Category Archives: Unsuitable Investments

John E. Egan-Newbridge Securities Broker-Subject of Customer Dispute Alleging Unsuitable Investments-Boca Raton, FL

April 2018 -Boca Raton, FL

According to FINRA records, John Eugene Egan ,  a   stockbroker who is currently employed by Newbridge Securities Corp., disclose  a prior regulatory event, a pending customer dispute and two 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 pending FINRA arbitration #18-0882, a customer of Newbridge Securities alleges that Egan made unsuitable investment recommendations, breached his fiduciary duty and that Newbridge failed to properly supervise Egan. Damages are unspecified, to be proven at final hearing.

In one of the prior customer disputes disclosed by Egan, a FINRA arbitration panel awarded a customer compensatory damages of $100,000, punitive damages of $100,000, costs of $32,735 and FLA statutory interest, to resolve their claim related to the recommendation to invest in RMK Funds. FINRA Case #11-0726.

John Egan has been employed by Newbridge Securities since 8/2013.. Prior employments include CBG Financial and FINTEGRA LLC.

If you have losses  in an account handled by John E. Egan or believe that your account has been mishandled 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

Arshad Hussain-Former NEXT Financial Broker-Discharged by NEXT Financial for Improper Trading-Jasper, Alabama

April 2018 -Jasper, Alabama

According to FINRA records, Arshad Hussain ,  a currently unregistered  stockbroker who formerly was employed by NEXT Financial Group, disclose 3 prior customer disputes, two terminations from employment and a currently outstanding judgment/lien.

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.

Arshad Hussain Has Been Discharged Twice

Recently, in March 2018, Hussain was discharged by NEXT Financial Group who makes the following allegation on his FINRA record: “A review of RR trading activity for two customers revealed transactions involving short-term holds on long-term products which appeared to provide no financial benefit to the customers. In addition, the RR concealed the source of the funds by inaccurately completing firm product disclosure forms and product sponsor applications.”

In 7/2007, Hussain was discharged from his prior employer, Edward Jones who makes the following allegation on his FINRA record:“Discretion and engaging in trading practices not in line with firm’s investment policy.”

Hussain discloses a currently outstanding judgement/lien filed in Walker County, AL, in the amount of $1,213 in favor of Capital One Bank.

Arshad Hussain  was employed by NEXT Financial from 11/2007-4/2018. NEXT Financial Group is headquartered in Houston, TX, and has over 600 registered persons in over 400 branch offices nationwide.

If you have losses  in an account handled by Arshad Hussain or believe that your account has been mishandled 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

Jim Clark-Worth Finanical Group Broker-Discloses Settlement of Customer Suit For Mishandling Account-Dallas, TX

April 2018 -Dallas, Texas

According to publicly available records James  (Jim) Williard Clark ,  a  stockbroker who currently is employed by Worth Financial Group, disclose 4 prior regulatory issues, and  2 arbitration awards in favor of customers and a recently settled customer arbitration.

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 4/2018 a customer of Worth Financial Group alleged that Clark made an unsuitable investment recommendation to invest in income streams from veterans pensions. That case was settled for $180,000.

In 2013 a customer of Worth Financial was awarded $30,435 to resolve allegations that Clark caused  losses due to the account as a result of over concentration of the customer’s account in life settlement policies.

James W. Clark has been employed by Worth Financial Group since 2001.

Brokers have a duty to make recommendations that are suitable, taking into account the age, risk tolerance, health and level of financial sophistication of the customer.

If you have losses  in an account handled by James W. “Jim” Clark 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

Keith Fontenot-Wells Fargo Stockbroker-Discloses Settlement of Customer Suits-Lafayette, LA

April 2018 -Lafayette, LA

According to publicly available records Keith A. Fontenot  (CRD#2296303) ,  a  stockbroker who currently is employed by Wells Fargo Clearing Services, disclose settlements in 2 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 FINRA Case 15-2471 a Wells Fargo Advisors customer sought  damages in an unstated amount  and alleged misleading and unsuitable recommendations regarding buying and selling annuities. In October 2016 that case was settled for $400,000.

In FINRA case 17-1181 a customer of Wells Fargo Clearing Services sought damages of $80,000 and alleged unsuitable recommendations to invest in equities,  direct investments and limited partnerships. That case was settled in 2/2018 for $30,750.

Keith Fontenot has been employed with Wells Fargo Clearing Services since November 2016.  Before then he was employed with Wells Fargo Advisors since May of 2009.

Brokers have a duty to make recommendations that are suitable, taking into account the age, risk tolerance, health and level of financial sophistication of the customer.

If you have losses  in an account handled by Keith Fontenot 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

Barry Kiront-Former Woodstock Financial Broker-Subject of Numerous Customer Suits-Garden City, NY

APRIL 2018- Garden City, NY –The FINRA records of  Barry M. Kiront,  a  stockbroker who is currently employed by  Craft Capital Management  disclose 13 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 March 2015, Kiront disclosed that a customer of his former employer Woodstock Financial Group brought a complaint alleging damages of $196,323 for churning , unsuitability and possibly fraud. That case was settled for $30,000.

In recently resolved FINRA Case 15-0458, a customer of Kiront while he was employed by Woodstock Financial Group alleges damages of $118,375 for churning, excessive commissions, unsuitable trading, violations of Mississippi securities laws and other claims. This case was resolved in July/2017 for $49,500.

Kiront has been registered with Craft Capital Management since 3/2015. He was registered with Woodstock Financial Group from 3/1998-3/2015.

If you have losses in an account in an account handled by Barry M. Kiront , contact us for a no charge consultation to discuss how you may be able to recover damages for those losses.

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