Category Archives: The O.N. Equity Sales Company

Former NEXT Financial Broker in Virginia Charged with Defrauding Texas Citizens

March 2, 2015

A Criminal Information was filed by the United States of America vs. Joshua Ray  Abernathy, of Norfolk Virginia, charging him with mail fraud, unlawful monetary transactions and seeking criminal forfeiture. USA v. Abernathy, US District Court For the Eastern District of Virginia, Norfolk Division, Criminal No. 2:15cr 21.

According to the complaint, Abernathy, a licensed securities broker and financial advisor operated his fraud through his company Omega Investment Group , from September 2008 through October 2014, he solicited funds from clients and investors for investment in stock options and unlawfully misappropriated those funds for personal use.

The victims, according to the Criminal Information, include:

  • A 75 year old widow from Texas who entrusted her retirement funds to Abernathy who concealed his fraud by providing fraudulent statements
  • A single mother from Texas who cashed in her retirement funds with the U.S. Postal Service and invested with Omega. Abernathy concealed his fraud by providing fraudulent statements
  • An individual from Texas who met Abernathy at church who transferred his retirement funds to Omega believing he was investing in a strategic investment fund. Abernathy concealed his fraud by providing fraudulent statements

The Criminal Information lists numerous other victims from Texas and Virginia with similar circumstances and in all cases the victims were provided with fraudulent statements. Losses are estimated to be about $1.3 million.

FINRA records indicate that Abernathy has been permanently barred from the industry. He was previously registered with the following broker-dealers:

  • The O.N. Equity Sales Company          2/2013-8/2014
  • NEXT Financial Group                               3/2007-8/2012
  • MML Investors Services                            2/2005-4/2007

If you had an account with Abernathy that suffered damages, contact us to learn how you may be able to recover all or a part of those losses from the broker-dealer Abernathy worked for at the time.

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

O.N. Equity Sales Co. Broker Dale Dahmen Barred by FINRA

In August 2014, FINRA reported that Dale Kenneth Dahmen of Buffalo, Minnesota, was barred from association with any FINRA member in any capacity on findings that he converted an insurance customer’s funds for his own benefit. The finds state that a $5,000 withdrawal from the policy, intended to repay a loan on the policy, was used by Dahmen to pay personal expenses.

After being contacted by the customer several times Dahmen repaid the money. The findings  also state that Dahmen failed to disclose to regulators a tax lien and judgment entered against him and that he failed to respond to FINRA’s request for information in connection with the investigation.

According to FINRA records Dahmen was most recently registered with The O.N. Equity Sales Company from 03/2003-10/2013. If you had an account with Dahmen and are concerned about how that account was handled, call to discuss your legal rights.

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

SII Investments Broker David Thomas Sanctioned by Securities Regulators

 

David Patrick Thomas, a resident of Washington state was recently sanctioned by securities regulators in Washington in connection with the sale of LLC membership interests issued by Chadbourne Partners, LLC, a Florida limited liability company.
According to FINRA records, Thomas, who is not currently registered, previously was registered as follows:
  • Seacoast Investor Services 12/2010-10/2011
  • SII Investments Inc  9/2007-12/2010
  • The O.N. Equity Sales Co 11/2004-10/2007
  • Wachovia Securities 2/2002-11/2004
According to the regulators, Thomas represented to investors that their funds would be pooled together and used by Chadbourne Partners to acquire a securities broker-dealer firm. Thomas represented that the broker-dealer would expand and become very profitable.
In a related matter, Colorado securities regulators filed a complaint against  Chadbourne Partners, LLC and its operators Daniel R. Murphy and Henry Dyer Wiggans of Jacksonville, FL,  alleging that they offered and sold unregistered securities in violation of the Colorado Securities Act. The complaint alleges they hired Michael Mendenhall, a former licensed stockbroker and raised $879,000  from the sale of unregistered securities.
If you have questions about your legal rights to recover investment losses, call to speak with an experienced securities attorney.

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

Investment News Announces Most Profitable Independent Broker Dealers

By Robert H. Rex 

The Investment News recently (March 2014) announced the most profitable independent broker-dealers, ranked by Pre-Tax Earnings. See this for complete list. 


