Category Archives: Failure to Supervise

Accelerated Capital Group, AEON Capital, Churning, Concentrated Positions, Failure to Supervise, FINRA, Finra Investigation of Stockbroker, Misrepresentation, Stockbroker Malpractice, Unsuitable Investments

Wayne I. Miller-Former Accelerated Capital Group Broker-Discloses Numerous Customer Suits-Scottsdale, AZ

May 2018-Scottsdale, AZ

The FINRA records of  Wayne I. Miller ,  a  stockbroker who formerly worked for Accelerated Capital Group disclose a pending regulatory suspension, a pending customer dispute and 2 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 January 2018, Miller was suspended by FINRA  from acting in a principal capacity for six months (1/02/2018-7/1/2018) and fined $10,000 to resolve allegations that he failed to reasonably supervise the chief compliance officer of his former firm, Accelerated Capital Group. As a result of his failed oversight a broker excessively traded mutual funds and made unauthorized trades.

In FINRA case 16-1433, Miller was named as a control person. The customer of Accelerated Capital Group alleged breach of finduciary duty, violation of California securities laws and other claims and sought damages of $130,000. The case was settled for $110,000.

In FINRA Case 15-3471, Miller was named as a control person of Accelerated Capital Group. The customer alleged unauthorized trading and excessive trading (churning) and sought damages of $200,000. The case was settled for $165,000.

In pending FINRA Case 17-01178 a customer of Accelerated Capital Group alleges over concentration, misrepresentation, failure to supervise and other claims and seeks damages of $340,000.

Wayne Miller was employed by Accelerated Capital Group from 4/2010-2/2018. He is currently employed by AEON Capital in Scottsdale.

If you have losses in an account in an account handled by Wayne Miller , call for a no charge consultation with an experienced securities attorney to learn how you may be able to recover damages.

Accelerated Capital Group Regulatory Issue

Accelerated Capital Group is headquartered in Costa Mesa, CA. The firm has been a FINRA member since March 1997 and has about 35 brokers in 6 branch offices, the largest of which are located in Irvine, CA, and Scottsdale, AZ.

In a currently pending FINRA regulatory matter, regulators allege that Accelerated Capital Group failed to properly monitor, through their written supervisory procedures (WSPs) and supervisory system, mutual fund switches and exchanges and failed to respond to red flags of broker misconduct.

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

Failure to Supervise, Geneos Wealth Management, Misrepresentation, Stockbroker Discharged, Stockbroker Malpractice

Bradley Tennison-Discharged by Geneos Wealth Mgmt. After Customer Files Complaint-Mesa, AZ

May 2018-Mesa, AZ

The FINRA records of  Bradley J. Tennison ,  a  stockbroker who is not currently registered and who last was employed by  Geneos Wealth Management disclose a pending customer dispute , 2 prior customer disputes 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 the pending dispute in 4/2018,  a customer of Geneos Wealth Management alleges that in 2016 Tennison recommended that she wire $300,000 to an investment called “The Joseph Project“, which she understood to be a 12 month investment with a 5% enhancement. The customer alleges that she has not received statements or the return of any principal.

In the same month the customer complaint was received, 4/2018, Geneos Wealth Management discharged Mr. Tennison. Geneos states that they have been unable to locate any record of said investment and that Tennison has been “minimally responsive” to requests for information. Tennison had worked for Geneos since 8/2005.

In 8/2005 Tennison was discharged by his prior employer, Oberlin Financial Corp. for violations of firm procedure related to annuity switching.

If you have losses in an account in an account handled by Bradley Tennison , call for a no charge consultation with an experienced securities attorney to learn how you may be able to recover damages.

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

Department of Justice, Failure to Supervise, FINRA, Securities America, Stockbroker Discharged, Stockbroker Malpractice, Theft

Hector May-Former Securities America Broker-Investigation Over Missing Client Funds-New City, NY

May 2018-New City, New York

Local press is reporting that Rockland/Orange County businessman and former Securities America stockbroker Hector May is being investigated by federal prosecutors on allegations of stealing money from his clients. May has operated Executive Compensation Planners in New City, NY since the mid 1980’s.

According to  FINRA records   May currently has one customer claim pending that alleges misappropriation of funds and there is a disclosure that the U.S. Department of Justice is conducting an official criminal investigation of May’s potential involvement in a suspected felony.

