Category Archives: Failure to Supervise

Houston Couple Awarded $1.1 Million Against Broker Terry Chilton for Losses on Annuities

May 15, 2015-Houston, Texas

A FINRA (Financial Industry Regulatory Authority) arbitration panel in Houston, Texas, awarded over $1.1 million to a couple who filed a claim alleging that the annuities they had been sold were too risky and that their repeated demands to reduce risk in their retirement portfolio were ignored. McCorquodale vs. AXA Advisors, AXA Equitable Insurance Company, Terry Wayne Chilton, IMS Securities, Jackson National Life Insurance, et al, Case Number 13-02390.

Claimants settled their claims with AXA, IMS Securities and Jackson Life and the hearing proceeded against the broker Terry Chilton and his companies. In addition to the $1.1 million in compensatory damages, claimants were also awarded expert witness costs of $30,000.

If you believe you have been sold annuities that are too risky for your portfolio, contact us to discuss your options for recovery of 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

Former FSC Securities Broker In Grapevine, TX, Barred From Securities Industry

April 10, 2015-Grapevine, Texas 

James E. Scott , entered into an Order Accepting Offer of Settlement (Order) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that he aided and abetted a person who was not registered with the state of Texas in engaging in the recommendation and sale of securities in Texas.

In addition, according to the Order, Scott shared at least $47,500 of commissions related to the transactions with the unregistered individual. Furthermore, during his on the record testimonrhy, Scott knowingly provided false information to FINRA regarding the nature of his relationship with the unregistered individual

Scott  was permanently barred from the industry. According to FINRA records Scott was previously registered as follows:

  • International Assets Advisory                          2/2013-7/2014
  • IMS Securities                                                             2/2013-2/2013
  • Kovack Securities                                                    12/2012-1/2013
  • FSC Securities                                                             3/2012-12/2012
  • Southwest Securities                                              5/2008-4/2012

Disciplinary Proceeding NO. 2013035723501

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

Cadaret Grant Broker Suspended/Fined by Regulators for Over-concentration of REIT Investments

April 9, 2015-Point Pleasant, NJ

Douglas William Finlay, Jr.  , entered into a  Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that effected an unsuitable transaction in the account of a customer of Cadaret Grant by over-concentrating the customer’s assets in an illiquid real estate investment trust (REIT).

In addition, the findings in the AWC state that Finlay failed to adequately disclose information to the customer about the REIT and  falsified a firm document that misrepresented the customer’s net worth and income.

Finlay  was suspended from the industry for 18 months, fined $15,000 and ordered to pay disgorgement of $6,639.

Disciplinary Proceeding NO. 2013035576601

According to FINRA records , Finlay was registered with Cadaret, Grant & Co. from 4/ 1998-12/2013. He is not currently registered.

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

Barry Brower- Ameriprise–San Antonio, TX, Sanctioned for Discretionary Trading

UPDATE-March 24, 2016

Barry S. Brower is not currently registered with any broker dealer.

 

Our Original Post–March 6, 2015,  Fair Oaks Ranch, Texas 

Barry S. Brower,  entered into a Letter of Acceptance, Waiver and Consent  (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that he exercised discretion over customer accounts and made trades without written authorization.

Brower  was assessed a deferred fine of $10,000 and suspended from association with any FINRA member for five months.

FINRA Case # 2014039751601

According to FINRA records, Brower was registered with Ameriprise Financial in San Antonio, Texas, until March 2014.

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

Phil Williamson Charged in South Florida Securities Fraud

June 1, 2015

Phil D. Williamson, 48, of Miami, Florida, was charged with investment advisor fraud according to an FBI Press Release which reports that he raised over two million dollars from 17 individuals who were led to believe he worked for a nationally recognized financial services firm.

Williamson deposited the victims money in bank accounts in the name of two companies he owned, Sterling Investment Fund and Sterling Financial Partners. Investors were led to believe they would be investing in real estate in Florida and Georgia. He concealed the fraud by issuing false statements and in classic Ponzi scheme style, by paying early investors with money received from new investors.

In a parallel action the SEC charged him with securities fraud and other violations. Williamson agreed to settle those charges and is liable for over $700,000 in disgorgement.

The victims include retired teachers and law enforcement officers who sought safe investments for their retirement savings.

According to FINRA records, Williamson previously was registered with the following firms:

  • Hartford Equity Sales Company
  • OneAmerica Securities
  • MML Investor Services
  • AXA Advisors

If you suffered losses in an account handled by Williamson, you may be able to recover damages from the firm that employed him. 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