Category Archives: Texas State Securities Board

Texas Securities Board Appoints New Commissioner-Austin, TX

August 2017-Austin, Texas

Travis J. Lies was appointed Securities Commissioner of the Texas State Securities Board (TSSB) effective September 1, 2017. Lies has worked for the TSSB for 16 years and has been serving as Deputy Commissioner for the past year. He will succeed current Commissioner John Morgan who will retire August 31 after 33 years with TSSB.

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

Michael K. Parish-San Antonio Investment Adviser Sanctioned by Texas Regulator

July 2017 -San Antonio, TX

The Texas State Securities Board  (TSSB)entered a disciplinary order against San Antonio investment adviser Michael Keith Parish for violations of Board Rule 116.17, known as the “custody rule” which prohibits registered investment advisers from maintaining custody of client funds and/or securities unless certain safeguards are implemented and/or the investment adviser satisfies compliance with an exemption from such safeguards. Link to TSSB Disciplinary Order. 

According to the TSSB Order, Parish did not maintain a balance sheet, income statement and general ledger and did not implement the safeguards required by Section 116.17(b) of the Board Rules.

Parish was fined  $5,000 and his registration as an investment adviser was suspended for 30 days. In addition Parish was ordered to retain an outside auditor registered with the Public Company Accounting Oversight Board (PCAOB) to conduct an audit of all funds under his management.

 

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

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

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

Lawrence A. DeShetler-Pleads Guilty to Mail Fraud-Beaumont, TX

June 2017-Beaumont, Texas

Lawrence A. DeShetler, a certified financial planner from the the Woodlands, Texas, pleaded guilty mail fraud according to a release from the Department of Justice for the Eastern District of Texas.

According to the Texas State Securities Board, DeShetler fraudulently obtained $1.9 million from five of his advisory business clients who were convinced to withdraw money from their investments and give it to DeShetler who promised them higher returns.

One client was convinced to liquidate her IRA of over $700,000 and transfer the funds to DeShetler who spent the money on restaurant bills, country club fees, clothing and other personal expenses.

DeShetler was arrested in August 2016. He faces up to 20 years in federal prison.

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