Category Archives: Failure to Supervise

Robert Berg-Summit Brokerage Services Broker-Discloses Customer Dispute Alleging Aggressive Trading- Danbury, CT

March 2019 – Danbury, CT

According to publicly available records  Robert Eugene Berg   (CRD#1218879) ,  a  stockbroker who is currently registered with Summit Brokerage Services,  disclose 1 pending 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 August 2002,  a Morgan Stanley customer filed case 02-04711 alleging fraud, conversion, breach of fiduciary duty, breach of contract and excessive concentration.   The case settled for $28,604.

In December 2018, a customer with Summit Brokerage Services, filed FINRA case 18-04448 alleging aggressive and speculative investment recommendations and is seeking damages of $75,000.   This case is still pending.

Berg has been employed with Summit Brokerage Services since May of 2014.   He was with Morgan Stanley from August 2006 until 2014. He discloses an affiliation with Berg Wealth Management in Danbury.

If you have questions about an investment account handled by Robert Berg,  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

Ricky Mantei-Centaurus Financial Broker-Discloses 3 Pending and 5 Prior Customer Disputes-Lexington, SC

March 2019 – Lexington, SC

The FINRA records of  Ricky Alan Mantei ,  a  stockbroker who is  employed by  Centaurus Financial  discloses 3 pending  and 5 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 10/2018,  a customer of Mantei’s prior employer J.P. Turner  was paid $70,000 to resolve allegations that they were sold unsuitable investments from 2010-2016.

The pending customer complaints include:

  • A  former customer of J.P. Turner & Centaurus seeks damages of $233,238 and alleges Mantei recommended unsuitable investments based on their investment objectives.
  • FINRA case 18-3810-a former customer of J.P. Turner & Centaurus seeks damages of $100,000 and alleges Mantei recommended unsuitable investments .
  • FINRA case 18-01848-a former customer (beneficiaries of a deceased client’s account)  of Summit Brokerage Services seeks damages of $100,000 and alleges Mantei recommended unsuitable investments .

Mantei  has been employed by Centaurus Financial since 5/2015. He was with  J.P. Turner & Company from May 2010 until  2015.  He discloses a business affiliation with Mantei & Associates in Lexington, SC.

If you have losses in an account in an account handled by Ricky Alan Mantei, contact us for a no charge consultation to discuss how you may be able to recover damages for those losses.

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

Raymond Clark – Woodstock Financial Group Broker- Discloses Customer Disputes-Staten Island, NY

January 2019-Staten Island, NY According to publicly available records  Raymond William Clark , a  stockbroker who is currently registered with Woodstock Financial Group,  disclose 8 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 10/2014 a customer of  Clark’s prior employer, JP Turner and Company, was paid $700,000 to resolve allegations that Clark mismanaged the account and breached his fiduciary duty. 

In 4/2011 another customer of J.P. Turner was paid $70,000 to resolve allegations that Clark churned their account and made misrepresentations. 

Clark has been with Woodstock Financial Group  since May of 2013.  . His prior employment includes Chelsea Financial Services  and JP Turner and Company. Clark discloses business affiliations with Biondolillo Financial Group (BFG) and Reascence Capital LLC

If you have losses in an account in an account handled by Raymond William Clark, Jr.  , contact us 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

Richard Wesselt-Former O.N. Equity Sales Broker-Discloses Numerous Customer Disputes-Collegeville, PA

February 2019 – Collegeville, PA

According to publicly available records  Richard Wesselt  (CRD# 2195569) ,  a   registered stockbroker currently employed by Fortune Financial Services, Inc. disclose 3 pending customer disputes and 9 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 December 2018, a customer of  O.N. Equity Sales Company, where Wesselt was previously employed,  alleged Mr Wesselt engaged in unsuitable sales practices relating to sale of insurance and annuities.    The alleged damages are $750,000 and the case is still pending.

In September 2018,  a Sterne Agee Financial Services customer, where Wesselt was previously employed,  filed FINRA case #18-03363 alleging unsuitable investment recommendations, deceptive and unfair trade practices in annuity variable insurance products.    The alleged damages are $300,000.

In June 2018, another Sterne Agee Financial Services customer filed FINRA case #18-02233 alleging unsuitable investment recommendations and misrepresentations and/or omissions of material information siting damages of $150,000.   This case is also pending.

Wesselt was employed by Sterne Agee Financial Services, Inc. from May 2002 until March 2014.   He was then employed with O.N. Equity Sales Company until September 2017.   He has been employed with Fortune Financial Services, Inc. since 9/2017.

Wesselt discloses a business affiliation with Wesselt Capital Group.

If you have losses in an account handled by Richard Wesselt, contact us for a no charge consultation to learn how you may be entitled 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