Category Archives: REITs

James Franklin – Former Investors Capital Corp. Broker- Discloses Customer Dispute- Houston, TX

June 2017 – Houston, TX

According to publicly available records James A. Franklin  (CRD#4799613) ,  a  stockbroker who currently is employed by 1st Global Capital Corp.  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 April of 2017,  a customer of Investors Capital Corp.  filed a customer dispute for damages of  $50,000  alleging that Franklin misrepresented the liquidity of REITs sold to him.

Franklin has been employed by 1st Global Capital since March of 2017.    He was with Cetera Capital Corporation  from October of 2016 to March 2017, and with Investors Capital Corporation beginning in September 2010. Franklin discloses a business affiliation with Molen Financial LLC.

If you have questions about an account handled by James A. Franklin , contact us 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

Mark C. O’Meara – McNally Financial Services Broker-Discloses Customer Disputes-Georgetown, TX

June 2017 – Georgetown, TX

According to publicly available records Michael C. O’Meara  (CRD#2652113) ,  a  stockbroker who currently works for San Antonio-based McNally Financial Services Corp.  discloses three 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.

Prior customer disputes against Michael C. O’Meara resulting in the payment of compensation include:

  • FINRA 12-03167 -While employed by Investors Capital, Corp. a customer sought damages of $400,000 and alleged unsuitability in connection with the purchase direct participation programs  & limited partnership interests.   The case was settled in the amount of $125,000.
  • While employed with Banc One Securities Corporation,  a customer sought damages of $73,454  and alleged “failure to execute an order to sell” involving Mutual Funds.   That case was settled in the amount of $65,000.

O’Meara has been employed  by McNally Financial Services since 8/2013.    He was previously employed by Investors Capital, Corp. from 7/2008 to 1/2011, Genworth Financial Serviced 1/2011-3/2011, United Planners Financial Services 3/2011-7/2013.

O’Meara discloses a business affiliation with O’Meara Financial Services in Georgetown, TX.

If you have losses in an account handled by Mark C. O’Meara, you may be able to recover damages from his employer through FINRA arbitration. 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

Jeffrey R. Wilson-Wells Fargo Broker-Loses Arbitration to Customer Over Energy and Real Estate Investments-Las Cruces, NM

May 2017-Las Cruces, NM

The FINRA records of  Jeffrey R. Wilson  ,  a  stockbroker who is currently  registered with Wells Fargo Clearing Services disclose a recent arbitration award to a customer and 2 other 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 March 2017, following a three day hearing,  a FINRA arbitration panel ordered Wells Fargo to pay  a former customer of Wilson $357,000, plus 8.75% interest, for damages related to investments in energy and housing products and the use of a margin line of credit. Pryor vs. Wells Fargo Advisors, Case #16-01123. 

In December 2016, Wells Fargo paid another Wilson customer $250,000 to settle allegations that direct investments purchased in 2014-2015 were unsuitable.

In October 2016, Wells Fargo paid a Wilson customer $275,000 to resolve allegations that the account had been excessively traded in unsuitable and risky investments.

Wilson   has been employed by Wells Fargo since 5/2014. Prior to that he was employed by Morgan Stanley.

If you have questions about an account  handled by Jeffrey R. Wilson , contact us to discuss your options.

Alternative investments include non publicly traded real estate investment trusts (REITS) , equipment leasing, oil and gas, hedge funds, real estate, commodities and derivatives contracts and, managed futures.  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.

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

Kyle J. Gardner-Former MML Investor Services Broker-Discloses Customer Dispute Over REITs-Plano, TX

May 2017- Plano, Texas

The FINRA records  of Kyle J. Gardner,  a  stockbroker who is currently employed by  SCF Securities   disclose a pending  customer dispute for losses on investments in real estate investment trusts (REITs).

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 customer dispute (internal case #201626218) a customer Gardner’s prior employer , MML Investor Services LLC, alleges damages in an unstated amount related to the purchase of two REITs in 2010. The customer alleges that he was not advised that the investment is illiquid and is not redeemable and that in 2015 Gardner advised him to close an individual account holding mutual funds to offset current losses and reinvested the funds in the same position.

