Category Archives: Failure to Supervise

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

Former PrimeSolutions Securities Broker Named in Suit By SEC

Richfield, Ohio-April 15, 2015

Jerry A. Cicolani, 51, was charged in a criminal information with selling unregistered securities in KGTA Petroleum, Ltd., causing dozens of investors to lose over $7 million, according to an FBI press release. 

Cicolani, who was a registered broker with PrimeSolutions Securities, Inc. , concealed his dealings with KGTA from the company while earning $5 million in commissions on the sale of the KGTA stock. FINRA records indicate that Cicolani was registered with PrimeSolutions Securities from 8/2010-5/2014. Prior to that he was registered with Merrill Lynch in Akron, OH. His official records indicate that he has been named in 69 customer disputes and has been terminated twice.

Kelly Hood, 36, of Naples, Florida, has also been charged in a related matter for structuring commission payments to himself and Cicolani in a manner to evade bank reporting requirements.

PrimeSolutions Securities is headquartered in Cleveland, Ohio, and is registered in 32 states.

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