Category Archives: American Portfolio Financial Services

Mark Hopkins- Former American Portfolios Financial Broker-Barred from Securities Industry- Discloses Regulatory Events & Customer Disputes -Grand Blanc, MI

November 2020- Grand Blanc, MI

According to publicly available records, former American Portfolios Financial Services, Inc. (APFS) ,  financial advisor Mark Lewton Hopkins,  has been barred from the securities industry by FINRA. He discloses 2 regulatory events, a pending civil case,  2 customer disputes 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 January of 2020,  the State of Michigan filed case #240324 alleging that in connection with the offer or sale of securities, Hopkins omitted a material fact necessary to make other statements made not misleading.      Sanctions were a fine of $2,500.

In May of 2019  in FINRA case 2018060968101 Hopkins was  permanently barred from the securities industry to resolve allegations that he refused to provide documents and information requested by FINRA in connection with its investigation relating to the issues disclosed in his regulatory reporting.  As a result,  Hopkins was permanently barred from FINRA in all capacities.

In July of 2020, the United States Securities and Exchange Commission in Federal Court in the U.S. District Court of the Eastern District of Michigan filed case #20cv11980 against Hopkins alleging that he misappropriated at least $1.15 million from at least five customers of the brokerage firm with which he was associated.    Hopkins represented that he would invest their funds in an investment program at a local credit union, when in actuality no such program existed.    Rather than investing the customer funds, Hopkins deposited them into an account he controlled at the credit union and misappropriated them.

In July of 2019 an American Portfolios Financial Services, Inc. customer alleged that Hopkins solicited $500,000 purportedly for an investment away from APFS  and utilized the funds for his own purposes.    That  case was resolved for $175,000.

In March of 2019, an APFS customer alleged that Hopkins solicited funds for an investment away from the brokerage dealer at a credit union.  Hopkins presented an altered bank check as evidence of his ability to repay.   The alleged damages are $400,000 and the case is still pending.

In December of 2018, APFS permitted Hopkins to resign after allegations that he accepted customer funds for an investment that was not on the books of the firm and without obtaining pre-approval.

Hopkins  was employed by American Portfolios Financial Services, Inc. from June of 2009 until December of 2018.   Before that time he was employed with LPL Financial Corporation.

If you have losses in an account handled by Mark Hopkins, 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

Dean Grossnickle-Former Gradient Securities Broker-Discloses Settlement of Customer Dispute – Arden Hills, MN

September 2018- Arden Hills, MN

The FINRA records of  Dean Grossnickle,  a  stockbroker who formerly was  employed by Gradient Securities disclose the settlement of a  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 2015, a customer of Gradient Securities filed a customer complaint alleging the unsuitable sale of a fixed annuity and requested  the rescission of the annuity contract a.  The case was settled in the amount of $183,954 in 12/2015.

Dean Grossnickle was employed by Gradient Securities from 3/20145/2015. Prior employments include Regulus Advisors and American Portfolios Financial Services.  He is not currently registered with any broker dealer.

If you have losses in an account  handled by Dean Grossnickle, contact us for a no charge consultation to learn how you may be able to recover 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, at no cost to you.

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

Cullen Kempson-Former Commonwealth Financial Network Broker-Discloses Regulatory Event & Discharge From Employment-Sparta, NJ

May 2017- Sparta, NJ

According to publicly available records V. Cullen Kempson III (CRD#1280887) ,  a  stockbroker currently registered with American Portfolios Financial Services, Inc discloses a prior 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 2017 FINRA suspended Kempson for 30 days and fined him $5,000 to resolve allegations that he effected 40 unauthorized trades in a deceased customer’s accounts. While he had written authority to trade the account with discretion while the customer was alive, he did not have that authority follow the customers’ death.

In June 2016 Kempson was discharged by Commonwealth Financial Network who alleged: ” RR failed to provide notification to the firm of the death of two advisory clients in violation of firm policy and industry standards of conduct. “

Kempson has been with American Portfolios Financial Services since 6/2016. He was previously with Commonwealth Financial Network. He discloses a business affiliation with Kempson & Tschopp.

If you have questions about an account in an account handled by Cullen Kempson  contact us 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

Unsuitable Mutual Fund Switching Leads to Fine/Suspension for Stuart, FL, Stock Broker

January 6, 2016- Stuart, Florida

Jeffrey Davidson entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that while associated with American Portfolio Financial Services in Stuart, FL,  he recommended 49 unsuitable mutual fund switch transactions in 12 customer accounts.

According to the AWC one of the customers involved was 97 years old. Five other customers were 65 years of age or older. All the purchases involved A shares which  Davidson recommended be sold within less than a year of purchase.

Class A shares generally have significant up front costs and are designed to be held long term.

AWC No.  20130394827-02

Davidson  was fined $10,000 and suspended from association with any FINRA member in any and all capacities for three months.

According to FINRA records Davidson has been registered with American Portfolios Financial Services since 1/2009.

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 D. Wiswell-American Financial Portfolios Services Broker Sanctioned by Regulators-Stuart, FLA

December 30, 2015- Stuart, Florida

John D. Wiswell entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that while associated with American Portfolio Financial Services in Jensen Beach, FL,  he failed to supervise the activities of a registered representative to prevent unsuitable mutual fund switching.

AWC No.  20130394827-01

Wiswell was fined $5,000 and suspended from association with any FINRA member in any principal capacity for 15 days.

According to FINRA records Wisell has been registered with American Portfolios Financial Services since 9/2007.

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