On June 27, 2014, Texas Securities Commissioner John Morgan revoked the registrations of Kenneth Wayne Graves and Warren Financial Services , both of Corpus Christi, Texas.
A default order was entered after Graves and his company Warren Financial failed to respond to a Notice of Hearing issued in May 2014.
According to the Texas State Securities Board, Graves sold a security that promised to pay between 2.5% and 5% of the monthly gross income of Warren Financial for periods of time from 3 to 7 years. Five investors had put up $425,000 for this investment, but the promised payments were not received. One victim was convinced to invest $70,000, which was nearly 100% of her assets in the scheme.
Graves charged clients fees far in excess of the 2% annual fee listed in the agreements with customers and Graves made unauthorized withdrawals of over $138,000 from custodial accounts.
Graves was last registered with FIrst Command Financial Planning from 8/2008-10/2010.
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.
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