Category Archives: Unauthorized Trading

Dean H. Grant-Former M Holdings Securities Broker-Discloses Pending Criminal Charges -Milledgeville, GA

February 2020- Milledgeville, GA

The FINRA records of Dean Harrison Grant  , a former stock broker who last worked for M Holdings Securities, Incdisclose  a regulatory event resulting in a bar from the securities industry, a pending felony criminal charge and three liens.

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 5/ 2019,  Grant was permanently barred from the securities industry by FINRA  for refusing to provide information and documentation requested by FINRA after allegations that he converted funds from customers, forged documents and failed to disclose certain liens on his Uniform Application for Securities Industry Registration.

In February 2019 , warrants were issued in in Georgia  for the arrest of Dean Harrison Grant as a result of the allegations that he,  committed: Felony Insurance Fraud, Theft by Taking (Fiduciary): Forgery in the first Degree and Trafficking of an Elder Person.   The case is currently pending.

In October 2018  and December 2018, the State of Georgia filed tax liens totaling over $27,000 in Baldwin County Superior Court, Milledgeville, GA against Grant.

In October of 2017 the Internal Revenue Service filed a tax lien in the amount of $122,540 against Grant.

Grant worked for M Holdings Securities, Inc. from September 2014 until January 2019.   He was with Grand Financial Group (his own business) , and NYLife Securities, Inc. before that time. 

If you have questions about an account  handled by Dean H. Grant  call for a no charge consultation .

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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Ramon Arturo Herrera-Former Wells Fargo Broker-Discloses Customer DIsputes Alleging Theft-Jersey City, NJ

February 2020-Jersey City, NJ

According to publicly available records of Ramon Arturo Herrera (CRD#6021170) ,  a  former stockbroker who last worked for Wells Fargo Clearing Services,  discloses 2 regulatory events and and 3 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 10/2019 New Jersey securities regulators revoked Herrera’s registration  after FINRA  permanently barred him  from the securities industry in 7/2018 to resolve allegations that he failed to respond to FINRA request for information in connection with a regulatory investigation.

Herrera’s official FINRA record also discloses 3 prior customer disputes by Wells Fargo Advisors customers.      Allegations included unauthorized withdrawal from brokerage accounts and excessive trading.   The total settlements paid in these three cases was  over $215,000.

Herrera was employed by Wells Fargo  from 12/2009 until 1/2018.

If you had an account with Ramon Arturo Herrera that suffered losses, you may be entitled to collect damages from his prior employer. Call 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

Wells Fargo Advisors Fined by Regulator for Account Churning

January 2020

The Financial Industry Regulatory Authority (FINRA) assessed a fine of $175,000 and censured Wells Fargo Advisors for failing to supervise their financial advisor who churned the account of an 88 year old client.

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 Letter of Acceptance, Waiver and Consent No. 2017053034301 FINRA made the following findings:

  • The financial advisor place more than 2,000 trades in the accounts of the senior citizen
  • The customer paid over $300,000 in commissions and fees
  • Although the customer’s accounts were flagged 40 times due to the excessive trading, the firm did not reasonably address the problem

Ultimately the customer was paid $1 million in restitution and the financial advisor was was discharged.

NASD and FINRA rules require broker dealers like Wells Fargo to establish and maintain a  system to supervise the activities of their financial advisors.

Churning

The most basic type of churning comes from excessive trading by a broker to generate commissions.  When there are excessive commissions with no noticeable portfolio gains, churning might have occurred.

If you have an account with a brokerage firm that has been excessively traded or unexplained losses, call to learn more.

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

Joey Gebron- Worden Capital Broker- Discloses Customer Disputes – New York, NY

October 2019, New York, NY

According to publicly available records Joseph Omar  “Joey”Gebron  (CRD#2764264) ,  a  stockbroker who is currently registered  with Worden Capital Management  ,  discloses 7 prior customer disputes, one pending 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 the currently pending matter, a customer of Mercer Capital is seeking $820,000 and alleges unauthorized trading, misrepresentation and omissions in connection with the sale of a private placement.

In September 2012,  a Mercer Capital, Ltd.  customer filed FINRA case 12-03062 alleging  misrepresentation, negligence and breach of contract.   The case settled for $20,000 with the entire sum paid individually by Gebron.

In February  2012, a customer of National Securities Corporation, filed FINRA case #12-00449 alleging negligence, breach of fiduciary duty and breach of contract.   The case settled for $47,500 with an individual contribution from Gebron in the amount of $20,000.

In May 2011, a customer of Mercer Capital, Ltd. filed FINRA case #11-02216 alleging unsuitable recommendations, violation of common law fraud, breach of fiduciary duty and negligence.   THe case settled for $45,000 with the entire sum paid individually by Gebron.

In January 2010, a customer of Mercer Capital, Ltd., filed FINRA case #10-00059 alleging misrepresentation, omission of material fact and negligence.   The case settled for $9,500 entirely paid by Gebron.

In November 2009, a customer of Mercer Capital, Ltd.,  filed FINRA case #09-06536 alleging suitability, negligence, gross negligence and breach of fiduciary duty.    The case settled for $50,000 with $25,000 paid individually by Gebron.

In May 2008, a Mercer Capital, Ltd. customer filed FINRA case $08-01285 alleging sales practice.   The case settled for $7,000 paid entirely by Gebron.

Joseph Gebron has been employed by Worden Capital Management since August 2017.   He was previously employed with Benjamin & Jerold Brokerage  from September 2016 until August  2017.  Before that he was with Meyers Associates  and National Securities Corp.  Gebron discloses business affiliations with Open Field Consulting Group.  

If you have questions about an investment account handled by Jospeh Omar Gebron  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

Jack D. Stone-Former Forest Securities Broker-Discloses Customer Disputes & Regulatory Issues-Hillside, IL

September 2019 – Hillside, IL

The FINRA records of Jack David Stone  , a former stockbroker who was last employed by  Forest Securities, Inc. disclose 4 regulatory events, 1 pending customer dispute, 2 prior customer disputes, a termination from employment and a bankruptcy.

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 9/2019, FINRA  without admitting or denying the findings,  Stone consented to the sanction and to the entry of findings that he refused to appear for  FINRA on-the-record testimony in connection with an investigation into his securities activities while at his member firm, including possible misrepresentations to customers, use of discretion and unauthorized transactions.  Stone was permanently barred from the securities industry by FINRA.

In 1/2013 a customer of his prior employer Birkelbach Investment Securities was paid $100,000 to resolve allegations that Stone made unsuitable investments and churned the customer’s account. FINRA Case 11-822,

In pending FINRA case 17-2211 a customer of Forest Securities alleges that Stone churned the account, committed fraud and made unauthorized trades in the account. Damages are not specified.

In 5/2000 Stone was permitted to resign from Schwab Capital Markets following being barred from New York Stock Exchange membership for three years.

Stone discloses a pending Chapter 7 bankruptcy in the Bankruptcy Court for the Northern District of Illinois.

Stone was employed by Forest Securities from 4/2012-8/2019.

If you have problems in an account  handled by Jack D. Stone  call for a no charge consultation .

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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870