Category Archives: Failure to Cooperate with Regulatory Investigation

Matt S. Neas Investigation-Former Newbridge Securities Broker Subject of Numerous Customer Suits-Austin, TX

April 2018-Austin, TX

According to publicly available records Matt S. Neas  , (CRD# 2863660) ,  a  former stockbroker who last worked for Newbridge Securities Corp. was recently permanently barred from the securities industry by FINRA.

The FINRA record of Matt Neas discloses two currently pending customer disputes, 8 prior customer disputes, a termination from employment and 4 outstanding judgment/liens. A recent press release indicates that an Austin couple has filed a FINRA arbitration claim against his employer Newbridge Securities alleging that a large part of their life savings has been lost as a result of a recommendation to invest  in risky exchange traded funds (ETFs).

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 2/2018 a customer of Newbridge Securities brought a claim against Newbridge alleging that Matt Neas made unsuitable investment recommendations and charged excessive commissions. In this currently pending dispute, the customers are seeking damages of $700,000.

FINRA arbitration 18-0542 was filed against Newbridge Securities in 2/2018. The customer alleges that Neas made unsuitable recommendations to invest in risky ETFs and breached his fiduciary duty and seeks damages of $180,000.

The prior customer disputes that have been settled include:

  • FINRA Case 11-0767-a customer of his prior employer Merrill Lynch was paid $75,000 to resolve allegations that Neas made unsuitable investment recommendations , traded the account without permission and made excessive trades.
  • FINRA Case 8-3095- a customer of his prior employers UBS Financial Services and Merrill Lynch was paid $180,000 to resolve allegations that Neas unsuitably invested and churned his account.

Neas was employed by Merrill Lynch from 11/2005-8/2008. He was discharged by Merrill Lynch 7/2008 after the firm concluded that he exercised discretion in client accounts without written authorization.

Neas was then employed by NEXT Financial Group from 9/2008-2/2011 and then with Newbridge Securities Corp. from 2/2011-3/2017. Neas discloses an affiliation with Neas Financial Group in Austin, TX.

Neas discloses currently outstanding liens/judgements to the IRS of $155,388 and to Merrill Lynch of $1,083,357.

If you have losses in an  investment account handled by Matt S. Neas , 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

Kenneth B. Neuner-Former VSR Financial Services Broker-Barred From Securities Industry For Failing to Cooperate In Regulatory Investigation-Plano, TX

February 2018-Dallas, Texas

The FINRA records of  Kenneth B. Neuner ,  a  stockbroker who was formerly  employed by Summit Brokerage Services,  VSR Financial Services and TCFG Wealth Management disclose that he was recently barred from the securities industry by FINRA .

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 2017 Neuner was terminated from employment by Summit Brokerage Services for unauthorized exercise of discretion (trading without written authority from the customer).

Thereafter FINRA initiated an investigation into the purported misconduct and requested that Neuner appear for testimony in the investigation. Neuner advised FINRA that he would not appear for on the record testimony at any time in the matter. By refusing to appear and provide testimony Neuner was in violation of FINRA rules, resulting in a bar from associating with any FINRA member.

Neuner was employed by VSR FInancial Services from 4/1996-9/2016 and Summit Brokerage Services 9/2016-3/2017, and with TCFG Wealth Management from 4/2017-5/2017.

If you have losses in an account in an account handled by Kenneth B. Neuner , contact us to discuss how you may be able to recover damages for those losses.

VSR Financial Services

VSR wound down operations at the end of 2016 and transferred most of their brokers and customer accounts to Summit Brokerage ServicesSee this for more information regarding VSR Financial Services.

VSR Financial Services was fined $550,000 by the Financial Industry Regulatory Authority (FINRA) in May 2013 in connection with the sale of alternative investments similar to United Development Funding. In their findings, FINRA criticised VSR Financial for recommending high concentration levels of alternative investments in customer accounts and for its lack of supervision over the use of consolidated reports prepared by brokers and provided to customers.

Alternative investments include non publicly traded real estate investment trusts (REITS) , hedge funds, real estate, commodities and derivatives contracts and, managed futures. It may also include art, wine, antiques, coins or stamps. These investments tend to be complex, illiquid, nontransparent, hard to value and expensive. Many of the alternative investments sold over recent years are not traded on any public market making them difficult to value and even more difficult to liquidate if cash is needed.

If you have questions about an account handled by Kenneth Neuner, 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

Donna Boyd (Chen)-Former Sunbelt Securities Broker-Named In SEC Complaint-Houston, TX

January 2018-Houston, Texas

Donna Boyd (formerly Donna Chen) , a former stockbroker who last worked for Sunbelt Securities was named in a complaint filed by the Securities and Exchange Commission in December 2017, which alleges that Boyd acted as an unregistered broker in connection with the solicitation and sale of investments in Presidio Venture Capital fund (PVC),  a company she formed with another former Sunbelt Securities broker, James Tao.

The SEC alleges that Boyd and Tao raised funds for PVC without the knowledge or approval of their employing firm Sunbelt Securities.

Link to SEC complaint.

According to FINRA records Boyd worked for Sunbelt Securities in Houston from 10/2011-3/2016. Prior to that she was employed by Ameriprise Financial. On her FINRA records, Boyd discloses 2 prior regulatory events and 2 terminations 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 8/2013 Boyd was suspended for 10 days and fined $5,000 by FINRA to resolve allegations that she maed 58 discretionary trades without obtaining prior written authority from the customers.

In 10/2011 Boyd was discharged by Ameriprise Financial Services who alleged that Boyd violated the firms policy on discretionary trading.

In 3/2016, Boyd was discharged by Sunbelt Securities who made the following allegation on FINRA records: “Registrant is under internal review for potential violations of FINRA rules. These violations relate to failure to provide prior written notification and receive written approval for outside business activities and private securities transactions”.

In 8/2016, Boyd was permanently barred from the securities industry by FINRA for failing to respond to a request for information in connection with a FINRA investigation.

If you have questions about  an account handled by Donna Boyd (formerly Donna Chen) , 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: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

James Tao-Former Sunbelt Securities Stockbroker-Named in SEC Complaint-Houston, TX

January 2018-Houston, Texas

James Tao, a former stockbroker who last worked for Sunbelt Securities was named in a complaint filed by the Securities and Exchange Commission in December 2017, which alleges that Tao misappropriated investor money and made material misrepresentations in offering documents for Presidio Venture Capital fund (PVC).

Link to SEC complaint.

The SEC alleges that Tao misused investor funds by investing more than $200,000 in companies he owned or had a personal interest and used investor funds to pay for various expenses unrelated to uses authorized in the private placement memorandum for PVC.

According to FINRA records Tao worked for Sunbelt Securities in Houston from 8/2012-3/2016. On his FINRA records, Tao discloses a prior regulatory event 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 3/2016, Tao was discharged by Sunbelt Securities who made the following allegation on FINRA records: “Registrant is under internal review for potential violations of FINRA rules. These violations relate to failure to provide prior written notification and receive written approval for outside business activities and private securities transactions”.

In 8/2016, Tao was permanently barred from the securities industry by FINRA for failing to respond to a request for information in connection with a FINRA investigation.

 

If you have questions about  an account handled by James Tao, 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: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870