Joel Flaningan-Former NYLife Broker-Sued Over Woodbridge Fund Sales-Fort Wayne, Indiana

July 2018- Fort Wayne, Indiana

The FINRA records of  Joel Vincent Flaningan ,  a  former stock broker who is not currently registered and who was last employed by NYLife Securities  disclose  a pending customer dispute involving the allegedly fraudulent Woodbridge Mortgage Investment Funds.

A customer of NYLife has filed a suit in Allen Superior Court alleging that material facts and the risks associated with an unregistered investment in Woodbridge Mortgage Investment Fund purchased in April 2017 were not disclosed. The customer seeks the return of his $65,000 investment less income received plus 8% interest, costs and attorney fees.

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.

Woodbridge-A $1.2 billion Ponzi According to SEC

The U.S. Securities and Exchange Commission announced charges and an asset freeze against a group of unregistered funds and their owner who allegedly bilked thousands of retail investors, many of them seniors, in a $1.2 billion Ponzi scheme.

According to the SEC’s complaint, unsealed in federal court in Miami, Florida, Robert H. Shapiro and a group of unregistered investment companies called the Woodbridge Group of Companies LLC, formerly headquartered in Boca Raton, Florida, defrauded more than 8,400 investors in unregistered Woodbridge funds.

“We allege that through aggressive tactics, Woodbridge and Shapiro swindled seniors into a business model built on lies, which the SEC’s Miami Regional Office staff moved to halt,” said Stephanie Avakian, Co-Director of the SEC’s Enforcement Division.

“Our complaint alleges that Woodbridge’s business model was a sham,” said Steven Peikin, Co-Director of the SEC’s Enforcement Division. “The only way Woodbridge was able to pay investors their dividends and interest payments was through the constant infusion of new investor money.”

“Our complaint further alleges that Shapiro used a web of layered companies to conceal his ownership interest in the purported third-party borrowers,” said Eric I. Bustillo, Director of the SEC’s Miami Regional Office.  “Shapiro used the scheme to line his pockets with millions of investor dollars.”

Flaningan was employed by NYLife Securities   from 19/2009-5/2018 when he was discharged by NYLife Securities when the company learned of his sale of Woodbridge Funds. Flaningan operated his insurance sales business under the dba name of Advanced Strategies Group.

If you have losses in an account handled by Joel Flaningan, call for a no charge consultation to learn about your options for recovery of damages.

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

Alexander Capital Sanctioned For Allowing Brokers to Churn Brokerage Accounts

JULY 2018

The Securities and Exchange Commission (SEC) charged Alexander Capital and two of its managers for failing to supervise three of the company’s brokers who churned customer accounts, made trades without permission and made unsuitable recommendations to the customers.

The three brokers William C. Gennity, Rocco Roveccio and Laurence M. Torres had previously been charged with fraud in September 2017. The SEC found that Alexander Capital lacked reasonable supervisory policies and procedures designed to prevent such abuses to customers.

Alexander Capital agreed to be censured and paid ill-gotten gains, interest and penalties of more than $400,000.

The managers, Philip A. Noto II and Barry T. Eisenberg ignored red flags indicating excessive trading by the brokers.

Link to SEC press release.

If you have questions about how your account at Alexander Capital has been handled, call for a no charge consultation with an experienced securities attorney to learn how you may be able to recover damages through 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

Oppenheimer Ordered to Pay Customer $800,000 For Unauthorized and Unsuitable Trading

June 2018-Chicago, Illinois

A FINRA (Financial Industry Regulatory Authority)  arbitration panel ordered brokerage firm Oppenheimer & Co. to pay a customer $800,000 in compensatory damages.

The customer alleged that Oppenheimer brokers James Forsythe and Carter Worth executed unauthorized trades in his accounts and made unsuitable investments in IShares Russell 2000 Index puts and calls, Proshares Trust PSHS Short S&P 500 ETFs and the Global Chartist Fund, LLC. FINRA Case 16-3687, Dekas v. Oppenheimer & Co. 

According to his FINRA records, James Forsythe has been registered with Oppenheimer since 1/2003 and he has 5 other customer disputes.

The FINRA records of Carter Worth disclose that he was employed by Oppenheimer from 10/2004-2/2014, then with Sterne, Agee & Leach 2/2014-2/2015. He is currently employed by Cornerstone Macro in New York.

If you have losses in an account handled by Carter Worth, James Forsythe or other Oppenheimer broker, call to learn how 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

Dominick J. Diorio, Jr.-Aegis Capital Broker-Discloses Settlement of Customer Suit-Melville, NY

June 2018-Melville, New York

The FINRA records of Aegis Capital Corp. broker Dominick J. Diorio, Jr. disclose a pending customer dispute and two prior 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 17-2321 a customer of Aegis Capital residing in Florida alleged that from 12/2012-7/2017 Diorio engaged in unsuitable investment strategy involving real estate securities and alternative investments. The case was settled in 5/2018 for $837,500.

In currently pending FINRA Case 18-408 a customer of Aegis Capital alleges that Diorio made unsuitable investment recommendations and traded the account without authority. The customer is seeking damages of $769,690.

Dominick has been employed by Aegis Capital since 7/2011.

If you have questions about an account handled by Dominick Diorio, contact us for a no charge consultation to learn how 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

Peter Klaass and Heath Bowen-Former Allegis Investment Advisors-Sued Over Option Trading-Idaho Falls, ID

June 2018-Idaho Falls, ID 

The FINRA records of two former Allegis Investment Advisors stockbrokers , Peter Gerhard Klaass and Heath Shayne Bowen   disclose that the Colorado Division of Securities alleged that both Klaass and Bowen placed their advisory clients in high risk and complex options trades that their clients did not understand.

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 2/2018, the Colorado Division of Securities issued a cease and desist and revoked Klaass‘ investment adviser representative license in Colorado. Bowen was sanctioned with a cease and desist.

Klaass has settled three customer suits over option investments and discloses a pending FINRA arbitration by a customer of Allegis seeking over $450,000 in damages related to option investments. Klaass was employed by Allegis Investment Services from 5/2014-3/2017 and thereafter with Cetera Advisor Network. He voluntarily resigned from Cetera in 4/2018 following the cease and desist order issued by Colorado securities regulators.

In 12/2017 Bowen was ordered to pay a customer $575,000 in FINRA Case 17-3131. There are currently three pending arbitrations by customers which relate to option investment and seek cumulative damages of over $600,000.

If you have questions about an account handled by Peter Klaass and/or Heath S. Bowen, contact us for a no charge consultation. 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

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

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