Category Archives: Elder Financial Abuse

Elder Financial Abuse, Failure to Supervise, FInancial Exploitation of the Elderly, Finra Investigation of Stockbroker, Stockbroker Malpractice, Unsuitable Investments

Stock Market Losses? –How to Recover Investment Losses Resulting From the COVID 19 Pandemic

April 2020

Retirees and Those Anticipating Retirement In the Near Term

Financial advisors are charged with a duty to make “suitable recommendations” to their customers. For those anticipating retirement in the near future or those who are already retired, investment recommendations should be skewed toward the conservative end of the spectrum, so that in the event of a market adjustment such as the present situation caused by COVID 19, the downside is somewhat protected.

Accounts that have suffered losses that track the decline of the DOW would generally be considered unsuitable for retirees, and those anticipating retirement in the near future.

How to Recover Losses 

Recovery of losses from registered financial advisors and brokerage firms is pursued by filing an arbitration claim with FINRA (Financial Industry Regulatory Authority). This process is more expedient and less costly than court litigation. Most cases are resolved in about 12 months, sometimes less. We handle most cases on a contingent fee basis, meaning you only pay us if we obtain damages for you.

If you or one of your loved ones is concerned about their financial future as a result of having suffered significant losses in an investment account, please give us a call. We have been representing aggrieved investors for more than 30 years and we can help you.

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

 

 

Brookstone Securities, Crown Capital Securities, Elder Financial Abuse, Lincoln Investment, Stockbroker Malpractice, StockBroker Misconduct, Theft

Lester Burroughs-Former Lincoln Investment Broker- Discloses 2 Regulatory Events, A Criminal Charge, Pending Customer Disputes, 8 Prior Customer Disputes and a Termination-Torrington, CT

January 2020-Torrington, CT

According to publicly available records.  Lester William Burroughs (CRD#1413972), a  former stockbroker who last worked for Lincoln Investment  discloses 2 regulatory events, a criminal charge,  a pending civil event,  3 pending customer disputes,  14 prior customer disputes 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 1/2020 the Securities & Exchange Commission  permanently barred Burroughs from the securities industry after Burroughs pled guilty to one count of wire fraud.   The information to which Burroughs pled guilty alleged that Burroughs misappropriated about $575,000 from three investors.

The Insurance Commissioner of the State of Connecticut filed case #MC 03-06 alleging improper handling of premium payment on traditional universal life insurance payment, misrepresentation and failure to properly handle request for disability waiver.

In December 2019,  Federal court case 3:19cr292 was filed in U.S. District Court for the District of Connecticut with formal charges of wire fraud to which Burroughs entered a guilty plea.   His sentencing has not been scheduled.

From 1994 to 2009, eight customer complaints alleging among other things improper sales practices and speculative recommendations inconsistent with their objective and risk tolerance, failing to place stop loss orders and misrepresentation.  Over $134,365 was paid to settle these cases.

In12/2019, a  customer of Burroughts  filed FINRA case #19-03658 alleging elder abuse, misappropriation and unsuitable investments recommended by Burroughs.   Alleged damages are $445,000.

In December of 2019, Lincoln Investment Planning discharged Burroughs after they became aware of charges that were filed by the U.S. Securities Exchange Commission and the U.S. Attorney’s Office wherein Burroughs  pled guilty to one count of wire fraud in the sale of fictitious insurance contracts to four individuals.

Burroughs was employed by Lincoln Investment from September 2012 until December 2019.  Prior to that time he was with Crown Capital Securities, Brookstone Securities, Woodbury Financial Services and Tower Square Securities.

If you had an account with Lester William Burroughs that suffered losses, you may be entitled to collect damages from his prior employer. Call 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

Borrowing from Customer, Elder Financial Abuse, Fraud, Stockbroker Malpractice, Theft

Ft. Lauderdale Man Charged with Defrauding Retiree of Retirement Savings

November 2019- Ft. Lauderdale, FL

According to a recent press release from the United States Attorney’s Office for the Southern District of Florida, Michael Jerome Atkins, 60, was arraigned on mail fraud and aggravated identity theft charges on November 21, 2019.

