Tag Archives: TSSB

Richard Havard-Former Invest Financial Broker-Sanctioned by Texas Regulator-Prosper, Texas

December 2017- Prosper, Texas 

The FINRA records of Richard L. Havard ,  a  stockbroker who previously worked for Invest Financial Corp. , disclose 6 pending liens filed by the Internal Revenue Service in Collin County, Texas. The liens are for delinquent income taxes and date back to 2010.

In December 2017, the Texas State Securities Board (TSSB) entered a Disciplinary Order reprimanding and fining Havard $7,500 for failing to update his FINRA record to disclose the IRS liens in a timely manner in violation of TSSB rules.

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.

Havard  was employed by Invest Financial Corp. from 11/2007-10/2017. He is currently  employed by Dominion Investor Services , a broker dealer headquartered in Horseshoe Bay, Texas.

If you have questions about an account handled by Richard Havard, 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

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

Michael K. Parish-San Antonio Investment Adviser Sanctioned by Texas Regulator

July 2017 -San Antonio, TX

The Texas State Securities Board  (TSSB)entered a disciplinary order against San Antonio investment adviser Michael Keith Parish for violations of Board Rule 116.17, known as the “custody rule” which prohibits registered investment advisers from maintaining custody of client funds and/or securities unless certain safeguards are implemented and/or the investment adviser satisfies compliance with an exemption from such safeguards. Link to TSSB Disciplinary Order. 

According to the TSSB Order, Parish did not maintain a balance sheet, income statement and general ledger and did not implement the safeguards required by Section 116.17(b) of the Board Rules.

Parish was fined  $5,000 and his registration as an investment adviser was suspended for 30 days. In addition Parish was ordered to retain an outside auditor registered with the Public Company Accounting Oversight Board (PCAOB) to conduct an audit of all funds under his management.

 

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

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

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

Texas State Securities Board Fines Charles Schwab & Co. $95,000

 

September 2016- Austin, Texas

Charles Schwab & Co. entered into a Consent Order with the Texas State Securities Board (TSSB) and agreed to pay an administrative fine of $95,000 as well as a contribution of $30,000 to be used for education efforts in Texas to the Investors Education Fund of the Investor Protection Trust.

In the Consent Order, TSSB concluded that Charles Schwab & Co. failed to maintain and establish a supervisory system reasonably designed to achieve compliance with the Texas securities laws, in violation of TSSB rules and regulations.

The order followed an investigation by the staff of the State Securities Board into Schwab’s procedures for monitoring the registration status of persons authorized by clients as a limited power of attorney or full power of attorney (POA). Staff investigated Schwab’s procedures from January 2010 to January 2016.

Schwab requires persons authorized as a limited or full POA to state whether they are receiving compensation for any investment advice rendered to clients. Receiving compensation for advisory services may require registration under state and federal law unless the person with a POA is covered by an exemption from registration.

According to the order, Schwab identified certain persons who had power of attorney authorizations in Texas and who appeared to be rendering investment advice for compensation, but were not registered and did not qualify for an exemption from registration.

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