Category Archives: Selling Away

David Ferwerda-Former Signator Investors Broker-Sanctioned Over Woodbridge Mortgage Fund Sales-Grand Rapids, MI

October 2018- Grand Rapids, MI

The FINRA records of  David Carl Ferwerda ,  a  former stock broker who is not currently registered and who was last employed by Signator Investors  disclose  a regulatory bar from the securities industry and a termination from employment related to his alleged involvement in the sales the allegedly fraudulent Woodbridge Mortgage Investment Funds.

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 October 2018 FINRA permanently barred Ferwerda from the securities industry for his failure to provide FINRA with requested documents and information in connection with an investigation of Ferwerda’s participation in sales of notes related to the Woodbridge Group of Companies and 1 Global Capital LLC.

Ferwerda was employed by Signator Investors from 9/2012-3/2018 when he was discharged by Signator Investors for his involvement in the sale of unapproved outside investments in violation of firm policy. The Michigan Department of Licensing and Regulatory Affairs is currently investigating this matter.

Woodbridge-A $1.2 billion Ponzi According to SEC

The U.S. Securities and Exchange Commission announced charges and an asset freeze against a group of unregistered funds and their owner who allegedly bilked thousands of retail investors, many of them seniors, in a $1.2 billion Ponzi scheme.

According to the SEC’s complaint, unsealed in federal court in Miami, Florida, Robert H. Shapiro and a group of unregistered investment companies called the Woodbridge Group of Companies LLC, formerly headquartered in Boca Raton, Florida, defrauded more than 8,400 investors in unregistered Woodbridge funds.

“We allege that through aggressive tactics, Woodbridge and Shapiro swindled seniors into a business model built on lies, which the SEC’s Miami Regional Office staff moved to halt,” said Stephanie Avakian, Co-Director of the SEC’s Enforcement Division.

“Our complaint alleges that Woodbridge’s business model was a sham,” said Steven Peikin, Co-Director of the SEC’s Enforcement Division. “The only way Woodbridge was able to pay investors their dividends and interest payments was through the constant infusion of new investor money.”

“Our complaint further alleges that Shapiro used a web of layered companies to conceal his ownership interest in the purported third-party borrowers,” said Eric I. Bustillo, Director of the SEC’s Miami Regional Office.  “Shapiro used the scheme to line his pockets with millions of investor dollars.”

If you have losses in an account handled by David Ferwerda on investments in Woodbridge or other unsuitable investments call for a no charge consultation to learn about your options for recovery of damages from Signator Investors.

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

Jeffrey Glusman-Former Merrill Lynch Broker-Discloses $550,000 Customer Dispute-Jupiter, FL

October 2018- Jupiter, FL

According to publicly available records  Jeffrey A. Glusman (CRD#4427168), a stockbroker who formerly was registered with Merrill Lynch, Pierce, Fenner & Smith, disclose a pending $550,000  customer dispute.

The Financial 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 currently pending FINRA case #18-01415 , a customer of Merrill Lynch, Pierce, Fenner & Smith alleges unsuitable investment recommendations, misrepresentation and selling away and is seeking $550,000 in damages.

Jeffrey Glusman  worked for Merrill, Lynch, Pierce, Fenner & Smith from September 2001 until December of 2017.   He began his present position with Suntrust Investment Services in February of 2018.

If you have questions about an investment account handled by Jeffrey Glusman, contact us for a no charge consultation to learn about your legal 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

Scott Kozak-Former Cetera Advisors Broker-Subject of Regulatory Investigation-Highland Ranch, CO

August 2018-Highland Ranch, CO

The FINRA records of  Scott P. Kozak ,  a  unregistered broker who was last employed by  Cetera Advisors disclose  4 prior customer disputes, a currently pending investigation and a termination of 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 2009 a customer of Kozak’s prior employer, Multi-Financial Securities Corp. was awarded $51,750 to resolve allegations of securities fraud, breach of fiduciary duty and other claims.

In 2008, another customer of Multi-Financial Securities was paid $27,500 to resolve allegations that Kozak did not follow instructions resulting in substantial tax losses.

In May 2018 FINRA sent a Wells Notice to Kozak recommending that Kozak be disciplined for potential violations related to the sale of private securities and outside business activities. That investigation is currently pending.

Kozak was employed by Cetera Advisors from 7/2001 until 7/2018 when he was discharged for violating firm policy related to private securities transactions.

If you have losses in an account  handled by Scott Kozak or on private securities purchased upon his recommendation , 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

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Charlotte Guin-Former J.P. Morgan Securities Broker-Subject of $10M+ Lawsuit-Huffman, Texas

May 2018- Huffman, Texas 

According to FINRA records, Charlotte A. Guin,  a  former stockbroker who was last  employed by J.P. Morgan Securities , disclose  a prior regulatory event a termination from employment and a pending dispute by a former customer who is seeking damages in excess of $10 million.

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 currently pending Case2016-76988, Harris County, Texas, a former J.P. Morgan Securities customer alleges that Guin diverted funds from the clients accounts held at a firm affiliate and that Guin made false loan guarantees and misrepresentations from 2004-March 2015. The customer seeks an amount of damages in excess of $10 million.

In 2015 Guin   entered into a Letter of Acceptance Waiver and Consent (AWC) with the FINRA to resolve allegations that she failed to provide documents and information during the course of a FINRA investigation into allegations that Guin converted the funds of a non-firm customer. Guin agreed to a permanent bar from the securities industry. AWC No. 2015045263801

According to FINRA records, Guin was registered with J.P. Morgan Securities  from 6/2011-4/2015. She was discharged by J.P. Morgan who made the following allegation on her FINRA record: “Employee had potentially recommended an unapproved outside investment to a client that was not disclosed to the firm”

If you have questions about an account handled by Charlotte Guin, 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 

Texas-512-329-2870

Losses on an Investment in Tezos? Options for Recovery

April 2018-New York

Arthur R. Meunier (a/k/a Robert Breitman, a/k/a Robert Meunier-Breitman) entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) agreeing to a two year suspension and a fine of $20,000, to resolve allegations that his involvement in an outside business activity violated firm and industry rules.

According to the FINRA AWC, Breitman, who used the pseudonym L.M. Goodman to conceal his identity,  began developing Tezos, a blockchain technology and network originally intended for use in connection with over the counter securities transactions. Breitman, a french citizen,  did not tell his employer Morgan Stanley about his involvement in Tezos, as required by firm rules and he made false statements on firm compliance questionnaires.

Breitman created and distributed a business plan for Tezos to prospective investors that failed to provide a balanced presentation and sound basis for evaluating an investment in Tezos.

Tezos raised $232 million earlier this year through an initial coin offering but has since been embroiled in controversy and has yet to issue any tokens to contributors, according to press reports.

According to FINRA records, Breitman was employed by Morgan Stanley from 9/2013-4/2016.

If you invested in Tezos on the recommendation of a registered broker, you may be able to recover damages through FINRA arbitration. 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 

Texas-512-329-2870