Category Archives: Mutual Funds

Douglas W. Studer-Former Kovack Securities Broker-Barred by Securities Regulator-Ft. Lauderdale, FL

February 2017-Ft. Lauderdale, FL

According to publicly available records Douglas W. Studer , (CRD# 4440047) ,  a  former stockbroker who was last employed by Kovack Securities, disclose that he was permanently barred by FINRA from acting as a broker or otherwise associating with firms that sell securities to the public.

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 , without admitting or denying the allegations, Studer consented to the entry of findings that he refused to appear before FINRA for on the record testimony in relation to an investigation into whether he had violated his employing member firm’s policy by being named in an elderly customer’s estate documents to inherit the customer’s waterfront condominium.

 

In November 2015, a customer of Studer’s prior employer, National Securities Corporation alleged damages in excess of $5,000 for unauthorized trading in mutual funds. That matter was settled for $60,010.

Public records reveal that Studer filed and was discharged from Chapter 7 Bankruptcy in April 2010.

Prior to Kovack Securities, Studer was employed by National Securities and before that by Prime Capital Services.

If you have questions about an account in an account handled by Douglas W. Studer, 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

Michael B. Inderlied-Former Wilbanks Securities Broker-Discloses Customer Disputes & Terminations

August  2016-Frisco, Texas

The FINRA records of Michael B. Inderlied ,  a  stock broker who is currently not licensed and who was last employed by Adirondack Trading Group   disclose  a prior regulatory event, 2 prior customer disputes 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 November 2015, Missouri securities regulators sanctioned Inderlied and assessed him a fine of $20,000, required him to pay restitution of $17,500.

The two prior customer disputes were both resolved by monetary settlements paid to the customers.

In December 2015, Inderlied was ‘permitted to resign’ from Adirondack Trading Group following the censure by the  State of Missouri.

In January 2014, Inderlied was ‘permitted to resign’ from WIlbanks Securities who made the following allegations on FINRA records: “Rep was permitted to resign while under heightened supervision and investigation for improper recommendations to clients concerning variable annuities. The investigation revealed that rep encouraged clients to prematurely surrender variable annuities early in the surrender period for A-shares in various mutual fund shares to significant client harm. The firm followed up with every client and fully disclosed all compensation to them and all clients decided, in writing, for their investments to stand”.

Inderlied was employed by Adirondack Trading Group from 4/2015-12/2015. Prior to that he was with Investors Capital Corp. in Frisco, Texas, from 1/2014-3/2015, and before that with Wilbanks Securities from 6/2009-2/2014.

INVESTORS CAPITAL CORP. SUBJECT OF 21 REGULATORY MATTERS–CEASES OPERATIONS FALL 2016

Investors Capital Corp. withdrew its registration with FINRA in fall 2016. Investors Capital has been named in 21 regulatory matters and a number of customer arbitrations. For more information on Investors Capital Corp, follow this link. 

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

George Sefanou-Edward Jones Broker-Discloses Settlement of Customer Dispute

August  2016-Orlando / The Villages, Florida

The FINRA records of George Sefanou ,  a  stock broker who is currently employed by Edward Jones  , disclose a recently settled 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 FINRA Case 15-0387, a customer of Edward Jones alleged that Stefanou’s recommendation to transfer their retirement accounts to Edward Jones was unsuitable in that the transfer caused tax consequences and penalties. They also alleged that Stefanou failed to calculate properly IRS Code Section 72T distributions and that a recommendation to purchase mutual funds was unsuitable due to high fees associated with the purchase. That case was recently settled for $50,000.

Stefanou has been employed by Edward Jones since 8/2009.

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

Steve D. Heath-Former LPL Financial Broker-Discloses Termination From Employment

July 2016-Newport News, VA

The FINRA records of Steve D. Heath ,  a  stock broker who is currently  employed  by Capitol Securities Management  , disclose 2 terminations and one final financial 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.

Heath discloses that in August 2014 he was discharged by Stratos Wealth Partners and LPL Financial .

Stratos Wealth Partners made the following allegation in connection with the discharge: “Termed by broker dealer-violation of LPL firm policies regarding mutual fund trading and discretionary trading in brokerage accounts”.

LPL Financial made the following allegation in connection with the termination: “Violation of firm policies regarding mutual fund trading and discretionary trading in brokerage accounts.”

Heath has been employed by Capitol Securities Management since 10/2014. Prior to that he was employed by LPL Financial from 4/2008-9/2014.

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 C. Alexander-Sterne Agee Financial Broker-Discloses Customer Dispute

July 2016-Pell City, Alabama

The FINRA records of Joseph C. Alexander ,  a stock broker who is currently employed by Sterne Agee Financial Services, disclose  a currently pending customer dispute and a prior finalized 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 the currently pending matter, Case 01-CV-2016-900630.00 pending in the Circuit Court of Jefferson County, Alabama, a customer alleges that Alexander put them into risky and unsuitable investments and is seeking damages in excess of $5,000.

In an earlier matter customers alleged damages of $100,000 in connection with the purchase of mutual funds which the customers thought were back by the U.S. Government. That case settled in 10/2005 for $100,000 and a return of the funds.

Joseph C. Alexander has been employed by Sterne Agee Financial Services since 4/2002.

If you have questions about an account handled by Joseph C. Alexander call to learn how you may be entitled to collect 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

Andrew Corbman-Former FSC Securities Broker Sanctioned by FINRA- Lansdowne, VA

UPDATE April 2016-Corbman named in arbitration by customer seeking $1.3M in losses while Corbman was employed by Kovack Securities. See this link for more.

February 1, 2016- Lansdowne, VA

Andrew S. Corbman entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that  he made unsuitable recommendations to three customers that were inconsistent with the customer’s investment objectives and risk tolerances and resulted in over-concentration of their liquid net worth in these investments.

According to FINRA, Corbman, while working for FSC Securities, improperly recommended to a married couple with growth objectives and moderate risk tolerances , to purchase unsuitable highly risky leveraged, inverse Exchange Traded Funds (ETFs).

He also recommended to an elderly customer with a conservative risk tolerance and an investment objective of income to purchase an unsuitable and risky mutual fund with no operational history. The investments were unsuitable as they were over-concentrated and exposed each customer to a risk of loss that exceeded each customer’s risk tolerance and investment objectives.

AWC No.  20100246200302df

Corbman was suspended from association with any FINRA member for 1 month.

FINRA records indicate that Corbman has been registered with Newbridge Securities since 11/2015. He was registered with Kovack Securities from 1/2011-11/2015. Prior to that he was registered with FSC Securities from 2/2008-1/2011. 

Corbman has been the subject of 7 customer disputes that have been resolved and there is currently one customer dispute pending.

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

Worst Performing Mutual Funds for 2015

February 11, 2016

According to the Financial Times, the worst performing US Mutual Funds of 2015 are :

 Name                                                                             Return

  • RS Global Natural Resources                  (36.36%)
  • Tortoise MLP & Pipeline                            (35.17%)
  • MainStay Cushing MLP Prem                 (33.7%)
  • Goldman Sachs MLP Energy                    (32.75)
  • Van Eck Global Hard Assets                    (31.09%)
  • Oppenheimer SteelPath MLP Inc        (29.22%)
  • MainGate MLP                                                (28.96 %)
  • PIMCO Commodities PLUS                    (28.96%)
  • Vanguard Precious Metals                      (28.2%)
  • Prudential Jennison Nat Resource     (27.39%)

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