Category Archives: Florida Office of Financial Regulation

Andrew “Todd” Yocum Investigation Continues-The VIllages, FL

The Villages Florida

UPDATE OCTOBER 2017FINRA records disclose that Andrew “Todd” Yocum has two prior final regulatory matters resulting in his bar from the industry. There are 10 currently pending customer disputes and 23 prior customer disputes that are final.

In the bulk of the customer disputes, the customers allege an overconcentration of oil and gas related securities.

Here is a sampling of some of the 23 prior cases that have been settled:

  • In 2/2017 a customer of Morgan Stanley was paid $67,500 to resolve allegations that Yocum made unsuitable recommendations in the energy sector 2014-1015.
  • In 8/2017 a Morgan Stanley customer was paid $75,000 to resolve allegations that Yocum over-concentrated their portfolio with unsuitable investments. FINRA Case 17-0049.
  • IN 8/2016 a customer of Morgan Stanley was paid $35,975 to resolve allegations that from March 2012-September 2015 Yocum made unsuitable recommendations.

FINRA Alleges Yocum Recommended Unsuitable Energy Investments to Seniors

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. Customers of broker dealers who have a dispute, such as a claim for account losses , are entitled to file an arbitration proceeding against the firm and/or the broker to recover damages. FINRA entered a permanent bar against Yocum in May 2016 after he refused to appear for FINRA on-the-record testimony in connection with an investigation into whether he effected unauthorized transactions, exercised discretion without written authorization, and recommended unsuitable concentrated purchases of energy sector securities to senior investors.

Florida Securities Regulators Find That Yocum Executed Unauthorized Trades

In 3/2017 the Florida Office of Financial Regulation filed an Administrative Complaint alleging violations of standards of commercial honor and principles of trade; suitability; and placing trades in client accounts without authorization. Yocum was barred from the securities industry by FINRA in May 2017.

The Florida regulators found that Yocum executed trades that were not authorized, made trade recommendations that were not suitable, and failed to execute trades by the end of the day on the date the client requested. Yocum was ordered to cease and desist and be permanently barred from submitting an application for license or registration under Florida Chapter 517.

 

Andrew Yocum was employed by Morgan Stanley and worked in their office located at 832 Lake Sumter Landing, The Villages, Florida, until he was discharged in October 2015 for “Allegations concerning acting on verbal discretion” according to FINRA records.

We continue to evaluate potential cases for former clients of Todd Yocum. Call to discuss your options for recovery. Cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Athanasios Tomaras-Former Fulcrum Securities Broker-Discloses Suit Over Energy Investments-Oldsmar, FL

Oldsmar, Florida-UPDATE OCTOBER 2017-In October 2016 a customer of Fulcrum Securities file FINRA arbitration 16-02962 seeking damages of $189,000 and alleging that Mr. Tomaras made unsuitable investment recommendations in equities and oil and gas investments from the period July 2013-January 2016.

ORIGINAL POST–September 2016

The FINRA records of  Athanasios Tomaras,  a  stockbroker who currently is employed by  R. F. Lafferty & Co.  disclose a prior regulatory event and 4 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 August 2009, while employed by Morgan StanleyTomaras was ordered to cease and desist, fined $10,000 and suspended for ten business days by the Florida Office of Financial Regulation.

The Florida securities regulators found that Mr. Tomaras failed to observe high standards of commercial honor and just and equitable principles of trade in violation of section 517.161(1)(h), Florida Statutes and Rule 69W-600.013(2)(h), of the Florida Administrative Code, in connection with receiving referrals from insurance agents and opening new accounts for transferring customers.

In FINRA Case#15-0858 a customer of Fulcrum Securities, Tomaras prior employer, alleged that beginning in late 2013 his account was overly concentrated in the energy sector and that Tomaras failed to execute stop loss orders as instructed by claimant. The claimant alleged damages of $63,874 in losses as a result of failure to execute stop losses in Cline and PWE. Claimant also alleged unsuitable trades. That case was settled in 4/2016 for $25,000.

