Tag Archives: recover investment loss

Michael Guilfoyle-Former Legend Securities Broker-Discloses Settlement of Churning Complaint

New York

UPDATE JUNE 2017Michael Guilfoyle is not currently registered He left employment at Four Points Capital Partners in 3/2017.

ORIGINAL POST 2/2017

Publicly available records of Michael N. Guilfoyle, (CRD# 5119593) ,  a  stockbroker who is currently employed by Four Points Capital Partners disclose that in 2014 a customer of his prior employer Legend Securities filed FINRA arbitration #14-3134 alleging damages of $298,687 for churning, excessive trading, recommending unsuitable investments and engaging in unauthorized trading. That case was settled for $99,999.

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.

Guilfoyle  has been employed by Four Points Capital Partners since 9/2016. His prior employment includes IFS Securities, Legend Securities, Joseph Gunnar, America’s Choice Equities, J.P. Turner and Newbridge Securities. 

If you have questions about an account in an account handled by Michael Guilfoyle, contact us to discuss your legal 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Fred Davis “Dave” Clark Sentenced to 40 Years- Cay Clubs Scam-Key West, FL

February 23, 2016- Key West,  Florida

Fred Davis “Dave” Clark, Jr. , 57, was sentenced 40 years in federal prison on bank fraud and obstruction charges in what U.S. Attorney Jerrob Duffy describes as “…one of the largest frauds in the history of Monroe County”.

Clark was convicted in December 2015 of bank fraud and making a false statement to a financial institution and obstruction of the Securities & Exchange Commission related to his operation of Cay Clubs Resorts and Marina which marketed rental units in 17 locations in the Keys, Clearwater, Las Vegas and the Caribbean.

Losses to financial institutions and some 1,400 victims are estimated at $169 million. According to prosecutors Clark gained over $40 million personally by operating what the judge described as a ponzi scheme.

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

Boynton Beach, FL Resident Pleads Guilty in Precious Metal Fraud Scheme

June 17, 2015-Palm Beach County Florida

Jeffrey Schuler, 54, of Boynton Beach, Florida pled guilty to one count of wire fraud, in connection with the operation of Fort Lauderdale based Liberty International Financial Services, which he operated with Christopher Anzalone.

Liberty employed brokers that solicited investors nationwide to purchase precious metals, such as gold, silver and palladium. Schuler falsely represented to the brokers that he was actually making precious metal trades for investors. In reality, few trades were made. Of the $4 million raised from investors, less that $200,000 was actually invested in precious metals.

Instead, according to the FBI press release, money was paid old investors (ponzi scheme) and to fund a substantial salary to Schuler.

He faces up to 20 years. Sentencing is scheduled for August 25, 2015.

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 CNL Lifestyle Properties REIT May Be Recoverable

March 12, 2015

In recent SEC filings, CNL Lifestyle Properties, Inc. reported an estimated value of $5.20 per share. The value of CNL LIfestyle Properties has dropped nearly 25% since 2013 when it had an estimated value of $6.85. It was originally offered at $10 per share.

Investors should be aware that estimated value does not translate to fair market value, ie; the actual amount of cash an investor can receive upon liquidation.

Since this investment is not traded on any public market, should cash be needed now  the only avenue for liquidation is  one of the  private secondary markets such as CTT Auctions  , the  Partnership Marketing Company , or other similar companies which can be found by Googling “secondary market REIT”.

CNL Lifestyle owns properties in ski resorts and senior housing. ABC News recently reported that the company may be selling 16 ski resorts in New England and the Rockies.

Financial advisors have a duty to make only suitable recommendations to investors. Many investors were sold non publicly traded real estate investment trusts like CNL Lifestyle Properties with the promise of steady, dependable distributions of income and with the expectation that the investment would ‘mature’ , much like a bond. If you believe you were a victim of misrepresentation, contact us to learn more about your legal rights.

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

Global Brokerage Services Broker Sanctioned by FINRA

North Logan, Utah- Robert Alan McKoy was fined $10,000 and suspended for 4 months by FINRA to resolve allegations that he provided consolidated reports on a quarterly basis to 50-60 customers that included his own inaccurate and potentially misleading valuations of the “estimated value” for certain non-traded REITs and other illiquid investments.

McKoy has been registered with Global Brokerage Services since 1/2000.

Rex Securities Law , located in Boca Raton, FL, provides nationwide representation to investors 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.

Rex Securities Law

561 391 1900

Receive a ‘Happiness Letter” From Your Stock Brokerage Firm?

November 2014

According to a recent article by Jason Zweig of the Wall Street Journal, “If you get a ‘happiness” letter from your brokerage firm this time of year, you should be worried’.

We agree with that.

While they are nicknamed “happiness: letters they are really intended to help the firm and your broker minimize liability, a “CYA” , cover your rear, letter. They generally start off by thanking you for your business and then move into a discussion about how they have noticed that your trading has increased, you have suffered unusual losses or you have some concentrated positions in your account.

Brokers many times will tell the client receiving such a letter not to worry , it is ‘routine’ just sign and return. We do not suggest this. If you receive such a letter, we suggest you make a thorough review of your account for improprieties and consult with your accountant or a securities attorney to determine if there has been abuse to your account. By signing and returning the company may later argue that you authorized or ratified the improper trading.

If you have questions about the way your brokerage account is being handled or how you may be able to recover damages for losses,  contact us to discuss your legal rights.

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

Rondell Scott Hedrick of North Carolina Convicted in International Precious Metals Scheme

Jacksonville, FL – US Attorney A. Lee Bentley, III, announced that a federal jury found Rondell Scott Hedrick, 48, of North Carolina, guilty of wire fraud involving a purported high yield international investment program.

Hedrick used the web to advertise his expertise in international gold transactions involving mining operations in Mali, North Africa, and Accra, Ghana as well as refinery operations in Dubai, United Arab Emirates. As part of his sales pitch he told potential investors that he  was able to purchase gold at below market prices because he was willing to travel to dangerous locations in Africa. The money he raised was not invested but used for his personal expenses.

Hedrick made the mistake of making this pitch to an FBI informant leading to the situation he finds himself in today.

Rex Securities Law provides nationwide representation to investors 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.

Rex Securities Law

561 391 1900