Category Archives: Securities

Losses on Cole Capital REITs ?

Brokerage firms nationwide sold a number real estate investment trusts (REITs) sponsored by Cole Capital, including:

  • Cole Office and Industrial
  • Cole Advisor Corporate Income
  • Cole Advisor Retail Income REIT
  • Cole Credit Property Trust
  • Cole Corporate Income Trust
  • Cole Real Estate Income Strategy

If you have suffered losses on an investment in a Cole Capital REIT that was recommended to you by your financial advisor, contact us to learn how you may be able to recover damages from the brokerage firm that sold you the investment.

Brokers often fail to disclose the risks associated with purchasing complex and inherently risky non-traded REIT investments.

Call for a no obligation consultation to learn about your option 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

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Losses on Cole Office and Industrial REIT ?

If you have suffered losses on your investment in Cole Office & Industrial REIT, contact us to learn how you may be able to recover damages from the brokerage firm that sold you the investment.

Brokers often fail to disclose the risks associated with purchasing complex and inherently risky non-traded REIT investments.

Call for a no obligation consultation to learn about 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

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Investigation of Capital Financial Services Brokers-Mark & Herminia Sitter-The Woodlands, TX

August 2017- The Woodlands, Texas

We are investigating  Capital Financial Services stockbroker Mark Raymond Sitter of the Woodlands, TXand  his wife Herminia C. Sitter, who until June 2017, was also a  broker with Capital Financial Services TX.

Our investigation is on behalf of an elderly Texas retiree who alleges that they recommended she invest most of her retirement funds into unsuitable real estate investments, including American Realty Hospitality Trust and Cole Office and Industrial REIT.

The FINRA records of Mark Sitter disclose an outstanding lien to the Internal Revenue Service of $83,527. Mark Sitter has been registered with Capital Financial Services since 1/2006. Mark Sitter discloses a business affiliation with Chasewood Wealth Management of the Woodlands, TX.

The FINRA records of Herminia Sitter disclose an outstanding lien to the Internal Revenue Service of $83,527. Herminia Sitter was registered with Capital Financial Services from 9/2005-6/2017.

Capital Financial Services has been a FINRA member since 1981 and is headquartered in Minot, North Dakota.

If you have information you believe may be helpful to this investigation please contact our office.

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

Newbridge Securities Fined $499,000 by Securities Regulator Over Structured Products-Boca Raton, FL

August 2017- Boca Raton, FL

Boca Raton, FL based brokerage firm Newbridge Securities Corp. was fined $499,000 by Pennsylvania Department of Banking and Securities for failure to supervise a broker in connection with the sale of structured products to Pennsylvania residents.

According to the Consent Agreement and Order, from January 2012-December 2016, Newbridge did not maintain a reasonable system for applying and enforcing written procedures pertaining to their sales of structured products by one agent in Pennsylvania.

This is not the first time Newbridge Securities has encountered regulatory problems. Their FINRA record discloses 28 prior regulatory events .

Newbridge Securities has over 80 locations nationwide. Recent SEC filings report total revenue in 2016 of $26 million with a net loss of $487,738.

If you have questions about losses in an account at Newbridge Securities, call to learn 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

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

SEC Charges 13 with Fraud Boiler Room Scam Targeting Senior Citizens-Long Island

July 2017

Thirteen individuals from two Long Island-based boiler rooms were charged with securities fraud by the Securities and Exchange Commission who alleges that they made hundreds of thousands of cold calls, many of which targeted senior citizens.

The SEC press release makes quite a few shocking allegations and demonstrates just how far the unscrupulous will go to take advantage of the general public, for example:

  • It is estimated that over $10 million was scammed from innocent and unknowing victims.
  • A boiler room salesman allegedly claimed that Walt Disney Co. was buying into a company that would cause the penny stock he was touting to soar.
  • Victims were harassed and intimidated by sale personnel…One allegedly told a victim “Do you have any rope at home? If so tie a know and hang yourself or get a gun and blow your head off”.
  • The telemarketers would instruct victims to place trades and a specific price and number of shares and then the scammers would place opposing sell orders to dump their own shares.

