Richard E. Poston-Former H. Beck Broker-Subject of $500K Customer Dispute Over REITs-Plano, TX

May 2018-Plano, Texas

According to FINRA records, Richard E. Poston, a broker who is not currently employed in the industry, and who last worked for H. Beck, Inc. in Plano, Texas , discloses a pending customer dispute , 4 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.

In March 2016 a customer of  H. Beck, Inc. filed FINRA Case# 16-0766 seeking $200,000 in damages and alleges that he was sold an unsuitable concentration of illiquid investments in non-traded real estate investment trusts (REITs) between 10/2007-9/2015. In July 2016 that case settled for $185,000.

In 7/2017 a customer of H. Beck filed FINRA Case 17-1789 alleging that Poston over concentrated their account with high risk, illiquid non publicly traded REITs and business development companies (BDC’s). The customer is seeking damages of $500,000.

Poston was employed by H. Beck, Inc. from  3/2010 until he was discharged in 12/2015 for failing to cooperate fully with an internal investigation. Prior to that he worked for a number of other brokerage firms in the Plano area, including GunnAllen Financial and LPL Financial. 

Investors with  losses in accounts handled by Richard E. Poston , may be able to recover damages through FINRA arbitration. FINRA arbitration is a method of dispute resolution that is typically much shorter in duration than court litigation. 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

Breitburn Energy Losses? You May be Able to Recover Damages.

May 2018

Breitburn Energy Partners LP, an oil and gas master limited partnership was trading over $20 a share back in 2014 and then fell to pennies and filed for bankruptcy in 2016.

In April 2018, the company emerged from bankruptcy operating as Maverick Natural Resources.

If your broker recommended Breitburn Energy Partners to you before mid 2015 , then you have likely suffered significant losses.

Damages may be recoverable through FINRA arbitration if there were misrepresentations made to you or if the investment  was unsuitable, given your age, degree of financial sophistication and risk tolerance.

Call for a no charge consultation to discuss your potential claim 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.

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

How to Recover Losses on Future Income Payments, LLC-(FIP)

May 2018

Investors in Future Income Payments LLC (FIP) may be able to recover damages from the broker and/or brokerage firm who made the investment recommendation.

While FIP tout’s itself as “the industry leader and an innovator in buying and selling secondary market pension cash flows….’  numerous officials from various states allege that FIP is actually issuing loans disguised as sales agreements.

Securities regulators in a number of states (including California, Colorado, Indiana, Iowa, New York, North Carolina, Massachusetts, Pennsylvania and Washington) have issued cease and desist orders curtailing FIP’s practices in those states. Investigations and actions are pending in another 15 states.

If you have questions about an investment you made in Future Income Payments LLC, call for a no charge consultation 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Wells Fargo Brokers Barred From Industry For Over-concentration of Energy Securities-Irvine, CA

MAY 2018-Irvine, CA

Wells Fargo brokers Charles B. Lynch  and Charles H. Frieda were recently permanently barred from the securities industry by FINRA for recommending that their customers over concentrate their portfolios with four speculative equities within the energy sector. When the energy sector took a downturn resulting in millions of dollars in losses to more than 50 of their customers.

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.

Charles Frieda was employed by Wells Fargo Clearing Services from 2012-2017. His FINRA record discloses 4 pending and 54 prior customer disputes.

Charles Lynch was employed by Wells Fargo Advisors from 2012-2016. His FINRA record discloses 3 pending and 51 prior customer disputes.

Total cash settlements to the affected customers are in the millions.

Over Concentration of Energy Securities Is Unsuitable

Brokers have a duty to make suitable recommendations to their investor customers. Over concentrating an investment portfolio with investments in any single sector is generally not suitable, especially if the investor is retired or nearing retirement.

If you have questions about an account in an account handled by Charles Lynch or Charles Frieda, or if you believe your account has been mishandled by your advisor, contact us for a no charge consultation 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

Resident of The Woodlands Pleads Guilty to Wire Fraud

May 2018-Plano, Texas

According to a news release from the U.S. Attorney’s Office for the Eastern District of Texas, Arlando Jacobs, 52, of The Woodlands, TX, pleaded guilty to conspiracy to commit wire fraud and faces up to 30 years in federal prison.

Court pleadings allege that from October 2011-April 2017, Jacobs and others conspired to submit fraudulent mortgage lien documents to title companies ad financial institutions to receive funds they were not entitled to.

A co-defendant, Clarence Roland, is scheduled for trial in 9/2018.

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, at no cost to you.

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

Nationwide representation of victims of stockbroker fraud and the malpractice of investment professionals.

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