Former Suntrust Investment Services Broker Kenneth Mauchin Barred by FINRA-Misappropraition of Customer Funds

The Financial Industry Regulatory Authority (FINRA) is the largest independent regulator for all securities firms doing business in the United States. FINRA’s chief role is to protect investors by maintaining the fairness of the U.S. capital markets.

All stockbrokers and broker dealers (brokerage firms) are required to be licensed by and subject to the rules and regulations of FINRA. Each month FINRA publishes disciplinary actions against brokers and broker dealers. Discipline can range from monetary fines and suspensions, or in extreme cases, revocation of licensing and a bar from the securities industry.

See the FINRA website for current and historical disciplinary actions.

July 2013
Kenneth Andrew Mauchin (CRD #2366345, Registered Principal, Sanford, Florida) was barred from association with any FINRA member in any capacity. FINRA’s Enforcement Department did not seek restitution because the member firm reimbursed the customers. The sanction was based on findings that Mauchin withdrew $23,750 from customer accounts and used the funds to purchase cashier’s checks that he deposited into an account that he controlled. Mauchin falsely listed his work address as the mailing address for customer accounts, which prevented the customers from detecting Mauchin’s misappropriation of funds. The findings stated that as a result, Mauchin caused his firm to have false books and records. The findings also stated that Mauchin failed to appear for FINRA on the record testimony.

(FINRA Case #2011028452701)

According to FINRA records, Mauchin is not currently registered. He was previously registered with the following firms:

SunTrust Investment Services
6/2007-7/2011

Fifth Third Securities
2/2006-6/2007

Colonial Brokerage
10/2004-2/2006

Rex Securities Law , located in Boca Raton, FL, 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.

Rex Securities Law

561 391 1900

Jeremy Hare-17 Customer Complaints-Barred by FINRA

UPDATE on Jeremy D. Hare – March 2017-Philadelhia, PA

According to FINRA records, Jeremy Hare has been named in 17 prior and final customer disputes and two pending customer disputes .  He has been named in two regulatory complaints and is not currently registered with any broker dealer.

In the customer disputes that have been settled, the customers alleged various claims, including:

  • undisclosed commissions
  • trading account without authority
  • churning and unsuitable transactions
  • inappropriate investments
  • provided misleading information to customer
  • invested in unsuitable and risky closed end funds

Payments on the settled cases ranged from $8,000 to $115,000.

In the currently pending case 16-2638, which occurred when Hare was employed by Oppenheimer & Co., the customer alleges unsuitable trades, churning of account and charging commissions in lieu of managed account fee and alleges damages of $1,000,000.

In currently pending FINRA arbitration 16-2602 a customer of Oppenheimer alleges damages of $300,000 for unsuitable investments, negligent supervision, churning and charging exorbitant commissions.

Original Post—July 2013
Jeremy David Hare (CRD #2593809, Registered Representative, Narberth, Pennsylvania) was barred from association with any FINRA member in any capacity. The NAC dismissed the appeal Hare filed regarding the Hearing Panel decision, and the Hearing Panel decision shall constitute FINRA’s final disciplinary action with respect to the matter. The NAC asked Hare to submit a written statement explaining why his appeal in the matter should not be dismissed as abandoned, and he failed to file the required statement. The sanction was based on findings that Hare provided false and misleading information to FINRA in connection with its investigation into a customer’s complaint alleging unauthorized trading and other sales practice violations. The findings stated that the Hearing Panel dismissed the allegation that Hare exercised discretion in a customer’s account without written authorization.

(FINRA Case #2008014015901)

According to FINRA records, Hare is not currently registered. He was previously registered with the following firms:

Gilford Securities Incorporated

8/2011-8/2012

Oppenheimer & Co.
4/2008-8/2011

Wachovia Securities, LLC
10/1999-4/2008

If you have losses in an account handled by Jeremy D. Hare, call to discuss your options for recovery of damages.

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

Ex-Fifth Third Securities Broker Janet Frakes Barred by FINRA for Theft from Elderly Clients

The Financial Industry Regulatory Authority (FINRA) is the largest independent regulator for all securities firms doing business in the United States. FINRA’s chief role is to protect investors by maintaining the fairness of the U.S. capital markets.

All stockbrokers and broker dealers (brokerage firms) are required to be licensed by and subject to the rules and regulations of FINRA. Each month FINRA publishes disciplinary actions against brokers and broker dealers. Discipline can range from monetary fines and suspensions, or in extreme cases, revocation of licensing and a bar from the securities industry.

See the FINRA website for current and historical disciplinary actions.

July 2013
Janet Louise Frakes (CRD #3120413, Registered Representative, Independence, Kentucky) submitted a Letter of Acceptance, Waiver and Consent in which she was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Frakes consented to the described sanction and to the entry of findings that she misappropriated more than $100,000 from an elderly customer’s account and $16,000 from another elderly customer’s account at a bank. The findings stated thatFrakes perpetrated the misappropriation of the customers’ money partially by means of submitting bogus withdrawal slips. Frakes signed a customer’s withdrawal slips as POA orPOA on file; however, the bank had no record of a POA on file for the account. The findings also stated that FINRA sent Frakes a request for, among other things, a signed statementresponding to the misappropriation allegations. Frakes’ attorney sent a letter to FINRA refusing to provide a written statement. (FINRA Case #2012033857101)

According to FINRA records, Frakes  is not currently registered. She was previously registered with the following firms:

Fifth Third Securities, Inc.
12/2003-9/2012

The Huntington Investment Company
11/1998-4/2003

Rex Securities Law , located in Boca Raton, FL, 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.

