Tag Archives: Garden State Securities problem

Terry Lee Brodt-Garden State Securities Broker-Discloses Regulatory Suspension/Customer Disputes-Boise, Idaho

August 2017 – Red Bank, NJ

According to publicly available records  Terry Lee Brodt, Jr. (CRD#2033812) , a stockbroker currently registered with Garden State Securities, Inc. , disclose a regulatory event , five prior customer disputes and 10 outstanding 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 May of 2017 FINRA entered into an agreement with  Terry Lee Brodt, Jr.  resulting in a $10,000 fine and a two month suspension.   According to the agreement,  “Without admitting or denying the findings, Brodt consented to the sanctions and to the entry of findings that he exercised discretion in accounts maintained by customers without written authorization from these customers and without having obtained approval from his member firm to treat these customer accounts as discretionary.   The findings stated that Brodt provided inaccurate responses about his use of discretion in connection with his firm’s annual compliance documents.”

Prior customer disputes include:

  • FINRA Case 16-1108- a dispute was filed by Garden State Securities, Inc.  customer alleging churning, excessive losses and commissions.   The case was settled for $120,000 with Brodt being personally responsible for $45,000.
  • FINRA Case 12-3841- a Garden State Securities customer filed a dispute alleging unauthorized trading and unsuitable investments.   The case settled for $24,900 with Brodt being personally responsible for the entire amount of the settlement.

Brodt has been  employed with Garden State Securities, Inc. since August of 2010.

Brodt discloses the filing of a Chapter 7 bankruptcy in Boise, Idaho in 2012 that was dismissed and filing of a Chapter 13 bankruptcy in 7/2016 that is currently pending.

If you have questions about losses in an account handled by Terry Lee Brodt, Jr., contact us to discuss your options.

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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Dave Nicolas-Garden State Securities Broker-Discloses Customer Dispute-Hackensack, NJ

August 2017 – Hackensack, NJ

According to publicly available records  Dave Nicolas (CRD#5176405) , a former stockbroker  registered with Garden State Securities, Inc. , disclose a 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 June of 2016,  FINRA case #16-01623 was filed by a Garden State Securities, Inc. customer alleging damages of $100,000 due to unsuitable investments, churning and failure to supervise. That case was settled in 8/2017 for $10,000.

 Nicolas has been employed with Garden State Securities, Inc. since 12/2008.

If you have questions about an account handled by Dave Nicolas, contact us to discuss your options.

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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

George E. Johnson-Former Newport Coast Broker-Discloses $2.6M Customer Dispute

July 2016-Chicago, Illinois

The FINRA records of George E. Johnson  , a former stockbroker who was last  employed by  Newport Coast Securities  disclose 3 final regulatory events, 6 prior customer disputes and a 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 February 2016 Johnson was permanently barred from the securities industry by FINRA who had named him in a complaint alleging that he manipulated the market for a common stock by soliciting certain customers to sell the stock at increasingly higher and artificially inflated prices, frequently effecting matched orders among his own customers. FINRA Case#2013035533701.

In currently pending FINRA Case 15-02391, a customer of Garden State Securities and Meyers Associates alleges damages of $2.6 million for unsuitability.

Johnson was employed by Newport Coast Securities from 4/2013-2/2016, by Meyers Associates from 11/2011-5/2013 and by Anderson & Strudwick from 7/2010-12/2011.

Investors who suffered losses in an account handled by George E. Johnson may be entitled to recover damages from his former employer 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

Raymond J. Pirrello-Former Garden State Securities Broker-Named in SEC Insider Trading Complaint

May 2017 UPDATE-FINRA records disclose that Raymond J. Pirrello, Jr.  has 9 prior final customer disputes and one currently pending customer dispute.

In FINRA case 17-0365 filed in 2/2017, a customer of Garden State Securities alleges damages of $1 million for unauthorized trading, unsuitable investments, churning and negligence.

AUGUST 2016 UPDATE-FINRA suspended Raymond Pirrello for failing to respond to FINRA request for information. According to FINRA’s statement, if Pirrello fails to request termination of the suspension within 3 months of the date of the notice of suspension he will be automatically barred on October 14, 2016, from association with any FINRA member in any capacity.

