Category Archives: Failure to Supervise

Michael S. Sims-Former Wedbush Securities Broker- Discloses 4 Prior Customer Disputes and 1 Pending Customer Dispute- Santa Rosa, CA

January 2020 – Santa Rosa, CA

The FINRA records of Michael Stevan Sims, a stockbroker who was last employed by  Wedbush Securities, Inc., disclose   4 prior 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 11/2019 a  customer of Wedbush Securities, Inc. was paid $702,600  to  resolve allegations of unsuitability, breach of fiduciary duty, duty of loyalty, negligence, negligent misrepresentation, breach of contract, material omissions and misrepresentation in connection with the sale of securities, fraud and deceit based concealment and violations of Federal statutes,    Sims was personally responsible for $250,000 of this settlement.

In 11/2018, a customer of Wedbush Securities, Inc. settled a claim and was paid $26,604 to resolve allegations that she had losses in her account.

In 12/2019  a customer of  Wedbush Securities, Inc.,  was paid $71,519 to resolve allegations of  excessive trading, inappropriate investments, mismanagement of account, excessive commissions and lack of supervision .

Michael Stevan Sims  was employed by Wedbush Securities, Inc.  from April 2005 until July of 2019.

If you have questions about an account  handled by Michael Stevan Sims  call for a no charge consultation to learn more 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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Joseph A Likens-former LPL Financial Advisor-Discloses 15 Customer Disputes-Des Peres, MO

January 2020-Des Peres, MO

According to publicly available records of Joseph Alan Likens (CRD#3084903) ,  a  former stockbroker who previously worked for LPL FInancial discloses 2 regulatory events, 15 customer disputes, a termination from employment and a financial event.

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 12/2017 FINRA permanently barred Likens from the securities industry to resolve allegations that he engaged in dishonest and unethical practices.

Liken’s official FINRA record discloses 13 prior settlements with customers of his prior employer Merrill Lynch. All of the claims allege that customers were sold non firm approved promissory notes. Total settlements exceed $1.3 million.

Likens was employed by LPL FInancial from 1/2015-5/2015. Prior to that he was employed by Merrill Lynch from 4/2009-1/2015.

If you had an account with Joseph Likens 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

Douglas Lee-Former Worden Capital Broker- Discloses Customer Disputes-Garden City, NY

January 2020 – Garden City, NY

The FINRA records of Douglas Lee a stockbroker who was last employed by  Worden Capital Management disclose a pending customer dispute and  3 prior 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 8/2019 a  customer of Lee’s former employer ,Worden Capital Management, was paid $19,999 to  resolve allegations that Lee charged excessive commission, churned the account and made unsuitable transactions. FINRA case #19-00369

In 5/ 2017, a customer of Worden Capital Management,  was paid $12,500 in  to resolve allegations of  fraud, negligent misrepresentation, breach of fiduciary duty and breach of covenants of good faith . FINRA case #17-01266.

In July 2013 a customer of J.D. Nicholas & Associates, Inc.  settled a claim alleging that Lee made unsuitable option investments and was paid  $25,000.

In pending  FINRA case #14-03697 a customer of  J.D. Nicholas & Associate alleges churning, negligence, unsuitability, over -concentration and failure to supervise and is seeking damages of $57,130.

Lee  was employed by Worden Capital Management   from 11/2014 until 6/2015 and with J.D. Nicholas & Associates, Inc.  from 9/2009 until 11/2014.

If you have questions about an account  handled by Douglas Lee  call for a no charge consultation to learn more 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 o

Richard Pittman-Cetera Advisors Broker-Discloses 3 Prior Customer Disputes & 1 Pending Customer Dispute-Memphis, TN

January 2020- Memphis, TN 

The FINRA records of Richard L. Pittman, a stockbroker employed by  Cetera Advisor disclose a pending customer dispute and  3 prior 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 October 2018 a  customer of  Pittman’s prior employer ,Investors Capital Corp., was paid $45,000 in FINRA case #18-03516 to  resolve allegations that Pitman made unsuitable investment recommendations.

In August of 2018, a customer of Investors Capital Corp. was paid $95,000 in FINRA case #18-02571 to resolve allegations that Pittman made unsuitable investments.

In 10/2016, an Investors Capital Corp. customer was paid $75,000 in FINRA case #17-00699  to resolve allegations that Pittman made unsuitable investment recommendations in oil & gas and real estate securities .

In pending FINRA case #19-02785 an Investors Capital Corp. customer alleges suitability of investments made in 2008 and i seeking damages of $150,000.

Pittman  has been employed by Cetera Advisors since October of 2016.   From August of 2008 until October 2016 he was with Investors Capital Corp.

If you have questions about an account  handled by Richard Pittman at Investors Capital or Cetera call for a no charge consultation to learn more 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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870