Category Archives: Brokerage Firms

Richard D. Niemann- USB Financial Broker-Discloses Regulatory Event and Customer Settlements- Sugarland, TX

May 2019- Sugarland, TX

According to publicly available records Richard D. Niemann (CRD#348144) ,  a  stockbroker who is currently registered with USB Financial Services, Inc.,  discloses a regulatory event and 2 settled 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 3/ 2019,  without admitting or denying the findings, Niemann consented to sanctions and to the entry findings that he exercised discretion in customers’ accounts without obtaining prior written authorization.   The findings stated that Niemann did not obtain written authorization from his firm to make trades in the accounts on a discretionary basis.   The sanctions ordered were a 15 day suspension and a $5,000 monetary fine. FINRA case 2018057927801 .

In March of 2008,  a USB Financial Services, Inc., customer filed a complaint that arose out of the sale of an auction rate security (ARS) that was made prior to the widespread illiquidity in the ARS market that occurred.    The case settled for $575,000.

In June of 2008, another USB Financial Services, Inc., customer complaint arose out of the sale of an auction rate security (ARS) that was made prior to the widespread illiquidity in the ARS market that occurred.  The case settled for $75,000.

Niemann has been employed with USB Financial Services, Inc.  since January 2002.

If you have questions about an investment account handled by Richard D. Niemann 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

Renee Altamirano-Former LPL Broker-Discloses Regulatory Event and Termination-Hot Springs Village, AR

May 2019-Hot Springs Village, AR

According to publicly available records Renee Valerie Altamirano (CRD#5644156) ,  a  stockbroker who is currently not registered,  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.

Without admitting or denying the findings, Altamirano consented to sanctions and to the findings that she refused to appear for FINRA on-the-record testimony in connection with a FINRA investigation into allegations that Altamirano engaged in an undisclosed outside business activity selling merchandise on eBay, some of which belonged to her supervisor and her member firm.   As result of this investigation, Altamirano was permanently barred from FINRA. FINRA case 2018058102601

In March of 2018, Altamirano was discharged from LPL Financial after allegations of  violation of firm policy regarding outside business activities, consisting of online sales of various merchandise.   She was not the owner of some of the items.

Altamirano was employed with LPL Financial  from August 2014 to March of 2018.   Altamirano discloses a business affiliation  with  Rigney Financial Services.  

If you have questions about an investment account handled by Renee V. Altamirano 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

John Marinaccio-Former Laidlaw & Company Broker- Discloses Two Terminations From Employment- New York

June 2019- NYC

According to publicly available records  John  Michael Marinaccio (CRD# 3274917) ,  a  financial advisor now employed by  Worden Capital Management,  discloses 2 terminations.

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.

Marinaccio was employed with Laidlaw & Company from June 2012 until June  2017 when he was allowed to resign. According to FINRA, the firm learned its former AML Compliance Officer misappropriated non-public customer information and filed a temporary restraining order preventing use of the subject information.

Marinaccio was employed with First Standard Financial Company from October 2017 until December 2017  when he was discharged after an internal review was instituted as a result of receiving a letter from Marinaccio’s prior employer alleging misuse of non-public customer information.

Marinaccio  has been  employed with Worden Capital Management  since February of 2018.

If you have questions about an account handled by John Michael Marinaccio contact us for a no charge consultation to learn how you may be entitled 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

Ahmad Wares- Former Salomon Whitney Financial Broker- Discloses Customer Suits and Termination- Melville, NY

June 2019 – Melville, NY

According to publicly available records, Ahmad Wares,  a financial advisor previously with Laidlaw & Company discloses 1 pending and 9 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 13-00649, a customer of Wares’ prior employer EKN Financial Services, Inc.  was paid $46,984.84  to resolve allegations of unauthorized trading, unauthorized use of margin, excessive and improper trading and churning.

From April 2001 to November 2015, Wares had 7 customer complaints alleging unauthorized trading, failure to follow instructions, churning, unsuitability,  common law fraud, fraud in violation of federal securities laws, negligence, negligent supervision, liability, breach of contract, breach of fiduciary duty and unjust enrichment.

These cases were brought by customers of his previous employers – First Midwest Securities, Inc., GBI Capital Partners, Inc.,  EKN Financial Services and  Laidlaw & Company (UK). The monetary settlements were nearly $400,000 of which $155,350 was paid by Wares personally.

In currently pending FINRA case 18-01055 ,  a Salomon Whitney Financial customer alleges churning, negligence, unsuitability, unauthorized trading and breach of contract and is seeking damages of $195,132 .

In 2009, Wares was discharged from First Midwest Securities, Inc., after allegations that he failed to respond to client complaint and left the firm owing money due to a  negative balance of $112,415 in a client account.

Wares has been employed by Worden Capital Management since April of 2017,  He was employed with Salomon Whitney Financial  from December 2015 until March 2017. Prior to that he was with  Laidlaw & Company and  EKN Financial Services, Inc.

If you have questions about an investment account handled by Ahmad Wares  contact us for a no charge consultation to learn about 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

Kyusun Kim-Former Independent Financial Group Broker-Barred from FINRA-Discloses 19 Settled Customer Suits- Greenville, SC

June 2019- Greenville, SC

According to publicly available records, former Independent Financial and Sandlapper Securities  financial advisor Kyusun Kim,  discloses 19 settled and 4 pending 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 June 2018 FINRA (FINRA case 2017052705001) permanently barred Kim from the securities industry to resolve allegations that he made unsuitable recommendations to numerous senior customers, who were retiring or had retired. Kim recommended that these customers concentrate their retirement assets and liquid net worth in speculative and illiquid securities, according to FINRA.   Kim failed to disclose to his customers the risks associated  and as a result of these recommendations, Kim’s customers suffered substantial losses.

From December of 2007 until June 2013, 15 customers of Independent Financial Group brought cases alleging that Kim  forged signatures, made unsuitable recommendation, misrepresentation, violated state and federal securities laws, committed elder abuse, and other wrongful conduct.   These cases were collectively settled for over $3 million.

Between December 2016 and February 2018, four customers of Independent Financial Group filed cases alleging wrongful conduct, breach of fiduciary duty, breach of written contract, violations of federal and state securities laws in connection with investments,  unsuitable investments, breach of oral and written contract. Total damages on these pending cases exceed 1 million.

Kim  was employed by Sandlapper Wealth Management  from March 2016 until August of 2018 when he was discharged.   Kim was employed with Independent Financial Group in San Diego, CA from February of 2006 until March of 2016.

If you have losses in an account handled by Kyusun Kim, call 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