Category Archives: Cold Calling

William Biegel-Former Raymond James Broker- Discloses Settlement of Customer Dispute-Houston, TX

January  2019- Houston, TX

According to publicly available records ,   William Herman Biegel (CRD#1301825)  a  stockbroker previously employed by Raymond James & Associates, discloses the recent settlement of a 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 March 2016, a customer of Raymond James & Associates, Inc., filed FINRA Case 16-0063 alleging  that from 6/2013-9/2015 Biegel over concentrated their account, was negligent, made unsuitable recommendations , committed  common law & statutory fraud, violated federal securities laws, churned their account, traded without their authority and violated Texas securities laws. The case was settled for $245,000.

Biegel was employed by Raymond James   from May 1997 until December 2017.   He is currently not registered as a stockbroker.   

If you have losses in an account in an account handled by  William Biegel, contact us for a no charge consultation to learn how you may be able to recover damages from his employer 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

SEC Charges 13 with Fraud Boiler Room Scam Targeting Senior Citizens-Long Island

July 2017

Thirteen individuals from two Long Island-based boiler rooms were charged with securities fraud by the Securities and Exchange Commission who alleges that they made hundreds of thousands of cold calls, many of which targeted senior citizens.

The SEC press release makes quite a few shocking allegations and demonstrates just how far the unscrupulous will go to take advantage of the general public, for example:

  • It is estimated that over $10 million was scammed from innocent and unknowing victims.
  • A boiler room salesman allegedly claimed that Walt Disney Co. was buying into a company that would cause the penny stock he was touting to soar.
  • Victims were harassed and intimidated by sale personnel…One allegedly told a victim “Do you have any rope at home? If so tie a know and hang yourself or get a gun and blow your head off”.
  • The telemarketers would instruct victims to place trades and a specific price and number of shares and then the scammers would place opposing sell orders to dump their own shares.

Scott W. Friestad, Associate Director of the SEC’s Enforcement Division, added, “The defendants allegedly used boiler rooms and high-pressure sales tactics to swindle seniors into investing their life savings in microcap securities they were secretly manipulating for their own profit.  But, through a combination of technology and innovative investigative approaches, we were able to unravel the alleged scheme and prevent further investor harm.”

Defendants named in the SEC complaint are:

  • POWERTRADERSPRESS.COM, INC.
  • ELITE STOCK RESEARCH, INC.
  • ERIK MATZ
  • RONALD HARDY
  • ANTHONY VASSALLO
  • STEPHANIE LEE
  • JEFFREY CHARTIER
  • LAWRENCE D. ISEN
  • ROBERT GLECKMAN,\
  • MICHAEL WATTS
  • BRIAN HEEPKE
  • DENNIS J. VERDEROSA
  • EMIN COHEN
  • SERGIO RAMIREZ
  • ASHLEY ANTOS

If you were recommended to deal with any of these individuals by a registered stock broker, you may be able to recover damages from that broker’s employer. Call for details.

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

Ryan M. Murnane-Former Alexander Capital Broker-Discloses Discharge and Customer/Regulatory Complaints

March 2017-New York

According to publicly available records Ryan M. Murnane  , (CRD# 4784140) ,  a   former stockbroker who last worked for Alexander Capital and Woodstock Financial Group,  discloses a pending customer dispute, 5 prior final customer disputes, a regulatory investigation, a termination from employment and 2 outstanding judgment/liens.

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 2017, Murnane was discharged by Woodstock Financial Group who made the following allegation on his FINRA record: “Rep destroyed the personal computer of another registered person and rep had a New York State Tax lien the he failed to disclose to us (it was discovered by FINRA)”

In February 2017 Montana securities regulators commenced an investigation after a resident of that state complained that he had been contacted numerous times by Murnane, who was not registered to do business in the state of Montana.

Murnane also worked for Rockwell Securities from 10/2010-12/2013.

If you have questions about  an investment account handled by Ryan M. Murnane  , call for a no charge 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Robert Estevez, Former Investors Capital Corp Broker-Discloses Regulatory Matters-NY

March 2017- New York

According to publicly available records Robert Estevez , (CRD# 3161419) ,  a  stockbroker who previously worked for Investors Capital Corp and who is currently employed by Joseph Gunnar & Co.  disclose a pending regulatory investigation, 2 prior finalized regulatory matters, 5 final customer disputes and 3 outstanding judgement/liens.

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 the currently pending regulatory matter, Michigan securities regulators seek to deny Estevez’s registration in that state because, according to their allegations: “Estevez…is the subject of a Cease and Desist Order issued by the State of New Hampshire, and Applicant’s liabilities exceed his assets and the Administrator has made a finding of insolvency as to Applicant…”

In a prior regulatory matter while he was employed by Investors Capital Corp., the State of New Hampshire fined Estevez $50,000 and alleged that ” The State found that individuals in the branch where Mr. Estevez was located made telemarketing calls into the state of New Hampshire to persons on the National Do Not Call List. The State found that Mr. Estevez may have initiated some of these calls”. 9/2014- Com-2013-00002-00004. 

Public records disclose that Estevez has three outstanding IRS liens of $56,135 , $15,646 and $59,897.

Estevez has been registered with Joseph Gunnar & Co.  since 9/2016. He was registered with Investors Capital Corp. from 12/2008-9/2016.

Investors Capital Corp., a part of the Cetera Group, wound down operations during 2016. Many of the brokers were transferred to Summit Brokerage Services.

INVESTORS CAPITAL CORP. SUBJECT OF 21 REGULATORY MATTERS–CEASES OPERATIONS FALL 2016

Investors Capital Corp. withdrew its registration with FINRA in fall 2016. Investors Capital has been named in 21 regulatory matters and a number of customer arbitrations. For more information on Investors Capital Corp, follow this link. 

If you have questions about an account in an account handled by Robert Estevez, contact us to discuss 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: 877-224-3199Florida-561 391 1900 

Texas-512-329-2870