Category Archives: Unsuitable Investments

Douglas Lee-Former Worden Capital Management Broker-Discloses Customer Disputes-Garden City, NY

November 2019 – Garden City, NY

The FINRA records of Douglas Lee a stockbroker who was last employed by  Worden Capital Management disclose a pending customer dispute 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 August 2019 a  customer of Lee’s former employer ,Worden Capital Management, was paid $19,999 in FINRA case #19-00369 to  resolve allegations that Lee charged excessive commission, churned the account and made unsuitable transactions.

In May 2017, a customer of Worden Capital Management,  was paid $12,500 in FINRA case #17-01266 to resolve allegations of  fraud, negligent misrepresentation, breach of fiduciary duty and breach of covenants of good faith .

In July 2013 a customer of J.D. Nicholas & Associates, Inc.  settled a claim alleging unsuitable option investments and was paid  $25,000.

In pending  FINRA case #14-03697 a customer of  J.D. Nicholas & Associate alleges churning, negligence, unsuitability, over concentration and failure to supervise and is seeking damages of $57,130.

Lee  was employed by Worden Capital Management   from November 2014 until June of 2015 and with J.D. Nicholas & Associates, Inc.  from September 2009 until November 2014.

If you have questions about an account  handled by Douglas Lee  call for a no charge consultation to learn more 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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Shawn B. Davis-Former Independent Financial Group Broker-Discloses 6 Pending Customer Disputes And A Prior Customer Dispute – Auburn, CA

October 2019 – Auburn, CA

The FINRA records of Shawn Bruce Davis  , a stockbroker who was last employed by  Independent Financial Group disclose 6 pending customer disputes and  2 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 August 2013, a Berthel Fisher & Company Financial Services customer filed FINRA case #13-02524 alleging that investments purchased from 2005 to 2008 were unsuitable and misrepresented by Davis.  The case settled for $52,500.

In August of 2018, a customer of Berthel Fisher & Company Financial Services, WFG Investments, Inc. , and Independent Financial Group,  filed FINRA case #18-02735 alleging that the investments they purchased in 2012 were unsuitable and misrepresented to them by the representative.   The clients also allege the firm failed to conduct adequate due diligence and filed to supervise the representative.   No monetary damages are stated and the case is pending.

In June of 2018, a WFG Investments customer filed FINRA case #18-02173 alleging investments, including REITs, were unsuitable.    The damages sought are $560,000.    The case is pending.

In April of 2018, a Berthel Fisher & Company Financial Services customer filed FINRA case #18-01268 alleging the investments they purchased between 2007 and 2011 were unsuitable and misrepresented to them by Davis.   The clients also allege that the firm failed to supervise Davis and are seeking damages of $500,000.

In March of 2018, a Berthel Fisher & Company Financial Services and Royal Alliance Associates, Inc., customer filed FINRA case #18-01092 alleging the investments, including REITs and limited partnerships purchased between 2005- 2006 are unsuitable and were misrepresented by Davis.   The claimants allege that the firm failed to supervise the actions of Davis and are seeking damages of $1,500,000.

In September of 2016, a Berthel Fisher & Company Financial Services customer filed FINRA case #16-02660 alleging the investments, including REITs and oil and gas securities. purchased 2005- 2010 are unsuitable and were misrepresented by Davis.   Claimants allege that the firm failed to supervise Dais and are seeking damages are $800,000.

In September of 2017 a WFG Securities and Independent Financial Group customer filed FINRA case #17-02219 alleging that they were not fully informed of the risks associated with REIT offerings purchased from 2013 to 2015.   No specific damages set forth in the claim.

Davis  was employed by Independent Financial Group  from February 2014 until May 2017, and with WFG Investments, Inc. from August 2012 until January 2014.   Before that he was with Berthel Fisher & Company Financial Services  and Royal Alliance Associates, Inc. Davis discloses business affiliations with Davis Financial Advisors, Uncommon Capital and Leads from the Vine in Roseville, CA.

If you have problems in an account  handled by Shawn Bruce Davis  call for a no charge consultation to learn more 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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Allan Montalbano-Former Worden Capital Broker- Discloses 14 Customer Disputes- Westbury, NY

October 2019- Westbury, NY

According to publicly available records Allan P Montalbano (CRD#4507029) ,  a  stockbroker who is not currently registered  and who was last registered with Worden Capital Management ,  disclose 13 prior customer disputes and 1 pending customer dispute.

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.

From September of 2009 until August of 2017 there were 11 FINRA cases filed against Montalbano by customers of Worden Capital and National Securities Corp.   with allegations of churning, unsuitability, breach of contract, negligence, reckless and intentional misrepresentation, breach of fiduciary duty, breach of contract, excessive trading, unauthorized trading, negligent  and misrepresentation.   These cases were settled at various amounts totaling more than $1.2 million.

In August 2018, a National Securities Corp. customer filed FINRA case #18-02616 alleging breach of fiduciary duty, negligence, negligent misrepresentation and breach of contract and is currently seeking damages of $280,000.

Alan Montalbano  was employed by Worden Capital from June of 2015 to January 2018.   He was employed by Four Points Capital Partners from June 2014 until June 2015 and with National Securities Corp. from August 2010  until June 2014.  Before that he was with Woodstock Financial Group, Chase Investment Services Corp. and NY Life Securities.  Montalbano  discloses business affiliations with APM Consulting Services.

If you have questions about an investment account handled by Allan Montalbano  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

Albert Foronda- Spartan Capital Securities Broker- Discloses Customer Disputes- NYC

October 2019- NYC, NY

According to publicly available records Albert Foronda.   (CRD#5737620 ,  a  stockbroker  currently registered  with Spartan Capital Securities,  disclose a prior customer dispute and 2 pending customer dispute.

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 2017, a Worden Capital Management  customer, alleged unauthorized trades from 7/11/2017 until 7/27/2017.    The case was settled for $14,000.

In May 2019, a Spartan Capital Securities customer filed FINRA case #19-1160 alleging unsuitability, excessive trading and negligence and is seeking damages of $650,000.

In March 2018, a customer of Legend Securities and Worden Capital Management, filed FINRA case #18-01479 alleging breach of fiduciary duty, violations of NASD and FINRA Rules, breach of contract and negligence and is seeking damages of $90,000.

Albert Foronda.  has been  employed by Spartan Capital Securities since August of 2017.    He was with Worden Capital Management from November 2016-August 2017 Before that time he was employed with Legend Securities and National Securities Corp.   

If you have questions about an investment account handled by Albert Foronda. ,  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

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