Tag Archives: Texas State Securities Board

Texas Securities Board Appoints New Commissioner-Austin, TX

August 2017-Austin, Texas

Travis J. Lies was appointed Securities Commissioner of the Texas State Securities Board (TSSB) effective September 1, 2017. Lies has worked for the TSSB for 16 years and has been serving as Deputy Commissioner for the past year. He will succeed current Commissioner John Morgan who will retire August 31 after 33 years with TSSB.

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

Daniel J. Haugh-PTI Securities & Futures Broker-Discloses $2.5 Million Customer Arbitration & Regulatory Sanction-Chicago, IL

June 2017-Chicago

According to publicly available records Daniel John Haugh  (CRD#2162854) ,  a  stockbroker who currently is the chief compliance officer of  PTI Securities & Futures , disclose a recent regulatory event and a 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 2017 Haugh was censured and fined $2,500 by Illinois securities regulators for failing to verify information to determine if emails that he received requesting the transfer of funds were being sent by his client. The account involved was an IRA account which belonged to a Texas resident. A phony SPAM email purportedly from the account holder resulted in the transfer of about $45,000 by PTI Securities  to an individual in Louisiana. Another phony email a month later resulted in PTI Securities transferring another $45,000 to an individual in Alabama.

In May 2017 a customer of PTI Securities & Futures filed FINRA Case 17-01171 seeking $2.5 million in damages alleging that their account, which contained derivatives, equities and options, was mismanaged from 2008-2016. That matter is currently pending.

If you have questions about an account handled by Daniel J. Haugh, call to learn about your options.

TEXAS REGULATORS SANCTION PTI SECURITIES FOR BEING FOOLED BY SPAM EMAIL

In June 2017 PTI Securities & Futures was sanctioned by the Texas State Securities Board (TSSB) for supervisory failures that led to these bogus transfers which were initiated by SPAM emails. See this for more details. 

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

PTI Securities & Futures Sanctioned by Texas Regulators for Transferring Client Funds Based on Spam Emails-Austin, TX

June 2017 -Austin, TX

The Texas State Securities Board entered a disciplinary order against Chicago-based PTI Securities & Futures for transferring nearly $100,000 from a 75 year old Texan’s IRA to unknown individuals based on the authority contained spam emails. Link to TSSB Disciplinary Order. 

 

According to the TSSB Order, PTI Securities missed numerous red flags along the way:

  • One of the emails requesting the transfer contained the term “SPAM” in the subject line.
  • The signatures on the forms requesting the transfers did not match the signature on the client’s account application
  • The distribution requests had an incorrect social security number and birth date for the client. The client was born in 1934 and the birthdate on the form was 1969.
  • The client had never previously made wire transfers to either of the individuals on the transfer forms
  • PTI Securities’ CCO did not speak to the client prior to processing the wire transfers.

PTI Securities & Futures made a full repayment of the $91,560 which was wrongly transferred and now prohibits transfers from client accounts to accounts that are not owned by the client.

TSSB reprimanded PTI Securities & Futures and fined the firm $5,000.

In April 2017 Illinois regulators, who had been investigating the matter, assessed PTI Securities & Futures a fine of $2,500.

 

If you have losses  in an account handled at PTI Securities & Futures 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

Lawrence A. DeShetler-Pleads Guilty to Mail Fraud-Beaumont, TX

June 2017-Beaumont, Texas

Lawrence A. DeShetler, a certified financial planner from the the Woodlands, Texas, pleaded guilty mail fraud according to a release from the Department of Justice for the Eastern District of Texas.

According to the Texas State Securities Board, DeShetler fraudulently obtained $1.9 million from five of his advisory business clients who were convinced to withdraw money from their investments and give it to DeShetler who promised them higher returns.

One client was convinced to liquidate her IRA of over $700,000 and transfer the funds to DeShetler who spent the money on restaurant bills, country club fees, clothing and other personal expenses.

DeShetler was arrested in August 2016. He faces up to 20 years in federal prison.

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

Marie P. Goforth-Former LPL Financial Broker-Discloses Sanction by Texas Regulator-San Antonio, TX

May 2017-San Antonio, TX

The FINRA records of  Marie P. Goforth  ,  a  stockbroker who is currently  employed  by Capital Financial Service   disclose  2 prior customer disputes and a 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.

May 4, 2017, Goforth’s registration, as both a securities agent and an investment adviser,  was suspended by the Texas State Securities Board (TSSB) for a period of 45 days.  In the TSSB Disciplinary Order the following findings of fact were made:

  • While registered with LPL Financial, Goforth maintained numerous blank forms signed by her clients in her client files.
  • LPL Financial’s supervisory procedures prohibited maintaining blank forms signed by clients
  • While registered with LPL, Goforth reused a form signed by a client for two third party checks in violation of LPL procedures

In July 2016 Goforth was discharged by LPL Financial who made the following allegation on her FINRA record: “Violation of firm’s signature policy”.

 

Marie Goforth was employed by LPL Finanical  from 9/2009-8/2016. She has been employed by Capital Financial Services since 1/2017. Goforth discloses business affiliations with MG Financial Strategies. Goforth is also known as Marie Goforthreed.

If you have questions about an account  handled by Marie P. Goforth 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

Mark C. Parman Sentenced to Six Years on Fraudulent Oil Deals-Frisco, TX

April 2017-Frisco, Texas

A Texas State Securities Board (TSSB) news release reports that Mark Christopher Parman has been sentenced to six years in state prison after pleading guilty to securities fraud for selling phony investements in oil and gas drilling projects in Grayson and Brazoria counties in Texas and Jefferson Davis parish in Louisiana. He raised $850,000 promising investors the money would be used on the drilling deals.

Instead he used funds to pay for personal expenses.

Parman had a number of  prior investment related  legal troubles dating back to 2003 which he failed to disclose to investors. Regulators had ordered him to pay $2 million in restitution on these prior deals and his securities license had been revoked in 2003.

See the TSSB news release for details. 

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

Michael Delao-Former Century Securities Broker-Sanctioned by Texas Securities Regulators

December 2016-Georgetown, Texas

The FINRA records of  Michael Ramon Delao,  a  stockbroker with St. Bernard Financial Services , disclose a recently regulatory event , a prior customer dispute and 2 terminations.

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 records, while Delao was employed by  he was arrested in connection with two felony charges and was indicted. Although the felony charges were later dismissed, Delao did not report these events to Century or to the Texas State Securities Board (TSSB) as required by Board Rules. The TSSB reprimanded Delao and assessed an administrative fine of $7,500.

In 2009, Delao was discharged by Southwest Securities who made the following allegation: “Guaranteeing a client against losses in an email.” In 2015, Delao voluntarily resigned from Stifel Nicolaus & Company.

 

Delao has been employed with  since 10/2016. He was employed by IFS Securities from 8/2016-8/2016 and prior to that with Century Securities.

If you have questions about an account handled by Michael Delao , contact us 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