Category Archives: Churning

Dwarka Persaud-Former Buckman Buckman & Reid Broker-Discloses Regulatory Suspension/Customer Disputes/ Bankruptcy Filing-Plainfield, NJ

UPDATE OCTOBER 2017Dwarka Persaud Suspended-In August 2017 FINRA suspended Persaud for 18 months to resolve allegations that he violated the terms of a heightened supervision agreement which he and his firm had made with the New Jersey Bureau of Securities. FINRA found that Persaud provided false and misleading information to FINRA regarding the use of Linkedin  or other social media for business purposes and misrepresented the location from which he conducted business, and other industry violations.

In light of Persaud’s financial status, no monetary sanction was assessed.

UPDATE APRIL 2017

October 2016- Dwarka Persaud discloses that a customer of Buckman Buckman & Reid alleges damages of $40,000 related to investment strategy and fees in April 2016.

February 2017-Dwarka Persaud discloses filing of Chapter 7 bankruptcy in Newark, NJ Federal Court.

ORIGINAL POST–March 30, 2016

In FINRA Case 14-3762,  decided 2/5/2016 stock broker Dwarka Persaud was ordered to pay a former client $48,680, plus interest and attorney fees. The customer had alleged churning, unsuitability, breach of fiduciary duty and other claims related to the purchase and sale of securities.

FINRA records report that there are currently two customer disputes pending  against Persaud for account churning and unauthorized trading. Persaud was employed by Garden State Securities from 8/2008-4/2015. He is currently employed by Buckman, Buckman & Reid in Plainfield, New Jersey..

If you have questions about an account handled by Dwarka Persaud call to speak with an experienced securities attorney. You may be able to recover damages.

From the Financial Industry Regulatory Authority (FINRA) website:

“FINRA is dedicated to investor protection and market integrity through effective and efficient regulation of the securities industry.

FINRA is not part of the government. We’re an independent, not-for-profit organization authorized by Congress to protect America’s investors by making sure the securities industry operates fairly and honestly.

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

Christopher Veale Investigation-Numerous Customer Complaint & Regulatory Issues

FINRA records report that Christopher F. Veale , of New York,  who is not currently registered, is currently  named in a customer dispute:

  • FINRA Case 15-00373-customer alleges breach of fiduciary duty by Veale while he was employed with Brookville Capital Partners and seeks damages of $44,733. Settlements paid to customers have ranged from $35,000-$90,000. See his FINRA record for details. 

 

Prior Customer Complaints: Veale has been named in 10 customer disputes that have been resolved. Allegations against Veale include excess commissions charged, unsuitable investments, breach of fiduciary duty, excessive trading (churning) , unauthorized trading

Judgments/Liens vs. Veale: FINRA records report the following outstanding judgements/liens vs. Veale. According to FINRA “This type of disclosure event involves an unsatisfied and outstanding judgments or liens against the broker”:

  • Federal Tax Lien                                                  $503,008
  • State of NY -Nassau County                       $27,979
  • State Tax Warrant-Queens County        $189,187
  • American Express Centurion Bank         $201,562
  • State Tax Warrant-New York                      $184,257
  • Federal Tax Lien                                                  $143,672

Pending Regulatory Investigations vs Veale: 

  • State of Rhode Island– filed 1/15/2014- Notice of Intent to Revoke License, impose civil penalty, impose sanctions and opportunity for hearing. Alleges that Veale, while employed by Brookville Capital Partners churned the account of a senior investor.
  • Commonwealth of Massachusetts-filed 1/15/2014-Administrative Complaint and notice of adjudicatory proceeding regarding churning the account of a senior investor.

Prior Regulatory Actions vs. Veale:

  • FINRA-8/18/2015– Suspended for 12 months and fined $5,000. Veale consented to sanctions and entry of findings that he failed to timely produce documents and information requested by FINRA in connection with an investigation and that he failed to report liens against him totaling approximately $730,000.
  • Illinois-11/21/2005-Veale’s application for registration as a salesperson in Illinois withdrawn.
  • NASD-12/22/2004-Veale consented to sanctions suspending him , a fine and payment of restitution of $36,696 to a customer.

Veale’s Prior Registration History, includes the following:

  • Legend Securities                    5/2013-2/2015
  • John Thomas Financial         4/2013-5/2013  (expelled by FINRA 10/2013)
  • Meyers Associates                   11/2012-3/2013
  • Blackwall Capital Markets   6/2012-11/2012
  • Brookville Capital Mkts          1/2009-6/2012 (expelled by FINRA 6/2015)

If you have losses in an account handled by Christopher F. Veale, you may be able to collect damages from his employing firm. Call to speak with an experienced securities attorney 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

Wade Lawrence-Former Southwest Securities Broker- Discloses Customer Complaints-Dallas, TX

APRIL 2017 UPDATE

In October 2016 Wade J. Lawrence was permanently barred by the SEC from acting as a broker, dealer, investment adviser, municipal securities dealer, municipal advisor or transfer agent. He was also ordered to pay disgorgement in the amount of $489,801.

In February of 2016 he pled guilty to securities fraud and was sentenced to 36 months and ordered to pay restitution of $1.4 million.

ORIGINAL POST MARCH 2016

According to FINRA records, former Southwest Securities broker Wade J. Lawrence, of Dallas, TX, is currently named in five pending customer cases:

FINRA Case 15-00716-alleges that while employed by Oppenheimer & Co. , Lawrence was negligent in handling the account, made unauthorized trades and made unsuitable investments. The customer seeks damages of $648,000.

Dallas District Court Case DE-14-14259-alleges that while employed by Southwest Securities, Lawrence breached his fiduciary duty and fraudulently induced the customer to wire transfer investment funding directly into Lawrence’s personal bank account. Damages of between $100,000-$200,000 are sought.

FINRA Case 14-03116– alleges that while employed by Oppenheimer & Co., Lawrence was grossly negligent, made unsuitable recommendations and made misrepresentations causing damages in excess of $1.4 million.

FINRA Case 12-02864-alleges that Lawrence, while employed by Southwest Securities, made unsuitable recommendations, unauthorized trades and seeks damages of $2,845,000.

Case 2013-59,236, 237th Judicial Pt. Lubbock, Texas– alleges that Lawrence, while employed by Oppenheimer & Co. , borrowed $850,000 from an Oppenheimer client which he did not repay.

In February 2016, Lawrence was named in a complaint filed by the US Securities & Exchange Commission alleging unauthorized trading and misuse of customer funds. See this for more. 

If you have losses in an account handled by Wade J. Lawrence you may be able to recover damages from his former employer.

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