Category Archives: Unregistered Securities

Texas Securities Regulators Require Metals.Com to Refund $10M

July 2019-Austin, Texas

The Texas State Securities Board (TSSB) issued a news release announcing that Metals.Com, has agreed to offer a full refund to some 84 Texas investors.

According to the release Metals.Com cold called Texas residents, mostly individuals age 65 to 90,  and told them that their money was not safe with conventional registered brokers in order to get them to move their funds into precious metals. The total amount to be refunded may exceed $10 million.

An 80 year old Dallas was convinced to move $850,000 of retirement assets from an IRA into precious metals sold by Metals.Com, according to the TSSB.

The order issued by TSSB requires Metals.Com to repay the full amount invested by the Texas victims.

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

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

LPL Financial Fined $450K by Texas Regulators for Sale of Unregistered Securities-Austin, TX

April 2019- Austin , Texas

The Texas State Securities Board (TSSB) fined LPL Financial $450,000 and ordered a repurchase of certain securities sold to investors. In addition LPL agreed to pay $49,000 to the Texas Investor Education Fund of the Investor Protection Trust to be used for investor education.

In the settlement agreement with Texas, LPL agrees to review its records for all executed, solicited purchase orders of certain equity and fixed income securities between 10/1/2006-5/1/2018, and offer to repurchase the securities, if still held, or if the securities have been sold, pay damages including 3% simple interest per annum.

If you have a question about how your account at LPL Financial has been handled, 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Jon Pariser-Former Independent Financial Group Broker-Subject of $2.7M Customer Suits Over Note Sales-Pacific Grove, CA

December 2018-Pacific Grove, CA

According to publicly available records    Jon R. Pariser , a  former stockbroker who was last registered with Independent Financial Group , and before that SWS Financial Services,  disclose a recent regulatory event barring him from the securities industry, 3 currently pending and 3 prior 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 10/2018 FINRA permanently barred Pariser from the securities industry to resolve allegations that he failed to cooperate with a FINRA investigation into his referral of customers to an individual who was not registered to sell securities and who may have recommended or sold unsuitable securities to them.

In the three currently pending FINRA arbitrations , customers of Independent Financial Group allege that Pariser recommended that they purchase promissory notes from individuals not affiliated with Independent Financial Group. They seek combined damages of more than $2.7 million. In 6/2014 Pariser was discharged by SWS Financial Services who alleged that he had utilized unauthorized discretion in customer accounts.

If you have losses in an account in an account handled by Jon Pariser , contact us for a no charge consultation 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

David Ferwerda-Former Signator Investors Broker-Sanctioned Over Woodbridge Mortgage Fund Sales-Grand Rapids, MI

March 2019- Grand Rapids, MI

The FINRA records of  David Carl Ferwerda ,  a  former stock broker who is not currently registered and who was last employed by Signator Investors  disclose  a regulatory bar from the securities industry , a customer dispute and a termination from employment related to his alleged involvement in the sales the allegedly fraudulent Woodbridge Mortgage Investment 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.

In October 2018 FINRA permanently barred Ferwerda from the securities industry for his failure to provide FINRA with requested documents and information in connection with an investigation of Ferwerda’s participation in sales of notes related to the Woodbridge Group of Companies and 1 Global Capital LLC.

Ferwerda was employed by Signator Investors from 9/2012-3/2018 when he was discharged by Signator Investors for his involvement in the sale of unapproved outside investments in violation of firm policy. The Michigan Department of Licensing and Regulatory Affairs is currently investigating this matter.

Woodbridge-A $1.2 billion Ponzi According to SEC

The U.S. Securities and Exchange Commission announced charges and an asset freeze against a group of unregistered funds and their owner who allegedly bilked thousands of retail investors, many of them seniors, in a $1.2 billion Ponzi scheme.

According to the SEC’s complaint, unsealed in federal court in Miami, Florida, Robert H. Shapiro and a group of unregistered investment companies called the Woodbridge Group of Companies LLC, formerly headquartered in Boca Raton, Florida, defrauded more than 8,400 investors in unregistered Woodbridge funds.

“We allege that through aggressive tactics, Woodbridge and Shapiro swindled seniors into a business model built on lies, which the SEC’s Miami Regional Office staff moved to halt,” said Stephanie Avakian, Co-Director of the SEC’s Enforcement Division.

“Our complaint alleges that Woodbridge’s business model was a sham,” said Steven Peikin, Co-Director of the SEC’s Enforcement Division. “The only way Woodbridge was able to pay investors their dividends and interest payments was through the constant infusion of new investor money.”

“Our complaint further alleges that Shapiro used a web of layered companies to conceal his ownership interest in the purported third-party borrowers,” said Eric I. Bustillo, Director of the SEC’s Miami Regional Office.  “Shapiro used the scheme to line his pockets with millions of investor dollars.”

If you have losses in an account handled by David Ferwerda on investments in Woodbridge or other unsuitable investments call for a no charge consultation to learn about your options for recovery of damages from Signator Investors.

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