Category Archives: Fraud

Commonwealth Financial Network, Finra Investigation of Stockbroker, Fraud, Stockbroker Discharged, Stockbroker Malpractice, StockBroker Misconduct, Theft, Unsuitable Investments

Benjamin Bourgeois, Jr.-Former Commonwealth Financial Broker-Discloses Customer Disputes and a Termination-Metairie, LA

November 2020- Metairie, LA

According to publicly available records, former Commonwealth Financial Network,  financial advisor Benjamin Bourgeois, Jr.   is barred from FINRA and discloses 3 prior customer disputes, a pending customer dispute 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 May of 2019  in FINRA case 2019062162101  Bourgeois was  permanently barred from the securities industry to resolve allegations that he failed to produce documents and information requested by FINRA during the course of an investigation into allegations reported on his Form U5 that he, among other things, borrowed money from a customer, converted customer funds and committed fraud.

In August of 2019 a customer of  LPL Financial and Commonwealth Financial Network , alleged that over several years beginning as early as March 2014 Bourgeois induced her to write personal checks purportedly to make investments but which he instead deposited into his personal bank account for his own use and that he potentially recommended unsuitable investments.    The case settled for $15,000.

In April 2019 a customer of Commonwealth Financial Network alleged conversion of customer funds made by personal check purportedly for investment purposes; employing devices, schemes or artifices to defraud; making untrue statements of material facts; fraud.       Customer is seeking $519,500 in damages.     The case is still pending.

In April of 2019 Bourgeois was discharged from Commonwealth Financial Network following allegations of borrowing money from a customer in violation of FINRA Rule 3240 and Firm Policy.

Bourgeois  was employed by Commonwealth Financial Network from May of 2015 until his termination.   Before that time he was registered with LPL Financial and Sterne Agee Asset Management.  

If you have losses in an account handled by Benjamin Bourgeois, Jr., call 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

Finra Investigation of Stockbroker, Fraud, LPL Financial, Stockbroker Malpractice, StockBroker Misconduct

Patrick Coogan-LPL Financial Broker- Permanently Barred from Securities Industry- Baton Rouge, LA

November 2020- Baton Rouge, LA

According to publicly available records, former LPL Financial   advisor Patrick Coogan,  has been barred from the securities industry by FINRA.

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 April 2020,  in FINRA case 2018058134301sd, Coogan was  permanently barred from the securities industry to resolve allegations that he made reckless misrepresentations of material fact in agreements he signed in connection with loans his customer obtained from multiple banks.   Coogan enabled the customer to improperly obtain multiple bank loans by over-pledging the customer’s assets and making material misrepresentations to the lender banks.

Coogan had been employed by LPL Financial since June of 2009.   Coogan operated his financial services business through  a dba called Champion Wealth Strategies. 

If you have losses in an account handled by Patrick Coogan, call 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

Cambridge Investment Research, Failure to Supervise, Finra Investigation of Stockbroker, Fraud, Misrepresentation, Stockbroker Discharged, Stockbroker Malpractice, StockBroker Misconduct, Theft

Lynn Cawthorne-Cambridge Investment Research Broker- Charged With Wire Fraud-Shreveport, LA

October 2020- Shreveport, LA

Shreveport Times photo of Lynn Cawthorne

According to publicly available records, Lynn Dale Cawthorne, a former broker who last worked for Cambridge Investment Research  has been charged in the U.S. District Court for the Western District of Louisiana with conspiracy to commit wire fraud, a felony. Link to US Atty Office press release. 

FINRA suspended Cawthorne’s license to sell securities in 1/2020. In 8/2020 FINRA filed a complaint alleging that Cawthorne failed to comply with requests for information in connection with an investigation into his failure to disclose multiple felony charges.  In addition to the wire fraud charges it is alleged that Cawthorne misappropriated $536,000 from a government program that provided meals to children in low income areas.

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 9/2018 Cawthorne was discharged by Cambridge Investment Research where he had been employed since 4/2013. Cawthorne discloses affiliations with Advocare, Goodwill Industries, Christian Services and Cawthorne Financial Group, all located in Shreveport.

