Tag Archives: elder financial abuse

George Oldoerp Investigation-Former H. Beck Broker-Corona, CA

December 2017-San Antonio, Texas – Corona, California

We are investigating former H. Beck , Inc. stockbroker George J. Oldoerp in connection with a FINRA arbitration which we have filed on behalf of an elderly retired couple from San Antonio, Texas.

Our clients, who are seeking damages of $500,000,  allege that Oldoerp made unsuitable recommendations to them in various alternative investments including:

  • Cypress Income Fund VII
  • Cypress Income Fund 9
  • Cypress Income Fund III
  • Cypress Equipment Fund X
  • Atlas Energy
  • FS Investments
  • CNL Lifestyle Property Trust
  • Northstar Real Estate Income Trust
  • Cole Credit Property Trust II
  • Cole Credit Property Trust III

Our clients also allege that Oldoerp asked them to make a personal loan to him. Brokerage firms and industry rules generally prohibit borrowing from customers.

According to FINRA records, George J. Oldoerp  was employed by H. Beck, Inc. from 1/2002-12/2016 .

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.

 

If you have information you feel would be helpful to our investigation, please contact us. If you have questions about an account handled  by George J. Oldoerp, 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

James V. Marino-Former Edward Jones Broker- Faces Allegations of Theft from Customer-Pompano Beach, FL

OCTOBER 2017

James V. Marino , a former stockbroker in Pompano Beach, FL, who was last employed by Edward Jones ,  was recently barred permanently from the securities industry by FINRA. 

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 August 2017, without admitting or denying the findings, James Marino consented to a permanent bar from the securities industry and to the entry of findings that he refused to appear for on-the-record testimony as requested by FINRA in connection with their investigation related to the acceptance of gifts from a firm client and the use of the client’s credit card for his own benefit.

In October 2016 a customer of Edward Jones alleged that Marino stole money from the client during period from 11/2013-4/2016, and is seeking damages of $702,300.

Marino was discharged by Edward Jones in 10/2016, the same month the customer theft allegation was received.

 

If you have losses in an account handled by James V. Marino  contact us 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

William J. Paynter, Jr. Is Subject of Investor Suit by Elderly Couple Over Oil and Gas Investments-Scottsdale, AZ

October 2017-Scottsdale, AZ

William J. Paynter, Jr., (CRD#2835535) ,  a  stockbroker who is currently employed by Wells Fargo is the subject of a  currently pending customer dispute involving energy sector investments.

In FINRA Case 17-01658 an elderly couple alleges that Paynter recommended unsuitable investments and an over concentration in oil and gas and energy investments. They are seeking damages of $500,000 for negligence, breach of fiduciary duty, negligent supervision and breach of contract. During the time period in question Paynter was employed by Morgan Stanley  (2/2011-11/2014) and then UBS Financial (10/2014/5/2017).

Paynter has been employed by Wells Fargo since 4/2017.

Brokers are charged with the duty of making suitable recommendations to their customers taking into account their age, health and risk tolerance.

If you have losses in an account handled by  William J. Paynter, Jr., contact us to learn how you may be entitled to  recover damages through arbitration before the Financial Industry Regulatory Authority (FINRA). 

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

Andrew “Todd” Yocum Investigation Continues-The VIllages, FL

The Villages Florida

UPDATE OCTOBER 2017FINRA records disclose that Andrew “Todd” Yocum has two prior final regulatory matters resulting in his bar from the industry. There are 10 currently pending customer disputes and 23 prior customer disputes that are final.

In the bulk of the customer disputes, the customers allege an overconcentration of oil and gas related securities.

Here is a sampling of some of the 23 prior cases that have been settled:

  • In 2/2017 a customer of Morgan Stanley was paid $67,500 to resolve allegations that Yocum made unsuitable recommendations in the energy sector 2014-1015.
  • In 8/2017 a Morgan Stanley customer was paid $75,000 to resolve allegations that Yocum over-concentrated their portfolio with unsuitable investments. FINRA Case 17-0049.
  • IN 8/2016 a customer of Morgan Stanley was paid $35,975 to resolve allegations that from March 2012-September 2015 Yocum made unsuitable recommendations.

FINRA Alleges Yocum Recommended Unsuitable Energy Investments to Seniors

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. Customers of broker dealers who have a dispute, such as a claim for account losses , are entitled to file an arbitration proceeding against the firm and/or the broker to recover damages. FINRA entered a permanent bar against Yocum in May 2016 after he refused to appear for FINRA on-the-record testimony in connection with an investigation into whether he effected unauthorized transactions, exercised discretion without written authorization, and recommended unsuitable concentrated purchases of energy sector securities to senior investors.

Florida Securities Regulators Find That Yocum Executed Unauthorized Trades

In 3/2017 the Florida Office of Financial Regulation filed an Administrative Complaint alleging violations of standards of commercial honor and principles of trade; suitability; and placing trades in client accounts without authorization. Yocum was barred from the securities industry by FINRA in May 2017.

The Florida regulators found that Yocum executed trades that were not authorized, made trade recommendations that were not suitable, and failed to execute trades by the end of the day on the date the client requested. Yocum was ordered to cease and desist and be permanently barred from submitting an application for license or registration under Florida Chapter 517.

 

Andrew Yocum was employed by Morgan Stanley and worked in their office located at 832 Lake Sumter Landing, The Villages, Florida, until he was discharged in October 2015 for “Allegations concerning acting on verbal discretion” according to FINRA records.

We continue to evaluate potential cases for former clients of Todd Yocum. Call to discuss your options for recovery. Cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Jason Anderson, Former LPL Financial Broker, Named in Unauthorized Trading/Churning Suit-Beaumont, TX

October  2017 – Beaumont, Texas

In May 2017, two elderly former customers of LPL Financial filed a class action lawsuit against LPL Financial and their former broker Jason N. Anderson seeking damages on behalf of  current and former clients of Anderson. The suit alleges unauthorized trading, churning and mismanagement of customer accounts from 4/2007-1/2016.

LPL Financial challenged the suit that was filed in Jefferson County, TX, and  the case was removed to federal court for the Eastern District of Texas. In August 2017, the case was  remanded back to the 58th Judicial District Court of Jefferson County, Texas.

According to his FINRA  record, Anderson worked for LPL Financial from 2007 until January 2016 when he was fired for for conducting discretionary trading in customer accounts, in violation of firm policy.

Following his discharge from  LPL Financial, Anderson was employed by Kovack Securities for a few months,  1/2016-5/2016. Kovack Securities discharged Anderson because they found incomplete signed documents during a firm audit.

Anderson then joined IFS Securities from 5/2016-4/2017. He is not currently registered with any firm.

A discretionary account is one that allows a broker to buy and sell securities without  first obtaining the client’s consent. Discretionary trading generally requires that permission be granted by the client in writing.  Most accounts are non discretionary, meaning the broker is required to consult with the customer and obtain permission before executing trades. Trades made in non discretionary accounts without consulting with the customer are unauthorized trades.

Investor suits for damages are generally required to be pursued in arbitration before the Financial Industry Regulatory Authority (FINRA) in accordance with the new account agreement customers sign when opening an account. FINRA arbitration is a method of dispute resolution that is generally much more expedient and less costly than court litigation.

If you had an account with Jason Anderson and suffered losses due to unauthorized trading, churning, mismanagement or other reasons, contact us to learn 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