Category Archives: Unsuitable Investments

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

Wayne Boucher- Former Corecap Investments Broker- Discloses Settlement of Customer Disputes-Southfield,MI

September 2019 -Southfield, MI

According to publicly available records Wayne T. Boucher  (CRD#26819) , a currently unregistered  stockbroker who last worked for  Corecap Investments disclose  32 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 the most recent matter, FINRA case 16-3202, a customer of CoreCap Investments/Leonard & Co./ L.M. Kohn alleged that Boucher was negligent, committed fraud, and violated FINRA rules in conjunction with the sale of corporate bonds and sought damages in the range of $800,000-$1.4 million. In 1/ 2018 that matter was settled for $167,500.

Boucher’s FINRA records disclose that during his career 31 suits  brought by his customers were resolved with cash payments. Total settlements are nearly $2 million.

Boucher  was employed by Corecap Investments  from October 2012 until March of  2017.

If you have questions about an account handled by Wayne Boucher contact us 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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Stephen Pizzuti – Former Freedom Investors Corp. Broker – Discloses 3 Regulatory Events and Customer Suits – Altamonte Springs, FL

September 2019 – Brookfield, Wi

The FINRA records of Stephen Douglas Pizzuti (CRD #1461660)  a  stockbroker who formerly was employed by Freedom Investors Corp. disclose 3 final regulatory events and 8 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 July of 2013 FINRA commenced an investigation that “Pizzuti disseminated securities related communications to the public that contained material omissions and/or materially misleading information.   Pizzuti made these communications through websites that he controlled.  Through the websites Pizzuti marketed a subscription based “stock analyzer” that used “computational algorithms” to identify with “the highest alpha and strongest performance”.   However Pizzuti failed to provide a sound basis for potential investors to evaluate his product, and failed to present a balanced statement of it’s benefits and it’s risks.  Pizzuti’s statements were exaggerated and misleading because they falsely implied that investors that did not purchase his system were being taken advantage of by professional investors…….”  FINRA imposed sanctions of a 3 month suspension and a fine of $15,000 to be paid personally.

In April of 2002, an  Allen Douglas Securities  customer filed a complaint alleging breach of contract, common law fraud, constructive fraud through breach of fiduciary duty, negligence and gross negligence in the amount of $345,194. A FINRA arbitration panel awarded the customer $250,000.

Pizzuti was employed by Freedom Investors Corp. from 12/2013-3/2017.  Pizzuti discloses a business affiliation with Evaluvest Insurance Services of Longwood, FL.

If you have losses in an account  handled by Stephen Douglas Pizzuti  call for a no charge consultation to learn 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.

Worldwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Luke M. Johnson-Coastal Equities Broker-Discloses Customer Suits-Scottsdale, AZ

September 2019-Scottsdale, AZ

We are investigating Coastal Equities Inc. broker Luke Michael Johnson on behalf of an Arizona resident who alleges that she was sold an unsuitable investment in GPB Capital Holdings. GPB Capital Holdings is currently under investigation by the Securities & Exchange Commission and the Financial Industry Regulatory Authority (FINRA).

GPB Capital Holdings‘ affiliates include:

  • GPB Holdings LP
  • GPB Holdings I
  • GPB Holdings II
  • GPB Automotive Portfolio LP
  • GPB Waste Management LP
  • Armada Waste Management
  • GPB NYC Development LP

GPB Holdings II and GPB Automotive have both seen substantial declines in value over recent months.

According to publicly available records Luke M. Johnson, discloses a pending customer dispute, 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 FINRA Case 18-4125 a customer of Coastal Equities/ Coastal Investment Advisors alleged that Johnson made unsuitable recommendations of alternative investments and limited partnerships. That case was settled for $225,000.

In FINRA Case 18-2266 a customer of Coastal Equities alleged that Johnson recommended unsuitable real estate securities causing losses. That case was settled for $140,000.

In pending FINRA Case 19-1548, a customer of Coastal Equities is seeking damages of $700,000 and alleges that Johnson made misrepresentations and omissions in  soliciting the sale of private placement investments.

Luke Johnson has been employed by Coastal Equities since 4/2012, and does business under the name of Legend Capital Group in Scottsdale, AZ.

If you have an account handled by Luke M. Johnson that you believe has been mishandled, contact us 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