Category Archives: Promissory Notes

Michael J. Blake-Former Ameritas Investment Broker-Discloses Numerous Customer Complaints Involving Promissory Notes-Paradise Valley, AZ

April 2017-Paradise Valley, AZ

The FINRA records of  Michael J. Blake ,  a  stockbroker who is currently unregistered and who last was employed by  Mid Atlantic Capital Corp. disclose a prior regulatory matter, 5 currently pending customer disputes and 4 prior 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 a prior customer dispute, FINRA case #9-04700 a customer of Ameritas Investment Corp. alleged damages of $1.5 million in connection with a real estate security. That case was settled for $475,000.

The pending customer disputes include:

  • CV 2017-0061 pending in Superior Court of Arizona in which an Ameritas customer alleges damages of $875,000 in connection with a promissory note investment.
  • FINRA arbitration #16-01182 in which a customer of Ameritas Investment Corp. alleges damages of $425,000 in connection with a promissory note investment.
  • FINRA arbitration #15-3118 in which another customer of Ameritas Investment Corp. alleges damages of $425,000 in connection with a promissory note investment.
  • 2-13 CV-02461-MEA pending in US District Court-District of Arizona in which another Ameritas customer alleges damages of $450,000 in connection with a promissory note investment.

Blake was registered with Ameritas Investment Corp.  from 6/2005-3/2013..

If you have questions about an account handled by Michael J. Blake, 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

Daniel C. Stewart-Former VSR Financial Services Broker-Discloses Customer Dispute-Shawnee, KS

April 2017-Shawnee, KS

The FINRA records of  Daniel C. Stewart ,  a  stockbroker who was formerly  employed by  VSR Financial Services  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.

Stewart , who operates Professional Financial Concepts  in Shawnee, KS discloses that  a complaint filed by a VSR Financial Services customer in 10/2016 alleges damages of $40,000. The customer alleges that Stewart was instructed to move the account to cash in 11/2015 but failed to do so until 1/2016 causing the loss.

Stewart was registered with VSR Financial Services from 12/2006-11/2016 and is currently registered with Summit Brokerage Services, a related entity .

See this for more information regarding VSR Financial Services.

VSR Financial Services was fined $550,000 by the Financial Industry Regulatory Authority (FINRA) in May 2013 in connection with the sale of alternative investments similar to United Development Funding. In their findings, FINRA criticised VSR Financial for recommending high concentration levels of alternative investments in customer accounts and for its lack of supervision over the use of consolidated reports prepared by brokers and provided to customers.

Alternative investments include non publicly traded real estate investment trusts (REITS) , hedge funds, real estate, commodities and derivatives contracts and, managed futures. It may also include art, wine, antiques, coins or stamps. These investments tend to be complex, illiquid, nontransparent, hard to value and expensive. Many of the alternative investments sold over recent years are not traded on any public market making them difficult to value and even more difficult to liquidate if cash is needed.

If you have losses in an account in an account handled by Daniel C. Stewart or another broker who was employed by VSR Financial Services , 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

Eric C. Willer-Fusion Analytics Securities Broker-Discloses Customer Dispute-Dallas, TX

April 2017- Dallas, Texas

According to publicly available records Eric C. Willer , (CRD# 2263899 ) ,  a  stockbroker who is currently registered with Fusion Analytics Securities   discloses a currently 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 FINRA Case 16-1860 a customer of Fusion Analytics Securities alleges damages of $500,000 in connection with an investment in a private offering in a promissory note. The customer alleges breach of fiduciary duty and violations of the Pennsylvania Securities Act.

Willer has been employed by Fusion Analytics Securities since 8/2015. Prior to that he was employed by Hoak Breedlove Wesneski & Co.

Fusion Analytics Securities has been a FINRA member since 2003 and is headquartered in Coral Springs, Florida. The company employs about 35 registered individuals in seven branch offices

If you have questions about an account handled by Eric C. Willer , call to discuss 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

Dennis Van Patter-Former VSR Financial Services Broker-Discloses Pending Customer Disputes-Plano, TX

February  2017-Plano, Texas

According to public records former VSR Financial Services broker Dennis Van Patter discloses a prior final regulatory event, 7 prior customer disputes that are final and 3 pending customer disputes.

