Category Archives: Finra Investigation of Stockbroker

Finra Investigation of Stockbroker, NYLife Securities, Stockbroker Malpractice, StockBroker Misconduct

Stephen Encino-Former NYLife Securities Broker Barred from Securities Industry-San Antonio, TX

April 2020-San Antonio, TX

The FINRA records of Stephen A. Encino, a broker previously employed  by  NYLife Securities, disclose  a regulatory event resulting in his bar 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 September 2019, Encino was permanently barred from the securities industry by the Securities and Exchange Commission after failing to respond to FINRA request for information in connection with a regulatory investigation.

Encino was employed with NYLife Securities  from December 2014 until February 2019.

If you have problems in an account  handled by Stephen Encino call for a no charge consultation .

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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Allstate Financial Services, Finra Investigation of Stockbroker, Stockbroker Malpractice, StockBroker Misconduct

Mauricio Borja- Former Allstate Financial Services Broker Barred From Securities Industry-McAllen, TX

April 2020-McAllen, TX

The FINRA records of Mauricio Borja, a broker previously employed  by  Allstate Financial Services, disclose  a regulatory event resulting in his bar 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 August 2019, Borja was permanently barred from the securities industry by FINRA after allegations that he failed to respond to FINRA request for information.   In September 2018 he was suspended by FINRA and failed to request termination of suspension within the three months of the date of the Notice of Suspension and was automatically barred from association with any FINRA member in all capacities.

In 6/2018 a customer of Allstate Financial alleged that she was issued a term life insurance policy without her knowledge or consent and that she did not sign the application. The matter was closed with no action.

Borja was employed with Allstate Financial Services  from March of 2011 to August of 2019.

If you have problems in an account  handled by Mauricio Borja call for a no charge consultation .

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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Discretionary Trading, Failure to Supervise, Finra Investigation of Stockbroker, Raymond James, Stockbroker Malpractice, StockBroker Misconduct, Unauthorized Trading

James Kearney-Former Raymond James Broker-Discharged for Trading Without Permission-Houston, TX

April 2020-Houston, TX

According to publicly available records of James Joseph Kearney (CRD#265734) ,  a  former stockbroker who last worked for Raymond, James & Associates,  discloses  a regulatory event,  3 customer disputes and a termination.

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 of 2019, FINRA  suspended  Kearney from the securities industry for 15 days and fined him $2,500 after finding that he exercised discretion by placing trades in customers’ accounts without written authorization from the customers and without acceptance of the accounts as discretionary by his member firm.

From 1993 to 2018, three customer disputes were filed against Kearney alleging among other things unsuitable investments, excessive trades, unauthorized trades, breach of fiduciary duty, fraud, deceptive trade practices, breach of contract and negligence.   These cases were collectively settled in the amount of $117,000.

Kearney  was employed by Raymond, James & Associates, lnc.  from February 2013 until he was discharged in October 2018 after a customer alleged that he was trading the account without permission of the customer.    Prior to that time he was with Morgan Keegan & Compnay, Robert W. Baird & Co. and SG Cowen Securities Corporation.

If you had an account with James Kearney  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

Failure to Supervise, Finra Investigation of Stockbroker, Raymond James, Stockbroker Discharged, Stockbroker Malpractice, StockBroker Misconduct, Unsuitable Investments, Wells Fargo

Dave Sears, Jr. -Former Wells Fargo Broker- Barred from Securities Industry-San Antonio, TX

April 2020- San Antonio, TX

The FINRA records of Vernon David “Dave” Sears, Jr. , a broker previously employed  by  Wells Fargo Clearing House, disclose  a regulatory event resulting in his bar from the securities industry, 2 customer disputes and a termination.

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 February 2020, Sears  was permanently barred from the securities industry by FINRA after allegations that he failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.

In September 2017 a Wells Fargo Advisors client, who was also his fiance,  alleged that Sears forged her signature on the application to open a joint account for the client and himself when he was supposed to open an individual account for her.   She further alleged that Sears then transferred the funds she deposited into his personal account.   The matter was settled for $35,000 in 8/2018.

In November 2015 a Wells Fargo Advisors client alleged that he was not told that withdrawals from his annuity account would impact his potential for annual step ups in value, nor that the annual step ups would not continue for the beneficiary of the policy after his death.  The matter settled for $45,135 in 12/2015.

Sears was employed with Wells Fargo Clearing Services  from August of 2014 to April of 2018 when he was discharged for concerns related to Sears’ unit investment trust (UIT) sales practices including concerns related to Sears’ analysis of clients’ ability to hold to maturity.    Prior to that Sears worked with Raymond James & Associates, Inc. 

If you have problems in an account  handled by David Sears, Jr.  call for a no charge consultation .

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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Commerce Street Capital, Finra Investigation of Stockbroker, Sanders Morris Harris, Stockbroker Malpractice, StockBroker Misconduct

Thomas Lykos, Jr.-Former Sanders Morris Harris Broker-Discloses Regulatory Event- Houston, TX

May 2020-Houston, TX

According to publicly available records Thomas J. Lykos, Jr.  a   stockbroker who was last employed by  Sanders Morris Harris  discloses a regulatory event and two outstanding judgment liens.

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.

According to FINRA case #2018059510201 Lykos was named a respondent in a FINRA complaint alleging that he engaged in unethical conduct while taking the Series 24 qualification examination for a third time. The complaint alleges “that during the exam, Lykos wrote on his hand and driver’s license while viewing examination questions. Lykos then took a nearly 30-minute unscheduled break, during which he left the testing center premises in violation of FINRA’s rules of conduct. After the break, Lykos attempted to bring a business card with handwritten notes on it into the examination testing room, but was thwarted by a testing center employee. Lykos then returned to the testing room and revisited several of the questions that he had been viewing while writing on his hand and driver’s license. Lykos changed his answers to two questions. Lykos engaged in such conduct after acknowledging and agreeing to follow FINRA’s rules of conduct applicable to qualification examinations, which, among other things, prohibit leaving the testing center during any breaks, prohibit the removal of any test center material through any means, prohibit the capturing of examination content, and prohibit seeking assistance in answering examination questions.”

According to the FINRA regulator Lykos tried to conceal his misconduct from exam proctors by licking and rubbing his driver’s license to smear the writing and by obstructing their investigation.

Lykos was employed with Sanders Morris Harris from February 2018 until May 2019.   Before that time he was with Commerce Street Capital.  

If you had an account with Thomas Lykos, Jr. 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