Tag Archives: stockbroker negligence

Richard T. Lucker-Former Morgan Stanley Broker-Discloses $14M Customer Dispute-El Paso, TX

April 2017-El Paso, Texas

The FINRA records of  Richard T. Lucker ,  a  stockbroker who is currently  employed by  Wells Fargo Clearing Services  disclose a pending dispute in which a customer seeks damages in excess of $14 million.

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 currently pending FINRA Case 17-0311 , a customer of Lucker’s former employer Morgan Stanley Smith Barney alleges damages of between $14,447,501 for failure to supervise with the management of her account.

Lucker , regional manager at Wells Fargo Advisors, has been employed by Wells Fargo since 3/2014. Prior to that he was registered with Morgan Stanley from 6/2009-2/2014. He previously resided in Tucson, AZ, Billings, MT, and Bellevue, WA.

 

If you have losses in an account in an account handled by Richard T. Lucker  , 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

Silvano R. Trino-Northeast Securities Broker-Discloses $3.9M Customer Dispute Alleging Churning-Miami, FL

April 2017-Miami, FL

The FINRA records of  Silvano R. Trino ,  a  broker with Northeast Securities   disclose a pending customer dispute and 3 prior final 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 currently pending FINRA Case 14-02908,  a customer of Northeast Securities  seeks damages of $3,900,000 and alleges unauthorized use of margin, unsuitable trades and churning.

Silvano has been registered with Northeast Securities since 11/2008 and discloses a business affiliation with Global Capital Insurance. .

If you have questions about an account  handled by Silvano R. Trino  , contact us to discuss 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

Walter J. Marino-Former Legend Equities Broker-Discloses Regulatory Event and Numerous Customer Disputes

April 2017-

The FINRA records of  Walter J. Marino ,  a  former Legend Equities stockbroker who is currently not registered disclose a pending regulatory matter, 3 pending customer disputes, 9 prior final customer disputes, and 3 terminations 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.

FINRA has filed a complaint against Marino alleging that he recommended unsuitable exchanges of variable annuities to two customers without having reasonable basis for recommending the transactions. Marino earned commissions of about $60,000 on the transactions. One of the customers suffered a surrender charge of over $82,000 by following the recommendation to exchange the annuity.

To evade supervisory scrutiny, Marino lied to his member firm about the source of the funds for the annuity, indicating the source to be a check rather than an exchange, according to FINRA. FINRA case 2015046537501

Marino discloses cash settlements in nine prior customer disputes, with settlement payments ranging as high as $225,000.

In one of the currently pending matters,  a customer of Legend Equities Corp alleges damages of $264,101 for misrepresentation and for charging excessive fees in the customer’s 403B account.

In October 2016 Marino was discharged from Lincoln Investment who alleged that Marino made an unsuitable recommendation to surrender an annuity without knowing the surrender fees that would be incurred.

In July 2015 Marino was discharged from Legend Equities who made the following allegation on his FINRA record: “firm discovered what rep. presented as a non-replacement VA sale was in fact a replacement”.  

In August 2001 Marino voluntarily resigned from Brill Securities after a customer complained that he engaged in unauthorized trading and disregarded the customer’s investment objectives.

Walter J. Marino  was employed by Legend Equities from 7/2002-7/2015. He was with Lincoln Investment 10/2015-10/2016 and then with Benjamin Securities 11//2016-12/2016.

If you have losses in an account in an account handled by Walter J. Marino  , contact us to discuss how you may be able to recover damages for those losses.

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

Donald L. Wells-Titan Securities Broker-Sanctioned Over Sales of Life Partners Viaticals-Seattle, WA

April 2017-Seattle, WA

The FINRA records of  Donald L. Wells ,  a   stockbroker who is currently registered with Titan Securities disclose a prior regulatory matter and a  prior final 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 August 2016 Washington securities regulators entered a cease and desist order and fine and costs of $2,700 to resolve allegations that Wells and others violated the Securities Act of Washington through the offer and sale of $17 million of Life Partners, Inc. life settlements to Washington residents from 2009-2014.

Donald L. Wells  has been employed by Titan Securities since 3/2010.

Titan Securities is headquartered in Dallas, Texas, and has been a FINRA member since 2004. They have about 13 brokers located in 7 branch offices in:

  • Arlington, TX
  • Abilene, TX
  • Overland Park, KS
  • Dallas, TX
  • Rowlett, TX
  • Henrico, VA
  • Kingston, OK

If you have losses in an account in an account handled by Donald L. Wells or if you have losses on an investment in Life Partners, Inc.  , contact us to discuss how you may be able to recover damages for those losses.

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 James to Purchase Scout Investments for $172M-St. Petersburg, FL

April 2017- St. Petersburg, FL

Raymond James announced that they reached a deal with UMB Financial Corp (NASDAQ: UMBF) to purchase Scout Investments and its Reams Asset Management division.

According to Investment News RayJay is paying $172 million for Scout Investments and Reams which will become part of Carillon Tower Advisers, a Raymond James asset management firm.

Scout, which is headquartered in Kansas City, MO.,  was founded in 1982 as a division of UMB.

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

Paul D. Mante-Broker With The GMS Group-Discloses Customer Dispute-Boca Raton, FL

April 2017- Boca Raton, FL

The FINRA records of  Paul D. Mante ,  a  broker with  The GMS Group  disclose  7 prior final customer disputes, 2 of which were resolved with cash settlements.

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 #15-3075, a customer of The GMS Group alleged damages of $750,000 related to an investment in municipal debt which the customer alleged was unsuitable. The case was settled for $350,000.

Paul Mante  has been employed by The GMS Group since 5/2005.

If you have losses in an account in an account handled by Paul Mante , contact us to discuss how you may be able to recover damages for those losses.

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

Walter Parker-Titan Securities Broker-Discloses Customer Disputes Over UDF Investments-Rowlett, Texas

April 2017- Rowlett, Texas

The FINRA records of  Walter W. Parker ,  a  broker with  Titan Securities  disclose 2 pending customer disputes and 2 prior final 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 pending FINRA Case 16-2349 a customer of Titan Securities alleges that they were sold UDF (United Development Funding) which was unsuitable for the customer and he did not understand the risks and did not understand that UDF was illiquid. No amount of damages is stated in the claim.

In pending FINRA Case 15-2351 a customer of Titan Securities alleges damages of $211,975 related to an investment in a viatical settlement which the customer alleges is unsuitable and that it was misrepresented.

In a previous case, FINRA #16-1929, a customer of Titan Securities alleged damages of $50,000 related to an investment in UDF (United Development Funding) which the client states was unsuitable and that he did not comprehend the risks or the fact the investment was illiquid.  That case was recently settled for $16,500.

Walter Parker has been employed by Titan Securities since 8/2006. Parker discloses a business relationship with InsuranceMakesMe Sick.com and InvestingMakesMeSick.com in Rowlett, TX.

Titan Securities is headquartered in Dallas, Texas, and has been a FINRA member since 2004. They have about 13 brokers located in 7 branch offices in:

  • Arlington, TX
  • Abilene, TX
  • Overland Park, KS
  • Dallas, TX
  • Rowlett, TX
  • Henrico, VA
  • Kingston, OK

If you have losses in an account in an account handled by Walter Parker , contact us to discuss how you may be able to recover damages for those losses.

United Development Funding’s Office Raided by the FBI-for more information on recent problems for UDF, follow this link.

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