In FINRA Case#13-01133, a customer of Fulcrum Securities alleged damages of $569,300 arising out of the liquidation of a position that transferred into the firm. The customer alleged breach of fiduciary duty, violation of FINRA Rule 2010, breach of contract, negligence, violation of the FL securities act and control person liability. That case was settled in 10/2014 for $35,000.

Tomaras  has been registered with R.F. Lafferty since 10/2015. He was registered with Fulcrum Securities from 3/2012-3/2016. Prior to that he was registered with Morgan Stanley from 4/2007-3/2012.

If you have losses in an account handled by Athanasios Tomaras 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

Robert M. Dechick-D.H. Hill Securities Broker-Discloses Regulatory Sanction-Clermont, FL

June 2017- Clermont, Florida

According to publicly available records Robert M. Dechick  (CRD#4152582) ,  a  stockbroker who currently is employed by  D.H. Hill Securities,   discloses  a recent regulatory event.

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 1/2016 Dechick entered into an agreement with Florida securities regulators to resolve allegations that he provided consolidated statements to customers of D.H.Hill Securities without the required disclosure for their real estate investment trusts (REITs). Dechick paid the Florida Office of Financial Regulation a fine of $5,500 and he agreed to a cease and desist.

Robert M. Dechick  has been employed by D.H. Hill Securities 11/2009. His prior employment includes Broker Dealer Financial Services and Southern Farm Bureau. .

If you have questions about an account handled by Robert M. Dechick  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

Revere Securities Sanctioned by Securities Regulators

March 2017-New York

According to publicly available records Revere Securities LLC , (CRD# 14178) ,  a  FINRA registered broker dealer headquartered in New York City, discloses a pending regulatory matter , 9 prior final regulatory events and 3 prior customer arbitrations.

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 pending regulatory matter, Massachusetts securities regulators allege that Revere Securities failed to reasonably supervise one of is agents and that the firm engaged in dishonest and unethical conduct in violation of the Massachusetts securities act in connection with the sale of non-traded real estate investment trusts (REITs). Case #2015-0178. Sanctions sought include restitution, cease and desist, censure and disgorgement.

Prior regulatory issues include:

  • Maine Office of Securities-In 2014 Revere Securities were fined $35,000 and subjected to other sanctions for engaging in unlicensed activities and other violations.
  • Florida Office of Financial Regulation– In 2012 Revere Securities was fined and sanctioned for failing to file annual financial statements.

If you have losses on REITs purchased from Revere Securities or other questions about recovery of damages , 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

Scott Sibley-Former Raymond James Broker-Discloses Multiple Customer Disputes Alleging Abuse of the Elderly-Boca Raton, FL

April 2017-Boca Raton, FL

According to publicly available records Scott Allen Sibley  , (CRD# 1523981) ,  a   former stockbroker who last worked for Moors & Cabot,  discloses 3 prior regulatory events, 2 pending customer disputes, 15 prior final customer disputes,  a termination from employment and an 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 2015  Sibley was fined $15,000 and suspended for 15 days to resolve allegations by the Florida Office of Financial Regulation that  he made unauthorized trades in a client account.

In April 2017 FINRA permanently barred Sibley from the securities industry and found that he made about 900 securities purchases and sales in customer accounts without authorization, knowledge or consent. In addition Sibley caused the customer to carry a margin debit balance without the customer’s authorization, knowledge or consent and over concentrated the account in precious metals.

The prior final customer disputes include:

  • FINRA arbitration 15-0881 in which a Raymond James customer alleged exploitation of a vulnerable adult, exploitation of a disabled adult and other claims. That case was settled for $325,000.

In pending FINRA arbitration 17-0066, a Raymond James customer alleges damages of $300,000 for negligence, fraud and violations of the Florida Investor’s Protection Act.

In pending FINRA arbitration 16-01493, a Raymond James customer alleges damages of $675,000 for negligence, fraud, unsuitable recommendations, exploitation of the elderly and other claims.

Sibley was discharged by Raymond James in 2/2015 after the firm received multiple customer complaints alleging unauthorized trading.

