Tag Archives: recover energy related investment losses

Timothy T. Gibbons-Former Morgan Stanley Broker-Ordered to Pay Former Customers $749K-New Orleans,LA

NOVEMBER 2017 UPDATE-FOLLOW THIS LINK.

May 2017-New Orleans, LA

According to FINRA records, Timothy T. Gibbons a former Morgan Stanley broker, without admitting or denying the findings, entered into an agreement with FINRA to resolve allegations that he made unsuitable investment recommendations to five elderly customers ranging in age from 72 to 90.

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.

According to FINRA Letter of Acceptance Waiver and Consent No. 2015047910601, Gibbons over concentrated the accounts of these elderly clients in a single energy sector security. The concentration level in the customer’s accounts ranged from 65% to 79%.

The recommendation to invest in such a manner was unsuitable based on the customer’s age, risk tolerance, investment objectives and financial circumstances. FINRA Rule 2111(a) requires stockbrokers to have a reasonable basis to believe that a recommended transaction or investment strategy is suitable for the customer taking those and other factors such as tax status, investment experience time horizon and liquidity needs, into account.

Gibbons, who was employed by Morgan Stanley from 2009-2015,  was suspended from association with any FINRA member for 18 months, fined $20,000 and ordered to pay partial restitution to the customers of $716,750.

 

If you have questions about an account handled  by Timothy Gibbons or if you believe your broker over concentrated your portfolio in energy stocks or made other unsuitable recommendations, 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

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

Lisa Lowi Investigation-Former RBC Capital Broker-W. Palm Beach, FL

November 2017-South Florida

We are investigating former RBC Capital Markets/ Janney Montgomery Scott broker Lisa J Lowi of West Palm Beach, Florida.

According to her official FINRA record, Lowi was recently barred from the securities industry after failing to appear before regulators who were investigating customer complaints and arbitrations alleging, among other things, unsuitable trading.

Lowi was employed by RBC Capital Markets from 10/2009-11/2015. She was employed by Janney Montgomery Scott until April 2016.

Lowi discloses 13 pending and 24 prior final customer complaints. The complaints allege a variety of improprieties, including: over concentration of energy sector corporate bonds, unsuitable junk bonds, high risk investments,

FINRA records, Lowi was previously known as Lisa Jacqueline Vineberg.

If you have losses in an account handled by Lisa Lowi, call to discuss how you may be able to recover damages from her former employer 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

iPath Dow Jones-UBS Energy Sub ETN Losses May Be Recoverable Through FINRA Arbitration

With interest rates at an historic low during recent years, many brokerage firms and financial advisors, seeking yield for retirees, recommended investments in oil & gas investments, which include not only stocks, but master limited partnerships (MLPs) and more exotic investments that track various indexes related to oil and gas .

Since these  are dependent upon the price of oil or gas, commodities that fluctuate widely, and are often times leveraged, they are generally not considered to be suitable for the average retiree who has a moderate or conservative investment objective.

iPath DJ-UBS Energy Sub TR ETN (JJE) is designed to provide exposure to the Dow Jones-UBS Energy Subindex Total Return, reflecting the returns that are potentially available through and unleveraged investment in the futures contracts on energy commodities.  JJE traded at over $20 in June 2014. As of early February 2015, it is trading at just under $10.

If you were sold this investment with the belief that it was a low risk investment that was suitable for your portfolio, you may be able to recover damages for any losses you have suffered. 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

Losses on iPath S&P GSCI Crude Oil ETN May Be Recoverable

With interest rates at an historic low during recent years, many brokerage firms and financial advisors, seeking yield for retirees, recommended investments in oil & gas investments, which include not only stocks, but master limited partnerships (MLPs) and more exotic investments that track various indexes related to oil and gas .

Since these  are dependent upon the price of oil or gas, commodities that fluctuate widely, and are often times leveraged, they are generally not considered to be suitable for the average retiree who has a moderate or conservative investment objective.

iPath S&P GSCI Crude Oil Tr ETN (OIL) is designed to provide exposure to the S&P GSCI Crude Oil Return Index. The index reflects the returns available through an unleveraged investment in the West Texas Intermediate (WTI) crude oil futures contract.

If you were sold this investment with the belief that it was a low risk investment that was suitable for your portfolio, you may be able to recover damages for any losses you have suffered. 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

PowerShare S&P SmallCap Energy Losses May be Recoverable

With interest rates at an historic low during recent years, many brokerage firms and financial advisors, seeking yield for retirees, recommended investments in oil & gas investments, which include not only stocks, but master limited partnerships (MLPs) and more exotic investments that track various indexes related to oil and gas .

Since these  are dependent upon the price of oil or gas, commodities that fluctuate widely, and are often times leveraged, they are generally not considered to be suitable for the average retiree who has a moderate or conservative investment objective.

PowerShares S&P SmallCap Energy ETF (PSCE) seeks investment results corresponding to the price and yield of the S&P SmallCap 600 Capped Energy Index.

If you were sold this investment with the belief that it was a low risk investment that was suitable for your portfolio, you may be able to recover damages for any losses you have suffered. 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

Losses On PowerShares Dynamic Oil & Gas Svc. ETF May Be Recoverable

With interest rates at an historic low during recent years, many brokerage firms and financial advisors, seeking yield for retirees, recommended investments in oil & gas investments, which include not only stocks, but master limited partnerships (MLPs) and more exotic investments that track various indexes related to oil and gas .

Since these  are dependent upon the price of oil or gas, commodities that fluctuate widely, and are often times leveraged, they are generally not considered to be suitable for the average retiree who has a moderate or conservative investment objective.

PowerShares Dynamic Oil & Gas Services ETF  (PXJ) seeks investment results that generally correspond to the price and yield of the Dynamic Oil Services IntellidexSM Index.

If you were sold this investment with the belief that it was a low risk investment that was suitable for your portfolio, you may be able to recover damages for any losses you have suffered. 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