Category Archives: Failure to Supervise

Broker Disclosing Outstanding Liens/Judgments, Failure to Supervise, Finra Investigation of Stockbroker, Stockbroker Malpractice, StockBroker Misconduct, Titan Securities, Unsuitable Investments

Richard Demetriou -Titan Securities Broker-Permanently Barred from FINRA- Addison, TX

June 2021 – Addison, TX

According to publicly available records, former Titan Securities,  financial advisor Richard Demetriou,  has been barred from the securities industry.

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 of 2021 in FINRA case#20130335345701, Demetriou was  permanently barred from the securities industry to resolve allegations that he made misrepresentations to prospective investors in connection with his promotion of a Mississippi company involved in speculative real estate investments.    Demetriou was permanently barred from FINRA in all capacities.

In May of 2014 ,  a customer of Private Consulting Group, Inc. alleged unsuitable investments.    The case was settled for $120,000.   Demetriou was personally responsible for the settlement amount.

In June of 2016 the U. S. Treasury filed a tax lien in the amount of $315,908 against Demetriou.

Demetriou was employed by Titan Securities from April of 2009 until he  was barred in June of 2021.  Before that time he was employed with Private Consulting Group, Inc. from November of 2001 until March of 2009.

If you have losses in an account handled by Richard Demetriou, 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

Allstate Financial Services, Failure to Supervise, Finra Investigation of Stockbroker, LPL Financial, Merrill Lynch, Misrepresentation, Outside Business Activities, Selling Away, Stockbroker Malpractice

Jason Poff-Allstate Financial Services-Discloses Customer Complaint & Suspension-Houston, TX

June 2021- Houston, TX

According to his FINRA record  Jason H. Poff , a financial advisor employed by Allstate Financial Services  discloses a final regulatory investigation resulting in suspension and a prior customer dispute.

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.

Poff Alleged to Operate Vending Machine Company Without Company Approval

In 12/2020 FINRA initiated an investigation into an alleged outside business activity involving vending machines, operated by Poff while he was employed by LPL Financial.

According to the regulatory complaint Poff drafted consulting contracts between this outside business and his FINRA firm. The entity was to offer loans and process cashier’s checks . It was alleged that Poff falsely attested to his FINRA member firm that he was not involved in any outside business activities. In 5/2021 suspended Poff for three months beginning 6/7/2021.

In 2009, a customer of Poff’s then employer, Chase Investment Services was paid about $38,000 to resolve allegations that Poff failed to follow instructions relating to a variable universal life insurance policy.

Prior to working for Allstate Financial, Poff was employed by LPL Financial, Merrill Lynch and Chase Investment Services. Poff discloses a business affiliation with Ursus Financial Group located in Houston, TX.

If you have questions about  an account handled by Jason Poff call for a no charge consultation with an experienced securities attorney.

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, LPL Financial, Merrill Lynch, Misrepresentation, Stockbroker Discharged, Stockbroker Malpractice, Unsuitable Investments, Woodbury Financial Services

Beliveau Bays-Former LPL Financial Stockbroker-Discloses Customer Complaints-Plano, TX

April 2021- Plano, TX

According to his FINRA record  Beliveau Bays, a financial advisor previously employed by LPL Financial and Woodbury Financial Services discloses 2 pending and 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.

While employed by Woodbury Financial Services two customers complained that Bays had recommended unsuitable purchases of real estate investments. Both of those claims were denied and it appears from the public record that the customers did not proceed with the filing of arbitration.

There are two currently pending customer disputes, both of which allege that Bays affixed the customer’s signature to account documents. No specific damages are alleged.

In 2/2021 Beliveau Bays was discharged by LPL Financial. LPL alleged that Bays provided misrepresentations to the firm in response to inquiries surrounding Bays submission of key person life insurance applications.

Earlier in his career Bays was discharged by Merrill Lynch in 3/2016 who alleged that Bays traded in customer accounts without the customer’s authority.

If you have questions about  an account handled by Beliveau Bays of Bays Capital Management call for a no charge consultation with an experienced securities attorney.

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, Finra Investigation of Stockbroker, FSC Securities Corporation, Stockbroker Discharged, Stockbroker Malpractice, StockBroker Misconduct

Sylvester Knox-Former FSC Securities Broker-Discloses Regulatory Events, Customer Settlements of nearly $3.7M- Short Hills, NJ

April 2021- Short Hills, NJ

According to his FINRA record  Sylvester Knox a financial advisor previously employed by FSC Securities Corporation discloses 4 regulatory events, 25 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 August 2020 Knox, without admitting or denying the FINRA findings,  consented to the entry of findings that he effected transactions with a total principal value of approximately $1.7 million in the accounts of customers in his member firm without the customers’ prior written authorization or consent.   The findings stated that Knox exercised discretionary trading authority and effected transactions with a total principal value of approximately $2 million in the accounts of firm customers’ without having obtained prior written authorization from the customers or approval from the firm to treat the accounts as discretionary.      Sanctions ordered were a nine month suspension and a $10,000 fine.

In May of 2018 Florida Office of Financial Regulation filed Case #87481-SR alleging that Knox made a material misstatement on his application for registration.  He agreed to withdraw his application for registration to FSC Securities.

In January 2018,  Michigan regulators brought an action against Knox.

From December of 1999 until May of 2018,  Knox had 21 customer disputes that were settled. The customers  alleged, among other things, products purchased not compatible for client’s risk tolerance, unsuitable investments, misrepresentation, omission of material facts, unauthorized transactions, unsuitable investment strategy, failure to follow instructions and unauthorized account activity.  These cases collectively settled for almost $3.7 million dollars.

In January of 2017, Knox was allowed to resign from Merrill Lynch, Pierce, Fenner & Smith in response to allegations of “conduct including engaging in unauthorized transactions in certain client accounts, making misrepresentations to certain clients and conduct inconsistent with Firm policies related to client complaints.”

Sylvester Knox was employed by FSC Securities Corporation from January 2017 until August 2018.   Before that he was with Merrill Lynch, Pierce, Fenner & Smith and First Union Brokerage Services, Inc.

If you had an account with Sylvester Knox that suffered losses  you may be entitled to collect damages from his prior employer.

Call for a no charge consultation with an experienced securities attorney.

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, Finra Investigation of Stockbroker, McNally Financial Services, Stockbroker Discharged, Stockbroker Malpractice, StockBroker Misconduct

Lawrence Goldstein-Former McNally Financial Services Broker-Permanently Barred From Securities Industry- San Antonio, TX

February 2021- San Antonio, TX

According to publicly available records  Lawrence B. Goldstein (CRD#2282699), a  former stockbroker who last worked for McNally Financial Services Corporation, discloses a regulatory 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 November of 2020,  Goldstein was permanently barred after  he refused to appear for an on-the-record testimony requested by FINRA in connection with its investigation into whether he engaged in unsuitable excessive trading in a customer’s account. FINRA case #2018058820102.

Goldstein worked with McNally Financial Services Corporation from April 2010 until February of 2020.   Before that he was with JHS Capital Advisors, Sterling Financial Investment Group and Morgan Stanley.   

If you had an account with Lawrence Goldstein 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