The indictment alleges that Atkins defrauded a retiree out of her retirement savings of more than $400,000 by promising her that if she loaned him her savings he would use it for his business, All Points Aviation and Associates, and repay her in two months.

According to the allegations Atkins used the funds for his personal benefit and dd not repay the victim.

An indictment is a charging instrument containing accusations.  A defendant is presumed innocent unless proven guilty, beyond a reasonable double, in a court of law.

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

Elder Financial Abuse, Failure to Supervise, FInancial Exploitation of the Elderly, FINRA, Finra Investigation of Stockbroker, Janney Montgomery Scott, Robert W. Baird, Stockbroker Malpractice, StockBroker Misconduct, Unsuitable Investments

Jodie LaMarre- Former Robert W. Baird & Co. Broker- Discloses Regulatory Event & Two Settled Customer Disputes-Sarasota, FL

June 2019- Sarasota, FL

According to publicly available records Jodie A. Lamarre (CRD#2127928) ,  a  stockbroker who is currently not registered  discloses a regulatory event and 2 settled customer disputes .

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,  without admitting or denying the findings, LaMarre consented to sanctions and to the entry findings that she recommended an unsuitable strategy involving the consolidation of an elderly customer’s assets in a single taxable account without regard to the fact that several of these assets were in tax deferred accounts .  The customer had a total net worth of less that $200,000 and was living on fixed income. As a result of LaMarre’s actions the customer was faced with an increased tax liability. FINRA suspended LaMarre for 1 year suspension and assessed a $10,000 monetary fine. FINRA case 2015046052701.

In December 2016,  a Robert W. Baird & Co., customer filed a complaint that alleged that LaMarre’s poor advice led him to sustain losses related to the purchase of a variable annuity.  The case was settled for $30,000 in 3/2017.

In May of 2015, another Robert W. Baird & Co, customer  alleged that LaMarre gave poor advice regarding distribution/surrender of annuities following the death of client’s husband, causing  unintended negative tax consequences.  This case settled for $10,000.

Lamarre was  employed with Janney Montgomery Scott from February 2015 until November 2017.   Before that she was with Robert W. Baird & Co, from July 2008 until February 2015.

If you have questions about an investment account handled by Jodie Ann Lamarre contact us for a no charge consultation to learn about 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: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Churning, Discretionary Trading, Elder Financial Abuse, Failure to Supervise, FINRA, Independent Financial Group, Misrepresentation, Sandlapper Securities, Stockbroker Discharged, Stockbroker Malpractice, StockBroker Misconduct, Unauthorized Trading, Unsuitable Investments

Kyusun Kim-Former Independent Financial Group Broker-Barred from FINRA-Discloses 19 Settled Customer Suits- Greenville, SC

June 2019- Greenville, SC

According to publicly available records, former Independent Financial and Sandlapper Securities  financial advisor Kyusun Kim,  discloses 19 settled and 4 pending customer disputes  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 June 2018 FINRA (FINRA case 2017052705001) permanently barred Kim from the securities industry to resolve allegations that he made unsuitable recommendations to numerous senior customers, who were retiring or had retired. Kim recommended that these customers concentrate their retirement assets and liquid net worth in speculative and illiquid securities, according to FINRA.   Kim failed to disclose to his customers the risks associated  and as a result of these recommendations, Kim’s customers suffered substantial losses.

From December of 2007 until June 2013, 15 customers of Independent Financial Group brought cases alleging that Kim  forged signatures, made unsuitable recommendation, misrepresentation, violated state and federal securities laws, committed elder abuse, and other wrongful conduct.   These cases were collectively settled for over $3 million.

Between December 2016 and February 2018, four customers of Independent Financial Group filed cases alleging wrongful conduct, breach of fiduciary duty, breach of written contract, violations of federal and state securities laws in connection with investments,  unsuitable investments, breach of oral and written contract. Total damages on these pending cases exceed 1 million.

Kim  was employed by Sandlapper Wealth Management  from March 2016 until August of 2018 when he was discharged.   Kim was employed with Independent Financial Group in San Diego, CA from February of 2006 until March of 2016.

If you have losses in an account handled by Kyusun Kim, call 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