Tag Archives: securities attorney

Paul V Blum-Former RBC Capital Broker- Sued by Clients for Unsuitable Trading-W. Palm Beach, FL

October 2017-West Palm Beach, FL

The FINRA records of  Paul Vincent Blum ,  a  stockbroker who was previously employed by RBC Capital Markets disclose a prior regulatory event, 9 pending customer disputes and 14 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 August 2017, Blum was permanently barred from the securities industry by FINRA for failing to appear for on the record testimony during the course of an investigation in connection with customer complaints alleging unsuitable trading.

In the pending arbitrations customers make various allegations of wrongdoing, mostly related to unsuitable investments in energy related investments,  including the following:

  • Blum recommended unsuitable and over-concentrated investments in the energy sector. Damages alleged, $886,070.
  • Three former customers allege that Blum was involved as an intermediary in making  unsuitable recommendations of energy sector corporate bond investments. Damages are alleged to be $525,000, $6,000,000  and $2,250,000.

Total dollar amount of the settlements already paid on  the prior customer disputes  is over $1.7 million.

If you have losses in an account handled by Paul Blum, call to discuss 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

 

Finra Arbitration Filed vs Cesar Hurtado’s Employer-Oppenheimer-Miami, FL

October 2017-Miami, Florida

We recently submitted a FINRA arbitration claim against Oppenheimer & Co.  on behalf of a non- U.S. resident individual and a Bahamian trust, alleging that  recommendations made for the management of retirement funds by Miami-based Oppenheimer broker Cesar Hurtado  were unsuitable and that the accounts were traded excessively.

In addition our clients allege that they were improperly advised by the Oppenheimer broker on other financial matters, including trusts established and managed by Nassau-based former Oppenheimer affiliate , CIBC Trust Company.

Our clients allege that Oppenheimer was negligent and failed to properly supervise broker Hurtado and are seeking damages in excess of $1 million.

According to FINRA records,  Hurtado has been employed by  Oppenheimer & Co since 2003.

En espanol. 

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

Jason H. LeBlanc-Former Girard Securities Broker-Barred From Securities Industry-Fulshear, TX

September 2017 -Fulshear, Texas

According to publicly available records Jason H. LeBlanc (CRD#2483182) , a  former stockbroker who was last employed by Girard Securities , disclose  a prior regulatory event,  3 prior customer disputes and a termination.

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 2017 LeBlanc was permanently barred from the securities industry by FINRA to resolve allegations that he failed to disclose several outside business activities and provided inaccurate information about an outside business activity to Girard Securities.

The FINRA findings, which LeBlanc consented to without admitting or denying state:

  • LeBlanc misused customer funds by applying a customer’s money to an an investment other that the one he represented to her
  • LeBlanc sold a promissory note from one customer to another for $23,000
  • The second customer was led to believe she was investing in a coffee shop, instead LeBlanc returned $3,000 to the customer and invested the remaining $20,000 in a real estate investment company, without informing the customer
  • LeBlanc misused customer funds by commingling personal and customer funds

LeBlanc was employed by Girard Securities 4/2009-9/2015. He was discharged by Girard in 9/2015 when they learned of his outside business activities.

If you have questions about an account handled by Jason H. LeBlanc,  contact us to discuss your options.

Girard Securities is a part of the Cetera Financial Group. Girard has been a FINRA member since 1988 and is headquartered in San Diego, CA. The company has about 478 registered persons in 139 branch offices nationwide.

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.

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

William H. Watson III-Prior Freedom Investors Broker- Discloses Regulatory events, Customer Disputes-Federal Tax Liens-Orange County, CA

August 2017 -Orange County, CA

According to publicly available records William Henry Watson III (CRD#1016938) , a  stockbroker who was previously registered with Freedom Investors Corp, disclose  two regulatory events , seven customer disputes and four federal tax 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 2016  Watson  consented to sanctions of a 10 day suspension and a $5,000 fine from the securities industry by FINRA to resolve allegations that “Watson participated in securities offerings with four different issuers in which he used, or permitted issuers to use marketing materials that were not fair and balanced, as they failed to discuss each of the issuers’ poor financial performance and made misleading, unwarranted or unsupported statements.”    

In 1/2017, a Finance 500, Inc. customer filed a complaint alleging inappropriate investments in limited partnerships and direct investments and sought damages of $800,000.   That case was settled for $161,653.

In pending FINRA Case 16-3674 , a Finance 500, Inc.  customer alleges  misrepresentation, breach of fiduciary duty, failure to supervise, Texas Securities fraud, negligence and breach of contract in connection with investments in limited partnerships and is seeking damages of $102,500.

There are four Internal Revue Service tax liens disclosed by Watson , filed in Orange County, CA from 2005 to 2014, and  totaling more than $600,000.

