Category Archives: Transamerica Financial

RIdgewood Energy Fund Investors Paid $60,000 By Transamerica Financial

December 30, 2015

The FInancial Industry Regulatory Authority (FINRA) reports that clients of Transamerica Financial Advisors broker Bruce A. Slater filed an arbitration  (Case 1H-03503) alleging that an investment in Ridgewood Energy Fund was not suitable and inconsistent with their objectives.  The customers sought compensatory damages of $125,000 as well as punitive damages.

According to FINRA, Slater was dismissed and Transamerica Financial Advisors settled the case for $60,000.

Oil & Gas investments like the Ridgewood Energy Funds may not be suitable for retirees and others seeking conservative investments. If you have questions about losses in oil and gas investments, call to discuss your options for recovery.

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

Bruce Slater Named in $500K FINRA Arbitration-RIdgewood Energy Funds

Northville, Michigan

The Financial Industry Regulatory Authority (FINRA) reports that Bruce Slater of Transamerica Financial Advisors, Inc. has been named in a FINRA arbitration.

According to FINRA, the clients allege that between 1998 and 2014 Bruce Slater misrepresented the risk, fees and nature of the products he recommended and that the investments were unsuitable for their stated investment objectives. The investment product type is direct investments , limited partnerships and mutual funds and the clients allege the investments were unsuitable based on their stated objectives. Damages are alleged to be $500,000. FINRA Case 16-00132.

Mr. Slater was previously named in a FINRA arbitration involving the Ridgewood Energy Fund. That matter was resolved for a $60,000 settlement, according to FINRA.

If you have losses in an account handled by Bruce Slater, contact us to learn how 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

Transamerica Financial Advisors Sanctioned by Securities Regulators

July 24, 2015- St. Petersburg, Florida

Transamerica Financial Advisors (Transamerica)   entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that from January 2012 to February 2014 the firm failed to apply volume discounts to certain customer’s purchases of non-traded real estate investment trusts (REITs) and business development companies (BDCs) in violation of FINRA Rule 2010 and failed to have in place an effective supervisory system designed to ensure compliance.

AWC NO. 2014042291801

Transamerica was censured, fined $85,000 and ordered to pay restitution of $51,066 to affected customers.  

Transamerica   has been a FINRA member since 1985, is headquartered in St. Petersburg, Florida , and has nearly 5,000 registered representatives in 1,100 branch offices nationwide.

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

Transamerica Financial Advisors Sanctioned by Securities Regulator

January 20, 2015

Transamerica Financial Advisors  entered into a Letter of Acceptance, Waiver and Consent  (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that they failed to timely disclose to FINRA that one of their brokers had been charged with a felony prior to her termination.

Sally Samaris was named in a Felony Complaint for Arrest Warrant in a Los Angeles court in October 2012, alleging that she was part of a group engaged in a criminal enterprise to defraud over 100 victims who believed they were participating in a class action involving loan modifications. Although her branch manager was aware that Samaris had been charged with a felony they reported to FINRA that Samaris had left her employment voluntarily and did not disclose any information related to the felony complaint in violation of FINRA rules.

Case # 201034686802

Transamerica Financial was censured and fined $50,000. Transamerica is a broker-dealer headquartered in St Petersburg, Florida. It has approximately 5226 registered representatives and 1215 branch offices and has been a FINRA member since 1985.

Rex Securities Law , located in Boca Raton, FL, provides representation to  investors in Texas and 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

Former World Group Securities Broker Bradley Claus Named in Regulatory Complaint

The Financial Industry Regulatory Authority (FINRA) filed an amended complaint against Bradley Claus, a former stockbroker who worked for World Group Securities from 8/2006-1/2012 and worked for Transamerica Financial Advisors from 1/2012-8/2012.

The amended complaint alleges that between September 2010 and April 2013, Claus participated in private securities transactions that were not approved by his member firm and that he made misrepresentations of material fact in customer solicitation.

The companies involved were RJ Oil and Gas and Southern Hospitality, Inc. , which according to the pleading, Claus said would pay a guaranteed 5%, and that the company was owned by Justin TImberlake and Ryan Tedder. These representations were not true according to FINRA. Claus also represented that he was investing his own money in the deal, another untrue representation according to FINRA.

FINRA records indicate that Claus was discharged by Transamerica Financial in August 2012 when the firm learned that he was soliciting sales in an investment product not approved for sale by the company.

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

Bruce Slater/ Ridgewood Energy Funds Investigation

Rex Securities Law a national securities arbitration firm, is investigating Bruce A. Slater, a broker with Transamerica Financial Advisors, Inc. on behalf of an elderly couple that was sold an investment in one of the  Ridgewood Energy funds. The customers allege that the investment was misrepresented to them and is an unsuitable investment given their age, health and net worth.

 According to FINRA records, Slater has been registered with Transamerica since 1997. Transamerica Financial Advisors merged with InterSecurities, Inc. in September 2009.
The Ridgewood Energy Funds private placement offerings were sold in a series of offerings including:
  • Ridgewood Energy I Fund
  • Ridgewood Energy J Fund
  • Ridgewood Energy K Fund
  • Ridgewood Energy L Fund
  • Ridgewood Energy M Fund
  • Ridgewood Energy N Fund
  • Ridgewood Energy O Fund
  • Ridgewood Energy P Fund
  • Ridgewood Energy Q Fund
  • Ridgewood Energy R Fund
  • Ridgewood Energy S Fund
  • Ridgewood Energy T Fund
  • Ridgewood Energy U Fund
  • Ridgewood Energy V Fund
  • Ridgewood Energy W Fund
  • Ridgewood Energy X Fund
  • Ridgewood Energy Y Fund
  • Ridgewood Energy Z Fund
For more on the Ridgewood Energy Funds, see this.

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

Rex Securities Law Investigates Former Transamerica Financial Broker Mario Porras

Rex Securities Law is investigating Mario Porras, a stockbroker from El Paso, Texas, on behalf of a former customer who was sold hundreds of thousands of dollars worth of KBS REIT I. Porras was working for Transamerica Financial Advisors at the time the investment was made. We are investigating the suitability of the recommendation and the representations made in connection with the sale.

As we commented in a recent post, KBS REIT I, which sold for $10 per share, has lost half or more of its value, distributions have ceased and investors wanting to liquidate can only look to secondary markets since this investment does not trade on a conventional exchange.

We have been told by some of our clients that KBS REIT I was sold with the promise of steady and dependable distributions of income and with the understanding that the value would remain constant or increase. Many did not understand the significance of the fact that this investment is not traded on any conventional exchange making it difficult to turn it into cash if the need arises. 

If you have information which you believe may be helpful in this investigation, we would appreciate hearing from you. If you have questions about your investment losses, please do not hesitate to call. Free consultation. Nationwide representation.

Rex Securities Law

561 391 1900