Category Archives: Broker borrowing Money from customer

Broker borrowing Money from customer, Failure to Supervise, Finra Investigation of Stockbroker, Unauthorized Trading, Wells Fargo

J. Gordon Cloutier, Jr.-Former Wells Fargo Broker-Barred From Securities Industry-Frisco, TX

October 2018-Frisco, Texas

According to publicly available records J. Gordon Cloutier, Jr.   ,  a  former stockbroker who was last registered with Wells Fargo Advisors disclose two regulatory events, a prior customer dispute and a termination from employment.

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 9/2018 Cloutier was permanently barred from the securities industry by FINRA for failing to appear and provide testimony in a FINRA investigation into whether he asked a client for a personal loan and failure to obtain client authorization prior to attempting a trade.

In 9/2016 Cloutier was discharged by Wells Fargo Advisors who allege: “registered representative asked a client for a personal loan. He also did not confirm authorization the same day with this client before attempting a trade.”

J. G. Cloutier, Jr.  was employed with Wells Fargo Advisors  from 4/2009-10/2016.

If you have questions about an investment account handled by J. Gordon Cloutier, Jr. , contact us for a no charge consultation to learn about your legal options for recovery of losses.

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 borrowing Money from customer, Failure to Supervise, Merrill Lynch, Morgan Stanley, Morgan Stanley Smith Barney, Stockbroker Discharged, Stockbroker Malpractice, Theft

Vicente Davila-Former Morgan Stanley Broker-Discloses -Customer Complaint/Discharged From Employment-Houston, TX

March 2018- Houston, TX

The FINRA records of Vicente Davila, a stockbroker who is not currently registered with any broker dealer and who was last employed by Morgan Stanley , disclose a recently resolved customer dispute,  and a termination from employment.

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 2018 a customer of Morgan Stanley filed a complaint alleging that he had loaned money to Davila and that additional funds were missing from his account for the time period of June 2017 – December 2017. In February 2018 that matter was settled for $77,684.

Vicente Davila was employed by Morgan Stanley since 4/2016. In February 2018 he was discharged by Morgan Stanley who made the following allegations on Davila’s FINRA record: “Allegations regarding the representative’s undisclosed loan from a client and his conduct involving subsequent money transfers from the same client’s account to a personal bank account of the representative and his wife.”

Davila was employed by Merrill Lynch from 11/2009-5/2016.

If you have questions about an account handled by Vicente Davila , 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

National Toll Free: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Borrowing from Customer, Broker borrowing Money from customer, Edward Jones, Excessive use of margin borrowing, Failure to Supervise, LPL Financial, Margin, Misrepresentation, Stockbroker Malpractice, Variable Universal LIfe (VUL)

Marcos Yanez-Former LPL Financial Broker-Named in Customer Dispute Over Insurance and Loan-Dallas, TX

April 2017-Dallas, Texas

The FINRA records of  Marcos Yanez ,  a   former stockbroker with LPL Financial who is currently not registered with any brokerage firm disclose a pending 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 currently pending FINRA case #17-0528 a customer of LPL Financial and Edward Jones alleges damages of $200,000 for misrepresentations in the sale of a variable life insurance policy. In Addition the customer alleges that Yanez convinced him to take out a margin loan in order to loan the money to Yanez.

Yanez was employed by LPL Finanical from 12/2011-3/2016. Prior to that he was with Edward Jones 7/2007-1/2012. Yanez discloses business relationships with STAIB Wealth Management and Silver Sail Wealth Advisors.

If you have questions about an account handled by Marcos Yanez, call to learn about 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

Borrowing from Customer, Broker borrowing Money from customer, Edward Jones, Elder Financial Abuse, Failure to Supervise, FInancial Exploitation of the Elderly, Finra Investigation of Stockbroker, Selling Away, Stockbroker Discharged, Stockbroker Malpractice, Theft

Austin W. Morton-Former Edward Jones Broker-Named in Theft Complaint-Sallisaw, OK

March 2017-Sallisaw, OK

According to publicly available records Austin W. Morton , (CRD# 5538108) ,  a  currently unregistered stockbroker who previously worked for Edward Jones  disclose a pending regulatory matter, a pending customer dispute and a termination from employment.

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 2016052347901, the regulator named Morton alleging that he converted $36,000 from an 82 year old former customer with dementia. The complaint alleges that Morton first took $20,000 in cash from the customer after taking he took the customer to the bank to withdraw the money. He then had the customer loan him $6,000 for non existent medical expenses, but actually had the customer give him a signed blank check which Morton made out for $22,000 according to FINRA. He also had the customer give him $2,000 for a purported outside business investment.

Edward Jones discharged Morton in November 2016.

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

Borrowing from Customer, Broker borrowing Money from customer, Dynasty Capital Partners, Failure to Cooperate with Regulatory Investigation, Failure to Supervise, Finra Investigation of Stockbroker, Forgery, Fraud, J.P. Turner & Company, Misrepresentation, Stockbroker Malpractice, Unsuitable Investments

Raymond T. Clark-Former Dynasty Capital Partners Broker-Discloses 6 Pending Customer Disputes

August 2016- Buffalo, New York

The FINRA records of  Raymond T. Clark,  a  former stock broker who FINRA has permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public, discloses 4 prior regulatory events, 6 pending customer disputes and 7 prior customer disputes. Clark was last employed in the securities industry by Dynasty Capital Partners.

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.

His prior settled customer disputes include:

  • FINRA Case#9-2811, a customer of Clark’s former employer J.P. Turner alleged damages of $1,000,000 for unauthorized trades, unauthorized use of margin, fraud and breach of fiduciary duty. That case was settled for $395,000.

Currently pending customer disputes include:

  • US DIstrict Court Case 15-CV-1387-DMS-JMA in which a customer of Dynasty Capital Partners alleges damages of $150,000 for misrepresentation, forgery of account documents leading to stock losses.
  • A customer dispute 11/14/2014 in which a customer of Dynasty Capital Partners alleges damages of $814,530 by a customer who made a loan to Clark and is claiming misrepresentation and forgery of securities.

Clark was registered with Dynasty Capital Partners from 8/2010-8/2014.

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