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RSL Investigates 1st Discount Brokerage and Broker Heidi Wivolin

RSL Investigates 1st Discount Brokerage and Broker Heidi Wivolin 150 150 Robert H. Rex

 

Rex Securities Law is investigating 1st Discount Brokerage, Inc., of Lake Worth, Florida and their former broker Heidi Marika Wivolin, on behalf of several former !st Discount customers. Our clients are members of the local Lake Worth and Lantana, FL, Finnish community. The investigation relates to how the funds ,which they believed were invested in a bond portfolio, were actually invested.

In January 2012, the Securities & Exchange Commission instituted administrative proceedings against 1st Discount Brokerage when they discovered that one of the company’s brokers had defrauded over 50 people out of nearly $9 million dollars. The SEC found that the company’s supervisory procedures were inadequate and that they failed to conduct unannounced annual audits.

In addition to 1st Discount Brokerage, Inc. , a FINRA registered broker dealer, our investigation includes NEXT Financial Group, a broker dealer with offices in Manalapan, FL, and the following unregistered Florida companies:

  • FinnTrust, Inc.
  • Finnish Pentecostal Church of Lake Worth
  • FirsTrust Financial Corporation
  • FirsTrust Insurance Services, Inc.
  • FirsTrust Investment, Inc.
  • FirsTrust Mortgage & Lending Corp.
  • Global Land Finance Group, Inc.
  • Global Insurance Trust Corporation
  • United East Investments LLC

Our investigation also includes Shawn O’Sullivan, a former registered stock broker who has worked with Wivolin for many years.

According to FINRA records, Wivolin, who is currently registered with NEXT Financial, was previously registered as follows:

  • 1st Discount Brokerage10/2005-12/2008
  • Sterling Financial Investment Group7/2002-9/2005
  • Delta Equity Services Corp1/2002-7/2002
  • Securities America  5/1997-1/2002
If you have information you feel may be beneficial to this investigation, we would appreciate hearing from you.

Call 561-391-1900 and ask to speak with Robert Rex, Esq.

Nationwide representation.

Rex Securities Law

561 391 1900

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