Category Archives: Stockbroker Malpractice

How to Recover Losses on GPB Funds

June 2019

GPB Capital reports that their two largest funds have dropped dramatically. GPB Holdings II has dropped by more than 25% and GPB Automotive Portfolio has declined by 39%, according to the company.

A $50,000 in investment in GPB Holdings II is now worth $37,300 and $50,000 invested in GPB Automotive Portfolio is estimated to be worth just over $30,000.

GPB raised over $1.25 billion in these high risk private placements that were sold to investors in $50,000- $100,000 increments. The financial press now reports that the company earned commissions of $167 million on these sales, by charging 9.3%, a rate that is just below the industry cap on commissions.

In February 2019 the FBI made an unannounced visit to company headquarters in New York. Earlier investigations by the Massachusetts securities regulators and the Securities and Exchange Commission are widely reported.

According to the financial press, GPB Funds were sold by as many as 60 independent broker dealers, including Royal Alliance Associates, Sagepoint Financial, FSC Securities and Woodbury Financial Services.

If you have questions about an investment you made in GPB Funds,  contact us for a no charge consultation to learn about your legal options. 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

Renee Altamirano-Former LPL Broker-Discloses Regulatory Event and Termination-Hot Springs Village, AR

May 2019-Hot Springs Village, AR

According to publicly available records Renee Valerie Altamirano (CRD#5644156) ,  a  stockbroker who is currently not registered,  discloses a regulatory event 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.

Without admitting or denying the findings, Altamirano consented to sanctions and to the findings that she refused to appear for FINRA on-the-record testimony in connection with a FINRA investigation into allegations that Altamirano engaged in an undisclosed outside business activity selling merchandise on eBay, some of which belonged to her supervisor and her member firm.   As result of this investigation, Altamirano was permanently barred from FINRA. FINRA case 2018058102601

In March of 2018, Altamirano was discharged from LPL Financial after allegations of  violation of firm policy regarding outside business activities, consisting of online sales of various merchandise.   She was not the owner of some of the items.

Altamirano was employed with LPL Financial  from August 2014 to March of 2018.   Altamirano discloses a business affiliation  with  Rigney Financial Services.  

If you have questions about an investment account handled by Renee V. Altamirano 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

Kyusun Kim-Former Independent Financial Group Broker-Barred from FINRA-Discloses 19 Settled Customer Suits- Greenville, SC

June 2019- Greenville, SC

According to publicly available records, former Independent Financial and Sandlapper Securities  financial advisor Kyusun Kim,  discloses 19 settled and 4 pending customer disputes  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 June 2018 FINRA (FINRA case 2017052705001) permanently barred Kim from the securities industry to resolve allegations that he made unsuitable recommendations to numerous senior customers, who were retiring or had retired. Kim recommended that these customers concentrate their retirement assets and liquid net worth in speculative and illiquid securities, according to FINRA.   Kim failed to disclose to his customers the risks associated  and as a result of these recommendations, Kim’s customers suffered substantial losses.

From December of 2007 until June 2013, 15 customers of Independent Financial Group brought cases alleging that Kim  forged signatures, made unsuitable recommendation, misrepresentation, violated state and federal securities laws, committed elder abuse, and other wrongful conduct.   These cases were collectively settled for over $3 million.

Between December 2016 and February 2018, four customers of Independent Financial Group filed cases alleging wrongful conduct, breach of fiduciary duty, breach of written contract, violations of federal and state securities laws in connection with investments,  unsuitable investments, breach of oral and written contract. Total damages on these pending cases exceed 1 million.

Kim  was employed by Sandlapper Wealth Management  from March 2016 until August of 2018 when he was discharged.   Kim was employed with Independent Financial Group in San Diego, CA from February of 2006 until March of 2016.

If you have losses in an account handled by Kyusun Kim, 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

Craig Bonn-Former Laidlaw & Company Broker-Discloses Customer Disputes- New York

June 2019 – New York

According to publicly available records, a former Laidlaw & Company financial advisor, Craig A. Bonn discloses 1 pending and 2 prior customer disputes.

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 a prior matter, FINRA Case 14-0033, a customer of Laidlaw & Company was paid $325,000 to resolve allegations that Bonn made unsuitable recommendations in limited partnerships and equities from 2006 to 2012.

In pending FINRA Case 18-02628 a customer of Laidlaw & Company alleges unsuitability and that Bonn traded his account excessively from 2008 to 2016.   The customer is seeking damages of $228,128.

Bonn has been employed by National Securities Corporation since January 2016.   Prior to that he was registered with Laidlaw & Company (UK) Ltd. from August 2004 until December 2015.

If you have questions about an investment account handled by Craig Aaron Bonn,  contact us for a no charge consultation to learn about your legal options for recovery of damages.

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

Toll Free: 877-224-3199

Florida-561 391 1900

Texas-512-329-2870

Mark Tudor-Fired by Raymond James-Barred From Securities Industry-Lake Mary, FL

May 2019, Lake Mary, Florida

According to publicly available records Mark Andrew Tudor  ,  a  former stockbroker who last worked for Raymond James Financial  ,  disclose a recent regulatory event barring him from the securities industry, 3 prior customer disputes, and a discharge 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 March 2019 FINRA permanently barred Mark Tudor from the securities industry to resolve allegations that he failed to respond to a request for information in connection with a FINRA investigation.

In December 2018 a customer of Raymond James was paid $40,000 to resolve FINRA arbitration 18-03428 alleging that Tudor had recommended a private securities transaction without the approval or knowledge of the firm.

Tudor, who is owner of Tudor Wealth Management,  was employed by Raymond James from 2/2013 until 10/201 when he was discharged for introducing clients to investments away from the firm without approval and for not being helpful when interviewed by Raymond James counsel.

If you have losses in an account handled by Mark Tudor, call to discuss you options for recovery of damages.

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