Category Archives: Failure to Supervise

Borrowing from Customer, Broker borrowing Money from customer, Cambridge Investment Research, Failure to Supervise, FINRA, Finra Investigation of Stockbroker, IFS Securities, Selling Away, Stockbroker Discharged, Stockbroker Malpractice, Theft

Anselmo Contreras, Jr.-Former Cambridge Investment Financial Advisor-Barred From Securities Industry-Angleton, Texas

May 2019 – Angleton, Texas

According to publicly available records, former Cambridge Investment Research  financial advisor Anselmo Contreras, Jr.  discloses a recent regulatory event resulting in his bar from the securities industry 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 4/2019 FINRA permanently barred Contreras from the securities industry to resolve allegations that he misused and converted customer funds. According to FINRA Contreras induced a customer to give him a $10,000 check to invest in a real estate venture which Contreras deposited in his personal account. In addition, FINRA alleges that Contreras borrowed $30,000 from customers of Cambridge Investments without the knowledge or approval of his firm.

Contreras was employed by Cambridge Investment Research from 9/2013 until 1/2018 when he was permitted to resign for failure to report a private securities transaction and settling a customer complaint. Contreras was registered with IFS Securities from 1/2018-4/2019.

If you have losses in an account handled by Anselmo Contreras, Jr. 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

Failure to Supervise, Laidlaw & Company, Limited Partnerships, National Securities Corporation, Private Placements, Reg D Offerings(private placements), Stockbroker Malpractice, Unsuitable Investments

Kevin R. Wilson-Former Laidlaw & Co. Financial Advisor-Subject of Millions in Claims for Private Placement Losses-New York

May 2019 – New York

According to publicly available records, former Laidlaw & Company financial advisor Kevin R. Wilson discloses 6 pending customer disputes all of which allege the sale of unsuitable private placement investments.

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.

The pending customer suits involving Wilson include:

  • FINRA Case 19-1035 in which a customer of Laidlaw & Co. seeks damages of $300,000 for unsuitable investments in private placements.
  • FINRA Case 19-0842 in which a customer of Laidlaw & Co. seeks damages of $440,000 for unsuitable investments in private placements.
  • FINRA Case 18-3970 in which a customer of Laidlaw & Co. seeks damages of $500,000 for unsuitable recommendations to invest in private placements and equities.
  • FINRA Case 18-3062 in which Laidlaw & Co. customer seeks damages of $2 million for unsuitable private placement investments.

Kevin Wilson  was with Laidlaw & Company from 10/2010-9/2017. He is currently registered with National Securities Corporation.

If you have losses on private placement investments or other unsuitable investments, call to learn how you may be able to recover damages from Wilson’s employer 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

Failure to Supervise, Finra Investigation of Stockbroker, Laidlaw & Company, Stockbroker Malpractice, Unsuitable Investments

Laidlaw & Company Discloses Regulatory Matters & Customer Disputes

May 2019

According to publicly available records  Laidlaw & Company (UK) Ltd.  , a FINRA registered broker dealer discloses 5 prior regulatory events and 2 prior customer arbitrations.

The Financial 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.

The prior regulatory matters include:

  • In May 2018 FINRA censured Laidlaw and assessed a fine of $25,000 to resolve allegations that the firm’s supervisory system related to the recommendation of leveraged and inverse traded funds was inadequate.
  • In February 2012 FINRA censured Laidlaw and assessed a fine of $65,000 to resolve allegations that the firm’s policies and procedures related to the Bank Secrecy Act  were inadequate.

In FINRA arbitration #17-0880 a customer was awarded $297,000 to resolve allegations that Laidlaw failed to properly supervise the management of an account resulting in unsuitable investment recommendations.

Laidlaw & Company

Laidlaw & Company has their main office in London, England, with branch offices in New York City, San Francisco, CA, Boca Raton, FL, Greenwich, CT, Melville, NY and Boston, MA.

According to FINRA records current owners and executive officers are:

  • Laidlaw Holdings, Owner
  • John Coolong, CCO/CFO
  • Matthew Eitner, CEO
  • Michael S. Marino, FINOP
  • Hugh Regan, Director
  • Alex Shtaynberger, National Branch Manager
  • Peter Silverman, SEO/ Branch Manager

If you have questions about an investment account at Laidlaw & Company, 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`

Energy Securities, Failure to Supervise, Fraud, Oil & Gas Investment, Stockbroker Malpractice, Unsuitable Investments

Cardinal Energy Group Investors May Have Been Misled & Have Claims for Recovery

May 2019 – Dallas, Texas

In March 2019, the Securities and Exchange Commission charged Texas based Cardinal Energy Group (CEGX) and former CEO Timothy W. Crawford with fraudulently concealing the loss of the company’s major source of revenue. SEC v Timothy W. Crawford, et al , No 19-civ-1022 (S.D. Ohio). 

According to the SEC complaint, Cardinal lost control of its interest in two oil and gas leases that accounted for nearly all of the company’s revenue, however, rather than disclosing this event to investors Cardinal and Crawford misrepresented the fact that the leases were still expected to be a part of the company’s future business.

Cardinal and Crawford are charged with various violations of the Securities Acts of 1933 and 1934 and the complaint seeks injunctions, disgorgement, civil penalties and a penny stock bar.

Financial advisors and brokerage firms are required to make suitable recommendations to investors, taking into account the age, health, net worth and risk tolerance of the individual.

If you have suffered losses on an investment in Cardinal Energy Group as a result of the recommendation of your financial advisor, contact us for a no charge consultation to learn about your legal options for recovery of 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