Tag Archives: elder financial abuse by stockbroker

Investigation of Capital Financial Services Brokers-Mark & Herminia Sitter-The Woodlands, TX

August 2017- The Woodlands, Texas

We are investigating  Capital Financial Services stockbroker Mark Raymond Sitter of the Woodlands, TXand  his wife Herminia C. Sitter, who until June 2017, was also a  broker with Capital Financial Services TX.

Our investigation is on behalf of an elderly Texas retiree who alleges that they recommended she invest most of her retirement funds into unsuitable real estate investments, including American Realty Hospitality Trust and Cole Office and Industrial REIT.

The FINRA records of Mark Sitter disclose an outstanding lien to the Internal Revenue Service of $83,527. Mark Sitter has been registered with Capital Financial Services since 1/2006. Mark Sitter discloses a business affiliation with Chasewood Wealth Management of the Woodlands, TX.

The FINRA records of Herminia Sitter disclose an outstanding lien to the Internal Revenue Service of $83,527. Herminia Sitter was registered with Capital Financial Services from 9/2005-6/2017.

Capital Financial Services has been a FINRA member since 1981 and is headquartered in Minot, North Dakota.

If you have information you believe may be helpful to this investigation please contact our office.

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

Wedbush Securities Ordered to Pay Customer $1.8M For Elder Abuse-Los Angeles, CA

Los Angeles, CA-July 2017

A Financial Industry Regulatory Authority (FINRA) arbitration panel comprised of three public arbitrators ordered Wedbush Securities to pay two former customers (husband and wife) compensatory damages of $250,000. In addition the arbitration panel, who found that Wedbush subjected the couple to elder abuse,  awarded punitive damages of over $1 million and attorney fees of $277,000 pursuant to the California Elder Abuse and Adult Civil Protective Act, interest and costs.

The former customers alleged a number of causes of action, including unsuitable recommendations, failure to supervise the broker, misrepresentation and elder abuse in connection with investments in long term municipal bonds and structured certificates of deposit. Dancy, et al vs. Wedbush Securities, FINRA Case #16-0847.

FINRA ARBITRATION

Arbitration is similar to going to court, however it is generally less costly and a shorter process than court litigation. Most cases are resolved in about 12-14 months. If you have losses in your brokerage account which you believe are the result of negligent or fraudulent advice given to you by the broker, or if you believe your broker has made trades in your account without your permission (unauthorized trading) call to learn how you may be able to recover damages through FINRA arbitration.

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

Elder Financial Exploitation Seminar-Williston, VT-May 18, 2017

May 16, 2017-Williston, VT

The New England Federal Credit Union is holding a seminar on Elder Financial Exploitation on Thursday, May 18th, at their main branch located at 141 Harvest Lane in Williston, from 5:30-7:00pm.

The seminar is free and open to the public.

If you are concerned about losses in your brokerage account or the investment accounts of your parents or loved ones, call for a no charge consultation to discuss your options. We have been helping investors recover damages for investment losses for over 25 years.

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

SEC Warns Investors– Beware of Fake News

April 2017- Washington, DC

The U. S. Securities and Exchange Commission issued an Investor Alert warning that articles on an investment research website appearing to be an unbiased source of information may be part of an undisclosed paid stock promotion designed to promote the sale of the stock.  Link to SEC Investor Alert. 

“Stock promotion schemes may be conducted through investment research websites,” said Lori Schock, Director of the SEC’s Office of Investor Education and Advocacy.  “Investors looking for objective investment information should be aware that fraudsters may use these websites to profit at investors’ expense.”

The SEC recently commenced enforcement actions against companies and individuals for generating deceptive articles on investment research websites. They have charged 27 parties (individuals, public companies, firms and writers) with fraud. See this for more 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

Investigation of Former National Securities Corp Broker Marshall Isaacson-Boca Raton, FL

April 2017- Boca Raton, FL

The FINRA records of  Marshall O. Isaacson ,  a  stockbroker who formerly was employed by  National Securities Corp.  disclose 2 pending  customer disputes, a prior financial event and 2 currently pending judgment/liens .

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 Case 16-0627 a customer of National Securities Corp. alleges damages of $300,000 for unsuitable investments and unauthorized trading.

Isaacson discloses discharge from Chapter 7 bankruptcy in 8/2010, US Bankruptcy Court Southern District of Florida.

Isaacson discloses two currently outstanding IRS liens, one in the amount of $24,372 and another for $41,279, County Courthouse Palm Beach County, FL.

Isaacson was employed by National Securities Corp. from 8/2007-7/2016. He is currently employed by Newbridge Securities Corp. 

