Category Archives: Securities Regulators

Thomas P. Haugh-PTI Securities & Futures Broker-Discloses $2.5 Million Customer Arbitration-Chicago, IL

June 2017-Chicago

According to publicly available records Thomas Patrick Haugh  (CRD#2185651) ,  a  stockbroker who currently employed by  PTI Securities & Futures , disclose a recent regulatory event and a pending customer dispute.

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 May 2017 a customer of PTI Securities & Futures filed FINRA Case 17-01171 seeking $2.5 million in damages alleging that their account, which contained derivatives, equities and options, was mismanaged from 2008-2016. That matter is currently pending.

If you have questions about an account handled by Thomas P. Haugh, call to learn about your options.

TEXAS REGULATORS SANCTION PTI SECURITIES FOR BEING FOOLED BY SPAM EMAIL

In June 2017 PTI Securities & Futures was sanctioned by the Texas State Securities Board (TSSB) for supervisory failures that led to bogus transfers of client funds which were initiated by SPAM emails. See this for more details. 

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 J. Haugh-PTI Securities & Futures Broker-Discloses $2.5 Million Customer Arbitration & Regulatory Sanction-Chicago, IL

June 2017-Chicago

According to publicly available records Daniel John Haugh  (CRD#2162854) ,  a  stockbroker who currently is the chief compliance officer of  PTI Securities & Futures , disclose a recent regulatory event and a customer dispute.

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 April 2017 Haugh was censured and fined $2,500 by Illinois securities regulators for failing to verify information to determine if emails that he received requesting the transfer of funds were being sent by his client. The account involved was an IRA account which belonged to a Texas resident. A phony SPAM email purportedly from the account holder resulted in the transfer of about $45,000 by PTI Securities  to an individual in Louisiana. Another phony email a month later resulted in PTI Securities transferring another $45,000 to an individual in Alabama.

In May 2017 a customer of PTI Securities & Futures filed FINRA Case 17-01171 seeking $2.5 million in damages alleging that their account, which contained derivatives, equities and options, was mismanaged from 2008-2016. That matter is currently pending.

If you have questions about an account handled by Daniel J. Haugh, call to learn about your options.

TEXAS REGULATORS SANCTION PTI SECURITIES FOR BEING FOOLED BY SPAM EMAIL

In June 2017 PTI Securities & Futures was sanctioned by the Texas State Securities Board (TSSB) for supervisory failures that led to these bogus transfers which were initiated by SPAM emails. See this for more details. 

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

PTI Securities & Futures Sanctioned by Texas Regulators for Transferring Client Funds Based on Spam Emails-Austin, TX

June 2017 -Austin, TX

The Texas State Securities Board entered a disciplinary order against Chicago-based PTI Securities & Futures for transferring nearly $100,000 from a 75 year old Texan’s IRA to unknown individuals based on the authority contained spam emails. Link to TSSB Disciplinary Order. 

 

According to the TSSB Order, PTI Securities missed numerous red flags along the way:

  • One of the emails requesting the transfer contained the term “SPAM” in the subject line.
  • The signatures on the forms requesting the transfers did not match the signature on the client’s account application
  • The distribution requests had an incorrect social security number and birth date for the client. The client was born in 1934 and the birthdate on the form was 1969.
  • The client had never previously made wire transfers to either of the individuals on the transfer forms
  • PTI Securities’ CCO did not speak to the client prior to processing the wire transfers.

PTI Securities & Futures made a full repayment of the $91,560 which was wrongly transferred and now prohibits transfers from client accounts to accounts that are not owned by the client.

TSSB reprimanded PTI Securities & Futures and fined the firm $5,000.

In April 2017 Illinois regulators, who had been investigating the matter, assessed PTI Securities & Futures a fine of $2,500.

 

If you have losses  in an account handled at PTI Securities & Futures 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

Judy K Morehead-Former Navarre Beach Chamber CEO-Charged With Securities Fraud-Navarre Beach, AL

June 2017-Navarre Beach, Alabama

The Alabama Securities Commission announced that Judy Kay Morehead of Henry County, Alabama, turned herself in to the Henry County Jail upon an arrest warrant charging her with Conspiracy to Commit Securities Fraud, Sale of Securities by an Unregistered Agent, Fraud in Connection with the Sale of Securities and other offenses. Morehead was released on $40,000 bond.

