his firm in violation of FINRA rules.

In addition, between May 2006-July 2012, Schomburg permitted employees to engage in a practice of signing insurance customer signatures on certain insurance documents in violation of NASD and FINRA rules.

AWC No. 2013038573201

Schomburg  was fined $15,000 and suspended from association with any FINRA regulated broker-dealer r for six months.

According to FINRA records, Schomburg  was registered with State Farm VP Management Corp.  from 6/2001-10/2013.

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

Adam Jensen, State Farm Broker, Sanctioned by FINRA

January 30, 2015-

Adam B. Jensen  entered into a Letter of Acceptance, Waiver and Consent  (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that he submitted 41 automobile insurance applications that had been falsified in various respects in an effort to improve his sales production. Subsequently he denied having engaged in this misconduct when questioned by his supervisor.

Jensen, who was registered with State Farm VP Management Corp. at the time, was barred from the securities industry by FINRA.

FINRA Case # 2014040689101

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 Levies $770K Fine-Failure to Deliver Prospectus

The Financial Industry Regulatory Authority (FINRA) recently assessed fines of $770,000 to the following five firms for failing to deliver prospectuses to purchasers of securities:

  • LPL Financial LLC – $400,000
  • State Farm VP Management Corp. -$155,000
  • Deutsche Bank Securities Inc. – $125,000
  • Scottrade Inc. – $50,000
  • T. Rowe Price Services, Inc. -$40,000

FINRA’s review covered from January 2009 through June 2011. In the settlement agreements, FINRA made the following observations:

LPL Financial relied on brokers to deliver the prospectuses but had no procedure in place to determine if they were delivered in a timely manner. LPL was required to deliver over 3 million of these disclosure documents during the review period.

State Farm, who should have delivered over 150,000 during the review period was found to have inadequate supervisory procedures in place.

Scottrade, Deutsche Bank Securities and T. Rowe Price were found to have failed to make delivery of the documents in fewer instances, with inadequate procedures in place.

A prospectus is a disclosure document that describes a security to potential buyers. Sometimes referred to as containing “the hundred and one reasons not to invest” in the particular security, it contains detailed information about the the company’s business and competition and more importantly contains downside risks generally not mentioned by the selling broker.

For the obvious reason, the law generally requires that the document be made available to the purchaser prior to making the purchase.

If you have questions about losses in your brokerage account, please contact us for a no charge consultation. We have been helping investors recover stock market losses due to fraud and negligence for 25 years.

Nationwide representation.

Rex Securities Law

561 391 1900