Tag Archives: finra arbitration attorney

Danielle McAniff-Former Edward Jones Broker-Discloses Regulatory Sanction-Albuquerque, N. Mexico

February 2018-Albuquerque, New Mexico

The FINRA records of Danielle Jean McAniff, a broker currently employed by NEXT Financial Group, disclose that she was recently suspended for two months and fined $5,000 by securities regulators.

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 FINRA Letter of Acceptance Waiver and Consent 2016051104501, FINRA found that from June 2013 to June 2016, while employed by Edward Jones,  McAniff engaged in a practice , and permitted her office administrator, to have customers sign blank and incomplete forms or use photocopied customer signatures.

This conduct violated various FINRA rules, including FINRA Rule 2010 which requires brokers to “observe high standards of commercial honor and just and equitable principles of trade”.

McAniff was ‘permitted to resign’ from Edward Jones in 7/2016.  She joined NEXT Financial Group in 9/2016.

 

If you have questions about an account handled by Danielle J. McAniff 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

Jesse Griffin – Former VSR Financial Services Broker- Discloses Numerous Customer Disputes – Palm City, FL

February 2018 – Palm City, FL

The FINRA records of  Jesse Julian Griffin, Jr. ,  a  stockbroker who was formerly  employed by  VSR Financial Services  discloses settlement of 5 customer disputes involving alternative 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.

In June of 2015, a customer of VSR Financial Services alleged  that investments  in  direct investment programs,  limited partnership interests, oil and gas investments  , real estate securities and promissory notes were unsuitable. That case was settled for $52,000 .

In August of 2014, a customer of VSR Financial Services alleged investments that direct investments , limited partnership interests , investments in oil and gas programs and real estate securities were unsuitable given their age.  The case was settled for $7,000.

In April of 2014, another customer of VSR Financial Services alleged receiving poor advice  resulting in an unsuitable recommendation.   In FINRA Case #14-1322 they alleged fraud, break of fiduciary duty, and negligence  from May of 2007 to September 2008.  The investments at issue were direct investments, promissory note and limited partnership interests in oil and gas and real estate securities.  This case was settled for $92,500 .

In April of 2013, a VSR Financial Services customer alleged breach of fiduciary duty, misrepresentation, negligence, violation of Arizona securities laws and breach of contract for account activities from November 2006 to May of 2009.   The investments at issue were direct investments and limited partnership interests in oil and gas and real estate securities.   This case settled for $77,500 with the broker responsible for $10,000 of the settlement.

In FINRA Case 11-00894, a VSR Financial Services customer alleged violation of Maine Uniform Securities Act, common law fraud, misrepresentation, breach of fiduciary duty, gross negligence and breach of industry rules.    The investments at issue were direct investments and limited partnership interests in oil and gas and real estate securities, promissory note and security futures.  The case was settled for $250,000.

Griffin was employed by VSR Financial Services from October 2006-July 2016. He is currently employed by Newbridge Securities Corporation in Palm City, FL.  

If you have losses in an account in an account handled by Jesse Griffin or another broker who was employed by VSR Financial Services , contact us to discuss how you may be able to recover damages for those losses.

VSR Financial Services was fined $550,000 by the Financial Industry Regulatory Authority (FINRA) in May 2013 in connection with the sale of alternative investments . 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. 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.

 VSR wound down operations at the end of 2016 and transferred most of their brokers and customer accounts to Summit Brokerage ServicesSee this for more information regarding VSR Financial Services.

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

Sony Oozeerally-Hennion & Walsh Broker-Discloses Settlement of Suit Over Bond Purchase-Parsippany, NJ

February 2018- Parsippany, New Jersey

The FINRA records of  Mamode A. Oozeerally (“Sony”) ,  a  stockbroker who is  employed by  Hennion & Walsh  disclose two prior 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.

In the most recent matter,  FINRA arbitration 17-0401,  a customer of Hennion & Walsh alleged damages of $150,000 for an unsuitable recommendation to purchase  municipal bonds. That matter was settled for $60,000.

Sony Oozeerally  has been employed by Hennion & Walsh since 9/2000.

If you have losses in an account in an account handled by Sony Oozeerally  , contact us to discuss how you may be able to recover damages for those losses.

Puerto Rico Debt Crisis

In early 2014, various credit rating agencies downgraded the debt of Puerto Rico to non investment grade, better known as junk status or speculative grade. This downgrade triggered acceleration clauses requiring the repayment of some debt within months, rather than years.

Puerto Rico has over $70 billion of outstanding debt, with a debt to GDP ratio of about 68%. While about $30 billion (42%) of Puerto Rico’s debt is owned by residents of Puerto Rico, the larger portion is owned by non-residents, primarily residents of the continental United States.

Investors who have suffered losses on Puerto Rico’s bonds may be able to recover damages from the brokerage firm who sold the bonds.

