Category Archives: Stockbroker Malpractice

Larry Breen-Former VSR Financial Broker-Subject of $100K Customer Suit-Lake Mary, FL

February 2019 – Lake Mary, FL

The FINRA records of  Lawrence “Larry”  Aloysius Breen III ,  a  stockbroker who was formerly  employed by  VSR Financial Services  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 7/2018, a customer of Breen’s former employer, VSR Financial Services, filed FINRA Case 18-2544, alleging  that Breen was negligent , made misrepresentations and omitted material facts in connection with a recommendation to purchase a real estate security. The customer seeks damages of $100,000.

Larry Breen was employed by VSR Financial Services from 9/2006-12/2015. He is currently employed by Centaurus Financial in Lake Mary, FL, and discloses an affiliation with Breen Financial Management in Heathrow, FL.

If you have losses in an account in an account handled by Larry Breen or another broker who was employed by VSR Financial Services , contact us for a no charge consultation to discuss how you may be able to recover damages for those losses.

VSR Financial Services Prior Problems With REITs 

VSR Financial Services was fined $550,000 by the Financial Industry Regulatory Authority (FINRA) in May 2013 in connection with the sale of alternative investments . In their findings, FINRA criticised VSR Financial for recommending high concentration levels of alternative investments in customer accounts and for its lack of supervision over the use of consolidated reports prepared by brokers and provided to customers.

Alternative investments include non publicly traded real estate investment trusts (REITS) , hedge funds, real estate, commodities and derivatives contracts and, managed futures. These investments tend to be complex, illiquid, nontransparent, hard to value and expensive. Many of the alternative investments sold over recent years are not traded on any public market making them difficult to value and even more difficult to liquidate if cash is needed.

 VSR wound down operations at the end of 2016 and transferred most of their brokers and customer accounts to Summit Brokerage ServicesSee this for more information regarding VSR Financial Services.

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

Jay Weiser-Former Despain Financial Broker-Barred From Securities Industry-Collinsville, IL

February  2019 – Collinsville, IL

According to public recordsJay R. Weiser  (CRD#1511042)  a  former stockbroker who was previously employed by Despain Financial Corporation,  discloses a regulatory event, a pending customer dispute 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 January of 2019, Weiser was permanently barred from the securities industry by FINRA after he   failed to cooperate with FINRA’s requests for documents and for on-the-record testimony related to its investigation into his conduct regarding the sale of Promissory Notes and interests to determine whether Weiser engaged in unapproved private securities sanctions.   

In May of 2018, a customer of  Despain Financial Corporation ,  filed FINRA case #18-01750  alleging  that Weiser mismanaged claimant’s retirement assets.   The alleged damages are $498,047.   

Weiser was employed by Despain Financial since 2000. In June of 2018 Weiser was discharged  by Despain after clients alleged that he sold investments and life insurance to them that was not suitable for their situation. Weiser discloses business affiliations with Weiser Financial in Earlville, IL and Despain Investment Solutions in Collinsville, IL. 

If you have questions about an account handled by Jay Weiser, contact us for a no charge consultation to learn how you may be able to recover damages from his employer 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

Michael Venturino-Former Aegis Capital/Trident Partners Broker-Subject of $1.2M Customer Suit-Garden City, NY

January 2019- Garden City, NY

According to publicly available records Michael Christopher Venturino ,  a  stockbroker who is currently employed by Spartan Capital Securities and was formerly employed by Aegis Capital Corp. and Trident Partners, disclose a prior regulatory event, 3 pending customer disputes, 4 prior customer disputes and a recent Chapter 7 bankruptcy filing.

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 2018 Venturino was suspended indefinitely by FINRA for failure to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.

In 11/2017 a former customer from his prior firm, Aegis Capital was paid $16,500 to resolve allegations that Venturino traded the account without permission from 11/2016-6/2017.

In 6/2017 a customer of Aegis Capital was paid $142,500 to resolve allegations that Venturino excessively traded the account and traded it without permission from 6/2014-1/2016.

The currently pending suits, by customers of Aegis Capital ,include:

  • FINRA Case 18-2948- alleges that Venturino churned their account and made unsuitable trades and seeks damages of $290,359
  • FINRA Case 18-408-alleges unauthorized trading by Venturino and unsuitable recommendations and seeks damages of $1,280,623.

Venturino discloses that he filed Chapter 7 bankruptcy in 1/2019 in the Federal Court for the Eastern District of New York.

Venturino has been employed by Spartan Capital since 4/2018.

If you have losses in an account handled by Michael Venturino, contact us for a no charge consultation to learn how you may be entitled 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

Roger Kroeger-Former Invest Financial Broker-Discloses Criminal Suit & Termination-Ft. Lauderdale, FL

January 2019- Ft. Lauderdale, FL

According to publicly available records Roger Kroeger, (CRD# 1526864) ,  a  previously registered stockbroker who was last employed by Invest Financial Corporation, disclose a regulatory event, a pending criminal charge, 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.

In September of 2018, Kroeger consented to a sanction and to the entry of findings that he refused to appear for FINRA on-the-record testimony in connection with a FINRA investigation.   Kroeger violated FINRA Rules 8210 and 2010 and was barred from the securities industry.

In a pending criminal matter, Case17013278CF10A, Circuit Court in Broward County, FL , Kroeger is charged with 1 felony count of obtaining property of over $50,000 by fraud, one felony count of exploitation of elderly in the amount of $100,000 or more, three felony counts of  fraud -utter false instrument, two felony counts of grand theft first degree greater than $100,000, one felony count of grand theft greater than $20,000 and less than $100,000 and two felony counts of fraud-money launder trans $100,000 or more.  Kroeger  has pleaded not guilty to all charges and the matter is currently pending.

In December of 2017, a customer of Invest Financial Corporation alleged Kroeger misappropriated cash funds from the customer account. That case was settled in 4/2018 for $206,084.

Kroeger began working  for Invest Financial Corporation in 1990 and was discharged in 11/2017. Invest Financial makes the following allegation on Kroeger’s FINRA record: “Representative admitted to facilitating a loan to his sister from a senior client and was subsequently chard with multiple felony offenses in connection with these circumstances”.

If you have losses in an account handled by Roger Kroeger, contact us for a no charge consultation to learn how you may be entitled 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

Matt Streif-UBS Financial Broker-Discloses $350K Customer Settlement – Austin, TX

January 2019, Austin, TX

According to publicly available records  Matthew T. Streif, a stockbroker registered with UBS Financial Services , discloses a customer dispute that was resolved by a  cash settlement of $350,000.

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 12/2016, a customer of Streif’s prior employer,  Morgan Stanley Smith Barney,  filed FINRA case #16-03596, alleging that their  account was churned and that profits were shared with the broker on equities, futures,  commodities and exchange traded funds, from 2009 until 2015.   The case was settled in 4/2018 for $350,000.

Streif has been employed by UBS Financial Services since October 2015.    He was with Morgan Stanley from 2005-2015.

If you have questions about account handled by Matt Streif contact us for a no charge consultation to learn about your legal options for recovery of losses.

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