Category Archives: Finra Investigation of Stockbroker

Bethel Fisher Discloses SEC Investigation and Customer Lawsuits

June 2020

Cedar Rapids based Berthel Fisher & Company Financial Services, Inc. discloses that the company is being investigated by the Securities and Exchange Commission (SEC) regarding whether the company   breached its fiduciary duties by receiving SEC Rule 12b-1 fees from mutual funds and other fees in investment advisory accounts. Berthel discloses that they may be facing costs of up to $600,000 in connection with the SEC investigation.

In addition Berthel discloses that they are currently defending customer lawsuits seeking damages from  ranging $40,000 to $4.6 million, for which it  has reserved $1.8 million.

Berthel Fisher has been the subject of several recent regulatory sanctions, including:

  • FINRA assessed a fine of $675,000 and censured Berthel over its sales of non traded REITs and other alternative investments.
  • New Hampshire regulators sanctioned Berthel over $400,000 in fines, restitution and costs in connection with unsuitable sales of Unit Investmetn Trusts (UITs)

Link to Berthel Fisher’s recent Financials

Link to Berthel Fisher’s FINRA CRD

If you have questions about an account handled by Berthel Fisher, call to learn 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

Jovannie Aquino-Former Spartan Capital Securities Broker- Is Barred and Discloses Regulatory Events, Customer Disputes and a Termination-New York, NY

June 2020- New York, NY

According to publicly available records Jovannie Aquino (CRD#4876661), a  former stockbroker who last worked for Spartan Capital Securities,  discloses a regulatory event, a civil event, 3 final customer disputes,  1 pending customer dispute 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 June 2019  Aquino was permanently barred from the securities industry as a result of the following:

In September 2018, the United Sates Securities and Exchange Commission filed case #1:18-cv-08191 in Federal Court in the United States District Court of the Southern District of New York alleging that from December 2015 to November 2017, Aquino engaged in a fraud involving excessive trading in the accounts of his retail customers that generated substantial commissions to enrich himself while his customers experienced significant losses.    Aquino’s fraudulent acts and omissions resulted in approximately $881,000 in losses for customers and $935,000 in ill-gotten gains for Aquino.    He was permanently barred from the securities industry and given a monetary sanction of $75,000 and ordered to pay   disgorgement of  $568,805.

In July 2018, a customer of Aquino’s previous employer, Windsor Street Capital filed case #58-SV-18-327 in Pine County District Court alleged that Aquino was properly served with all the necessary court papers and that he failed to timely respond.   The alleged damages are $171,851.  The case is still pending.

In November 2011, Aquino was discharged from employment from Rockwell Global Capital after allegations that he entered into a written commission agreement with a client without the firm’s knowledge and permission.

Aquino worked with Spartan Capital Securities from November 2017 until September 2018.   Before that he was with Windsor Street Capital, John Carris Investments, John Thomas Financial and Rockwell Global Capital.   

If you had an account with Jovannie Aquino 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

Jesse McGuire- Former J.P. Morgan Broker-Barred by Securities Regulator- Humble, TX

April 2020- Houston, TX

The FINRA records of Jesse O. McGuire, a broker previously employed  by  J.P. Morgan Chase Bank, disclose  a 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 September 2019, McGuire was permanently barred from the securities industry by the Securities and Exchange Commission after allegations that he refused to appear for on-the-record testimony as requested by FINRA .

McGuire was employed with J.P. Morgan Chase Bank  from April of 2010 to June of 2019 when he was discharged for failure to respond timely to firm inquiries regarding potential reportable events including the status of his Texas Insurance License, in violation of firm policy.

If you have problems in an account  handled by Jesse McGuire 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

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 Securitiesdisclose  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

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 Servicesdisclose  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