Category Archives: Commodities

James P. Scullin-Former UBS Broker-Discloses $7 Million Customer Complaint

Coral Gables, Florida

According to FINRA records, James P. Scullin  a broker who worked for UBS Financial Services from 6/2011-11/2014 discloses that he was discharged by UBS Financial in October 2014. He also discloses 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 connection with his discharge  from UBS Financial Services , the company made the following allegations:

“Mr. Scullin’s employment was terminated when the firm learned that he (1) actively traded in an undisclosed commodities account outside UBS; (2) exercised discretion without written authorization in violation of firm policy: and (3) entered an unauthorized trade “

In pending FINRA Case 14-3513, a UBS customer alleges damages of $7,000,000 for unauthorized trading and excessive commissions in 2014.

Scullin entered into a settlement agreement with FINRA in April 2016 to resolve the regulator’s allegations that he placed a trade of over $5,000,000 in September 2014 without authorization from the customer and when questioned about the trade by the customer Scullin initially concealed the trade. He was fined $15,000 and suspended from association with any FINRA member for nine months. FINRA Case 2014043554601. 

If you have losses in an account handled by James P. Scullin  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

Boynton Beach, FL Resident Named in Forex Fraud Order

February 4, 2016- Boynton Beach, Florida

The U.S. Commodity Futures Trading Commission (CFTC) announced that a Federal Court issued a Consent Order against Robert Tripode of Boynton Beach, FL, in connection with his fraudulent activities as an employee and agent of Forex Monthly Income Fund (FMIF), requiring him to pay a penalty of over $170,000 and restitution to victims of the same amount.

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

Dania Florida Resident Named in Commodities Fraud Action

February 5, 2016- Dania Beach, Florida

The U.S. Commodity Futures Trading Commission (CFTC) charged Rico Omar Cox (aka Omar Negron) of Dania Beach, FL, with commodity trading advisor fraud. According to the complaint Cox used Craigslist and other sites to solicit $500,000 from investors.

In addition, Cox failed to disclose that he had felony convictions in 2013 for fraud, grand theft, and acting as an unlicensed mortgage broker, and he failed to register with the CFTC as a Commodity Trading Advisor.

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

South Florida Men Named in Alleged Commodities Scam by Regulators

September 17, 2015

The U S Commodity Futures Trading Commission (CFTC) announced  the filing of an enforcement action in US District Court for the Southern District of Florida against:

  • Mintco LLC of Delray Beach, FL
  • Stuart Rubin of Ft. Lauderdale, FL
  • Richard Q. Zimmerman of Wellington, FL

The CFTC alleges in their complaint that since July 2011, Mintco, Rubin and Zimmerman have unlawfully solicited sales of precious metals such as gold, silver, platinum and palladium, from low net worth individuals using the Mintco website and cold calling.

According to the complaint, Mintco charged commissions and fees as high as 37.5% of the investment and failed to inform customers that in excess of 80% of customers failed to earn a profit on their investments.

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

Joseph P. Tufo Arrested on Alabama Securities Fraud Charges

December 23, 2014-Montgomery, Alabama

Robert Broussard, District Attorney for Madison County, Alabama and Joseph Borg, Alabama Securities Commissioner announced the arrest of Joseph P. Tufo of Concord, California for violations of the Alabama Securities Act.

Tufo is being held on a $60,000 bond and faces 20 years imprisonment for allegedly operating a unlawful trading in a gold commodities buy/sell/trade program.

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