Category Archives: ETFs Exchange Traded Funds

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

Louis Scherschel-Former Sigma Financial Corporation Broker-Discloses Customer Dispute and Termination-Chicago, IL

May 2017 – Chicago, IL

According to publicly available records Louis Scherschel  (CRD#5634741) ,  a  stockbroker currently registered with St. Bernard Financial Services, Inc.,  discloses a customer dispute and an employment separation.

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.

FINRA case #16-00222 was filed by a customer of Sigma Financial Corporation seeking damages of $500,000 and alleging inappropriately leveraged ETFs and failure to implement sell stops despite instructions to do so.  The case was settled in 8/2016 for $295,000.

Scherschel was discharged by Sigma Financial Corporation in 9/2015 who made the following allegations in connection with the discharge:  “failure to comply with firm’s correspondence policy.”

Scherschel had been employed  with Sigma Financial Corporation from May of 2013 to September of 2015.  He has since been employed with RBC Capital andProsperity Wealth Management, Inc. 

If you have questions about an account in an account handled by Louis Scherschel  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

Tom (Gil) Parks, Jr.-Former Ameriprise Broker-Discloses Numerous Customer Disputes Over Oil & Gas & Annuity Investments-Stephenville, TX

UPDATED JULY 2017-Stephenville, TX 

According to publicly available records Tom Gilliam Parks, Jr. , (CRD#1558909) ,  a  stockbroker who is not currently registered and who last was employed by Ameriprise Financial Services  discloses 9 pending customer disputes, 14 prior final customer disputes 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.

The customer disputes include:

  • FINRA arbitration 17-0563 in which an Ameriprise customer alleges damages of $113,486 for unsuitable investments, including investments in annuities
  • FINRA arbitration 17-0026 in which an Ameriprise customer alleges damages of $335,000 for unsuitable investments in mutual funds and oil & gas master limited partnerships
  • FINRA arbitration 16-03649 in which an Ameriprise customer alleges damages of $180,000 for unsuitable investments in  oil & gas master limited partnerships
  • FINRA arbitration 16-03125 in which an Ameriprise customer alleges damages of $101,000 for unsuitable investments in  oil & gas master limited partnerships, a closed end mutual fund and a business development company (BDC)

Six of the prior final customer disputes have been resolved by cash settlements, including:

  • FINRA Case 16-03529 in which an Ameriprise customer alleged damages of $95,000 for unsuitable investments in oil & gas master limited partnerships, and a  RiverSource variable universal life policy. That case was settled for $50,000.
  • FINRA Case 16-01069 in which an Ameriprise customer alleged damages of $244,000 for unsuitable investments in equities, funds and oil & gas master limited partnerships. That case was settled for $175,000.
  • FINRA Case 16-0653 in which an Ameriprise customer alleged damages of $148,000 for unsuitable investments in an annuity, an exchange traded fund (ETF) mutual funds and oil & gas master limited partnerships. That case was settled for $70,000.

Tom Parks was employed by Ameriprise Financial Services from 12/1993-4/2016. In 4/2016 Parks was ‘permitted to resign’ from Ameriprise who made the following allegation on his FINRA record: “Registered representative resigned while on heightened supervision for violations of company policy related to suitability, client disclosure and outgoing correspondence.”

If you have losses in an account handled by Tom (Gil)  Parks, Jr. you may be able to recover damages from his former employer 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

Demitrios Hallas-Former PHX Financial Broker-Named in SEC Complaint-

April 2017- New York

The FINRA records of  Demitrios Hallas ,  a  former PHX Financial stockbroker who is currently not registered disclose two final regulatory events, 2 prior customer disputes 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.

Hallas was recently named in an SEC Complaint alleging that he purchased and sold daily leveraged Exchange Traded Funds and Notes (ETFs and ETNs) knowingly or recklessly disregarding that the products were unsuitable for his customers. In addition the SEC alleges that Hallas misappropriated over $170,000 from one customer. Link to SEC complaint. 

Hallas was suspended by FINRA in April 2016 for failing to respond to a request for information.

In February 2012 Halllas was discharged by Chase Investment Services Corp. who made the following allegation in connection with the termination: “Job performance, including customer complaints alleging unauthorized trades and failure to disclose fees”

Hallas’ prior employment includes PHX Financial, Forefront Capital Markets, Santander Securities, Aegis Capital Corp., Chase Investment Services and PNC Investments.

If you have losses in an account in an account handled by Demitrios Hallas  , contact us to discuss how you may be able to recover damages for those losses.

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

Bill Holubec-Royal Alliance Broker-Discloses Pending Customer Dispute-San Angelo, TX

January 2016-San Angelo, Texas

Publicly available records of Bill A. Holubec, (CRD# 1304064) ,  a  stockbroker who is employed by Royal Alliance Associates disclose that a Royal Alliance customer has filed FINRA Case #17-0068 alleging damages of $500,000 for misrepresentation,  suitability and failure to supervise in connection with the sale of junk bonds and non-traditional exchange traded funds (ETF).

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.

Holubec  has been employed by Royal Alliance Associates since 12/1994.

If you have questions about an account in an account handled by Bill Holubec, 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

Christopher Anthony-Former Rhodes Securities Broker-Discloses Customer Dispute and Discharge from Employment-Arlington, TX

Arlington, Texas

MAY 2017 UPDATE-In January 2017 a customer of Rhodes Securities filed FINRA Case #16-03753 alleging damages of $2 million for breach of fiduciary duty, negligence and breach of contract.

ORIGINAL POST-November 2016

The FINRA records of  Christopher P. Anthony,  a  stockbroker who is not currently  registered and who was last employed by  Rhodes Securities, Inc.  disclose a currently pending customer dispute  and a discharge 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.

Anthony is also affiliated with Great Lakes & Atlantic Wealth Management and Advisory Pnrs and Anthony Capital Management.

In FINRA Case #16-02297, a customer of Rhodes Securities alleges damages of $100,000 for unsuitable investments, churning and failure to supervise in connection with the investment in options, foreign stock and index exchange traded funds (ETFs).

Anthony was discharged by Rhodes Securities 4/28/2015. Rhodes Securities made the following allegations on Anthony’s FINRA record in connection with the discharge: “Failure to adhere to heightened supervision. Trading with discretion and trading outside the investment objectives stated on the client accounts.”

If you have losses in an account in an account handled by Christopher Anthony contact us to discuss how you may be able to recover damages for those losses.

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