Independent
Broker Dealer
PreTax Earnings
1 LPL Financial LLC $385,900,000
2 Cambridge Investment Research Inc. $25,287,365
3 AXA Advisors LLC $22,600,000
4 CUNA Brokerage Services Inc. $9,244,000
5 Princor Financial Services Corp. $6,461,785
6 Investacorp Inc. $4,415,574
7 Summit Brokerage Services, Inc. $3,500,000
8 Allstate Financial Services LLC $2,674,035
9 The O.N. Equity Sales Co. $2,349,581
10 VSR Financial Services Inc. $2,338,051
11 Signator Investors Inc. $2,310,447
12 Kovack Securities Inc. $2,280,475
13 Prospera Financial Services Inc. $1,963,764
14 M Holdings Securities Inc. (M Securities) $1,900,000
15 Cadaret Grant & Co. Inc. $1,800,000
16 SWS Financial Services $1,738,576
17 American Portfolios Financial Services Inc. $1,578,496
18 Financial Telesis Inc. $1,500,000
19 Ameritas Investment Corp. $1,418,490
20 United Planners Financial Services $1,257,723
21 Berthel Fisher & Co. Financial Services Inc. $1,184,429
22 National Securities Corp. $1,184,000
23 LaSalle St. Securities LLC $1,133,986
24 The Strategic Financial Alliance Inc. $1,067,097
25 Ausdal Financial Partners $891,000

If you have questions about the way your brokerage account is being handled, call to speak with an experienced securities attorney to discuss your legal rights. 
Nationwide consultation.
561 391 1900

Investment News Announces Most Profitable Independent Broker Dealers

By Robert H. Rex 

The Investment News recently (March 2014) announced the most profitable independent broker-dealers, ranked by Pre-Tax Earnings. See this for complete list. 


Independent
Broker Dealer
PreTax Earnings
1 LPL Financial LLC $385,900,000
2 Cambridge Investment Research Inc. $25,287,365
3 AXA Advisors LLC $22,600,000
4 CUNA Brokerage Services Inc. $9,244,000
5 Princor Financial Services Corp. $6,461,785
6 Investacorp Inc. $4,415,574
7 Summit Brokerage Services, Inc. $3,500,000
8 Allstate Financial Services LLC $2,674,035
9 The O.N. Equity Sales Co. $2,349,581
10 VSR Financial Services Inc. $2,338,051
11 Signator Investors Inc. $2,310,447
12 Kovack Securities Inc. $2,280,475
13 Prospera Financial Services Inc. $1,963,764
14 M Holdings Securities Inc. (M Securities) $1,900,000
15 Cadaret Grant & Co. Inc. $1,800,000
16 SWS Financial Services $1,738,576
17 American Portfolios Financial Services Inc. $1,578,496
18 Financial Telesis Inc. $1,500,000
19 Ameritas Investment Corp. $1,418,490
20 United Planners Financial Services $1,257,723
21 Berthel Fisher & Co. Financial Services Inc. $1,184,429
22 National Securities Corp. $1,184,000
23 LaSalle St. Securities LLC $1,133,986
24 The Strategic Financial Alliance Inc. $1,067,097
25 Ausdal Financial Partners $891,000

If you have questions about the way your brokerage account is being handled, call to speak with an experienced securities attorney to discuss your legal rights. 
Nationwide consultation.
561 391 1900

Miami Broker Bruce Supanik Barred by FINRA

In March 2014 the Financial Industry Regulatory Authority barred Miami, FL, broker Bruce Francis Supanik from the industry.
FINRA findings state that FINRA requested that Supanik appear and provide on the record testimony in relation to the events related to being fired by his firm for allegations that he transferred the balance of a customer’s account at the firm containing over $500,000 to the joint checking account he shared with the customer. Supanik then withdrew the balance from the joint checking account and deposited it into his personal bank account.
According to FINRA records Supanik is not currently registered . His previous registration history includes:
3/2005- 3/2013 The O.N. Equity Sales Co.
7/2002-3/2005 Associated Securities Corp
If you have questions about the way your brokerage account has been handled, call to speak with an experienced securities attorney.
Nationwide representation.
561 391 1900
 

Anderson Scott Hall Pleads Guilty to Ponzi Scheme

Anderson Scott Hall of Jacksonville, FL , pleaded guilty (12/27/2013)  to four felony counts of operating a sham investment scheme and faces a maximum of 20 years imprisonment for each of the counts. Here is a link to the FBI press release.
Hall, a licensed insurance salesman operated his fraud for more than ten years from 1996-2006, and defrauded more than 50 people out of over $4 million.
Hall incorporated a shell company, Abaco Securities International Ltd. in the Turks and Caicos Islands, British West Indies. There was no company or office, only a post office box in the Turks and Caicos.
Hall solicited his victims by encouraging them to invest their retirement savings in an investment product known as ASI, and promised interest rates exceeding 12%. The invested funds were deposited in one of several banks maintained at SunTrust. The funds were used to pay earlier investors and for Hall’s personal expenses.
According to FINRA records, Hall was registered with the following FINRA member firms:
Axa Advisors, LLC                              1/2007-1/2012
O.N. Equity Sales Company     10/1999-12/2005
New England Securities                        10/1996-9/1997
If you believe you are the victim of securities fraud or negligence, call to discuss your legal rights with an experienced securities attorney.

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