JULY 2016-ORIGINAL POST

FINRA records report that on July 7, 2016, the U S Securities and Exchange Commission filed an insider trading injunction against former  Garden State Securities  stock broker Raymond J. Pirrello, Jr., age 40 of Sparta, New Jersey.

Thomas W. Avent, Jr. , 63,  of Atlanta, who is a tax partner with KPMG LLP, one of the world’s largest accounting firms, and Lawrence J. Penna, age 72, of Edgewater, New Jersey, a long time friend of Pirrello, are also named in the complaint  filed in the U.S. District Court for the Northern District of Georgia. SEC v. Pirello, et al, Case 1:16-cv-02459-SCJ.

The complaint alleges that in 2011 and 2012 Avent, who was working as an acquisition attorney, obtained highly confidential nonpublic information about impending acquisitions of Radiant Systems, Inc., Brightpoint  and Midas Inc. and illegally tipped off PIrrello who passed on the illegal tip to his long time friend Penna.

The complaint further alleges that Penna traded the in the securities of each of the three companies and realized trading profits. Penna then made payments to Pirrello and Avent.

The SEC seeks an injunction prohibiting the defendants from further violations of the securities law and a disgorgement of the trading profits as well as civil penalties.

Pirrello was employed by Garden State Securities in Hackensack, New Jersey, from 8/2008- 5/2016. He was previously employed by The Concord Equity Group and J.P. Turner & Co.

We are currently evaluating potential cases for investors who suffered losses in accounts handled by Raymond J. Pirrello.

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

Garden State Securities Order to Pay Damages for Investment Losses

July 5, 2016-New York

A Financial Industry Regulatory Authority (FINRA)  arbitration panel ordered Garden State Securities, based in Red Bank, New Jersey, to pay an elderly customer over $142,000 to resolve allegations that the firm had over traded his account and put him in unsuitable investments. Romano v Garden State Securities, FINRA Case 15-0996. 

The customer was in his late 70’s and brought the arbitration claim to recover losses on unsuitable investments, including penny stocks, stocks of Chinese owned companies and leveraged exchange traded notes.

Investors who have suffered losses as a result of the fraud, negligence or mismanagement of their brokerage accounts 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

Mark A. Lisser Named in Customer Complaints-Former Global Arena Capital Broker

March 30, 2016

FINRA records report that former Global Arena Capital stockbroker Mark A. Lisser is currently named in two pending customer arbitrations :

  • FINRA Case 15-02008– customer alleges unsuitable investments, churning, excessive use of margin and seeks damages of $61,458.
  • FINRA Case 14-03824-customer alleges excessive trading, excess and improper use of margin and seeks damages of $109,000.

Lisser has been named in 4 other customer disputes that have been resolved, including:

FINRA Case 14-0080– customer alleged churning, unsuitability, breach of fiduciary duty and other claims while Lisser was employed by Global Arena Capital Corp. That case was settled for $160,000.

Lisser was employed by Global Arena Capital from 11/2010-12/2014. Global Arena Capital was expelled by FINRA 1/2016. Lisser is currently employed by Garden State Securities.

If you have questions about an account handled by Mark A. Lisser, call to speak with an experienced securities attorney.

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

Raymond Pirrello of Garden State Securities Investigated by Securities Regulator

UPDATE July 2016Pirrello named in insider trading complaint filed by the Securities and Exchange commission. See this for details. 

UPDATE June 2016-Former Garden State Securities stock broker Raymond J. Pirrello is not currently registered with any FINRA firm according to FINRA records as on June 27th, 2016.

Original Post —  March 10, 2016

FINRA records report that the U S Securities and Exchange Commission is currently investigating Garden State Securities  stock broker Raymond J. Pirrello, Jr. regarding alleged potential violations of sections 10(b) and 14(e) of the Securities Exchange Act of 1934 and Rules 10b-5 and 14e-3 there under.

FINRA records also report that Pirrello has been named in 9 customer disputes that have been resolved.

Pirrello has been employed by Garden State Securities in Hackensack, New Jersey, since 8/2008. He was previously employed by Concord Equity Group and J.P. Turner & Co.

If you have questions about an account handled by Raymond J. Pirrello, call to speak with an experienced securities attorney.

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