Category Archives: Wedbush Securities

William F. Albin-former Waddell & Reed Broker-Discloses Discharge

July 2016- Las Vegas, NV

According to publicly available records William F. Albin , (CRD# 1744984) ,  a  stockbroker who is currently unregistered discloses that he was discharged from Waddell & Reed, Inc. in July 2016.

Waddell & Reed made the following allegation on Albin’s regulatory record in connection with the discharge: “RR (registered representative) used discretion in multiple client accounts without written authorization in violation of the firm’s policies”

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.

Albin  was registered with Waddell & Reed from 4/2015-7/2016. His prior employments in the securities industry include Metlife Securities, New England Securities, Wedbush Securities and RBC Dain Rauscher.

Public records disclose that Albin voluntarily resigned from RBC Dain Rauscher in 2003. RBC Dain Rauscher made the following allegations in connection with that incident:“In the course of conducting routine surveillance of client accounts, concern were raised about Mr. Albin exercising discretion in certain client accounts without written authority.”

Discretionary trading is listed a Prohibited Conduct by FINRA, who states: “Purchasing or selling securities in a customer’s account without first contacting the customer and receiving the customer’s authorization to make the sale or purchase, unless the broker has received from the customer written discretionary authority to effect transactions in the account or the broker was given discretion as to price and time.”

If you have questions about an account in an account handled by William F. Albin , 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

Matthew J. Ronan-ViewTrade Securities Broker-Discloses Pending Regulatory Investigation

Boca Raton, Florida

According to FINRA recordsMatthew J. Ronan  a stock broker who works for ViewTrade Securities  discloses  a customer dispute that has been finalized and a pending regulatory investigation.

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.

Ronan’s FINRA record discloses that FINRA instituted an investigation in September 2015 for potential violations of Section 5 of the Securities Act of 1933 and FINRA Rule 2010. Examination #20140404879.

Section 5 of the Securities Act of 1933 regulates the timeline and distribution process for issuers who offer securities for sale. FINRA Rule 2010 is entitled Standards of Commercial Honor and Principles of Trade and states that “A member, in the conduct of its business, shall observe high standards of commercial honor and just and equitable principles of trade.”

Ronan’s  previous employment includes Wedbush Securities and Oppenheimer & Co.

If you have questions about an account handled by Matthew J. Ronan, 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

Wedbush Securities Ordered to Pay Customer $350K in FINRA Arbitration

January 22, 2015- Los Angeles, CA

A FINRA arbitration panel in Los Angeles, CA, ordered Wedbush Securities to pay a customer $251,000 in compensatory damages and attorney fees of over $100,000. The customer brought claims for breach of fiduciary duty, constructive fraud, failure to supervise and alleged that the broker engaged in unauthorized trading. Karen Celehar v. Wedbush Securities, Inc. FINRA Case# 13-03313. 

If you have questions about losses in your brokerage account, call to speak with an experienced securities attorney.

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

Wedbush Fined/Sanctioned by Securities Regulators Over Supervison/Reporting Issues

December 11, 2014

The Financial Industry Regulatory Authority (FINRA) rendered a decision in Complaint #20070094044, appealing the sanctions imposed ay an earlier decision by a FINRA hearing panel against Wedbush Securities and Edward William Wedbush. It  the earlier hearing the panel found  that the company committed various regulatory failures with respect to the reporting of customer complaints and that its founder/president Edward Webush failed to reasonably supervise regulatory reporting.

The appeal affirmed the liability findings of the panel and modified the sanctions, imposing a $300,000 fine on Wedbush Securities and a 31 day suspension in all principal capacities and $50,000 fine on Mr. Wedbush.

According to the decision, “The Firm’s reporting failures included substantial settlements with customers, FINRA and SEC Wells Notices, criminal matters, bankruptcies, customer complaints and arbitration filings.”

With regard to prior supervision issues, the decision notes: “We considered the Firm’s extensive disciplinary history with respect to supervision failures. In the past 10 years alone, the Firm has been fined approximately $2,000.000 by FINRA, NASD and NASDAQ in 16 separate disciplinary actions and settlements involving supervisions failures. The Firm’s disciplinary history coupled with its failure to remedy regulatory reporting problems despite repeated warnings from regulators present a significant aggravating factor in our determination of sanctions”

If you have questions about losses in your brokerage account, call us 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 LPL Broker Sanctioned By Securities Regulators-Unauthorized Trading

In July 2014, the Financial Industry Regulatory Authority (FINRA) fined former LPL Financial broker Richard D. Lewis $5,000 and suspended him for 20 business days for making over 80 discretionary trades in the securities account of a customer without obtaining written authorization and without having first obtained permission from LPL Financial. 

According to FINRA records, Lewis is currently registered with J.W. Cole Financial. He was registered with LPL Financial from 12/2010-4/2013 and prior to that Wedbush Securities 7/2005-12/2010.

Rex Securities Law provides nationwide representation to investors 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

SEC Charges Wedbush Securities & Two Employees For Market Access Violations

Washington, DC- June 6 2014

The Securities & Exchange Commission (SEC) filed charges against Wedbush Securities of Los Angeles, Jeffrey Bell, a former executive vice president and Christina Fillhart, a senior vice president, accusing them of violating an SEC market access rule requiring firms to have adequate risk controls in place before providing customers with access to markets.

According to the SEC press release, Wedbush has consistently ranked as one of the five largest firms by trading volume on NASDAQ, and failed to maintain direct and exclusive control over settings in trading platforms used by its customers to send orders to the markets.

“Wedbush provided market access to overseas traders without pre approval and without ensuring that they  complied with U.S. law” said Andrew J. Ceresney, director of the SEC Enforcement Division. “We will hold Wedbush accountable for reaping substantial profits while failing to protect U.S. markets from the risks posed by these traders.”

Rex Securities Law provides nationwide representation to investors 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