Tag Archives: exploitation of seniors

RBC Capital Ordered to Pay $723K For Sale of MLPs to Senior Citizen-Tampa, FL

November 2017-Tampa, FL

A FINRA arbitration panel comprised by an all public panel of three arbitrators, ordered RBC Capital Markets and broker Bruce Cameron of Norwell, Massachusetts,  to pay a former client, an elderly lady, $723,000 for losses suffered in an over concentration of oil and gas master limited partnerships (MLPs), which included:

  • Breitburn Energy Partners
  • Enable Midstream Partners
  • Enterprise Products
  • Ferrellgas Partners
  • Gramercy Property Trust, 
  • JP Energy Energy Partners
  • Mid Con Energy Partners
  • Southcross Energy Partners
  • Summit Midstream Partners
  • Tallgrass Energy Partners
  • CrossAmerica Partners
  • Enlink Midstream Partners

The panel found RBC and Cameron liable on the claims of negligence, negligent supervision and breach of fiduciary duty. FINRA Case #17-0305, Nourie, et al v RBC Capital Markets

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. When a customer seeks to recover damages for losses incurred in a stock brokerage account, cases are typically filed as arbitrations with FINRA dispute resolution. Arbitration is generally must quicker and more efficient than court litigation. Cases are often resolved in 12 months or so.

Brokers have a duty to make suitable recommendations to customers, taking into account their age, health, net worth and risk tolerance.

If you have losses in your account that you believe are the result of the negligence or improper advice of a broker, call to learn about how you may be able to recover damages through FINRA arbitration.

The Law Office of Robert H. Rex, P.C.  , 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

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

Abraham Heimann-Former Cetera Stockbroker-Subject of Suits Over Energy Investments-Alpharetta, GA

October 2017-Alpharetta, GA

According to publicly available records Abraham Heimann, (CRD#1315922) ,  a  stockbroker who last was employed by Cetera Advisors, and who is not currently registered with any brokerage firm, discloses five currently pending customer disputes involving energy sector investments.

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.

The currently pending customer cases include:

  • FINRA case #17-2498-a customer of Heimann while he was employed at Oppenheimer & Co,  alleges damages of $200,000  for breach of fiduciary duty, , negligence fraud, failure to supervise, unauthorized trading, excessive fees, costs and commissions and other claims with respect to energy sector investments.
  • FINRA case #17-1951-a customer of Heimann while he was employed at Oppenheimer and then Cetera Advisors alleges damages of $1,500,000  for lack of diversification.
  • FINRA case #17-1009-a customer of Heimann while he was employed at Oppenheimer and then Cetera Advisors alleges damages of $30,000 against Cetera and $300,000 against Oppenheimer for breach of fiduciary duty, fraud, failure to supervise, unauthorized trading, excessive fees, costs and commissions and negligence for the way his account was handled.
  • FINRA case #17-0766, a customer of Heimann while he was employed at Oppenheimer and then Cetera Advisors alleges damages of $2,000,000 for breach of fiduciary duty, fraud, failure to supervise, unauthorized trading, excessive fees, costs and commissions and negligence for the way his account was handled.
  • FINRA case #15-03220 , another customer of Heimann while he was employed at Oppenheimer and then Cetera Advisors alleges damages of $876,195 for unsuitable investing, unauthorized trading, negligence, breach of fiduciary duty and misrepresentation. The investments alleged to be unsuitable are oil & gas, penny stocks and medical investments.

Heimann was employed by Cetera Advisors  from 6/2013-2/2016.  He was with Oppenheimer & Co. from 1/2002-7/2013. Heimann discloses business affiliations with Alpha Insurance Mart, Global Investments LLC,  and Danlee International.

If you have losses in an account handled by  Abraham Heimann contact us to learn how 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

Joseph Sterling-Geneos Wealth Management Broker-Subject of Customer Suits Over Real Estate Investments-Apple Valley, MN

October 2017-Apple Valley, MN

The FINRA records of  Joseph H. Sterling ,  a  stockbroker who has been registered with Geneos Wealth Management since 2005 disclose 2 pending customer disputes.

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.

The pending customer disputes both relate to the sale of real estate securities.

  • FINRA Case 17-1906- A customer of Geneos Wealth Management alleges that Sterling recommended unsuitable real estate investments in 2012 and 2013 and is seeking damages of $290,000.
  • FINRA Case 17-1685-A customer of Geneos Wealth Management alleges unsuitable recommendations by Sterling to invest in real estate securities and other direct investments, including limited partnerships. Damages of between $500,000 and $900,000 are sought.

Brokers are required to only recommend investments to clients that meet the client’s investment objectives and risk tolerance. Call to discuss your options. If you have losses in an account in an account handled by Joseph H. Sterling , 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

Losses on Tiburon Saltwater Reclamation Fund Private Placement ?

October 2017-Austin, Texas / Greenville, South Carolina

If you lost money on the Tiburon Saltwater Reclamation Fund, we may be able to help you recover damages.

FINRA (The Financial Industry Regulatory Authority) recently filed a fraud complaint alleging that Sandlapper Securities created and sold private placements in saltwater disposal wells in Texas while charging huge markups (as much as 270%), totalling over $8 million in undisclosed markups.

Sandlapper CEO Trevor Gordon and another Sandlapper executive Jack Bixler are also named in the complaint which alleges that investors were defrauded when undisclosed markups were channeled to Sandlapper through a middleman development company owned by the defendants. FINRA Complaint No. 2014041860801. 

According to the FINRA complaint, investors in Tiburon Saltwater Reclamation Fund were led to believe that not only was their capital protected but they could also anticipate a long term return of 15%.

Private placements are non public offerings that are only sold to accredited investors.

If you purchased  the Tiburon Saltwater Reclamation Fund, call to learn about your options for recovery.

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