Category Archives: Stockbroker Malpractice

Former LPL Financial Broker Reniero Francisco Barred and Sanctioned $14 Million

 Reniero Castillo Francisco , formerly a broker with LPL Financial in Newport Coast, California submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Francisco consented to the sanction and to the entry of findings that he failed to provide FINRA with requested information and documents and failed to appear for an on-the-record interview. The findings stated that Francisco’s failure to cooperate impeded FINRA’s investigation. (FINRA Case #2012032452701)

Francisco was registered with LPL Financial 7/2002-11/2010.

According to FINRA records, Francisco and a co-defendant were named in an enforcement action by the U.S. Commodity Futures Trading Commission which charged that they defrauded investors in connection with operating a commodity pool to trade commodity futures contracts and options, made false statements and misappropriated pool funds. In a parallel criminal action Franciso and his co-defendant pled guilty to conspiracy and fraud leading to  sentences of 151 months and 97 months respectively. In addition they were order to pay a fine of nearly $6 million and restitution of over $8 million. 

If you have questions about your brokerage account or wish to discuss how to recover investment losses, call to speak with an experienced securities attorney. 

Rex Securities Law , located in Boca Raton, FL, 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.

Rex Securities Law

561 391 1900

 

 

Ameriprise Broker Jeffrey Davis Barred By FINRA for Converting Customer Funds

 

 Jeffrey Scott Davis , a former broker with Ameriprise Financial Services, in Virginia Beach, Virginia submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA (Financial Industry Regulatory Authority)  member in any capacity. Without admitting or denying the findings, Davis consented to the sanction and to the entry of findings that he converted $116,976.69 from the brokerage accounts of member firm customers for his personal use and benefit. The findings stated that Davis effected 71 unauthorized electronic automated clearing house (ACH) payments and directed those funds to his personal credit card accounts. None of the customers permitted Davis to transfer or otherwise use their funds for any purpose. (FINRA Case #2013037743101)

 

According to FINRA records, Davis was discharged by Ameriprise in July 2013 with the following entry on his CRD:

“Registered representative was suspended on June 26, 2013 and terminated on July 19, 2013 after the firm concluded client funds were misappropriated via ACH transfer to pay personal credit cards held in the name of the advisor”

Davis was previously registered as follows:

Ameriprise Financial Services  9/2000-7/2013

IDS Life Insurance Company 9/2000-7/2006

Waddell & Reed, Inc.  7/1998-7/2000

If you have questions about transactions in your brokerage account or would like to know more about the process of recovering losses on investments, call to speak with an experienced securities attorney.

Rex Securities Law , located in Boca Raton, FL, 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.

Rex Securities Law

561 391 1900

Buston, Maine- Ameriprise Financial Broker Lisa Brislin Sanctioned by FINRA

 

Lisa Ann Brislin of  Buston, Maine submitted a Letter of Acceptance, Waiver  and Consent in which she was fined $7,500 and suspended from association with any  FINRA (Financial Industry Regulatory Authority)  member in any capacity for 30 days. Without admitting or denying the findings,  Brislin consented to the sanctions and to the entry of findings that she provided false  information on her member firm’s internal system on three occasions by stating that she  verbally confirmed check disbursement instructions with a customer when she never spoke  with the customer. By doing so, Brislin caused the firm to create and maintain inaccurate  books and records. The findings stated that Brislin had effected check disbursements  totaling $44,600 from a firm customer’s account to an unrelated third-party account after  receiving fraudulent emails from someone purporting to be the customer. A firm registered  representative forwarded Brislin an email from what appeared to be a customer’s email  account on file, but the email was sent by an imposter who hacked the customer’s email  account and was fraudulently transferring money to accounts the imposter controlled.  Brislin failed to verbally confirm the transfers as the firm’s policies and procedures required.  A financial adviser contacted the customer and learned that the customer never requested  any check disbursements from the account. The firm restored the $44,600 in funds that  were improperly disbursed from the customer’s account.
The suspension was in effect from April 7, 2014, through May 6, 2014. (FINRA Case #2012034294501)
According to FINRA records, Brislin is currently registered with Ameriprise Financial Services. She was previously registered as follows:
  • UBS Financial 2/2007-10/2013
  • McDonald Investments 11/2001-2/2007
  • Prudential Securities 2/2001-11/2001
If you have questions about the way your brokerage account is being handled or wish to discuss recovery of investment losses through FINRA arbitration, call to discuss your legal rights.

Rex Securities Law , located in Boca Raton, FL, provides representation to  investors  in Maine and 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.

Rex Securities Law

561 391 1900

Robert Acri, Former Broker for World Equity Group Sanctioned by FINRA

Former World Equity Group broker Robert Christian Acri of  Winnetka, Illinois, submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in  any capacity. Without admitting or denying the findings, Acri consented to the sanction  and to the entry of findings that FINRA commenced an investigation concerning his  involvement in the sale of alternative investments, including promissory notes, that  had defaulted. The findings stated that as part of that investigation, FINRA requested  information and documents from Acri.

Acri provided a partial but incomplete response  and, after a deficiency letter was sent to him, he provided a second partial but incomplete  response. Although Acri provided partial responses, he did not substantially comply with  all aspects of the request, and the information and documents he failed to provide were  material to FINRA’s investigation.

FINRA Case #2013038624802

According to FINRA records, Acri’s recent registration history is as follows:
  • World Equity Group 6/2012-6/2013
  • Spyglass Securities 6/2010-6/2011
If you have losses on alternative investments like promissory notes, oil and gas partnerships and real estate investment trusts (REITs), purchased from World Equity Group contact us to discuss your legal rights to recover losses 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

Investors Capital Corp. Fined By FINRA Over Exchange Traded Fund (ETF) Sales

 

Investors Capital Corp.  submitted a Letter of  Acceptance, Waiver and Consent in which the firm was censured and fined $100,000 by the Financial Industry Regulatory Authority (FINRA).  Without admitting or denying the findings, the firm consented to the sanctions and  to the entry of findings that it failed to ensure delivery of exchange-traded fund (ETF)  prospectuses to customers in contravention of Section 5(b)(2) of the Securities Act of  1933.
The findings stated that the firm failed to establish an adequate supervisory system,  including written supervisory procedures, concerning the sale of ETFs and the firm’s obligations to provide ETF  prospectuses to customers. The firm did not have any procedures directly concerning the  sale of ETFs or its obligations to provide ETF prospectuses to customers and permitted  representatives to sell ETFs before completing any firm-mandated training. (FINRA Case #2011025319501)
If you have losses on exchange traded funds purchased from Investors Capital Corp. contact us to discuss your legal rights.

Rex Securities Law , located in Boca Raton, FL, 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.

Rex Securities Law

561 391 1900