Category Archives: Brokerage Firms

Gerald O’Halloran-Former Kovack Securities Broker-Subject of Florida Securities Regulator Complaint-Punta Gorda, FL

August 2018-Punta Gorda, Florida

The FINRA records of  Gerald J. O’Halloran,  a  previously registered stock broker who was recently employed by  Kovack Securities ,  disclose that he was recently named in an administrative action by Florida Securities Regulators.

In June 2018, the Florida Office of Financial Regulation filed an administrative complaint alleging that O’Halloran failed to observe high standards of commercial honor and equitable principles of trade and failed to report an outside business activity and timely update regulatory records. The complaint seeks a bar from the securities industry and other relief.

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.

O’Halloran’s  FINRA record discloses that a customer of Kovack Securities awarded  over $76,000 by a FINRA arbitration panel to resolve allegations that O’Halloran made unauthorized trades in the customer’s account.

Four other customers were paid cash settlements to resolve allegations that O’Halloran mismanaged their accounts.

O’Halloran  was employed by Kovack Securities from 5/2004-3/2018 and operates Daedalian Financial Services.

If you have losses in an account handled by Gerald J. O’Halloran call for a no charge consultation to discuss your 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

John Maccoll Charged With Stealing Nearly $4 Million from UBS Customers-Birmingham, MI

August 2018-Birmingham, Michigan

The FINRA records of  John C. Maccoll,  a  stock broker who was last employed by UBS Financial Services ,  disclose that he was recently discharged by UBS after failing to cooperate with a FINRA investigation alleging that he misappropriated money from a client.

According to a complaint filed in Federal court by the Securities & Exchange Commission (SEC) , Maccoll defrauded at least 15 of his brokerage clients out of $4 million. Maccoll used high pressure tactics to convince his customers to invest, by telling them there was only a short window of opportunity.

According to the SEC complaint about $400,000 was used by Maccoll to make Ponzi-like payments to some of the customers to keep the scheme alive. The balance was used for Maccoll’s personal benefit.

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.

Maccoll’s FINRA record discloses 11 prior customer disputes that were resolved by cash payments. Some of these prior cases were for unsuitable investments, including annuities and private placements.

There are two pending customer arbitrations by UBS customers seeking damages in excess of $1 million related to annuities and private placements.

Maccoll was employed by UBS Financial from 1/2006-3/2018.

If you have losses in an account handled by John C. Maccoll call for a no charge consultation to discuss your 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

Dexter L. Thomas Investigation Update-Dallas, TX

August  17, 2018  UPDATE–Dallas, TX

We are currently investigating former National Planning Corp. broker Dexter L. Thomas on behalf of a number of residents of the Dallas/North Texas  area who allege damages to their accounts  for various reasons, including:

  • Unsuitable annuity investments
  • Churning of accounts
  • Unsuitable Loans

We Would Like to Hear From You

If you have information you believe will assist us in our investigation, please contact us by phone or using the contact form on this page and we will call you. We express our thanks to the many concerned individuals who have already reached out to us to share what they know about this rapidly developing situation.

Dexter Thomas Suicide- We have been informed by several former individuals who had accounts with Thomas that he committed suicide on August 4, 2018.

According to FINRA records, Dexter Leroy Thomas, was last registered with United Planners Financial Services of America and operated Dexter Thomas Financial Services in Dallas.  His FINRA record discloses  a pending customer dispute and 2 prior final 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 currently pending matter, FINRA Case 18-0601,  a customer of National Planning Corp. alleges that Thomas violated FINRA rules and standards of conduct, violated the Texas Securities Act, made unsuitable recommendations and engaged in manipulative and deceitful conduct. Damages of $94,353 are sought in that case.

 Thomas was briefly employed by LPL Financial from 11/2017-12/2017. Prior to that he was employed by National Planning Corp. from 9/2006-11/2017.  

NATIONAL PLANNING CORP.  

According to FINRA records, National Planning Corporation (NPC)requested termination of their FINRA registration on July 9, 2018. On that same date NPC requested terminations of registration in Arizona, California, Hawaii, Indiana, Maine, Nevada, Texas and Wyoming.

On July 24, 2018, NPC was hit with  very significant sanctions by FINRA related to the sale of annuities. FINRA found that NPC received over $152 million from the sale of variable annuities, including $56 million from the sale of L-share variable annuities which were sold to customers without investigating the suitability of the product for the customer.

FINRA has fined NPC $650,000. In addition, NPC has agreed to disgorgement of up to $6 million to affected customers.

National Planning Corp. has also been known as Jackson National Financial Services and NPC of America.

No Charge Consultation

If you have questions about an investment account handled by Dexter Thomas , questions about annuities you may have been sold, or other financial matters involving Thomas, contact us for a no charge consultation 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

Walter M. Stucker-Former UBS Broker- Named In $600K Suit Over Energy Investments-Ft. Worth, TX

August 2018-Ft. Worth, Texas

The FINRA records of  Walter M. Stucker,  a  stock broker who is currently employed by Wells Fargo Clearing Services ,  disclose a pending customer dispute 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 currently pending FINRA arbitration 18-1155 a customer of UBS Financial Services alleges that Stucker unsuitably concentrated their portfolio in the energy sector and misrepresented the risks associated. The customer seeks damages of $600,000.

Stucker was employed by UBS Financial from 4/2008-5/2017. He is currently employed by Wells Fargo.

If you have losses in an account handled by Walter M. Stucker call for a no charge consultation to discuss your legal 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

Edward A. Klug-Concierge Wealth Management-Discloses Numerous Tax Liens-Appleton, WI

August 2018-Appleton, WI

The FINRA records of  Edward A. Klug,  a  former stock broker who was last employed by Newbridge Securities ,  disclose 4 prior customer disputes, and 5 currently outstanding judgment/liens.

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.

Klug discloses the following outstanding tax liens:

  • Wisconsin Department of Revenue-$141,711
  • IRS-$482,714
  • IRS-$44,229
  • IRS-$6,695
  • IRS-$44,636

Klug was employed by Newbridge Securities from 5/2016-5/2018. Prior employments include Investacorp and SII Investments. He does business as Concierge Wealth Management in Appleton, WI.

If you have losses in an account handled by Edward Klug call for a no charge consultation to discuss your legal options for recovery.

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