Tag Archives: Cetera Financial Group

Jason H. LeBlanc-Former Girard Securities Broker-Barred From Securities Industry-Fulshear, TX

September 2017 -Fulshear, Texas

According to publicly available records Jason H. LeBlanc (CRD#2483182) , a  former stockbroker who was last employed by Girard Securities , disclose  a prior regulatory event,  3 prior customer disputes and a termination.

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 June 2017 LeBlanc was permanently barred from the securities industry by FINRA to resolve allegations that he failed to disclose several outside business activities and provided inaccurate information about an outside business activity to Girard Securities.

The FINRA findings, which LeBlanc consented to without admitting or denying state:

  • LeBlanc misused customer funds by applying a customer’s money to an an investment other that the one he represented to her
  • LeBlanc sold a promissory note from one customer to another for $23,000
  • The second customer was led to believe she was investing in a coffee shop, instead LeBlanc returned $3,000 to the customer and invested the remaining $20,000 in a real estate investment company, without informing the customer
  • LeBlanc misused customer funds by commingling personal and customer funds

LeBlanc was employed by Girard Securities 4/2009-9/2015. He was discharged by Girard in 9/2015 when they learned of his outside business activities.

If you have questions about an account handled by Jason H. LeBlanc,  contact us to discuss your options.

Girard Securities is a part of the Cetera Financial Group. Girard has been a FINRA member since 1988 and is headquartered in San Diego, CA. The company has about 478 registered persons in 139 branch offices nationwide.

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.

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

VSR Financial-Overland Park, KS, Brokerage Firm- Shutting Down Operations

November 3, 2016-Overland Park, KS

The Kansas City Star reports that VSR Financial, which has been in business since 1984, it shutting down and moving its brokers and customers to other related firms in the Cetera Financial Group.

VSR Financial had about 215 brokers in 58 branches nationwide.

VSR has had several significant regulatory issues to deal with in the recent years:

Alternative Investment Issue

In May 2013, VSR Financial Services was fined $550,000 by the Financial Industry Regulatory Authority (FINRA)  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.

For more information related to VSR Financial’s alternative investment issues, follow this link. 

Variable Annuity Sales Issue

In October 2016, VSR Financial was censured and fined $400,000 for various supervisory issues related to the sale of variable annuities to customers. Related entities Cetera Advisor Networks, Cetera Financial Specialists, First Allied Securities and Summit Brokerage Services were also sanctioned by FINRA for supervisory failures related to the sales of variable annuities.

Follow this link to 10/2016 VSR Financial FINRA Sanction for Variable Annuity Sales Violations

If you have losses in an account in an account at  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

Investors Capital Corp. Discloses 21 Regulatory Issues-Withdraws FINRA Registration

UPDATE FEBRUARY 2017-As of 11/18/2016 Investors Capital Corp is no longer registered with FINRA or a national securities exchange. In October 2016, Investors Capital was censured, fined $250,000 and required to pay restitution to customers in connection with the short term trading of unit investment trusts (UITS) and Steepener Notes.

ORIGINAL POST JUNE 2016According to FINRA records,  stock brokerage firm Investors Capital Corp.  discloses 19 regulatory events that are final and 14 final arbitrations. According to recent press, there are plans to shut down the company in the coming months.

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 Capital Corp. is an independent full-service broker-dealer and has been a FINRA member since 1992. They are headquartered in Lynnfield, Massachusetts and employ over 500 brokers in over 300 offices nationwide.

During 2013-2014, RCS Capital Corp. (RCAP) acquired Investors Capital Corp. along with a number of other independent broker-dealers, including Cetera Financial Group. In early 2016 RCAP filed for bankruptcy and in spring 2016, Cetera announced that as part of its restructuring they would be merging Investors Capital and VSR Financial Services, known for its sales of alternative investments, into its Summit Brokerage Services unit.

Investors Capital Corps.’s recent regulatory events include:

  • 8/2014-New Hampshire regulators assessed a fine of $125,000 and required rescission of unsuitable sales of non-traded REITs. Regulators alleged that Investors Capital made telemarketing calls to residents in violation of FINRA telemarketing rules and sold unsuitable non-traded REITs.
  • 3/2014-FINRA alleged that the firm failed to have a proper process in place to ensure that prospectuses were delivered to purchasers of exchange traded funds (ETFs) and that the firm did not engage in training brokers about the features and risks of ETFs. A fine of $100,000 was assessed.

If you have questions about an account at  Investors Capital Corp., 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

J.P. Turner to Shut Down, Most Brokers Headed to Summit Brokerage Services

July 30, 2015

The Investment News reports that brokerage firm J.P. Turner is being closed down and that about half of its 300 brokers have been invited to join Summit Brokerage Services. J.P. Turner and Summit are both owned by Cetera Financial Group.

RCS Capital Corp acquired J.P. Turner and Summit during 2014 which placed them under the Cetera umbrella of companies. According the report, due to the number of disclosure items on J.P. Turner’s FINRA records, Pershing, the clearing firm , would not let it join their platform.

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

Girard Securities Acquisition Closed by RCS Capital Group

March 12, 2015

RCS Capital Corporation announced that it closed the acquisition of Girard Securities.

Girard Securities has over  $10  billion of assets and 250 financial advisors. They become a part of the  Cetera Financial Group which has $236 billion in assets and over 9,600 financial advisors.

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

RCS Capital Closes Deal on Acquisition of VSR Financial

March 5, 2015

RCS Capital Corporation announced that it closed the acquisition of VSR Group, Inc. and VSR Financial Services, Inc., which had been announced months ago.

VSR Financial is based in Overland Park, Kansas and adds $12.3 billion of assets and 264 financial advisors to the Cetera Financial Group platform.

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