Watson was with Freedom Investors from 8/2014-12/2015 and  with Finance 500, Inc. from 2/ 2011 until 7/2014 .  Prior to that he was with Choice Investments of Austin, Texas.

If you have questions about an account handled by William Henry Watson III,  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

Glenn R. King- Prior Buckman, Buckman & Reid, Inc. Broker- Discloses FINRA Sanction, Numerous Customer Disputes – Shrewsbury, NJ

August 2017 – Shrewsbury, NJ

According to publicly available records  Glenn Robert King (CRD#2191091) , a former stockbroker who was last registered with Buckman, Buckman & Reid, Inc. disclose a regulatory event, 20 customer disputes, a  separation from employment and an outstanding judgment/lien.

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.

In2015 , FINRA commenced an investigation into a complaint alleging that King  made fraudulent misrepresentations and omissions to his retiree customers , promising that he would use their investment funds to purchase safe and no-risk bonds and that he wouldn’t charge fees or commissions.

In reality, according to FINRA,  King used the customers’ funds to purchase UITs resulting in approximately $17,000 in realized losses to customers and approximately $43,000 in unrealized losses and approximately $38,000 in commissions to him.   The complaint also alleges that King engaged in a pattern of short-term trading in long-term investments products in accounts of customers.   This pattern of trading was excessive and unsuitable and resulted in approximately $163,000 in customer losses and gross commissions to King of approximately $210.000.   The complaint further alleges that King exercised discretion in the accounts of customers without the ir written authority or the approval of his firm.   In 8/2017  Glenn King was permanently barred from FINRA.

In FINRA Case 15-01027 , a Buckman, Buckman & Reid, Inc. customer alleged  misrepresentation in connection with an investment in a Unit Investment Trust. That case was settled for $75,000.

In currently pending FINRA Case 15-3462, a Buckman, Buckman & Reid, Inc., customer alleges unauthorized trading and unsuitability in connection with an investment in a Unit Investment Trust (UIT) and seeks damages of $150,000.

In FINRA Case 15-3259 , a  Buckman, Buckman & Reid, Inc. customer alleges unauthorized trading and unsuitability in connection with a UIT investment and seeks damages of $428,000.

In June of 2011, Royal Alliance, Associates allowed King to “voluntarily resign”  while he was under an internal review regarding the sale of investment products such as UITs and mutual funds to certain customers because of misrepresentation and failure to deliver a product prospectus.

 

King  was employed with Royal Alliance, Associates from January 2005 to June 2011.  He was employed with Saxony Securities, Inc. from June 2011 to October 2011 and with Garden State Securities, Inc. October 2011 to November of 2011 before going to work for in Buckman, Buckman & Reid, Inc. in January of 2012.

King discloses an outstanding lien to the Internal Revenue Service of $234,400.

If you have questions about an account handled by Glenn Robert King 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

Terry Lee Brodt, Jr.-Garden State Securities Broker-Discloses Regulatory Event and Customer Disputes – Boise, Idaho

August 2017 – Boise, Idaho

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 customer disputes and 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 2017 to resolve  FINRA allegations that he traded without authority,  Terry Lee Brodt, Jr.  consented to a $10,000 fine and a two month suspension from June 5, 2017 to August 4, 2017.   His official FINRA record states:  “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 firms annual compliance documents.”

In FINRA Case 16-01108, a  Garden State Securities, Inc.  customer alleged churning, excessive losses and commissions and sought damages of $485,980.   The case was settled for $120,000 with Brodt being personally responsible for $45,000.

In FINRA Case 12-3841 , a Garden State Securities customer  alleged unauthorized trading and unsuitable investments and sought damages of $50,570.   That case settled for $24,900 with Brodt being personally responsible for the entire settlement.

Brodt discloses that a Chapter 13 bankruptcy is pending in Idaho and he discloses 10 outstanding judgment/liens including federal and state tax liens.

Brodt has been  employed with Garden State Securities, Inc. since August of 2010. He discloses a business affiliation with Brodt Capital Management of Boise, Idaho.

If you have questions about 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

Todd Allen Burnett-Oppenheimer & Co. Broker-Discloses Customer Dispute Alleging Churning – St. Louis, MO

August 2017 – St. Louis, MO

According to publicly available records Todd Allen Burnett (CRD#2703620) ,  a  stockbroker who currently is employed by Oppenheimer & Co.  disclose a recently filed 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 April of 2017, a customer of Oppenheimer & Co. Inc. alleged that unauthorized and unsuitable investments  were made in her account and that the account was churned. The customer is seeking damages of $849,853.62.

Burnett  has been employed by Oppenheimer since 1/2003.

If you have questions about an account handled by Todd Allen Burnett , 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870