Tag Archives: Eduardo Diaz fraud

Investigation of NEXT Financial Group Brokers Alleged to Have Converted Customer Funds-West Palm Beach, FL

May 2017-West Palm Beach, FL

In connection with a currently pending lawsuit, we are investigating thefts from customer accounts by brokers who were affiliated with NEXT Financial Group, a FINRA registered broker dealer headquartered in Houston, Texas.

Publicly available records disclose that the following four former brokers employed by NEXT Financial  have allegedly converted customer funds:

  • Tye Williams-Frisco, TX . See this for more details.
  • Eduardo Diaz-Ocean Springs, MS. In June 2016, Diaz, who pleaded to wire fraud,  was sentenced to 70 months, fined $15,000 and ordered to pay restitution of over $640,000 to his victims which include a 70 year old widow. See this for more detail. 
  • James McGilvrey-San Antonio, TX-Charged with Theft from The Elderly, sentenced to 20 years in state prison, fined $10,000 and ordered to pay over $1.9 million in restitution. See this for more detail.
  • Douglas P. Simanski-Altoona, PA-In June 2016, Simanski, without admitting or denying the findings, consented to a permanent bar from the securities industry and entry of findings that he failed to provide documents and information related to an investigation into allegations related to the conversion of funds. FINRA Case 2016049621301.

Gwendolyn M. Berry , of Dallas, TX, was associated with NEXT Financial group from 2009-2015 as a non-registered fingerprint person working as a non-registered assistant and bookkeeper for a Series & General Securities Representative and Series 24 General Securities Principal. After initiating an investigation into Berry regarding possible misappropriation and mismanagement of customer assets, FINRA repeatedly requested that Berry produce documents and information. Berry failed to produce the documents and information and was barred from association with any FINRA regulated broker-dealer in any capacity in April 2016. FINRA AWC No. 2015047059701.  

If you have information you believe would be helpful to our investigation please contact us.

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

Eduardo “Eddie” Diaz Indicted on Fraud Charges-Ocean Springs, Mississippi

November 2015

Former stockbroker Eduardo “Eddie” Guillermo Diaz, was indicted by a federal jury for wire fraud and other fraud charges for converting over $1 million of investor money to his own use.

Diaz opened investment retirement firm Thompson, Diaz, Baxter & Associates in 1993. In 2012 he opened Diaz Retirement Consultants in Ocean Springs, MS, and was known for his TV commercials, touting himself as the “most interested man on the Coast”.

According to the indictment the crimes allegedly occurred between February 2012 and October 2015 and may involve others.

January 2016

According to news reports Diaz is seeking a postponement of his trial while he attempts to negotiate a plea.

Diaz-Barred from Securities Industry by FINRA

According to FINRA records, Diaz was permanently barred from the securities industry in April 2014. He has several customer complaints, one of which was settled for $250,000 relating to the time he was registered with NEXT Financial Group.

See this for more details.

Lose Money While Diaz was Handling Your Account? 

If you lost money in an account handled by Diaz you may be entitled to recover damages from his former employer. Diaz was registered with the following broker dealers and they may be liable for the mishandling of your account:

Kovack Securities, Inc.
12/2012-1/2013

Next Financial  Group, Inc.
12/2008-11/2012

AIG Financial Advisors, Inc.
10//2005-12/2008

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