Category Archives: Broker borrowing Money from customer

Broker borrowing Money from customer, Raymond James, Stockbroker Discharged, Stockbroker Malpractice, StockBroker Misconduct

Lance R. Armstrong- Former Raymond James Broker- Discloses Regulatory Event and Termination- Columbia, NJ

January 2020 – Columbia, NJ

The FINRA records of Lance Roman Armstrong  , a former stockbroker who was last employed by Raymond James Financial Services, Inc. , disclose  a regulatory event resulting in his bar from the securities industry 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 November 2019, FINRA  permanently barred Armstrong as a result of his member firm filing a Form U5, disclosing that it had discharged hi after he solicited and accepted multiple loans from customers in connection with an undisclosed business activity.

Armstrong worked for Raymond James Financial Services  from April 2007 until February 2019 when he was discharged by them  as a result of allegations that “he solicited and accepted multiple loans from customers in connection with an undisclosed outside business activity.” 

 Armstrong discloses business affiliations with First Hope Bank of Columbia, NJ and Coopcade Capital an accounting firm in Lafayette, NJ.

If you have questions about an account handled by Lance Roman Armstrong,  call for a no charge consultation with an experienced securities attorney .

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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Borrowing from Customer, Broker borrowing Money from customer, Cambridge Investment Research, Failure to Supervise, FINRA, Finra Investigation of Stockbroker, IFS Securities, Selling Away, Stockbroker Discharged, Stockbroker Malpractice, Theft

Anselmo Contreras, Jr.-Former Cambridge Investment Financial Advisor-Barred From Securities Industry-Angleton, Texas

May 2019 – Angleton, Texas

According to publicly available records, former Cambridge Investment Research  financial advisor Anselmo Contreras, Jr.  discloses a recent regulatory event resulting in his bar from the securities industry 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 4/2019 FINRA permanently barred Contreras from the securities industry to resolve allegations that he misused and converted customer funds. According to FINRA Contreras induced a customer to give him a $10,000 check to invest in a real estate venture which Contreras deposited in his personal account. In addition, FINRA alleges that Contreras borrowed $30,000 from customers of Cambridge Investments without the knowledge or approval of his firm.

Contreras was employed by Cambridge Investment Research from 9/2013 until 1/2018 when he was permitted to resign for failure to report a private securities transaction and settling a customer complaint. Contreras was registered with IFS Securities from 1/2018-4/2019.

If you have losses in an account handled by Anselmo Contreras, Jr. 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

Borrowing from Customer, Broker borrowing Money from customer, D.H. Hill Securities, Stockbroker Malpractice, StockBroker Misconduct, Sun Trust Investment Services

Phillip Johnson- Former SunTrust Investments Services Broker- Discloses 4 Regulatory Events, 2 Customer Disputes and a Termination- Kingwood, TX

April  2019 – Kingwood, TX

According to publicly available records  Phillip Andrew Johnson (CRD# 501352) ,  a  former stockbroker who was last  employed by D.H. Hills Securities,  disclose 4 regulatory events, 2 prior customer disputes and a termination.

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 Johnson was permanently barred from the securities industry by FINRA for failing to respond to a FINRA request for information in connection with an investigation into an alleged loan of over $500,000 Johnson made from a customer of SunTrust Investment Services.  According to FINRA Johnson made an inaccurate statement on the firm compliance questionnaire related to borrowing from a firm customer.

Johnson had previously been sanctioned for borrowing from a firm customer without the approval of his firm in 2015.

In 5/2017, a customer of Suntrust Investment Services, Inc., was paid a settlement of $525,000 to resolve allegations that Johnson induced her to liquidate a $540,000 annuity and invest in real estate with him and to make him a personal loan.

Johnson was employed with Suntrust Investment Services, Inc. from February 2003 until May 2015 when he was allowed to resign after the firm learned that Johnson had borrowed from a customer.

Johnson was  employed with D.H. Hill Securities from April 2016 until December 2017.

If you have losses in an account handled by Phillip Andrew Johnson, contact us for a no charge consultation to learn how you may be entitled 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

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 Sanction/Customer Complaint/Discharged From Employment-Houston, TX

March 2019- Houston, TX

The FINRA records of Vicente Davila, a former stockbroker who was last employed by Morgan Stanley , disclose a recent regulatory sanction, 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 7/2018 FINRA permanently barred Davila from the securities industry for failing to respond to a FINRA request for information in connection with a FINRA investigation.

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 and with Morgan Stanley from 5/2016-2/2018.

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