Category Archives: Brokerage Firms

Spenser Sullivant- Former Waddell & Reed Broker-Suspended for 18 Months -St. Louis, MO

December 2020-St. Louis, MO

According to publicly available records of Spenser William Sullivant (CRD#6524062) ,  a  former stockbroker who is currently unregistered who worked for Waddell & Reed,  discloses a regulatory event and a termination.

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 May of 2020 FINRA case #2019064078501 was filed alleging that while taking qualification examination, Sullivant hid study materials for the exam in the testing center’s restroom, then visited the restroom during unscheduled breaks from the exam.   The findings stated that the materials were later discovered and confiscated by an exam proctor.   By hiding study materials where they were available during the exam, Sullivant did not comply with the rules of conduct governing the Series 24 qualification examination.   He received an 18 month suspension from May 2020 until November of 2021 and was fined $5,000.

Sullivant began working for Waddell & Reed in 10/2015. After leaving Waddell & Reed in 1/2020, he took a job with Edward Jones. In February of 2020 Sullivant was discharged from Edward Jones as a result of concerns related to his Series 24 examination.

If you have questions about  an account handled by Spenser Sullivant  call to discuss your options with an experienced securities attorney.

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 Alex Reffett- Former Triad Advisors Broker- Discloses $1.5 Million Customer Dispute- Atlanta, GA

November 2020- Atlanta, GA

According to publicly available records, former Triad Advisors broker Mark Alex Reffett  discloses a 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 April of 2020, a customer of Triad Advisors, –a previous employer of Reffett-  filed FINRA case #20-01341 alleging claims of unsuitable investment strategy in alternative investments beginning in 2014 and continuing through 2016 with alleged damages of $1,575,881.   The case is still pending.

Reffett was  employed by Triad Advisors from 6/2013-3/2017.  He is currently registered with ACG Wealth, Arkadios Capital and EPG Wealth Management. Reffett discloses business affiliations with Stratford Capital LLC and RCM Capital Holdings.  

If you have losses in an account handled by Mark Alex Reffett , call to learn how you may be able to recover damages through FINRA arbitration.

Alternative Investments

Investors owning non publicly traded alternative investments, such as real estate investment trusts (REITs) and oil and gas partnerships may not have been aware of the meaning of illiquid when  the investments were recommended to them by a financial advisor or stockbroker.

These  investments generated high commissions for the firm and broker and were typically sold to unsuspecting with the promise of a steady dependable stream of income, a promise of steady or increasing value and with little discussion of the fact that the investment cannot be sold on any conventional exchange should a need for cash arise.

Many investors made the decision to purchase these investments without a clear understanding of the risks associated with them. Many purchased them not aware that they are illiquid.

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

Benjamin Leitman-Former Morgan Stanley Broker-Discloses Regulatory Event and Termination-New York

December 2020- New York, NY

According to publicly available records Benjamin Leitman (CRD#5698076), a  former stockbroker who is currently unregistered, discloses a regulatory event 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 May 2020 FINRA, in  case #2019061903401,  alleged that Leitman falsely signed customer names on account documents of his member firm and also a letter of authorization seeking the disbursement of customer funds.   The findings stated that while transferring accounts from a broker-dealer to his firm, Lietman affixed the purported signature of a customer onto a contract account document.  Leitman further added a social security number and crossed out numbers for a social security number on the firm account application that the customer had already signed in order to facilitate the processing of the document.   According to FINRA, Leitman affixed the purposed signature of another customer to a corporate document and added social security numbers to the document.   Leitman subsequently provided a second letter of authorization actually singed by the other customer authorization.   Leitman falsely signed the documents as an accommodation to the customers.   FINRA sanctions were a 45 day suspension and a $5,000 fine.

In February 2019 Leitman was discharged from his employment with Morgan Stanley after allegations about his practices in processing documents, including signing and initialing certain documents for clients.

Lietman worked with Morgan Stanley from November of 2018 until his termination 2/2019.   Before that time he had worked with Merrill Lynch, Pierce, Fenner & Smith and AXA Advisors.   

If you had an account with Benjamin Leitman that suffered losses, you may be entitled to collect damages from his prior employer. Call 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

Kurt Gunter-Former Stifel Nicolaus Broker-Sanctioned Over UIT Sales-Austin, TX

November 2020- Austin, TX 

According to his FINRA record  Kurt Jason Gunter a financial advisor currently employed by Wells Fargo Clearing Services has recently been sanctioned by FINRA for unsuitable sales of unit investment trusts (UITs).

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 November 2020 Gunter, without admitting or denying the findings, agreed to a three month suspension and a fine of $10,000 to resolve FINRA’s allegations that from July 2013-December 2016 he engaged in an unsuitable pattern of short-term trading of UITs in customer accounts at Stifel Nicolaus.

In addition, FINRA found that Gunter signed switch letters that were sent to customers that contained inaccurate or missing information about the costs they were incurring as a result of early rollovers of UITs.

Unit Investment Trusts are designed to be long term investments and short term trading is generally improper. According to FINRA findings, Gunter recommended that his customers roll over UITs more than 100 days prior to maturity on more than 270 occasions. As a result customers incurred unnecessary sales charges and the recommendation was unsuitable in view of the frequency and cost of the transaction.

On average, according to FINRA, the switch letters that contained inaccurate information understated the sales charges incurred by customers by about $2,500.

Kurt Gunter was employed by Stifel Nicolaus from 6/2013-8/2017. Since 8/2017 he has been employed by Wells Fargo Clearing Services in Bee Cave, TX.

If you had an account with Kurt Gunter that suffered losses, or if you were a victim of his short term UIT switching  scheme,  you may be entitled to collect damages from his prior employer.

Call for a no charge consultation with an experienced securities attorney.

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 Ashley-Parkland Securities Broker/ Allen Brewery Owner-Charged with Murder of Client-Carrollton, TX

November 2020- Dallas, TX 

ASHLEY ACCUSED OF MURDERING CLIENT AND STAGING COVERUP TO LOOK LIKE SUICIDE

According to  Fox4 KDFW news, Nine Band Brewing owner and former Parkland Securities financial advisor Keith Ashley has been charged with staging the murder of a client to look like suicide in order to gain control of the client’s finances.

The murder of 62 year old Jim Seegan happened in Carrollton in February. His wife discovered him upon returning home with a gunshot to his head and a typed suicide note.

According to the arrest affidavit, things did not look right from the outset.  The gun was in Seegan’s left hand, however he is right handed and was not a gun owner.  During the investigation over the past 9 months, detectives found evidence that Ashley had drugged Seegan and then murdered him in order to gain control over his money.

Investigators report that Ashley was captured by a doorbell camera entering and leaving Seegan’s house on the day of his death. In addition the camera recorded a unknown loud noise while Ashley was in the house. Forensics have determined the noise was gunfire.

In addition to owning the brewery in Allen, Ashley owns North Texas Money Management. He is also a registered nurse with access to and training on how to use the drug located in Seegan’s system.

According to investigators Seegan had several million in life insurance coverage and 3 weeks before the murder the beneficiary was changed from Seegan’s wife to Ashley.

Investigators believe Ashley was operating a Ponzi Scheme and that there are more victims.

According to his FINRA record  Keith Todd Ashley has been a stockbroker employed with Parkland Securities in Allen, TX, since 2002. He was discharged by Parkland Securities  in 10/2020 when they discovered he was engaged in undisclosed and unapproved outside business activities.

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.

If you had an account with Keith Ashley that suffered losses, or if you are a victim of his Ponzi Scheme,  you may be entitled to collect damages from his prior employer. Call for a no charge consultation with an experienced securities attorney.

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