Category Archives: WFG Investments

James Neal Turner-Former WFG Investments Broker-Discloses Customer Dispute-Plano, TX

June 2017- Plano, Texas

According to publicly available records James N. Turner (CRD#2068968) ,  a  stockbroker who currently is employed by First Command Financial Planning  discloses a pending customer dispute, 2 prior customer disputes and a currently outstanding judgment/lien.

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 arbitration 16-03688, a customer of WFG Investments and Jefferies LLC seeks damages of $75,000 and alleges misrepresentation within offering documents, failure to conduct due diligence and failure to execute due care in the sale of unsuitable investments.

Turner discloses a tax lien in favor of the Internal Revenue Service in the amount of $58,525, filed at Collin County, TX  Federal Court.

Turner’s prior employment includes Merrill Lynch, IMS Securities and WFG Investments.

If you have questions about an account handled by James Neal Turner , contact 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

Gary C. Haack-Former FSC Securities Broker-Discloses Settlement of Customer Dispute-San Antonio, TX

June 2017- San Antonio, Texas

According to publicly available records Gary C. Haack  (CRD#2796834) ,  a  stockbroker who currently is employed by Corecap Investments  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 arbitration 15-0836, a customer of WFG Investments sought damages of $115,000 and alleged unsuitable investments in speculative products in connection with an investment in a private placement offering of medical and research firms. The case was settled for $70,000 in 6/2016.

Gary C. Haack  has been employed by Corecap Investments since 6/2016. His prior employment includes FSC Securities, WFG Investments and NEXT Financial Group.

If you have questions about an account handled by Gary C. Haack  contact 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

WFG Investments Ignored Red Flags in San Antonio, TX , Branch

May 2017- San Antonio, TX

According to publicly available records Dallas, TX-based WFG Investments Inc. discloses 23 final regulatory events

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.

Most recently, in May 2017 FINRA  censured and fined WFG Investments $150,000 to resolve allegations that it failed to supervise appropriately the sales practices of one of its brokers in its San Antonio, Texas branch who engaged in unsuitable trading in the accounts of his customers, primarily by inappropriately concentrating the accounts in low priced securities.

According to the settlement agreement with FINRA the vast majority of the broker’s customers held substantial positions in four or five low-priced securities. Most of these customers had at least 80% of their accounts concentrated in low-priced securities and/or illiquid and highly speculative private placement and REIT investments. According to FINRA, these excessive concentrations existed irrespective of the customer’s financial situation, risk tolerance and/or investment objectives.

FINRA found that senior personnel at WFG were aware of red flags that the broker (who is only identified by the initials “MB” ) was engaged in unsuitable trading in low priced securities but failed to take steps to prevent it. FINRA AWC No. 2015045755003.

WFG Investments has been a FINRA member since 1988 and has over 200 registered representatives in 188 branch offices nationwide.

If you have questions about the way your account was handled at WFG Investments  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

Kyle J. Gardner-Former MML Investor Services Broker-Discloses Customer Dispute Over REITs-Plano, TX

May 2017- Plano, Texas

The FINRA records  of Kyle J. Gardner,  a  stockbroker who is currently employed by  SCF Securities   disclose a pending  customer dispute for losses on investments in real estate investment trusts (REITs).

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 currently pending customer dispute (internal case #201626218) a customer Gardner’s prior employer , MML Investor Services LLC, alleges damages in an unstated amount related to the purchase of two REITs in 2010. The customer alleges that he was not advised that the investment is illiquid and is not redeemable and that in 2015 Gardner advised him to close an individual account holding mutual funds to offset current losses and reinvested the funds in the same position.

Gardner has been employed by SCF Securities since 7/2014. His prior employment includes WFG Investments in Plano and MML Investors Services in Dallas.

If you have questions about an account  handled by Kyle J. Gardner 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

Stuart G. Dickinson-Former WFG Investments Broker-Barred by Securities Regulagtor-Highland Park, TX

November 2016-Highland Park, Texas

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.

