Joe Allbright- Former Farmers Financial Broker- Discloses Regulatory Suspension and Prior Customer Dispute, Odessa, TX

Joe Allbright- Former Farmers Financial Broker- Discloses Regulatory Suspension and Prior Customer Dispute, Odessa, TX

Joe Allbright- Former Farmers Financial Broker- Discloses Regulatory Suspension and Prior Customer Dispute, Odessa, TX 150 150 ER

Joe Allbright Investigation

June 2022- Odessa, TX

According to publicly available records,  Joe M. Allbright, a currently unregistered broker, who last worked for Farmers Financial Solutions in Odessa, TX  discloses a regulatory suspension and a prior customer dispute.

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 June of 2020,  without admitting or denying the findings, Allbright consented to the sanctions and to the entry of findings that he engaged in undisclosed and unapproved private securities transactions.   The company represented itself as a structured cash flow investment, claiming to purchase pensions at a discount from pensioners and then selling a portion of those pensions as a “pension stream” to investors.   The company generally promised investors a 7% to 8% rate of return on their investment.   Allbright sold $502,000 in company purchase agreements to investors, including one customer of his member firm.   Sanctions assessed were a nine month suspension as well as a $10,000 fine paid by Allbright individually.

In  a prior customer dispute, FINRA case #18-02717, a Farmers Financial Solutions customer alleged that as a result of negligent financial advice provided to him by Allbright, he suffered a substantial financial loss to his retirement savings.  The case settled for $382,000 with $192,500 paid by Allbright individually.

Allbright was employed by Farmers Financial Solutions from February of 2001 until October of 2017. He is currently an Investment Advisor with Horter Investment Management.

If you have questions about an account handled by Joe M. Allbright,  call to speak with an experienced securities attorney. No charge for initial 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.

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