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.

May is a prominent member of the local business community and received the Rockland Business Association’s Pinnacle Award two years ago. Press reports suggest that the missing millions could be the result of a Ponzi scheme.

In a Ponzi scheme the perpetrator of the fraud uses some of the money from the new victims, who think the funds are being invested, to pay fake returns to the earlier investors. The balance of the new funds are used by the perpetrator of the fraud for personal expenses.

Hector May was a registered representative of Securities America from 8/1998 until March 2018 when he was fired. Securities America indicated the reason for the discharge was: “Misappropriation of client assets”.

If you have an account with Hector May and have questions about how it has been handled or believe you are a victim of fraud,  call for a no charge consultation with an experienced securities attorney to learn how you may be able to recover damages from May’s employer, Securities America.

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

Business Development Company (BDC), Failure to Cooperate with Regulatory Investigation, Failure to Supervise, H. Beck Inc, LPL Financial, Misrepresentation, REITs, Stockbroker Discharged, Stockbroker Malpractice, Unsuitable Investments

Richard E. Poston-Former H. Beck Broker-Subject of $500K Customer Dispute-Plano, TX

May 2018-Plano, TX 

The FINRA records of  Richard E. Poston ,  a  stockbroker who is not currently employed in the industry, and who last worked for H. Beck in Plano, TX, discloses a pending customer dispute, 4 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 March 2016 a customer of H. Beck filed FINRA Case # 16-0766 seeking $200,000 in damages and alleging that he was sold an unsuitable concentration of illiquid investments in non publicly traded real estate investment trusts (REITs) between 10/2007-9/2015. In July 2016 the case was settled for $185,000.

IN 7/2017 a customer of H. Beck filed FINRA Case 17-1789 alleging that Poston over concentrated their account with high risk, illiquid REITs and business development companies (BDCs) and is seeking damages of $500,000.

Poston was employed by H. Beck from 3/2010 until he was discharged in 12/2015 for failing to cooperate with an internal investigation. Prior to that he worked for a number of other brokerage firms in the Plano area, including LPL Financial.

Investors with losses in accounts handled by Richard E. Poston may be able to recover damages through FINRA arbitration, a method of dispute resolution that is typically much shorter in duration and far less costly that court litigation. We typically accept these cases on a contingent fee basis. 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

Chelsea Financial Services, Dominion Investors Services, Failure to Supervise, FINRA, Finra Investigation of Stockbroker, Forgery, IFS Securities, LPL Financial, NFP Securities

George M. Warner-Chelsea Financial Broker-Discloses Regulatory Sanction -Rockwall, TX

May 2018-Rockwall, TX

The FINRA records of  George M. Warner ,  a  stockbroker who is currently registered with Chelsea Financial Services disclose a prior regulatory event, a prior customer dispute 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 4/2017 Warner was fined $5,000 and suspended for 30 days by FINRA to resolve allegations that he altered various customer documents on at least five occasions after the documents had already been signed by the customers. The findings stated that Warner corrected or included the customer’s anticipated liquidity needs, net worth, liquid net worth, and or annual income on new account forms, alternative investment forms, and an IRA application. FINRA Case 2014043727001. 

In 2/2010 , while employed by LPL Financial , Warner settled a customer dispute for $225,000. The customer alleged that he made an error in connection with the purchase of CIT bonds versus Citi Corp. bonds.

In 11/2014 Warner was ‘permitted to resign’ from NFP Advisors who made the following allegation on his FINRA record: “Rep corrected client documents after client signature. “

In 6/2013 Warner was discharged from LPL Financial who made the following allegation on his FINRA record: “Employment terminated by related bank program for obtaining client signatures on blank account transfer forms. “

George Warner’s employment history includes:

  • Dominion Investor Services               3/2017-4/2017
  • IFS Securities                                               12/2014-3/2017
  • NFP Advisor Services                               7/2013-12/2014
  • LPL Financial                                                 4/2003-6/2013

Warner discloses a business affiliation with Summit Rockwall Wealth Managers LLC and Financial Gravity. 

According to their website, the Certified Financial Planning Board has disciplined Warner by issuing  a Letter of Admonition.

If you have losses in an account in an account handled by George Warner , 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