Follow this link to see Alabama Securities Commission press release. 

Judy Morehead resigned Thursday from her position as Navarre Beach Chamber of Commerce president and CEO. She allegedly took money from investors and spent it on personal debts and expenses.

Morehead’s husband Stanley and son Benjamin were also arrested for securities fraud.

According to FINRA records, Judy Kay Morehead  (CRD# 2254549) was previously a licensed securities broker who employment includes Ameriprise Financial Services, LPL Financial and Edward Jones. She was last registered as a broker in 6/2012.

If you have questions about an account handled by Morehead, call to learn about 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

Ameriprise Financial Ordered to Pay Customer $440K For Making Improper Distributions From Retirement Account

JUNE 2017

A FINRA arbitration panel of three public arbitrators in Omaha, Nebraska ordered Ameriprise Financial Services to pay a customer $440,000 in compensatory damages. The customer alleged breach of fiduciary duty, omission of facts and breach of contract and that Ameriprise made improper distributions to an individual who was not a proper beneficiary of a non-qualified account and two IRA accounts. Larson v Ameriprise, FINRA Case 16-01613.

The Financial Industry Regulatory Authority (FINRA) is a not-for-profit organization authorized by Congress to protect America’s investors by making sure the broker-dealer industry operates fairly and honestly.

As stated on  the FINRA website:

Arbitration is a method of resolving a dispute between two or more parties by neutral, qualified individuals, who serve as decision-makers after weighing the facts of each case presented. The decision-makers are called arbitrators. Arbitration of securities disputes against brokerage firms, brokers, or both provides a prompt and inexpensive means of resolving issues. There are certain laws governing the conduct of an arbitration proceeding. The most important of these is perhaps the fact that an arbitration award is final and binding, subject to review by a court only on a very limited basis. Parties should also recognize that arbitrating their claims precludes them from pursuing the same claims  through the courts.

If you have questions about an account with Ameriprise Financial Services or any other brokerage firm , call to learn about 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

Wells Fargo Securities Fined $3.25M For Supervisory Deficiencies

JUNE 2017

Wells Fargo Securities   entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that they failed to report, or had inaccurately reported over-the-counter options trades between 2008 and March 2017.

Although FINRA’s investigation of this issue in 2008 led to an agreement by Wells Fargo to remedy this deficiency, the firm’s reporting system was never fully developed or implemented due to deficient written supervisory procedures.

AWC 20140403261-01

Wells Fargo Securities was censured, assessed a fine of $3.25 million and agreed to an undertaking requiring the firm to review its supervisory systems and take adequate steps to remedy the deficiencies within 120 days.

If you have questions about an account with Wells Fargo Securities , call to learn about your remedies.

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

Trevor M. Carney-Former Axiom Capital Management Broker-Sanctioned by Texas Regulator-Austin, TX

JUNE 2017- Austin, Texas

According to publicly available records Trevor M. Carney (CRD#5657735) ,  a  stockbroker who is employed by  Ascendant Alternative Strategies, discloses a recent regulatory event and two outstanding judgment/liens.

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 6/2017 the Texas State Securities Board (TSSB) reprimanded Carney and assessed a civil and administrative penalty of $7,500 for failure to disclose information required by for U4 in violation of Board rules.

According to the TSSB Disciplinary Order, Carney did not disclose timely disclose two  Internal Revenue Service liens, one for $101,675 and another in the amount of $138,733. Failure to disclose to the TSSB within 30 days is a violation of section 115.9(a)(6) of the Board Rules.

Carney been employed by Ascendant Alternative Strategies since 3/2017. His prior employment includes Axiom Capital Management, KBR Capital Markets and Direct Capital Securities.

If you have questions about an account in an account handled by Trevor M. Carney 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

Investment Loss Recovery-Information on recovery of investment losses due to the negligence or fraud of stockbrokers. Nationwide representation.