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

Stephen Kowalski-Hennion & Walsh Broker-Discloses Customer Suit Over Municipal Debt-Parsippany, NJ

February 2018- Parsippany, New Jersey

The FINRA records of  Stephen G. Kowalski ,  a  stockbroker who is  employed by  Hennion & Walsh  disclose a prior final customer dispute and a currently pending customer dispute.

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 pending FINRA arbitration 17-03137 a customer of Hennion & Walsh alleges damages of $670,000 for an unsuitable recommendation to purchase  municipal bonds from 2012-2017.

In a prior customer dispute, FINRA Case 09-3450, a customer of Hennion and Walsh and Kowalski alleged that investments in his account , which included municipal debt, mutual funds and unit investment trusts, were not suitable. That matter was settled for $99,000.

Stephen G. Kowalski  has been employed by Hennion & Walsh since 1990.

If you have losses in an account in an account handled by Stephen G. Kowalski  , contact us to discuss how you may be able to recover damages for those losses.

Puerto Rico Debt Crisis

In early 2014, various credit rating agencies downgraded the debt of Puerto Rico to non investment grade, better known as junk status or speculative grade. This downgrade triggered acceleration clauses requiring the repayment of some debt within months, rather than years.

Puerto Rico has over $70 billion of outstanding debt, with a debt to GDP ratio of about 68%. While about $30 billion (42%) of Puerto Rico’s debt is owned by residents of Puerto Rico, the larger portion is owned by non-residents, primarily residents of the continental United States.

Investors who have suffered losses on Puerto Rico’s bonds may be able to recover damages from the brokerage firm who sold the bonds.

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

Jay A. Wallinger-Former VSR Financial Services Broker-Discloses Customer Suit Over Equipment Leasing Investment-Stuart, Nebraska

February 2018-Stuart, NE

The FINRA records of  Jay Alan Wallinger ,  a  stockbroker who was formerly  employed by  VSR Financial Services  disclose the recent settlement of a customer dispute involving an alleged overconcentration of unsuitable 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.

In FINRA Case 16-03696, a customer of VSR Financial Services brought a claim over equipment leasing investments. The amount of damages sought was not stated but the customer alleged that the concentration level of this type of investment was too high and unsuitable, given the customer’s investment objectives and risk tolerance.

FINRA records indicate that the customer was paid $330,000 to resolve the case in January 2018.

Wallinger was employed by VSR FInancial Services from 9/1993-9/2016. He is currently employed by Summit Brokerage Services and discloses a business affiliation with Wallinger Financial Services LLC.

VSR Financial Services was fined $550,000 by the Financial Industry Regulatory Authority (FINRA) in May 2013 in connection with the sale of alternative investments . 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, equipment leasing investments, commodities and derivatives contracts and, managed futures. These investments tend to be complex, illiquid, non-transparent, 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.

Non liquid investments are generally not suitable for retirees who are seeking steady and dependable income.

 VSR wound down operations at the end of 2016 and transferred most of their brokers and customer accounts to Summit Brokerage ServicesSee this for more information regarding VSR Financial Services.

If you have losses in an account in an account handled by Jay A. Wallinger or another broker who was employed by 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

Kenneth B. Neuner-Former VSR Financial Services Broker-Barred From Securities Industry-Dallas, TX

February 2018-Dallas, Texas

The FINRA records of  Kenneth B. Neuner ,  a  stockbroker who was formerly  employed by Summit Brokerage Services,  VSR Financial Services and TCFG Wealth Management disclose that he was recently barred 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 March 2017 Neuner was terminated from employment by Summit Brokerage Services for unauthorized exercise of discretion (trading without written authority from the customer). Thereafter FINRA initiated an investigation and Neuner advised FINRA that he would not appear for on the record testimony at any time in the matter. By refusing to appear and provide testimony Neuner was in violation of FINRA rules, resulting in a bar from associating with any FINRA member.

Neuner was employed by VSR FInancial Services from 4/1996-9/2016 and Summit Brokerage Services 9/2016-3/2017, and with TCFG Wealth Management from 4/2017-5/2017.

If you have losses in an account in an account handled by Kenneth B. Neuner , contact us to discuss how you may be able to recover damages for those losses.

VSR Financial Services

VSR wound down operations at the end of 2016 and transferred most of their brokers and customer accounts to Summit Brokerage ServicesSee this for more information regarding VSR Financial Services.

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

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

Cynthia Rodriguez Pleads Guilty to Bank Fraud/Embezzlement-McAllen, Texas

February 2018-McAllen, TX

Cynthia Luna Rodriguez, 45, of Pharr, Texas entered a guilty plea to allegations that she stole more than $1 million from customer accounts at First National Bank in Edinburg, TX, where she worked.

According to the press release from the United States Attorney’s Office for the Southern District of Texas, Rodriguez began stealing funds in 2006 and continued to do so after PlainsCapital Bank took over First National.

The accounts belonged primarily to elderly individuals and persons living out of the country whom were not likely to regularly monitor their accounts.

Sentencing is scheduled for April 11, 2018.

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