Category Archives: Valic Financial Advisors

Matthew S. Kocsis -Cambridge Investment Research Broker-Discloses Customer Dispute-Charlotte, NC

 JUNE 2017- Charlotte, NC

According to publicly available records Matthew S. Kocsis, (CRD#4787057) ,  a  stockbroker who  is registered with Cambridge Investment Research discloses 2 prior 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 FINRA case #13-0151 a customer of Equity Services, Inc. alleged damages of  $250,000 in connection with a private placement investment real estate securities.  The customer alleged failure to disclose  material facts and misrepresentation. That case was settled for $152,500.

Kocsis was employed with Equity Services, Inc. from 6/2004 until 10/2008 and with Valic Financial Services 10/2008-8/2011. He is currently employed by Cambridge Investment Research, Inc.  

If you have questions about an account in an account handled by Matthew S. Kocsis contact us to discuss your legal options.

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

Houston Based Valic Financial Advisors Fined $1.75M by Securities Regulator

November 2016-Houston, Texas

The Financial Industry Regulatory Authority (FINRA) fined Valic Financial Advisors  (VFA)$1.75 million for conflicts of interest related to the way it compensates brokers selling annuities.

FINRA found that Valic failed to have a reasonable system to address and review the conflict of interest created by its compensation policy.

According to FINRA,  “From October 2011 through October 2014, VFA created a conflict of interest by providing registered representatives a financial incentive to recommend that customers move their funds from Valic variable annuities to the firm’s fee-based platform or into a Valic fixed index annuity,”

“VFA further incentivized the conflict by prohibiting its registered representatives from receiving compensation when moving customer funds from a Valic VA to non-Valic VAs, mutual funds or other non-Valic products.”

Valic Financial Advisors is headquartered in Houston, TX, and has about 1,700 registered individuals located in 182 branch offices nationwide.  Valic is owned through subsidiaries of American International Group (AIG) , the giant insurer.

If you have questions about losses in an account at Valic Financial Advisors, contact us for a no charge consultation to discuss your options.

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

Former MML Investors Services Broker From Neptune Beach, FL, Arrested in Iowa for Forgery & Theft

July 1, 2015

The Financial Industry Regulatory Authority (FINRA) entered a default decision against Jeffrey Alan Stewart barring him from associating with any FINRA member in any capacity for converting customer funds, impersonating a customer and failing to respond to FINRA requests for information and testimony. Disciplinary Proceeding 2012035316101. 

According to the FINRA pleadings Stewart was registered with Valic Financial Advisors from July 2009-May 2011. In August 2011, Stewart became registered with MML Investor Services, LLC, where he remained until he was terminated in 12/2012 by MML Investor Services ” in connection with allegations concerning an unauthorized product replacement”.

FINRA found that after leaving Valic to join MML Investor Services, Stewart impersonated one of his clients and converted $54,000 from the customer’s account at Valic.

On August 24 2015, the Iowa City Press-CItizen reported that Jeffrey Alan Stewart, 52, of Neptune Beach, FL, was charged with the felonies of securities fraud ,  forgery and first degree theft. He posted a $30,000 bond in Johnson County Court according to the report.

If you suffered losses in an account handled by Stewart, call to discuss your legal options.

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

Daniel Johnson, Mt. Dora FLA Broker, Fined and Suspended by FINRA

In March 2014 the Financial Industry Regulatory Authority fined Mt. Dora, FL, broker Daniel Padgett Johnson $5,000 and suspended him for 30 days to resolve allegations that he engaged in outside business activities without providing written notice to his firms. Approximately one month after Johnson began working at the firm he established a company through which he performed insurance and business consulting as CEO and failed to notify his firm in writing. Upon learning of the undisclosed business activity, the firm terminated Johnson.

According to FINRA records Johnson is not currently registered. His previous registration history includes:
12/2012-11/2013   Valic Financial Services
10/2011-8/2012  Merrill Lynch
8/2009-12/2010  Money Concepts Capital 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