Category Archives: Fraud

FINRA, Finra Investigation of Stockbroker, Fraud, Stockbroker Malpractice, StockBroker Misconduct, Theft, UBS

Alex G. Herrera-Former UBS Broker-Accused of Stealing Client Money to Buy Vacation Home-Coral Gables, FL

August 2018 – Coral Gables, FL

According to FINRA records,  Alex Herrera,   a former stockbroker who  last worked for USB Financial Services,  discloses 2 prior regulatory events and a current customer dispute.

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 of 2018, without admitting or denying the findings, Herrera  consented to sanctions and entry of findings that while employed by USB Financial Services,  he refused to provide information requested by FINRA in connection with its investigation of his possible participation in unreported outside business activities and private securities transactions.    Herrera was permanently barred from the securities industry.

In May of 2018, a UBS customer alleged that Herrera had stolen her money to buy a vacation home.  That matter is currently pending and the damage amount is not stated.

If you have losses in an account handled  Alex G. Herrera, call for a no charge consultation to learn about your legal options for recovery.

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, Fraud, Raymond James, Stockbroker Malpractice, StockBroker Misconduct

Terrence Fant- Raymond James Broker-Discloses $240k Customer Dispute -Devon, PA

August 2018- Devon, PA

The FINRA records of Terrence Fant,  a stockbroker currently employed with Raymond James & Associates  discloses a pending customer dispute.

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 July of 2018,  a Raymond James customer,  FINRA Case #18-02472 alleging breach of fiduciary duty, fraud, negligence and breach of contract and is seeking damages of $240,000.

Fant has been employed with Raymond James & Associates since March of 2011.    He was previously employed with Boenning and Scattergood, Inc. and with W.R. Hambrect & Co.

Investors with losses in accounts that were handled by Terrence Fant may be able to recover damages through FINRA arbitration, a method of dispute resolution that is typically much shorter in duration and far less costly that court litigation. We typically accept these cases on a contingent fee basis. 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

American Independent Securities Group, Elder Financial Abuse, Failure to Supervise, FInancial Exploitation of the Elderly, Fraud, MML Investor Services LLC

Nicholas R. Radke-Lake Oswego Financial Advisor-Subject of $500K Elder Abuse/Fraud Suit-Klamath County, Oregon

August 2018-Klamath County, Oregon

According to the Herald & News a lawsuit has been filed by the estate of a former resident of Bly, Oregon,  against American Independent Securities Group financial advisor, Nicholas R. Radke, alleging that the decedent, Curtis Allen, was the victim of elder abuse and fraud.

It is alleged in the press report that  Radke and a company he represented, Escrow Leaders, defrauded Allen out of $500,000 just prior to his death.

 FINRA records indicate that Nicholas Radke, Jr. was a registered representative of American Independent Securities Group from 5//2011-5/2018 in Lake Oswego. In June 2018 , he took a position with MML Investors Services.

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.

If you have losses in an account handled  Nicholas R. Radke, call 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

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Fraud, Stockbroker Malpractice

Dwaine Caraway Pleads Guilty to Federal Corruption Charges-Resigns From Council-Dallas, TX

August 2018-Dallas, Texas

The Dallas Morning News reports that Dallas Mayor Pro Tem Dwaine Caraway has pleaded guilty to federal corruption charges filed in Dallas federal court last week.

Caraway, 66, has resigned from the Dallas City Council admitted to accepting $450,000 in bribes and kickbacks from Bob Leonard and Slater Swartwood, Sr. Leonard owned a company that sold cameras to be used as safety devices on school busses to the Dallas County Schools (DCS) system.

According to local press Leonard is CEO of Force Multiplier Solutions, a company that collected tens of millions from DCS. Swartwood is a Louisiana real estate consultant involved in a $25 land deal at DCS and allegedly was Leonard’s personal real estate consultant.

A committee appointed to shut down the financially strapped DCS has filed a lawsuit against individuals and companies it says led to the bus agency’s demise. A conspiracy to create an illegal enterprise is alleged. Included in the list of defendants are former head of DCS, Rick Sorrells, Bob Leonard and Dwaine Caraway. According to the suit, the defendants cost taxpayers more than $125 million.

Swartwood, 75, pleaded guilty to money laundering in exchange for his possible testimony in the FBI investigation of the corruption of DCS.

Sorrells pleaded guilty to wire fraud in April 2018 and admitted to taking more than $3 million in bribes and kickbacks in exchange for approving $70 million in contracts.

Caraway is scheduled to be sentenced in December 2018 and faces seven years in federal prison.

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

Alternative Investments, Failure to Supervise, Fraud, Private Placements, Reg D Offerings(private placements), Theft, UBS

John Maccoll Charged With Stealing Nearly $4 Million from UBS Customers-Birmingham, MI

August 2018-Birmingham, Michigan

The FINRA records of  John C. Maccoll,  a  stock broker who was last employed by UBS Financial Services ,  disclose that he was recently discharged by UBS after failing to cooperate with a FINRA investigation alleging that he misappropriated money from a client.

According to a complaint filed in Federal court by the Securities & Exchange Commission (SEC) , Maccoll defrauded at least 15 of his brokerage clients out of $4 million. Maccoll used high pressure tactics to convince his customers to invest, by telling them there was only a short window of opportunity.

According to the SEC complaint about $400,000 was used by Maccoll to make Ponzi-like payments to some of the customers to keep the scheme alive. The balance was used for Maccoll’s personal benefit.

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.

Maccoll’s FINRA record discloses 11 prior customer disputes that were resolved by cash payments. Some of these prior cases were for unsuitable investments, including annuities and private placements.

There are two pending customer arbitrations by UBS customers seeking damages in excess of $1 million related to annuities and private placements.

Maccoll was employed by UBS Financial from 1/2006-3/2018.

If you have losses in an account handled by John C. Maccoll call for a no charge consultation to discuss your options for recovery of damages.

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