Category Archives: Finra Investigation of Stockbroker

Jose M. Canales-Former Lincoln Financial Broker/Agent-Barred From Securities Industry-El Paso, TX

April 2018- El Paso, Texas

According to FINRA records,  Jose M. Canales , a currently unregistered broker who last worked for Lincoln Financial Securities Corp. , discloses a prior final regulatory event, a prior 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.

Jose M. Canales  entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that  he failed to provide documents and to appear for testimony in connection with a FINRA investigation into the events leading up to his termination of employment from Lincoln Financial Securities Corporation. 

According to FINRA records, Canales was discharged from Lincoln Financial Securities on 5/2/2014 “for accepting cash from customers for deposit into his account, contrary to firm policy, in order to pay life insurance premiums on behalf of his customers.”

Canales, through his attorney, advised FINRA that he would not appear for testimony or provide documents and information in connection with the FINRA investigation. AWC No.  2014041231501

Canales was permanently barred from association with any FINRA member in all capacities.

FINRA records disclose that Canales was registered with Lincoln Financial Securities Corporation from 9/2002-5/2014.

If you suffered losses in an account handled by Jose Canales, you may be able to recover damages from his employer. Call for a no charge consultation 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 

Sanders Spangler-Former LPL Financial Broker-Barred From Securities Industry-San Antonio, TX

March 2018-San Antonio, Texas

On March 26, 2018, former LPL Financial stockbroker  Sanders Spangler was permanently barred from the securities industry by the Financial Industry Regulatory Authority (FINRA).

In connection with a FINRA investigation into potential unauthorized trading in five customers’ accounts, FINRA requested that Spangler appear for on the record testimony pursuant to FINRA Rule 8210. Spangler acknowledged receiving the request and stated that he will not cooperate with the investigation.

By refusing to appear for on the record testimony Spangler violated FINRA Rules 8210 and 2010 and was barred from associating with any FINRA member in any capacity.

The FINRA records of Sanders Spangler disclose 1 pending and 4 prior customer disputes, including:

  • August 2017-a customer of LPL Financial alleged unauthorized trading, poor account performance from 1/2012-5/2017. The case was settled for $20,000.
  • July 2017-a customer of LPL Financial alleged that discretion was used in the account resulting in poor performance for the period from 10/2009-4/2017. The case was settled for $40,000.
  • June 2017-a customer of LPL Financial alleged poor investment performance  for the time period of 3/9/16-6/16/16 and claimed damages of $500,000. That case was settled for $500,000
  • December 2017-a customer of LPL Financial alleged unsuitable investments made without client knowledge and damages of $100,000-$500,000. That case (FINRA Case 17-1513) was settled for $225,000.

In currently pending FINRA case 17-02661 a customer of LPL is alleging that Spangler over concentrated their accounts with energy stocks and that the account was liquidated without the client’s knowledge. In addition the customer alleges that Spangler altered monthly statements. Damages are unspecified.

 

In February 2017 Spangler was discharged by LPL Financial. LPL made the following allegation on Spangler’s  FINRA record:“Exercising discretionary power in customer account(s) in violation of firm policy. ” Spangler had worked for  LPL Financial since 10/2005.

Brokers have a responsibility to make suitable recommendations to customers, taking into account their age, net worth, investment experience and risk tolerance. Oil and gas investments can be very risky and over concentrating the account of a retiree in such investments is generally not appropriate.

If you have losses in an account in an account handled by Sanders Spangler , you may be able to recover damages through FINRA arbitration. 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Martin Brooks-Former Cetera Advisors Broker-Discloses Settlement of $490K Customer Dispute-Lee’s Summit, MO

March 2018- Lee’s Summit, MO

The FINRA records of Martin Earl Brooks , a stockbroker who is currently employed  by United Planners Financial Services of America , disclose a prior final customer dispute, a recent regulatory matter 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 March 2018, Brooks was suspended for 15 days and fined $5,000 by FINRA to resolve allegations that while employed by Multi-Financial Securities (now known as Cetera Advisors) he purchased shares in a real estate fund for five different customers, without their permission. Brooks failed to mark the trades as solicited , and improperly marked them as unsolicited.

In July 2017, a customer of Cetera Advisors was paid $490,000 to resolve allegations that real estate investments recommended by Brooks were unsuitable.

Brooks was employed by Cetera Advisors from 10/2006-4/2016, when he was discharged by Cetera who made the following allegation on Brooks‘ FINRA record: “allegation by client that representative recommended unsuitable investments.” 

Brooks has been employed by United Planners since 7/2016.

If you have questions about an account handled by Martin Brooks contact us for a no charge consultation to learn how 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

National Toll Free: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Gabe Block-Former Oppenheimer/First Std. Financial Broker-Barred From Securities Industry-Rumson, New Jersey

March 2018- Red Bank, NJ

The FINRA records of Gabriel (Gabe)  Block, a former stockbroker who was last employed by First Standard Financial Co., disclose 2 final regulatory events and 8 prior customer disputes.

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.

On March 13, 2018, FINRA permanently barred Block from the securities industry in connection with a complaint filed by the Delaware Investor Protection Unit alleging numerous violations, including:

  • Securities Fraud
  • Churning
  • Dishonest or Unethical practice-Narcotics Use
  • Excessive Trading

FINRA found it not in the public interest, and would create an unreasonable risk of harm to the market and investors for Block to continue to associate with his firm. Block was employed by Janney Montgomery and Oppenheimer during the period of time when activity occurred leading to the regulatory action.

Gabe Block discloses settlement of the following   customer disputes :

  • FINRA Case 15-1551- a customer while Block was registered with Oppenheimer & Co. alleges churning, unsuitability, breach of fiduciary duty in connection with the handling of family accounts. Damages were alleged to be $800,000. The case was settled for $675,000.
  • FINRA Case 15-1550-a customer while Block was registered with Oppenheimer & Co. alleges churning, unsuitability, breach of fiduciary duty in connection with the customer’s account. Damages were alleged to be $100,000. The case was settled for $60,000.
  • Block’s FINRA record discloses two other customer disputes that wereresolved including one in which a customer alleged mismanagement of investments between 9/2005-12//2008, while Block was registered with Janney Montgomery Scott. That case was settled for $375,000.

Block  was registered with First Standard Financial  from 3/2016-3/2018. He was registered with National Securities Corporation from 3/2014-4/2016 and with Oppenheimer from 11/2008-3/2014. He discloses a business affiliation with Block Wealth Management in Rumson, NJ.

If you have losses in an account handled by Gabriel Block contact us for a no charge consultation to learn how 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

National Toll Free: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870