Rex Securities Law

561 391 1900

PFS Investments Broker Huel Cox Barred by FINRA for Theft

The Financial Industry Regulatory Authority (FINRA) is the largest independent regulator for all securities firms doing business in the United States. FINRA’s chief role is to protect investors by maintaining the fairness of the U.S. capital markets.

All stockbrokers and broker dealers (brokerage firms) are required to be licensed by and subject to the rules and regulations of FINRA. Each month FINRA publishes disciplinary actions against brokers and broker dealers. Discipline can range from monetary fines and suspensions, or in extreme cases, revocation of licensing and a bar from the securities industry.

See the FINRA website for current and historical disciplinary actions.

July 2013
Huel Cox Jr. (CRD #1638341, Registered Principal, Phoenix, Arizona) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in anycapacity. Without admitting or denying the findings, Cox consented to the described sanction and to the entry of findings that he solicited a friend, who was also a customer of his member firm, to make various investments in real estate and a casino. The customer agreed to make the investments and, over a period of years, wrote personal checks payable to Cox for the purported investments. The findings stated that Cox did not make any of the promised real estate investments for the customer but, instead, misappropriated at least $206,398.89 of the customer’s funds for his own personal use without the customer’s authorization.

(FINRA Case #2011029621801)

PFS Investments is a subsidiary of Primerica Finance Corporation.

If you have questions about investment
losses or the way your brokerage account has been handled, please
contact us to discuss your legal rights.

Rex Securities Law , located in Boca Raton, FL, 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.

Rex Securities Law

561 391 1900

Ex-Westminster Financial Securities Broker Scottie Chitwood Barred for Misrepresenting Annuities

Estill Springs, Tennessee

The Financial Industry Regulatory Authority (FINRA) is the largest independent regulator for all securities firms doing business in the United States. FINRA’s chief role is to protect investors by maintaining the fairness of the U.S. capital markets.

All stockbrokers and broker dealers (brokerage firms) are required to be licensed by and subject to the rules and regulations of FINRA. Each month FINRA publishes disciplinary actions against brokers and broker dealers. Discipline can range from monetary fines and suspensions, or in extreme cases, revocation of licensing and a bar from the securities industry.

See the FINRA website for current and historical disciplinary actions.

July 2013
Scottie Brent Chitwood (CRD #4469472, Registered Representative, Estill Springs, Tennessee) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Chitwood consented to the described sanction and to the entry of findings that in connection with recommendations to purchase variable annuities, he inaccurately represented to customers that the principal of their investments would be protected from loss. Chitwood’s statements led these customers to believe incorrectly that their principal was protected from loss. Chitwood also failed to adequately disclose the surrender
fees associated with the variable annuities he sold. The findings stated that Chitwood improperly exercised discretion in customers’ accounts and engaged in an unauthorized trade on a customer’s behalf. Chitwood did so by making mutual fund purchases without the customers’ prior authorization. The findings also stated that Chitwood made inaccurate investment-objective entries on new account documents for customers, thereby causing his firm to create and maintain inaccurate books and records.

(FINRA Case #2011027571901)

FINRA records indicate Chitwood was registered with Westminster Financial Securities from 4/2011-3/2013. Prior to that he was registered with Edward Jones.

If you have questions about investment losses or the way your brokerage account has been handled, please contact us to discuss your legal rights.

Rex Securities Law , located in Boca Raton, FL, 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.

Rex Securities Law

561 391 1900

LPL Censured/Fined $60K Excessive Commissions On Bond Transactions

The Financial Industry Regulatory Authority (FINRA) is the largest independent regulator for all securities firms doing business in the United States. FINRA’s chief role is to protect investors by maintaining the fairness of the U.S. capital markets.

All stockbrokers and broker dealers (brokerage firms) are required to be licensed by and subject to the rules and regulations of FINRA. Each month FINRA publishes disciplinary actions against brokers and broker dealers. Discipline can range from monetary fines and suspensions, or in extreme cases, revocation of licensing and a bar from the securities industry.

See the FINRA website for current and historical disciplinary actions.

July 2013
LPL Financial LLC (CRD #6413, Boston, Massachusetts) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $60,000. Without admitting or denying the findings, the firm consented to the described sanctions and to the entryof findings that it purchased municipal securities for its own account from a customer and/or sold municipal securities for its own account to a customer at an aggregate price (including any commission or service charge) that was not fair and reasonable, taking into consideration all relevant factors, including the best judgment of the broker, dealer or municipal securities dealer as to the fair market value of the securities at the time of the transaction and of any securities exchanged or traded in connection with the transaction; the expense involved in effecting the transaction; the fact that the broker, dealer, or municipal securities dealer is entitled to a profit; and the total dollar amount of the transaction. The findings stated that in corporate bond transactions, the firm failed to use reasonable diligence to ascertain the best inter-dealer market, and failed to buy or sell in such market so that the resultant price to its customer was as favorable as possible under prevailing market conditions. The findings also stated that the firm submitted evidence that it made restitution to each of the affected customers.

(FINRA Case #2009020204701)

If you have questions about investment losses or the way your brokerage account has been handled, please contact us to discuss your legal rights.

Rex Securities Law , located in Boca Raton, FL, 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.

Rex Securities Law

561 391 1900

 

Nationwide representation of victims of stockbroker fraud and the malpractice of investment professionals.

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