Scott W. Friestad, Associate Director of the SEC’s Enforcement Division, added, “The defendants allegedly used boiler rooms and high-pressure sales tactics to swindle seniors into investing their life savings in microcap securities they were secretly manipulating for their own profit.  But, through a combination of technology and innovative investigative approaches, we were able to unravel the alleged scheme and prevent further investor harm.”

Defendants named in the SEC complaint are:

  • POWERTRADERSPRESS.COM, INC.
  • ELITE STOCK RESEARCH, INC.
  • ERIK MATZ
  • RONALD HARDY
  • ANTHONY VASSALLO
  • STEPHANIE LEE
  • JEFFREY CHARTIER
  • LAWRENCE D. ISEN
  • ROBERT GLECKMAN,\
  • MICHAEL WATTS
  • BRIAN HEEPKE
  • DENNIS J. VERDEROSA
  • EMIN COHEN
  • SERGIO RAMIREZ
  • ASHLEY ANTOS

If you were recommended to deal with any of these individuals by a registered stock broker, you may be able to recover damages from that broker’s employer. Call for 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

Richard W. Martin-Former G.F. Investments Services Broker-Discloses Issues Over Sale of ETFs

July 2017-Malaysia

The FINRA records of  Richard William Lunn Martin ,  a  former stockbroker who was last  employed by  G.F. Investment Services, disclose a  prior regulatory matter, 15 customer disputes, a current investigation and 2 terminations 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 April 2017, Martin was permanently barred by FINRA to resolve allegations that he solicited, purchased and recommended that his customers hold non-traditional exchange traded funds (ETFs) in their accounts for lengthy periods of time, despite the enormous risks of holding non-traditional ETFs for more than one trading period.

Martin discloses numerous settlements to customers who invested in ETFs, including the following:

In FINRA case #15-2500 a customer of G.F. Investment Services  sought damages of $450,000 for unsuitable recommendations to invest in ETFs. That case was settled for $290,000 in May 2016.

In FINRA case #14-3679 a customer of G.F. Investment Services  sought damages of $2,000,000 for unsuitable recommendations to invest in ETFs. That case was settled for $500,000 in December 2014.

IN 7/2009 Martin was ‘permitted to resign’ from Latam Investments who made the following allegation on his FINRA record: “A painting belonging to the CEO of the firm was discovered missing. Upon review of the video recording from the office monitoring system the firm positively identified Mr. Martin removing the painting from the CEO’s office early in the morning and then exiting the main door with the painting”. 

In July 2015, Martin was ‘permitted to resign’ from G.F. Investment Services who made the following allegation; “FINRA Case 20150445876 opened 3/25/2015. Wells Letter received by Mr. Martin 7-7-2015”

Martin’s prior employers include:

  • G.F. Investment Services
  • Global Strategic Investments
  • Latam Investments
  • Morgan Stanley Dean Witter

If you have losses in an account handled by Richard William Lunn Martin, call to learn about 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

Northeast Securities Ordered to Pay Former Customer $1.8 Million-Mitchelfield, NY

July 2017-New York

An arbitration panel of the Financial Industry Regulatory Authority (FINRA) ordered Northeast Securities, Inc. a broker dealer headquartered in  Mitchelfield , NY, and three of their brokers to pay a former customer nearly $1.8 million dollars in a case involving investments in corporate bonds. The customer alleged common law fraud, churning, breach of fiduciary duty, misrepresentation, failure to supervise, improper use of margin borrowing and other claims.

The all public FINRA arbitration panel assessed the award jointly and severally against Northeast Securities and brokers Stephen J. Perrone, Diane Hawkins and Jonathan M. Zucker. In addition the panel awarded interest of 9% on the award from March 2012 until the award is paid and expert witness fees of nearly $34,000. McLaughlin v Northeast Securities, et al, FINRA Case 16-1806.

If you have suffered losses in your brokerage account due to the fraud or negligence of your stockbroker, we may be able to help you recover damages through FINRA arbitration, a process that is generally much quicker and less costly than court litigation.

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