Five of the prior customer disputes were brought by Van Patter’s customers while he was employed by VSR Financial Services and allege damages related to investments in real estate investment trusts (REITs), oil and gas, equipment leasing and promissory notes (alternative investments). Settlements paid by VSR Financial in those five  cases are $40,000, $215,000, $11,250, $50,000 and $15,000.

The three pending cases against Van Patter are by customers of VSR Financial and relate to alternative investments such as REITs, oil and gas and equipment leasing. Damages sought in the two of the pending cases are not stated. Damages sought in the third case are $1,074,858.

In November of 2015 FINRA suspended Van Patter for 45 days and fined him $10,000. Without admitting or denying the findings, Van Patter consented to the entry of findings that his recommendation that a retired customer invest in alternative investments was not suitable in light of the customer’s investment objectives and risk tolerance. The findings stated that Van Patter recommended that the customer invest $1.6 million in alternative investments such as REITs, note programs, oil and gas drilling partnerships and other private placements. As a result of Van Patter’s recommendations, the customer had approximately 52% of his liquid net worth concentrated in high risk alternative investments. FINRA Case 2013036647401. 

See this for prior posts on Dennis Van Patter. 

VSR Financial’s Prior Issues with Alternative Investments

VSR Financial Services was fined $550,000 by the Financial Industry Regulatory Authority (FINRA) in May 2013 in connection with the sale of alternative investments. In their findings, FINRA criticised VSR Financial for recommending high concentration levels of alternative investments in customer accounts and for its lack of supervision over the use of consolidated reports prepared by brokers and provided to customers. During the summer of 2016, VSR Financial announced that they were winding down their brokerage business and transferring accounts and brokers to an affiliated entity Summit Brokerage Services.

See this for prior posts on VSR Financial Services.

Alternative investments include non publicly traded real estate investment trusts (REITS) , hedge funds, real estate, commodities and derivatives contracts and, managed futures. It may also include art, wine, antiques, coins or stamps. These investments tend to be complex, illiquid, nontransparent, hard to value and expensive. Many of the alternative investments sold over recent years are not traded on any public market making them difficult to value and even more difficult to liquidate if cash is needed.

Van Patter was employed by VSR FInancial  Services from 10/1997-7/2016. He is not currently registered with any broker dealer.

If you have losses in an account in an account handled by Dennis Van Patter or  another VSR Financial Services broker, 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

Mickey Long-Former VSR Financial Services Broker-Discloses Pending Customer Disputes-Plano, TX

February  2017-Plano, Texas

According to public records former VSR Financial Services broker M. F. (Mickey) Long discloses a prior final regulatory event, 10 prior customer disputes that are final and 3 pending customer disputes.

Three of the prior customer disputes were brought by Long’s customers while he was employed by VSR Financial Services and allege damages related to investments in real estate investment trusts (REITs), oil and gas, equipment leasing and promissory notes (alternative investments). Settlements paid by VSR Financial in those three cases are $196,500, $82,500 and $235,000.

The three pending cases against Long are by customers of VSR Financial and relate to alternative investments such as REITs, oil and gas and equipment leasing. Damages sought in the three pending cases range from  $149,200 to $838,389.

In October 2016, the Texas State Securities Board (TSSB) entered a Disciplinary Order against M. F. (Mickey) Long II who operates First Financial Services Group in Plano, TX, and stock brokerage firm Calton & Associates.

The TSSB Order made certain findings with regard to Mr. Long’s business practices during the time he was employed by VSR Financial Services (6/2002-6/2016), including the following:

  • Long routinely recommended that VSR Financial clients invest in on-listed real estate investment trusts (REITs) and interests in exploratory drilling programs sold through private offerings (Alternative Investments)
  • Long recommended that a client of VSR Financial who was over 70 years of age invest in Alternative Investments at risk tolerance levels that were excessive.
  • Long did not have a reasonable basis to believe that the recommendations he made to invest in the Alternative Investments were suitable for this elderly client.

