Category Archives: Unauthorized Trading

Brian K. Decker Investigation-Legend Securities Broker

FINRA records report that Brian K. Decker, who has been registered with Legend Securities since 9/2009, is named in a 2 currently pending arbitrations:

  • FINRA Case 15-889 by a customer who alleges that Decker engaged in fraud, negligent misrepresentation, breach of fiduciary duty and churning and is seeking damages of $150,000.
  • FINRA Case 15-802 filed by a Florida resident, alleges that Decker was not licensed to sell securities in Florida, made false statements of material fact, engaged in unauthorized transactions, failed to follow instructions, engaged in churning and stock manipulation and improperly used margin borrowing in the account. The customer alleges damages of $150,000.

Brian Decker has been named in nine other customer disputes that have been resolved, including:

  • A July 2015 settlement of $35,000 to a customer alleging failure to supervise and unsuitable investments.
  • FINRA Case 14-2734 alleging violation of Colorado securities and consumer protection laws, negligence and common law fraud, settled for $14,999.
  • FINRA Case 12-1033 alleging breach of fiduciary duty, negligence, churning and fraud settled for $32,500.

Prior to joining Legend Securities, Decker was registered with VFinance Investments 

We are investigating Legend Securities broker Brian Decker and would like to speak with any of his present or prior customers who may have information they believe to be helpful to this investigation.

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

Larry Werbel Indicted For Securities Fraud & Ordered to Pay $100,000 by FINRA Arbitrators- In the Same Week

February 24, 2016- Cleveland, Ohio

A Financial Industry Regulatory Authority (FINRA) arbitration panel ordered former Summit Brokerage Services stockbroker Larry Werbel , who operated Evolution Partners Wealth Management of Chagrin Falls,  to pay two former customers $100,000 plus costs. FINRA Case # 14-2891.

The customers had filed their original action alleging Werbel bought and sold penny stock shares of VGTel, Inc. (VGTL)  and engaged in self dealing and unauthorized trading with the assistance of broker affiliate Cor Clearing. The customers alleged that Werbel’s trading was unsuitable and that Summit Brokerage, his employer had knowledge that Werbel had been fired from his former employer, , for securities law violations and failed to adopt a program of heightened supervision to monitor Werbel’s activities.

According to the arbitration award, in January 2016 Werbel and his co defendants ,Summit Brokerage Services and Cor Clearing, entered into a settlement agreement with the customers, however,  shortly after the settlement was reached, Werbel announced that he would not be satisfying his obligations under the settlement agreement resulting in the filing of a Motion to Enforce Settlement against Werbel.

Werbel Indicted for $15 Million VGTL Securities Fraud

The Same Week

Werbel’s decision to back out of the settlement may well be related to the fact that he was indicted that same week in a scheme to defraud 100 people or more out of $15 million. Here is a copy of the indictment. 

Werbel’s recent employment history:

  • 4/2015-1/2016             Concorde Investment Services
  • 3/2011-11/2014           Summit Brokerage
  • 2/2009-2/2011              LPL FInancial 

If you have losses in an account handled by Larry Werbel or if you lost money trading VGTL, call to discuss your legal options.

larry werbel

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

Sagepoint Financial Hit With Arbitration Award for Allowing Husband to Trade Wife’s Account

March 3, 2016- Des Moines, Iowa

A Financial Industry Regulatory Authority (FINRA) arbitration panel ordered Sagepoint Financial to pay $57,500 to a wife who brought the action against Sagepoint alleging that they allowed her husband, who was an employee of Sagepoint, to trade her account without her authorization.  The panel also awarded interests and costs. FINRA Case# 15-473.

Brokers have a duty to only follow the orders of those who you have authorized in writing to control your brokerage account.

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

Stockbroker Leavitt Sanders has 38 Customer Complaints- Invest Financial Corporation-West Point, Georgia

West Point, Georgia

We are investigating Leavitt F. Sanders,  of Leavitt Financial Group, who was a registered stockbroker with the following broker dealers:

  • Capital Asset Advisory Services                   1/2014- present
  • Triad Advisors                                                        1/2014-12/2014
  • Invest Financial Corporation                       10/2008-1/2014
  • Financial Network Investment Co.               11/1998-10/2008

According to FINRA records, Sanders has been named in 38 customer disputes, of which 13 are still pending.

In these prior and pending customer disputes, Sander’s former customers have made numerous allegations regarding the mishandling of their brokerage accounts, including:

  • unsuitable investment strategies
  • misrepresentation
  • breach of fiduciary duty
  • lack of diversification
  • excessive trading
  • unauthorized trading
  • failure to follow liquidation instructions

In March 2015, the Georgia Secretary of State suspended Sanders pending his agreement to produce documents and records for inspection in connection with an official records examination.

If you have losses in an account handled by Leavitt Sanders, contact us to discuss how you may be able to recover damages from his former 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

Anthony Diaz-Former IBN Financial Broker-Discloses 42 Customer Complaints

Scotrun, PA

UPDATE APRIL 2017-The New Jersey Bureau of Securities revoked Anthony Diaz’s registration.

UPDATE October 2016-Anthony Diaz discloses a total of 42 customer complaints, of which 16 are currently pending. In addition he discloses 5 Employment Separations After Allegations by former employers. See this for FINRA brokercheck record.  

Original post February 2016-Anthony Diaz (CRD 4131948) entered into an Order Accepting Offer of Settlement with the Financial Industry Regulatory Authority (FINRA) on May 27, 2015, agreeing, without admitting or denying FINRA’s allegations, to a bar from acting as a broker or otherwise associating with firms that sell securities to the public.

The FINRA Order makes the following Findings and Conclusions:

  • Diaz induced approximately eighty customers to enter into variable annuity exchanges, often subject to significant surrender charges, without a reasonable basis for recommending those exchanges.
  • Diaz engaged in misconduct in connection with the sale of direct participation partnerships and real estate investment trusts, or REITs, during the period February 2007 through February 2010, falsely telling seven customers that the investments were either guaranteed or guaranteed to pay certain amounts of interest.
  • Diaz falsified or caused the falsification of the liquid net worth, net worth, and/or income information for at least nine customers to make it appear that they were eligible to invest in the products described in the preceding paragraph when they in fact were not. He also altered or caused the alteration of the dates that appeared next to the signatures ofcustomers on authorizations to transfer accounts on at least two occasions.
  • Diaz made unauthorized trades in the accounts of at least seven customers
  • Diaz was fired by or allowed to resign from more than half of the eleven firms at which he worked over his fourteen years in the securities industry.

According to FINRA records, Diaz has been named in 38 customer disputes of which 23 are currently pending.

Diaz most recent employments  were:

9/2012-4/2015                      IBN Financial Services

3/2012-9/2012                      Sandlapper Securities 

8/2011- 3/2012                      International Financial Solutions

4/2011-8/2011                       Kovack Securities

3/2010- 4/2011                      Matrix Capital Group

If you have losses in an account handled by Anthony Diaz, contact us to learn how you may be able to collect damages from his former employer. FINRA records indicate that Diaz operated under these DBAs: Financial Planners Group of America, Wealth Management Group of America and Anthony Diaz, Inc. 

Anthony Diaz FINRA Order May 2015 can be viewed here.

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