Category Archives: StockBroker Misconduct

Shopoff Securities, StockBroker Misconduct

Bill Shopoff-Shopoff Securities- Discloses Pending Regulatory Event & Pending Customer Disputes-Irvine, CA

July 2019 – Irvine, CA

According to publicly available records William A. Shopoff  (CRD#1273471) ,  a  stockbroker who is currently registered with Shopoff Securities Inc.,  disclose a pending regulatory event  , 2 pending disputes with customers and a dispute that was recently settled for $4.75 million.

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 January of 2019, FINRA  filed a complaint alleging that Shopoff Securities had fraudulently sold promissory note investments to investors.   The complaint, which is currently pending, alleges that Shopoff formed a fund with the stated purpose of raising funds for his private real estate firm, Shopoff Realty, and that funds were used for personal expenses rather than the intended purpose and that Shopoff massively inflated his and his wife’s cash assets in financial statements.

In December 2018, in a Federal Court action in US District Court, Central District of California  a former employee of a firm affiliate asserted claims for breach of contract, breach of guaranty, specific performance, and breach of the covenant of good faith and fair dealing, as well a claim for fraud.     That matter was recently settled for $4.75 million.

Two similar cases are pending in Orange County, CA, seeking total damages in excess of $30 million.

Shopoff has been  with Shopoff Securities, Inc.  since September of 2006 where he serves as President.

If you have questions about an investment account handled by William Shopoff,  contact us for a no charge consultation to learn about 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

Broker Disclosing Outstanding Liens/Judgments, Failure to Supervise, Legend Securities, Misrepresentation, National Securities Corporation, StockBroker Misconduct, Worden Capital Management

Christopher Orlando- Worden Capital Management Broker- Discloses Pending Customer Dispute-New York, NY

July 2019- New York, NY

The FINRA records of  Christopher G. Orlando ,  a  financial advisor employed by  Worden Capital Management disclose a pending customer dispute and an outstanding tax lien.

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 February of 2019, FINRA case #19-00369 was filed by a customer of Worden Capital Management alleging excessive trading, churning and unsuitable transactions.    Alleged damages are $70,766 and the case is pending.

Orlando  discloses a New York State tax lien in the amount of $17,156, filed in Richmond, NY.

Christopher Orlando has been registered with Worden Capital Management since November of 2016 . His prior employment in the financial industry includes Legend Securities, Inc. , National Securities Corporation and Joseph Gunnar & Co. 

If you have losses in an account  handled by Christopher Orlando , 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

Churning, Failure to Supervise, Finra Investigation of Stockbroker, Legend Securities, National Securities Corporation, Stockbroker Malpractice, StockBroker Misconduct, Unsuitable Investments, Worden Capital Management

Michael Stanton-Worden Capital Management Broker- Discloses $15M Pending Customer Dispute- NYC

July 2019-New York, NY

The FINRA records of  Michael Salvatore Stanton,  a  financial advisor employed by  Worden Capital Management disclose 2 regulatory events,  3 prior customer disputes, 1 pending customer dispute, a pending bankruptcy and  7 outstanding judgments.

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 # 2015048048801 filed in 11/2016 -FINRA alleged that Stanton and his firm < legend Securities, failed to establish, maintain and enforce a reasonable supervisory system, and failed to prevent a registered representative from churning and excessively trading a customer’s brokerage accounts.   The complaint alleges that Stanton and the firm failed to adequately investigate or simply ignored that the registered representative engaged in aggressive “in and out” trading, repeatedly purchasing securities and then selling them after relatively short holding periods to purchase other securities, for no apparent reason.   Such in and out trading is the hallmark of excessive trading and churning.  Stanton was suspended from FINRA for a period of seven months and was fined $5000.

In March 2017,   a Legend Securities,Inc. customer filed FINRA case #16-03695  alleging failure to supervise representative’s excessive trading and unsuitable recommendations.    The case was settled for $20,000.

In October 2005, a Summit Brokerage Services, Inc. customer alleged inappropriate conduct and coercion concerning payments for margin calls.    The case settled for $15,000.

Pending  FINRA case #18-04040 alleges that while Stanton was employed by Legend Securities he failed to supervise a broker and alleges common law fraud, breach of fiduciary duty, negligence and breach of contract.    The damages  sought are $15,000,000 .

Stanton discloses the filing of a Chapter 13 bankruptcy petition in June 2018, which is currently pending.

Stanton  discloses outstanding 7 currently outstanding lines/judgments, 5 of which are Federal & State Tax Liens.

Michael Stanton has been registered with Worden Capital Management  since December of 2016.  . His prior employment in the financial industry includes Legend Securities, Inc., Obsidian Financial Group and National Securities Corporation.

If you have losses in an account  handled by Michael Salvatore Stanton , 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

Cetera Advisors, Cetera Financial Group, Churning, Failure to Supervise, FINRA, Finra Investigation of Stockbroker, Stockbroker Malpractice, Summit Brokerage Services, Unauthorized Trading, Undisclosed compensation, Unsuitable Investments

Summit Brokerage Services Sanctioned for Churning Accounts-Boca Raton, FL

July 2019-Boca Raton, FL

Summit Brokerage Services, an independent broker dealer headquartered in Boca Raton, FL, announced that it will close it doors and roll its business up into an affiliated broker dealer, Cetera Advisor Network.

Summit Brokerage reports having 450 advisors and $17.5 billion in client assets.

According to FINRA records, Summit Brokerage discloses 15 prior regulatory matters. Most recently in July 2019, Summit Brokerage was censured by FINRA, fined $325,000 and ordered to pay restitution to customers of $558,296, plus interest, to resolve various allegations related to supervision of the firm’s brokers. The supervisory deficiencies include a broker who excessively traded customer accounts which generated over $650,000 in commissions.

If you have losses in an account at Summit Brokerage Services, call for a no charge consultation to discuss your 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