We are investigating Marshall Isaacson on behalf of an elderly retirees who alleges that their accounts were over-traded and that they were put into high risk, unsuitable, investments.

If you have losses in an account in an account handled by Marshall Isaacson  , 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

Scott Sibley-Former Raymond James Broker-Discloses Multiple Customer Disputes Alleging Abuse of the Elderly-Boca Raton, FL

April 2017-Boca Raton, FL

According to publicly available records Scott Allen Sibley  , (CRD# 1523981) ,  a   former stockbroker who last worked for Moors & Cabot,  discloses 3 prior regulatory events, 2 pending customer disputes, 15 prior final customer disputes,  a termination from employment and an outstanding judgment/lien.

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 2015  Sibley was fined $15,000 and suspended for 15 days to resolve allegations by the Florida Office of Financial Regulation that  he made unauthorized trades in a client account.

In April 2017 FINRA permanently barred Sibley from the securities industry and found that he made about 900 securities purchases and sales in customer accounts without authorization, knowledge or consent. In addition Sibley caused the customer to carry a margin debit balance without the customer’s authorization, knowledge or consent and over concentrated the account in precious metals.

The prior final customer disputes include:

  • FINRA arbitration 15-0881 in which a Raymond James customer alleged exploitation of a vulnerable adult, exploitation of a disabled adult and other claims. That case was settled for $325,000.

In pending FINRA arbitration 17-0066, a Raymond James customer alleges damages of $300,000 for negligence, fraud and violations of the Florida Investor’s Protection Act.

In pending FINRA arbitration 16-01493, a Raymond James customer alleges damages of $675,000 for negligence, fraud, unsuitable recommendations, exploitation of the elderly and other claims.

Sibley was discharged by Raymond James in 2/2015 after the firm received multiple customer complaints alleging unauthorized trading.

Sibley was employed by Moors & Cabot from 3/2015-2/2017 and by Raymond James 11/2007-3/2015.

If you have losses in an  investment account handled by Scott Sibley  , you may be entitled to recover damages. 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

Dion Padilla Investigation-NEXT Financial Group-San Antonio, TX

San Antonio, Texas

JUNE 2017 UPDATE-In May 2017 a customer of NEXT Financial Group alleged that in 2007 he purchased a variable annuity and relied on Padilla’s representations that he had a product that guaranteed a monthly distribution for the remainder of his life, however no guaranteed income rider was included with the annuity purchase. The customer seeks damages of $375,704.

MAY 2017 UPDATE– A customer of NEXT Financial Group made a claim seeking damages of $970,578 , alleging that Dion Padilla misrepresented the monthly distributions, benefits and dividends to be received on a variable annuity. In May 2017 2017, NEXT Financial disclosed that the claim was denied and no longer pending.

ORIGINAL POST-February 2017

We are investigating Dion R. Padilla, a stockbroker who was formerly employed by  NEXT Financial Group in San Antonio, Texas, on behalf of a former employee of AT&T who alleges that her AT&T retirement account was mishandled.

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.

Padilla discloses two prior customer disputes that were resolved with cash settlements:

  • In FINRA arbitration 16-2163, a customer of NEXT Financial Group alleged damages of $342,000 in connection with an investment in a variable annuity. That case was settled for $175,000.
  • In February 2014, a customer of NEXT FInancial Group alleged damages of $62,617 for the unauthorized purchase of a variable annuity. That case was settled for $69,400.

Recently, in February 2017, Padilla entered into an Order Accepting Offer of Settlement with the Financial Industry Regulatory Authority (FINRA) and was fined $10,000 and suspended for 15 months from association with any FINRA member in all capacities. Disciplinary Proceeding 2014040362001. 

Without admitting or denying the allegations, Padilla agreed to the entry of certain findings and violations and to the entry of the sanctions described above. The findings and conclusions made by FINRA include:

  • Prior to transferring their accounts to NEXT Financial, a customer (who had worked for AT&T for 39 years) and his wife met with Padilla and stressed  that they did not want any of their funds invested in a variable annuity due to the high fees and because of their desire for liquidity.
  • Notwithstanding those desires, Padilla made unauthorized purchases of a variable annuity for the customer, investing over $789,000, the customer’s entire 401K rollover, in a variable annuity. Thereafter, when the customer inquired, Padilla misrepresented to the customer that the investment was not a variable annuity.

If you have information which you believe is helpful to our investigation, please contact us. If you have losses in an account handled by Dion Padilla , call to discuss how you may be able to recover damages from his prior employer.

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