Category Archives: Selling Away

Cetera Advisors, Failure to Supervise, Finra Investigation of Stockbroker, Outside Business Activities, Selling Away

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

Failure to Cooperate with Regulatory Investigation, Failure to Supervise, FINRA, Finra Investigation of Stockbroker, J.P. Morgan Securities, Misrepresentation, Outside Business Activities, Promissory Notes, Selling Away, Stockbroker Discharged, Stockbroker Malpractice

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

Morgan Stanley, Outside Business Activities, Selling Away

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

Failure to Supervise, Merrill Lynch, Selling Away, Stockbroker Discharged, Stockbroker Malpractice, Sunbelt Securities

Melvin S. Jacobs-Former Merrill Lynch Broker-Discloses Termination for Selling Unauthorized Investments-Houston, TX

March 2018 – Houston, TX

According to publicly available records , Melvin (“Mel”) S. Jacobs , (CRD# 1361940) ,  a  stockbroker who was previously employed by Merrill Lynch, Pierce, Fenner & Smith,  disclose  that he was recently discharged by Merrill Lynch and a prior 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.

Jacobs is currently employed by Sunbelt Securities in Houston. He was employed by Merrill Lynch from 5/2009-1/2018. In December 2017 Merrill Lynch discharged Jacobs and made the following allegation on his FINRA record: “Conduct inconsistent with Firm policy regarding selling away.”

SELLING AWAY

In the brokerage industry “Selling Away” is the inappropriate practice of a stockbroker soliciting and selling securities not held or offered by the brokerage firm he is employed by. Generally these are private deals that the firm has not performed any due diligence on.

If you have questions about an account in an account handled by Melvin S. Jacobs , contact us for a no charge consultation to discuss 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

Ameriprise Financial, Failure to Supervise, Morgan Stanley, Morgan Stanley Smith Barney, Options, Outside Business Activities, Selling Away, Stockbroker Discharged, Stockbroker Malpractice

Steven Yellen-Former Ameriprise Broker-Discloses Discharge from Employment-El Paso, Texas

February 2018 – El Paso, Texas

According to publicly available records Steven T. Yellen , (CRD# 1281663) ,  a  stockbroker who is not currently registered with any broker dealer and who was last employed by Ameriprise Financial Services,  disclose that he was recently discharged by Ameriprise Financial 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.

In January 2018 Ameriprise discharged Yellen and made the following allegation on his FINRA record: “Registered representative was discharged for violations of company policy related to outside business activities and options trading.”

Yellen was the subject of a customer dispute while employed by Morgan Stanley Smith Barney. In 11/2015 Morgan Stanley paid a customer $5,000 to resolve allegations that Yellen did not follow instructions to transfer stocks to their children.

Yellen was employed by Ameriprise Financial Services from 3/2016-1/2018.

If you have questions about an account in an account handled by Steven Yellen , contact us for a no charge consultation to discuss 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