According to publicly available records Stuart G. Dickinson, (CRD# 1047824) ,  a  former stockbroker who is was last employed in the securities industry by WFG Investments disclose that FINRA has permanently barred him from acting as a broker or otherwise associating with firms that sell securities to the public. FINRA alleged that Dickinson failed to conduct reasonable due diligence on private placement investments involving automated teller machines ( ATM Alliance, LP ) which were fraudulent.

FINRA ordered Dickinson to pay restitution in the amount of $924,000.

In 12/2012 a customer of WFG Investments was paid $35,000 to resolve allegations that certain investments sold to him by Dickinson were not suitable.

In FINRA arbitration 12-1202 filed by a customer of WFG Investments, a customer was paid a settlement of $130,000 to resolve allegations of fraud, suitability, misrepresentation and lack of supervision with respect to the purchase of a private placement and unsuitable exchange traded funds (ETFs).

Dickinson  was employed by WFG Investments from 10/2005-9/2013.  He was discharged by WFG Investments 9/2013 after the company received an inquiry relating to a private securities transaction. He is not currently registered as a broker.

If you have questions about an account in an account handled by Stuart Graham Dickinson , 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

Jay D. Jordan -Former WFG Investments Broker-Discloses $4M Customer Dispute-Oklahoma City, OK

April 2016- Oklahoma City, OK

UPDATE MAY 2017FINRA Records disclose that Jay D. Jordan currently has 9 pending and 4 prior customer disputes. The recently filed  pending disputes include:

  • FINRA Case 17-0358- customer of WFG Investments alleges damages of $4 million for unsuitable investments
  • FINRA Case 17-0535-customer of WFG Investments alleges damages of $900,000 for unsuitable investments.
  • July 2015 claim by customer seeking damages of $164,645 for unauthorized trading from 6/2011-present.

ORIGINAL POST JUNE 2016

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.

The FINRA records of Jay D. Jordan report that he was discharged from WFG Investments 3/31/2016, with the following allegations made by WFG Investments:
“WFG Investments has reasonably concluded the representative failed to follow certain policies of WFG, including failure to report a customer complaint, attempting to settle a customer complaint, unauthorized use of a personal email address to communicate with a customer and mischaracterizing aspects of an outside business activity”.

In a currently pending customer dispute, the customer alleges unauthorized trading in the account and claims damages of $164,644.

There are 4 prior customer disputes against Jordan reported that have been settled, including a claim that Jordan unsuitable recommendations and engaged in unauthorized trading. That case (NYSE 2002-010629) was settled for payment of $500,000 to the customer.

Jordan was registered with WFG Investments from 9/2005-4/2016.

If you have losses in an account handled by Jay D. Jordan, and believe that your account was mishandled, call to find out how you may be able to recover damages

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

Losses On Servergy, Inc ? – Recovery Options for Investors

April 12, 2016-Fort Worth, Texas

The Securities and Exchange Commission (SEC) filed fraud charges against McKinney, TX based Servergy, Inc. , William E. Mapp III, Caleb J. White and Texas attorney general Warren K. Paxton, Jr. Link to complaint. 

The SEC alleges that from November 2009-September 2013 $26 million was raised through private offerings by Servergy Inc. from investors who were duped into believing that Servergy was generating sales on new groundbreaking server technology when, in reality,  the server technology was behind that of competitors and there were not any sales.

In a February 2013 Private Placement memorandum, Servergy’s co-founder and then CEO William Mapp, III, led investors to believe their new server, the Cleantech-1000, was revolutionary and in high demand, Servergy hired WFG Investments of Dallas to raise $20 million in that offering.

According to the SEC complaint Servergy made numerous misrepresentations and omissions in the private placement memorandum about the new server to investors. In addition, the SEC alleges that investors were misled as to the purported sales figures leading investors to believe the company was generating income.

Brokerage firms have a duty to investigate the companies they are recommending. Thorough due diligence would likely have revealed the false information being disseminated by Servergy and its promoters.

If you invested in Servergy, Inc.  you may be able to recover damages from WFG Investments or the brokerage firm where you purchased Servergy, Inc. Call 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