Gardner has been employed by SCF Securities since 7/2014. His prior employment includes WFG Investments in Plano and MML Investors Services in Dallas.

If you have questions about an account  handled by Kyle J. Gardner 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

Steven H. Murphy – Former VSR Financial Services Broker- Discloses Customer Disputes- Simi Valley, CA

April 2017- Simi Valley, CA

The FINRA records  of Steven H. Murphy,  a  stockbroker who is currently employed by  Summit Brokerage Services  and was previously employed by VSR Financial Services, disclose a pending  customer dispute and a prior 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 currently pending FINRA arbitration 16-01531 a customer of VSR Financial Services alleges damages in an unstated amount for  unsuitable investments, breach of fiduciary duty, violation of California state  elder abuse from 8/2008 to 11/2014 in connection with the purchase of Direct Investments – limited partnerships, private placements , Equipment Leasing investments  and Real Estate Securities.

Murphy was employed by VSR Financial Services from 6/2005- 9/2016. He is currently employed by Summit Brokerage 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 . In their findings, FINRA criticized 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. 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.

 VSR wound down operations at the end of 2016 and transferred most of their brokers and customer accounts to Summit Brokerage ServicesSee this for more information regarding VSR Financial Services.

If you have questions about an account  handled by Steven Murphy or if you have losses in an account at VSR Financial Services, 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

Steven E. Blanke-Capital Financial Services Broker-Discloses Customer Disputes-Garland, TX

May 2017-Garland, TX

The FINRA records of  Steven Earle Blanke ,  a  stockbroker who is currently registered with Capital Financial Services disclose a pending customer dispute, a prior final customer dispute and a prior 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.

In currently pending FINRA arbitration 16-01267 a customer of Capital Financial Services is seeking damages of $499,999 and alleges unsuitable investments and failure to supervise in connection with investments in alternative investments.  (direct investments, limited partnerships, oil & gas, real estate securities, equipment leasing).

In a prior matter, FINRA Case 15-0968, a customer of Capital Financial Services alleged damages of between $100,000-$300,000 for common law fraud, breach of fiduciary duty, failure to supervise and negligence in connection with investments in alternative products. That case settled in 8/2016 for $53,000.

Blanke has been registered with Capital Financial Services since 6/2006. He discloses a business affiliation with BAS Advisory Services in Garland, TX.

Blanke discloses the filing and discharge of a Chapter 7 bankruptcy in 8/2009. United States Bankruptcy Court-Northern District of Texas.

If you have losses in an account in an account handled by Steven E. Blanke , you may be able to recover damages through FINRA arbitration.

Alternative investments include non publicly traded real estate investment trusts (REITS) , hedge funds, real estate, commodities and derivatives contracts and, managed futures.  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.

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

Frank Scarito-Former VSR Financial Services Broker-Discloses Settlement of Customer Dispute-Manchester, NH

April 2017-Manchester, NH

The FINRA records of  Frank Charles Scarito ,  a  stockbroker who is currently  employed by  Berthel, Fisher & Co.  a prior final 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 arbitration 15-0960 a customer of VSR Financial Services alleged damages of $389,000 for violations of Pennsylvania statutes and various common law claims in connection with the investment in direct investments, limited partnerships, equipment leasing investments, promissory notes and real estate securities. That case was settled for $65,000.

Scarito has been employed by Berthel Fisher & CO.  since 7/2016. Prior to that he was employed by VSR Financial Services from 7/2002-7/2016.

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.

Alternative investments include non publicly traded real estate investment trusts (REITS) , hedge funds, real estate, commodities and derivatives contracts and, managed futures. 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.

 VSR wound down operations at the end of 2016 and transferred most of their brokers and customer accounts to Summit Brokerage ServicesSee this for more information regarding VSR Financial Services.

If you have questions about an account  handled by Frank Scarito  or have losses on alternative investments purchased from VSR Financial Services 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