Sibley was employed by Moors & Cabot from 3/2015-2/2017 and by Raymond James 11/2007-3/2015.

If you have losses in an  investment account handled by Scott Sibley  , you may be entitled to recover damages. 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

David H. Fagenson-Former UBS Broker-Discloses Termination and Customer Dispute-Palm Beach, FL

February 2017-Palm Beach, FL

According to publicly available records David H. Fagenson , (CRD# 1652012) ,  a  stockbroker who is currently registered with Newbridge Securities disclose a pending customer dispute and a termination from employment. 

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 September 2016 Fagenson was discharged by UBS Financial who made the following allegation : “The financial advisor was discharged after a review found that while on heightened supervision, he violated firm policy by exercising time and price discretion, texting with clients and engaging in short term trading of preferred shares.”

In September 2016 a customer of UBS Financial Services alleged damages in excess of $5,000 claiming that unauthorized trades were made in his account and that he gave instructions to place stop-loss orders on several investments that were not entered.  That matter is currently pending.

Fagenson’s records reveal eight prior customer disputes that were settled.

In 2011 the Florida Office of Financial Regulation initiated an action alleging that Fagenson made a material misstatement on his application for registration. Without admitting or denying the findings that he omitted a part of a law enforcement record that was required to be disclosed on his application for registration.

Fagenson has been employed by Newbridge Securities since 12/2016. He was employed at UBS Financial from 9/2010-10/2016.

If you have questions about an account in an account handled by David H. Fagenson, contact us to discuss your legal options.

EXERCISING DISCRETION

In the securities industry exercising discretion means that the customer has authorized the broker to buy and sell securities without first consulting with the customer on each transaction. To avoid regulatory issues and to comply with firm policy, this permission must be granted in writing. Most accounts are not discretionary accounts, meaning that the broker is required to consult with the customer before making a purchase or sale in the account.

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

Athanasios Tomaras-Former Fulcrum Securities Broker-Discloses Suit Over Energy Investments-Oldsmar, FL

Oldsmar, Florida-UPDATE OCTOBER 2017-In October 2016 a customer of Fulcrum Securities file FINRA arbitration 16-02962 seeking damages of $189,000 and alleging that Mr. Tomaras made unsuitable investment recommendations in equities and oil and gas investments from the period July 2013-January 2016.

ORIGINAL POST–September 2016

The FINRA records of  Athanasios Tomaras,  a  stockbroker who currently is employed by  R. F. Lafferty & Co.  disclose a prior regulatory event and 4 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 August 2009, while employed by Morgan StanleyTomaras was ordered to cease and desist, fined $10,000 and suspended for ten business days by the Florida Office of Financial Regulation.

The Florida securities regulators found that Mr. Tomaras failed to observe high standards of commercial honor and just and equitable principles of trade in violation of section 517.161(1)(h), Florida Statutes and Rule 69W-600.013(2)(h), of the Florida Administrative Code, in connection with receiving referrals from insurance agents and opening new accounts for transferring customers.

In FINRA Case#15-0858 a customer of Fulcrum Securities, Tomaras prior employer, alleged that beginning in late 2013 his account was overly concentrated in the energy sector and that Tomaras failed to execute stop loss orders as instructed by claimant. The claimant alleged damages of $63,874 in losses as a result of failure to execute stop losses in Cline and PWE. Claimant also alleged unsuitable trades. That case was settled in 4/2016 for $25,000.

In FINRA Case#13-01133, a customer of Fulcrum Securities alleged damages of $569,300 arising out of the liquidation of a position that transferred into the firm. The customer alleged breach of fiduciary duty, violation of FINRA Rule 2010, breach of contract, negligence, violation of the FL securities act and control person liability. That case was settled in 10/2014 for $35,000.

Tomaras  has been registered with R.F. Lafferty since 10/2015. He was registered with Fulcrum Securities from 3/2012-3/2016. Prior to that he was registered with Morgan Stanley from 4/2007-3/2012.

If you have losses in an account handled by Athanasios Tomaras 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