Category Archives: Variable Annuities

Christopher D. Sinkula Investigation-Janney Montgomery Scott Broker-Stuart, FL

June 2017-Stuart, Florida

We are investigating Stuart-based Janney Montgomery Scott stockbroker Christopher D. Sinkula. FINRA records indicate that Sinkula has been employed by Janney Montgomery Scott since 8/2008.

Our client is a single lady approaching retirement who alleges damages for  unsuitable investments which she alleges were purchased for her account by Sinkula.

Sinkula’s official broker records disclose that two of his customers brought actions that resulted in cash settlements:

  • In FINRA Case 12-01357 a customer of CItigroup Global Markets, his prior employer, sought damages of $879,680 alleging that Sinkula misrepresented the features of variable annuities that he recommended. That case was settled for $200,000.
  • In NASD Case 97-0761 a customer of A.G. Edwards, his prior employer, sought damages of $67,540 and alleged breach of contract, breach of fiduciary duty, account related negligence and failure to execute. That case was settled for $46,000.

If you have information you feel could be helpful to this investigation, please contact Nan Thompson at 561 391 1900.

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

Willbanks Securities Ordered to Pay Customer Over $1M on Annuity Purchase

April 2017-Salt Lake City, UT

An all public, three member FINRA arbitration panel ordered Wilbanks Securities to pay  a former customer compensatory damages of $536,720 together with a like amount of punitive damages, for a total award of nearly $1.1 million dollars.

The customer brought an action for common law fraud, breach of fiduciary duty, negligent supervision, violation of the Colorado Securities Act and other claims related to the purchase of an ING Variable Annuity.  FINRA Case 16-0226, Huitt v Wilbanks Securities, Inc.

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.

Investors who have suffered losses due to the negligence and/or fraud of a stockbroker may be able to recover damages through FINRA arbitration, a process that is much more expedient than court based litigation. Call for details.

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

Christopher D. Gammon-IMS Securities Broker-Discloses Customer Arbitrations Over REIT Investments-Houston, TX

April 2017-Houston, Texas

According to publicly available records Christopher D. Gammon , (CRD# 2344523) ,  a  stockbroker who is currently registered with IMS Securities  discloses two pending and two 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 Case 16-02356, a customer of IMS Securities alleges damages of $1,667,000 for negligence, breach of fiduciary duty, failure to supervise and misrepresentation  in connection with investments in real estate investment trusts (REITs).

In FINRA Case 16-01800, a customer of IMS Securities alleges damages of $3,000,000 for negligence, over concentration, breach of fiduciary duty, failure to supervise and misrepresentation  in connection with investments in variable annuities and REITs.

Gammon has been employed by IMS Securities since 2000. He discloses other business affiliations with DG Capital Funding, Katy, Texas and Exclusive Personal Services, Katy, Texas.

IMS Securities has been a FINRA member since 1994 and is headquartered in Houston, TX. They have about 105 associated persons and 57 branch offices.

If you have questions about an account in an account handled by Christopher D. Gammon, contact us to discuss your legal options.

Alternative investments include non publicly traded real estate investment trusts (REITS) , equipment leasing and oil and gas limited partnerships. 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

Jackie D. Wadsworth-IMS Securities Broker-Discloses Customer Disputes Over REIT Investments-Houston, TX

April 2017-Houston, Texas

According to publicly available records Jackie D. Wadsworth , (CRD# 2342163) ,  a  stockbroker who is currently registered with IMS Securities  discloses three 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 Case 16-3128, a customer of IMS Securities alleges damages of $300,000 for negligence, failure to perform adequate due diligence and breach of fiduciary duty in connection with investments in real estate investment trusts (REITs).

In FINRA Case 16-02356, a customer of IMS Securities alleges damages of $1,667,000 for negligence, breach of fiduciary duty, failure to supervise and misrepresentation  in connection with investments in real estate investment trusts (REITs).

In FINRA Case 16-01800, a customer of IMS Securities alleges damages of $3,000,000 for negligence, over concentration, breach of fiduciary duty, failure to supervise and misrepresentation  in connection with investments in variable annuities and REITs.

Wadsworth has been employed by IMS Securities since 1994.

IMS Securities has been a FINRA member since 1994 and is headquartered in Houston, TX. They have about 105 associated persons and 57 branch offices.

If you have questions about an account in an account handled by Jackie D. Wadsworth, contact us to discuss your legal options.

Alternative investments include non publicly traded real estate investment trusts (REITS) , equipment leasing and oil and gas limited partnerships. 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

Joshua W. Patterson-IMS Securities Broker-Discloses Customer Dispute Over REIT Investment-Houston, TX

April 2017-Houston, Texas

According to publicly available records Joshua W. Patterson , (CRD# 3077302) ,  a  stockbroker who is currently registered with IMS Securities  discloses two pending and one 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 Case 16-3128, a customer of IMS Securities alleges damages of $100,000 for negligence, failure to perform adequate due diligence and breach of fiduciary duty in connection with investments in real estate investment trusts (REITs).

In FINRA Case 16-01800, a customer of IMS Securities alleges damages of $3,000,000 for negligence, over concentration, breach of fiduciary duty and misrepresentation  in connection with investments in variable annuities and REITs.

Patterson has been employed by IMS Securities since 2002. He lists business affiliations with Rognon & Patterson, LP, Houston, Texas.

IMS Securities has been a FINRA member since 1994 and is headquartered in Houston, TX. They have about 105 associated persons and 57 branch offices.

If you have questions about an account in an account handled by Joshua W. Patterson, contact us to discuss your legal options.

Alternative investments include non publicly traded real estate investment trusts (REITS) , equipment leasing and oil and gas limited partnerships. 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

Tony Morris-Former Investors Capital Corp. Broker-Discloses Customer Dispute-El Paso, Texas

March 2017- El Paso, Texas

According to publicly available records Anthony  “Tony” R. Morris , (CRD# 2849581) ,  a  stockbroker who previously worked for Investors Capital Corp and who is currently employed by Lincoln Investment  disclose a pending customer dispute and 2 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 the currently pending dispute a customer of Investors Capital Corp. alleges damages of $147,536 related to the purchase of a variable annuity.

In FINRA arbitration 9-5362 a customer of Investors Capital Corp. alleged damages of $641,643 for investment losses and failure to process a transfer. That matter was settled for $35,000.

Morris has been employed by Lincoln Investment since 7/2015. He was employed by Investors Capital Corp. from 2/2002-7/2015.

Investors Capital Corp., a part of the Cetera Group, wound down its operations during 2016, transferring many of its brokers and customers to Summit Brokerage Services.

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. 

If you have questions about an account in an account handled by Anthony “Tony” Morris , 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