Tag Archives: stockbroker malpractice

Tye C. Williams-Former NEXT Financial Group Broker-Named in $1M Customer Dispute

September 2017 – Frisco, Texas

According to publicly available records  Tye C. Williams (CRD#1271046) , a former stockbroker  who was most recently employed by NEXT Financial Group , disclose  a regulatory event that resulted in his bar from the securities industry and 2 pending 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.

Williams was employed by NEXT Financial Group from 11/2008-8/2016.

Without admitting or denying the findings, WIlliams consented to a permanent bar from the securities industry and to the entry of findings that he failed to produce documents and information related to an investigation regarding a customer complaint alleging that Williams converted over $1 million from customer’s accounts, made unsuitable recommendations and engaged in unauthorized transactions. FINRA Case 2015047059702. 

In pending FINRA arbitration 16-0609 a customer of NEXT Financial Group seeks damages of $1 million and alleges that from 2004-2015 Williams mismanaged their finances by exceeding the scope of his authority and recommended unsuitable investments in ventures like “Smashburger”.

If you have questions about an account handled by Tye C. Williams, 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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Michael O’Connor-Former Morgan Stanley Broker-Agrees to Bar from Securities Industry-Pepper Pike, OH

September 2017 – Pepper Pike, OH

According to publicly available records  Michael J. O’Connor (CRD#5791343) , a former stockbroker  who was most recently employed by Morgan Stanley , disclose a termination from employment and a regulatory event that resulted in his bar from the securities industry.

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.

O’Connor was employed by Morgan Stanley from 7/2010-2/2017. He was discharged in 1/2017 by Morgan Stanley who made the following allegation on O’Connor’s FINRA record: “Concerns related to timing of registered representative’s disclosure of his status of power of attorney and financial arrangement with client, who ultimately became his wife.”

Following his discharge from Morgan Stanley FINRA staff sent a request to O’Connor for on the record testimony pursuant to FINRA rule 8210. Through his counsel O’Connor acknowledged that he received the request and he would not appear for on the record testimony at any time. O’Connor agreed to a permanent bar from associating with any FINRA member in any capacity.

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

Kelly G. Richards-First Allied Securities Broker-Discloses Customer Dispute-Phoenix, AZ

September 2017-

The FINRA records of  Kelly Gene Richards , (CRD 4918409),   a  stockbroker who is currently  employed by  First Allied Securities, disclose a  currently pending customer dispute and a prior termination from employment.

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 #16-01743 a customer of Capital Investment Group seeks damages of $650,000  and alleges misrepresentation, fraud, negligent supervision and breach of fiduciary duty in connection with membership units in certain investments promoted by Richards & Graham.

In 8/2010 Richards was discharged from JPM Chase Bank who made the following allegation on his FINRA record: “Terminated by affiliate bank. Non securities related. Overall job performance including violating bank related procedures”. 

Richards has been registered with First Allied Securities since 4/2015. His prior employment includes Raymond JamesCapital Investment Group and Chase Investment Services. Richards discloses a business affiliation with RG Capital of Phoenix, AZ .

If you have questions about an account handled by Kelly G. Richards, call to learn about 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 

 

James Pheney-Former WFG Investments Broker-Discloses Pending Customer Dispute-Castle Rock,CO/Brenham, TX

July 2017 -Castle Rock, CO-Brenham, Texas

According to publicly available records James K. Pheney  (CRD#1272932) ,  a  stockbroker who currently is employed by Mid Atlantic Capital Corp.  disclose 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 December of 2016, a  customer of Pheney’s prior employer,WFG Investments, Inc. ,  filed a complaint seeking damages of $240,000 alleging misrepresentation in connection with the purchase of a municipal bond. That matter is currently pending.

Pheney was employed by  WFG Investments from 1/2005-8/2017. He joined Mid Atlantic Capital Corp. in 8/2017. Pheney discloses a business affiliation with Plum Creek Investment Services with offices in Castle Rock, CO and Brenham, Texas.

If you have questions about an account handled by James Kevin Pheney, 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

FINRA Arbitration Filed vs Employer of Stuart, FL, Broker Christopher D. Sinkula

September 2017-Stuart, Florida

We have filed a FINRA arbitration claim against Janney Montgomery Scott (JMS) on behalf of a single lady who seeks damages alleging that  recommendations made to her by JMS broker Christopher D. Sinkula were unsuitable.

Our client alleges that Sinkula recommended that she invest a high percentage of her IRA account in energy stocks which has resulted in significant losses to her account.

According to FINRA records, Sinkula has been registered with JMS since 2008. In 2013, a customer of his former employer Citigroup Global Markets was paid $200,000 to resolve claims that Sinkula misrepresented and failed to adequately understand the risks and features associated with a variable annuity product.

FINRA arbitration is a process that is generally much more expedient and far less costly than court litigation. If you have questions about losses in an account handled by Christopher Sinkula, 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

Ernest Romer III-Former CoreCap Investments Broker-Discloses Customer Disputes/Industry Bar-Sterling Heights, MI

August 2017-Sterling Heights, MI

According to publicly available records Ernest Julius Romer III  (CRD#2311741) ,  a  former stockbroker who was most recently registered with Corecap Investments, Inc.  disclose 5 Regulatory Events, 8 Customer Disputes , 4 Terminations 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 July of 2017, FINRA permanently barred Romer from acting as a broker or otherwise associating with firms that sell securities to the public. Romer discloses other regulatory sanctions alleging that he failed to disclose federal and state tax liens against him.

In a pending matter brought by Michigan regulators, it is alleged that Romer defrauded a customer by convincing several customers to liquidate securities and entrust Romer with the proceeds, which Romer then deposited in an account which he controlled for his own benefit.

In a matter currently pending in Michigan circuit court a customer of CoreCap Investments seeks damages of $110,000 and alleges that Romer solicited funds from them to invest in a firm owned by him , P&R Capital. The customer alleges that Romer converted the funds to his own use.

In FINRA case 17-01082, a customer of CoreCap Investments seeks damages of $50,000 and alleges that Romer solicited them to invest in “CoreCap Solutions” but converted the money to his own use.

In January 2017, Romer was discharged by CoreCap Investments who made the following allegation on Romer’s FINRA record: “Romer obtained loans from three clients for the stated purpose of starting a business: he was instructed to return the funds and not to engage in the business. To the firm’s knowledge, no funds have been returned as of the date of this filing”.

Romer discloses two tax liens to the State of Michigan and one to the Internal Revenue Service in the amount of $160,634.

ROmer’s prior employment includes L.M. Kohn & Co. and Leonard and Company.

If you have questions about an investment account handled by Ernest Romer, III, contact us to learn about 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

Rocco Lavista-Former Aegis Capital Corp. Broker-Discloses Customer Dispute Alleging Churning – Iselin, NJ

August 2017 -Tinton Falls, NJ

According to publicly available records Rocco J. Lavista (CRD#2784573) ,  a  currently unregistered stockbroker who was last registered with Arive Capital Markets , disclose 2 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 FINRA case #15-02835  a customer of  Aegis Capital Corp. alleged unsuitable investments, unauthorized trading, unsuitable use of margin and account churning.   The customer alleged damages of $466,606. That case settled for $185,000.

In currently pending FINRA case 15-03242  a customer of Aegis Capital Corp. alleges unsuitable recommendations, breach of fiduciary duty, negligence and misrepresentation and seeks damages of $204,136.

Lavista’s prior employment includes Aegis Capital Corp. National Securities Corporation, Obsidian Financial Group and Arive Capital Markets.  

If you have questions about an account in an account handled by Rocco Lavista 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