Long and Calton agreed that so long as Mr. Long is registered with Calton he will not sell or recommend the purchase of any Alternative Investments.  In addition, Long and Calton agreed that will establish a heightened supervision plan for the supervision of Mr. Long’s practice for two years. Mr Long’s registration with TSSB was suspended for 45 days as a part of the Order.

See this for prior posts on Mickey Long. 

VSR Financial’s Prior Issues with Alternative Investments

VSR Financial Services was fined $550,000 by the Financial Industry Regulatory Authority (FINRA) in May 2013 in connection with the sale of alternative investments. In their findings, FINRA criticised VSR Financial for recommending high concentration levels of alternative investments in customer accounts and for its lack of supervision over the use of consolidated reports prepared by brokers and provided to customers. During the summer of 2016, VSR Financial announced that they were winding down their brokerage business and transferring accounts and brokers to an affiliated entity Summit Brokerage Services.

See this for prior posts on VSR Financial Services.

Alternative investments include non publicly traded real estate investment trusts (REITS) , hedge funds, real estate, commodities and derivatives contracts and, managed futures. It may also include art, wine, antiques, coins or stamps. These investments tend to be complex, illiquid, nontransparent, hard to value and expensive. Many of the alternative investments sold over recent years are not traded on any public market making them difficult to value and even more difficult to liquidate if cash is needed.

Long was employed by VSR FInancial  Services from 6/2002-7/2016. He has been registered with Calton & Associates since 6/2016.

If you have losses in an account in an account handled by Mickey Long or  another VSR Financial Services broker, 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

Lizabeth Gotuaco Ty-Former Park Avenue Securities Broker-Discloses Customer Disputes Over Unregistered Promissory Notes

UPDATE February 2017Lizabeth Beth Ty, also known as Lizabeth Gotuaco Ty discloses that another customer of Park Avenue Securities has filed a FINRA arbitration (case #17-429) alleging damages of $1.9 million related to the sale of unregistered promissory notes.

Original Post–November 2016-Houston, Texas

The FINRA records of  Lizabeth “Beth” G. Ty,  a  former stockbroker with Park Avenue Securities disclose three pending customer disputes and a prior regulatory matter that is final.

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 pending customer disputes against Beth Ty are:

  • FINRA Case 16-0871-in which a customer of Park Avenue Securities alleges damages of $250,000 related to the purchase of an unregistered promissory note.
  • FInra Case 16/0481 in which a customer of Park Avenue Securities alleges damages of $500,000 in connection with the purchase of unregistered promissory note investments.
  • FINRA Case 16-0424 in which a customer of Park Avenue Securities alleges damages of $400,000 in connection with investments in unregistered promissory notes.

On April 16, 2016, during the course of an investigation into allegations that Beth Ty sold unregistered securities, FINRA requested that Ty provide documents and information pursuant to FINRA Rule 8210. Through her attorney, Ty indicated that she would not produce the information or documents at any time. In May 2016, FINRA permanently barred Beth Ty from acting as a broker or otherwise associating with firms that sell securities to the public. FINRA Disciplinary Action 2016049315001.  

Ty was registered with Park Avenue Securities from 1/2006-7/2015.

If you have losses in an account in an account handled by Lizabeth “Beth” Gotuaco Ty , contact us to discuss how you may be able to recover damages for those losses 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

Old Security Financial Group of Spring, Texas, Fined $100,000 by Securities Regulators

October 2016- Spring, Texas

The Texas State Securities Board (TSSB) sanctioned  Old Security Financial Group, Inc. of Spring, Texas,  fining the company $100,000 for selling unregistered investments in a mortgage note program that was supposedly backed by commercial real estate. The subject investments were First Position Commercial Note Program issued by the Woodbridge Mortgage Investment Fund 3 LLC, which lists offices in California and Florida.

 

The fine was also assessed against owner and president Donald A. MacKenzie and vice president Robert S. Davis, Jr. , both of Pflugerville, Texas. The TSSB ordered that they cease selling interests in the note program until it is properly registered in Texas or sold from an exemption from registration.

According to the TSSB order, neither MacKenzie, Davis, nor Old Security Financial Group was registered to sell securities in Texas.

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