Category Archives: Elder Financial Abuse

American Independent Securities Group, Elder Financial Abuse, Failure to Supervise, FInancial Exploitation of the Elderly, Fraud, MML Investor Services LLC

Nicholas R. Radke-Lake Oswego Financial Advisor-Subject of $500K Elder Abuse/Fraud Suit-Klamath County, Oregon

August 2018-Klamath County, Oregon

According to the Herald & News a lawsuit has been filed by the estate of a former resident of Bly, Oregon,  against American Independent Securities Group financial advisor, Nicholas R. Radke, alleging that the decedent, Curtis Allen, was the victim of elder abuse and fraud.

It is alleged in the press report that  Radke and a company he represented, Escrow Leaders, defrauded Allen out of $500,000 just prior to his death.

 FINRA records indicate that Nicholas Radke, Jr. was a registered representative of American Independent Securities Group from 5//2011-5/2018 in Lake Oswego. In June 2018 , he took a position with MML Investors Services.

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.

If you have losses in an account handled  Nicholas R. Radke, call 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

Elder Financial Abuse, FInancial Exploitation of the Elderly, South Dakota Division of Securities, Stockbroker Malpractice

AARP S. Dakota Elder Abuse Event-June 14, 2018

June 13-Sioux Falls, S.D.

Erik Nelson, director of advocacy for AARP South Dakota recently stated that many seniors who are taken advantage of react with hurt or disbelief and hesitate to tell someone. “There is definitely a sense of shame, if your will, if someone does succumb to a fraud or a scam” Nelson said in a recent article in the Public News Service.

AARP South Dakota Elder Abuse Event

June 14, 2018– AARP South Dakota is holding a telephone town hall event to discuss elder abuse and financial exploitation, ahead of Elder Abuse Awareness Day, which is Friday June 15, 2018. Questions will be answered live by a panel which will include representatives from the South Dakota Attorney General’s Office and the South Dakota Departments of Health, Human Services, and Social Services.

To register for the free event go to the website, here. 

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 investment account has been handled, or if you think you are a victim of abuse by your financial advisor, 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 Discloses Criminal Event, Discretionary Trading, Elder Financial Abuse, Failure to Supervise, FInancial Exploitation of the Elderly, Finra Investigation of Stockbroker, Metlife Securities, Misrepresentation, Newbridge Securities Corp., Stockbroker Discharged, Stockbroker Malpractice, Theft, Unauthorized Trading, Wells Fargo

Brian Berger-Former Newbridge Securities Broker-Sentenced for Fraud-Boca Raton, FL

April 2018-Boca Raton, FL

The FINRA records of former stockbroker Brian M. Berger disclose a pending regulatory matter and two prior regulatory matters, a criminal conviction, 4 customer disputes and a termination from employment.

In 7/2015 Berger  entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that he failed to cooperate with a FINRA investigation into allegations that he had misappropriated funds from elderly customers while registered with Wells Fargo Advisors and MetLife Securities.As a result, Berger   was  barred from the securities industry.

There is an SEC administrative proceeding pending in connection with the misappropriation of funds.

In 2/2017, in the U.S. District Court for the Southern District of Florida in Miami, Berger pleaded guilty to wire fraud and was sentenced to 18 months and ordered to pay restitution of $372,643.

Over $300,000 has been paid in settlements to former customers of Berger.

According to FINRA records, Berger was registered with Wells Fargo Advisors in Boca Raton from 7.2010-7/2014 and with MetLife Securities from 7/2014-4/2015. After that he was briefly registered with Newbridge Securities from 4/2015-6/2015.

If you have questions about an account handled by Brian Berger, 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

Elder Financial Abuse, Fraud, Ponzi Schemes, Securities & Exchange Commission (SEC), Theft

Clifton Stanley, Michael Watts, The Lifepay Group- Targeted in SEC Fraud Suit-Houston, TX

April 2018-Houston, Texas

The Securities and Exchange Commission (SEC) charged the following individuals and their companies with operating a $2.4 million Ponzi scheme targeting elderly retirees:

  • Clifton E. Stanley of Galveston, TX
  • Michael Watts of Sugar Land, TX
  • The Lifepay Group of Missouri, TX
  • SMDRE LLC of Sugar Land, TX

According to the SEC complaint, from 2010-2017 they used a collection of misrepresentations and phony promises  of outsized investment returns to convince these elderly victims to invest their retirement funds. Investors were promised returns of up to 36% per year.

Stanley is alleged to have used $1.3 million for personal expenses, including country club memberships, living and entertainment expenses.

Link to SEC complaint

If you were referred to invest in this scheme by a registered stockbroker you may be able to recover your losses from the broker’s employer. Call for a no charge consultation 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 

Elder Financial Abuse, FInancial Exploitation of the Elderly

Beware of Grandparent Scam-Columbiana, Alabama

March 2018-Columbiana, Alabama

The Alabaster Reporter reports that the Alabaster Police Department is warning elderly local residents to beware of ascam targeting senior citizens.

According to the police a local citizen received a call from someone claiming to be his teenage grandson who claimed to have been arrested at school and in need of a large sum of money for bail. The caller asked for financial information which the citizen, fortunately, did not provide. The police report that the caller used the correct name of the grandson.

There are lots of unscrupulous individuals in this world who are inclined to prey upon vulnerable senior citizens. Make sure you know who you are speaking with before divulging any financial information.

More information on the grandparent scam on AARP website.

Link to Alabaster Police Facebook page.

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

Nationwide-Toll Free: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870