If you have losses in an account handled by Lynn Cawthorne, call 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

Failure to Supervise, Finra Investigation of Stockbroker, Fraud, Mutual of Omaha Investor Services, Stockbroker Discharged, Stockbroker Malpractice, StockBroker Misconduct, Theft, Thrivent Investment Management

Edward Earl Matthes-Former Mutual of Omaha Investment Services, Inc. Broker-Barred from Securities Industry for Alleged Theft-Oconomowoc, WI

October 2020- Oconomowoc, WI

According to publicly available records, former Mutual of Omaha Investor Services, Inc.,   financial advisor Edward Earl Matthes ,  discloses 5 regulatory events, a civil event, 15 prior customer disputes, a pending FBI investigation regarding alleged misappropriations,  and 2 terminations 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 January 2020,  the United States Securities and Exchange Commission  permanently barred Matthes from the securities industry to resolve allegations that he defrauded 26 customers out of approximately $2.4 million by convincing his customers to invest in what he described as a safe investment that would earn a guaranteed minimum yield of 4% per year.   As alleged in the complaint, the purported investment did not exist and the representative stole approximately $1.4 million for his personal use.   Matthes allegedly stole an additional $1 million by making unauthorized  sales and withdrawals from his customers’ variable annuities.   To cover up his fraud, the representative allegedly created fake account statements and paid approximately $170,000 in Ponzi-like payments to customers.

In May of 2019, Wisconsin filed case #S-239626 with allegations that Matthes misappropriated over $1 million from his insurance clients, created fictitious investments and fictitious account summary forms.   His sanctions were to Cease and Desist and being Barred from the State of Wisconsin Department of Financial Institutions Division of Securities.

In March of 2019 the Federal Bureau of Investigation launched an investigation alleging misappropriation of funds by Matthes. 

From December of 2015  until April of 2019,  at least 12  customer brought cases alleging that Matthes misappropriated funds by diverting client’s assets for his personal use, provided fictitious account statements,  provided client documentation including copies of checks written directly to Matthes that were deposited directly into his personal account and unsuitability.   These cases were collectively settled for about $1.7 million.

Matthes was employed with Mutual of Omaha Investor Services, Inc., from March of 2012 until  March of 2019 when he was discharged after allegations of creating fictitious account statements and diverting customer funds for his own personal use.  Before that time he was employed with Thrivent Investment Management, Inc.

If you have losses in an account handled by Edward Earl Matthes, call 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

Aspen Equity Partners, Finra Investigation of Stockbroker, First Canterbury Securities, FIrst Financial Equity, Fraud, HilltopSecurities (formerly Southwest Securities), Stockbroker Discharged, Stockbroker Malpractice, StockBroker Misconduct

Clayton Wertz-Former First Financial Equity Broker-Barred from Securities Industry-Dallas, TX

April 2020-Dallas, TX

The FINRA records of Clayton H. Wertz, a broker last employed  in the securities industry by First Canterbury Securities, Inc., disclose  a regulatory event resulting in his bar from the securities industry, a 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 September 2019, Wertz was permanently barred from the securities industry by FINRA after allegations that he created false account statements for a customer in order for the customer to secure a bank loan for $1.872 million.   The findings stated that Wertz created a false account statement for the customer by changing the name, address and account number on another customer’s statement that showed the account holding more than $3 million in securities.   Wertz gave the false statements to the bank’s loan officer.   Because the bank required copies of account statement each month, he created a false account statement for the customer for every month.   Wertz gave some of the false statements to the customer, knowing that the customer would provided them to the bank and gave others directly to the bank.   According to FINRA, Wertz knew the account statements contained false values and that there would be submitted to the bank to obtain and maintain the loan.   Wertz received $50,000 from the customer and the customer’s brother in payment for his actions.    The customer’s entity subsequently borrowed additional money from the bank and was extended a credit based in part on the false account statements.   The customer’s entity defaulted on its loan from the bank, resulting in a loss to the bank of more than $3.2 million.

Wentz’s employment history in the securities industry includes:  First Canterbury Securities, Inc. ,  First Financial Equity Corporation , Aspen Equity Partners, Hilltop Securities (formerly Southwest Securities), Wachovia Securities and Merrill Lynch.   

If you have problems in an account  handled by Clayton Holman Wertz 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