Category Archives: Options

Wells Fargo Securities Fined $3.25M For Supervisory Deficiencies

JUNE 2017

Wells Fargo Securities   entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that they failed to report, or had inaccurately reported over-the-counter options trades between 2008 and March 2017.

Although FINRA’s investigation of this issue in 2008 led to an agreement by Wells Fargo to remedy this deficiency, the firm’s reporting system was never fully developed or implemented due to deficient written supervisory procedures.

AWC 20140403261-01

Wells Fargo Securities was censured, assessed a fine of $3.25 million and agreed to an undertaking requiring the firm to review its supervisory systems and take adequate steps to remedy the deficiencies within 120 days.

If you have questions about an account with Wells Fargo Securities , call to learn about your remedies.

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

Roger Zajicek- Investors Capital Corp. Broker- Discloses Settlement of Customer Dispute – Lincoln, NE

April 2017- Lincoln, NE

The FINRA records of  Roger Zajicek  (CRD#862710) a stockbroker with Investors Capital Corp.,  discloses one pending and four prior final  customer disputes.

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 arbitration 15-01801,  a customer of Investors Capital Corp.,  who had a $700,000 negative margin balance alleged damages related to option trading. In July 2016 the case was settled for $317,500.

In currently pending FINRA case 15-02295 a customer of Investors Capital alleges damages in an unstated amount for churning and unsuitability in equities, direct investments and limited partnerships.

Zajicek was employed by Investors Capital from 10/2005-9/2016. He lists a business affiliation with Midwest Wealth Advisors in Lincoln, NE . Zajicek is not currently registered.

If you have questions about an account handled by Roger Zajicek, call to learn about your options.

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

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

Joshua L. Feldman-Aegis Capital Broker-Discloses Customer Disputes

New York

MAY 2017 UPDATEJoshua Feldman discloses that a customer of Aegis Capital Corp has file FINRA arbitration 17-0218 seeking damages of $110,000 and alleging that from January 2010-January 2017 Feldman made unsuitable investment recommendations and misrepresentations and or omissions concerning risk and material facts.

ORIGINAL POST August  2016

The FINRA records of Joshua L. Feldman ,  a  stock broker who is currently  employed  by Aegis Capital Corp.  , disclose 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 the pending dispute, FINRA Case #16-0916, a customer of Aegis Capital alleges damages of $300,000 for  unsuitability in penny stocks and option transactions for the period from January 2011 through December 2015.

Feldman has been employed by Aegis Capital Corp. since 12/2011. Prior to that he was employed by First Midwest Securities from 1/2009-12/2011.

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

Marvin T. Petty-United Planners Broker-Discloses Customer Dispute

Fort Worth, Texas

According to FINRA records,  Marvin T. Petty, Jr.  a stockbroker  who works for United Planners Financial Services ,  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.

Marvin T. Petty discloses that a customer has alleged damages of $350,000. The firm notes “to meet the client’s income needs the representative implemented, with the consent of the client, a strategy of selling covered options between November 2013 and March 2015. In March 2016 the representative received a complaint letter noting suitability and tax consequences.” The matter is under review.

Petty  has been employed by United Planners Financial Services  since 9/2011. He was employed by Weaver Tidwell Capital prior to that.

If you have questions about an account handled  by Marvin T. Petty , call for a no charge consultation.

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

Heather Weber Investigation Update-Merrill Broker-Tampa, FL

POSTED-April 2017

Additional claims filed against Heather P. Weber:

FINRA Case 16-1835- Merrill Lynch customer alleges damages of $500,000 for unsuitable recommendations and misrepresentations related to option trading from 9/2010-7/2014.

FINRA Case 16-1726-Merrill Lynch customer alleges damages of $500,000 for unsuitable recommendations and misrepresentations related to option trading from 2/2011-11/2014.

POSTED-March 30, 2016

FINRA records report another customer has recently filed an arbitration against Tampa-based  Merrill Lynch Broker Heather P. Weber. 

FINRA Case 16-00246 was filed 1/29/2016 alleging unsuitable recommendations and misrepresentations and omission of material facts from 2012-2016. The customer seeks damages of $200,000.

Two previously filed arbitrations are pending:

FINRA Case #15-2281-The customer alleges damages of $475,000 and ‘unsuitable investment recommendations and misrepresentation and omission of material facts from November 2012 to July 2014.”

FINRA Case #14-2984-the customer “alleges unsuitable investment recommendations and misrepresentations and omission of material facts from March 2006 to September 2014”. That customer alleges damages of $1,500,000.

If you have losses in an account handled by Heather Weber, call to discuss your options with an experienced securities attorney.

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

Former Church Pastor Wesley Allen Brown Charged with Fraud by CFTC

March 31,2015

The U.S. Commodity Futures Trading Commission (CFTC) file a civil enforcement action in the District Court for the Middle District of Florida against Maverick International and principals Wesley Allen Brown, of North Myrtle Beach, South Carolina  and Edward Rubin, of Winnabow, North Carolina,  who were charged with operating a fraudulent commodity pool and other federal commodity laws.

The complaint alleges that Brown used his position as associate pastor at a church in Flagler Beach, Florida, to solicit church members to participate in the fraudulent scheme.

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