Category Archives: Unregistered Securities

Failure to Supervise, Stockbroker Malpractice, Titan Securities, Unregistered Securities

Brad Brooks-Titan Securities Broker-Discloses Customer Suit-Addison, TX

May 2018- Addison, Texas

The FINRA records of  Brad C. Brooks ,  a   broker who is employed by  Titan Securities  disclose one pending customer dispute , 4 prior final customer disputes, a pending regulatory event and a prior final regulatory event.

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 pending FINRA case 17-2747 a customer of Titan Securities seeks damages of $300,000 and alleges that Brooks failed to supervise the broker.

In the currently pending regulatory matter FINRA alleges that Brooks failed to adequately supervise the outside business activities of one of the brokers for which he was responsible. The outside business activities involved the sale of private investments and limited partnership units. FINRA Case 2013035345701. 

 

Brad Brooks has been employed by Titan Securities since 10/2005.

Titan Securities is headquartered in Dallas, Texas, and has been a FINRA member since 2004. They have about 13 brokers located in 7 branch offices in:

  • Arlington, TX
  • Abilene, TX
  • Overland Park, KS
  • Dallas, TX
  • Rowlett, TX
  • Henrico, VA
  • Kingston, OK

If you have questions about an account  handled by Brad C. Brooks , contact us for a no charge consultation to discuss your legal options for recovery.

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, at no cost to you.

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

Alabama Securities Commissioner, FINRA, LPL Financial, Massachusetts Securities Division, Unregistered Securities

LPL Financial to Pay $26M to Resolve Regulatory Investigation

May 2018

The North American Securities Administrators Association (NASAA) announced that a settlement has been reached between state securities regulators and LPL Finanical requiring LPL Finanical to repurchase from investors certain securities sold since October 2006 and to pay civil penalties that could total $26 million or more.

The settlement was led by regulators from Alabama and Massachusetts and relates to unregistered, non exempt securities sold by LPL.

Regulatory sanctions are nothing new for LPL Financial. Their FINRA record discloses 111 prior regulatory events.

If you have questions about how your account has been handled by your advisor,  contact us for a no charge consultation to discuss 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

Affinity Fraud, FInancial Exploitation of the Elderly, Fraud, Misrepresentation, New England Securities, Stockbroker Discharged, Stockbroker Malpractice, Unregistered Brokers, Unregistered Securities, Unsuitable Investments

Greg Smith/Pastor Kirbyjon Caldwell Indicted On Chinese Bond Scam-Shreveport,LA-Houston,TX

April 2018-Shreveport, LA

Shreveport resident Gregory Alan Smith, 55, and Kirbyjon H. Caldwell, 64, of Houston, TX, were indicted by a federal grand jury in a 13 count indictment for allegedly bilking unsuspecting investors out of over a million dollars.

Smith is operator of Smith Financial Group at 7330 Fern Ave., in Shreveport and Caldwell is Senior Pastor of Windsor Village United Methodist Church in Houston. The church is reportedly one of the largest Protestant churches in the U.S. According to Click2Houston Pastor Caldwell gained national notoriety when President George W. Bush made him his spiritual advisor.

Investors were lured to invest in allegedly worthless Historical Chinese bonds issued by the former Republic of China prior to losing power in 1949 and are not recognized by China’s current government.

According to FINRA records, Gregory A. Smith was a licensed broker who worked for New England Securities from 12/1999-7/2010. Smith was discharged by New England Securities in 7/2010 for failing to follow company policy with respect to outside business activities. In 2012, FINRA permanently barred Smith from associating with any FINRA member in any capacity, in part for commingling investor funds in his business account and for misappropriating investor funds.

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.

Smith and Caldwell are charged with  wire fraud and money laundering and face decades in prison if convicted.

SEC complaint vs. Gregory A. Smith and Kirbyjon Caldwell.

If you are a victim of this apparent scam, call for a no charge consultation 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

Energy Securities, Fraud, Misrepresentation, Oil & Gas Investment, Oil related investments, Texas State Securities Board, Unregistered Brokers, Unregistered Securities

Dallas Oil & Gas Promoters-SourceRock Companies-Subject of TX State Securities Board Order

February 2018-Dallas, Texas

The Texas State Securities Board (TSSB) entered an Emergency Cease and Desist Order against Jason A. Gilbert and Parker R. Hallam who are doing business through SourceRock Energy Phoenix Prospect LP, SourceRock Energy GP and SourceRock Energy Partners. 

According to the TSSB order Gilbert and Hallam are soliciting $4.4 million for an oil and gas project (Phoenix Prospect)  without disclosing their history of unpaid tax liens and allegations of fraud, are doing business from 2711 North Haskell Ave, Dallas, TX, and through a website WWW.SourceRockOil.com.

The TSSB order also makes the following findings:

  • In June 2016 Hallam was named as a defendant in SEC v Christopher A. Faulkner, et al, Case No: 3:16-cv-1735-D , Northern District of Texas alleging that Hallam violated the Securities Exchange Acts of 1933 and 1934.
  • Hallam is intentionally failing to disclose one or more material facts including other securities related litigation detailed in the order.
  • gilbert failed to disclose numerous IRS tax liens filed against him in Miami-Dade County, FL, Manhattan Borough, NY, and Dallas, TX.

The TSSB orders defendants to cease and desist from engaging in fraud and offering securities in Texas through an offer containing a statement that is materially misleading or otherwise likely to deceive the public.

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

Broker Disclosing Outstanding Liens/Judgments, Failure to Supervise, LPL Financial, Misrepresentation, Next Financial Group, Selling Away, Stockbroker Malpractice, Unregistered Securities, Unsuitable Investments

Erryn Barkett-Former LPL Financial Broker-Discloses Pending Customer Suits-The Woodlands, TX/Fincastle, VA

February 2018-The Woodlands, TX -Fincastle, VA

According to publicly available records Erryn Michael Barkett , (CRD# 4102279) ,  a  currently unregistered stockbroker who was last employed by LPL Financial, disclose a recent regulatory sanction, 2 pending customer disputes, 3 prior customer disputes and 6 financial disclosures.

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 2/2016, Barkett was sanctioned by the Virginia State Corporation Commission who alleged the sale of  unsuitable and unregistered securities and the omission of  material information in the sale of those securities causing investors to lose $330,000. Barkett was ordered to pay restitution of $15,000 by the Virginia regulators.

Public records disclose that  Barkett’s prior employer  NEXT Financial Group paid over $310,000 to settle the claims of four customers who alleged that Barkett sold them fraudulent unregistered products involving structured military pension investments in Voyager Financial Group.

In pending FINRA Case 17-0132  customers of NEXT Financial Group are seeking damages of $310,000 and allege that between 2009 and 2013 Barkett recommended that they invest in various fraudulent companies and recommended nearly $650,000 in illiquid and poor performing alternative investments, REITs and annuities.

In a case pending in Botetourt County Circuit Court in Fincastle, VA, a customer of NEXT Financial Group has filed an action seeking damages of $78,000 alleging that Barkett sold unregistered securities in a military pension product that were not suitable.

Barkett was employed by NEXT Financial Group 3/2008-1/2013 and with LPL Financial 1/2013-8/2017.

If you have questions about an account handled by Erryn Michael Barkett, contact us to learn how damages may be recoverable 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