Category Archives: The Investment Center

Michael P. Dalessandro-Investment Center Broker-Discloses Customer Dispute Over Oil & Gas Investments

August  2016-Colt’s Neck, New Jersey

The FINRA records of Michael P. Dalessandro ,  a  stock broker who is currently  employed  by The Investment Center  , disclose a pending customer dispute and a prior final customer dispute.

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 the pending dispute, FINRA Case #16-0190, a customer of The Investment Center alleges that between March 2013 and August 2015, Dalessandro recommended that they invest in various oil and gas investments, high yield products and publicly traded securities which were unsuitable. No damages are specified.

In a prior customer dispute resolved in June 2016, a customer of The Investment Center alleged unauthorized and excessive trading. That matter was settled for $82,500.

Dalessandro has been employed by The Investment Center since 9/1991.

August 2016-Investment Center Fined $50,000 by Texas Regulators Over Sale of Energy SecuritiesSee this for details. 

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

The Investment Center Fined $50K For Sale of Energy Stocks to Texas Residents

August 2016- Austin Texas

The Texas State Securities Board (TSSB) sanctioned The Investment Center, Inc. , a New Jersey securities dealer registered in Texas for failing to supervise one of their stock brokers who overloaded a client account with low-priced securities of energy companies.

The Investment Center was fined by TSSB and assessed a fine of $50,000. According to the TSSB Consent Order:

  •  A review of the clients’ accounts revealed that a majority of those clients held more than 95% of their total assets in equities, with shares of energy companies comprising 100% of their equity holdings. In most of the accounts reviewed, clients’ entire equities holdings were shares in a single company.

  • The agent recommended clients buy low-priced shares of energy companies even when the clients indicated they had a low tolerance for risk.

  • The Investment Center did not speak with any of the clients to confirm that the activity in their accounts was in line with their objectives and risk tolerances or that the broker was seeking the clients’ pre-approval prior to purchasing the concentrated positions.

 

  • The Investment Center failed to adequately address internal alert reports. These alerts were based on the concentrated equity positions in client accounts, the decline in value of certain accounts, and the agent’s pattern of amending some clients’ customer information to include “speculation” as an acceptable level of risk.

If you have losses in an account handled by The Investment Center, you may be able to recover damages through FINRA arbitration.

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

Richard Holliday-Former Investment Center Broker- Barred From Securities Industry by S. Carolina Regulators

On October 23, 2014, the Securities Commissioner of South Carolina entered an order barring Richard E. Holliday from participating in any aspect of the securities industry in or from the State of South Carolina.

In August 2014 the Financial Industry Regulatory barred Holliday from the securities industry in connection with loans he made from customers which were not disclosed to his firm. According to FINRA records, since 1998, Holliday has worked for the following broker dealers in Anderson, South Carolina:

  • The Investment Center, Inc.
  • Spire Securities, LLC
  • American Securities Group
  • Morgan Stanley Smith Barney
  • Citigroup Global Markets

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