Category Archives: Charles Schwab

Omar Richardson-Charles Schwab Broker-Discloses Pending Customer Suit-Austin, TX

January 2019 – Austin, TX

According to publicly available records  Omar Charles Richardson , a stockbroker who is currently registered with  Charles Schwab & Co., Inc., discloses  a pending customer dispute

The Financial 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 2018,  a customer of Charles Schwab, Inc., filed FINRA case 18-03907 alleging  failure to follow instructions because they believe their order to buy 3100 shares of the Credit Suisse Velocity Shares Daily Inverse VIX shares should have been cancelled. The alleged damages are $280.934.

Richardson has been employed with Charles Schwab & Co., Inc. since 2011.

If you have questions about account handled by Omar Charles Richardson, contact us for a no charge consultation to learn about your legal options for recovery of 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`

Texas State Securities Board Fines Charles Schwab & Co. $95,000

 

September 2016- Austin, Texas

Charles Schwab & Co. entered into a Consent Order with the Texas State Securities Board (TSSB) and agreed to pay an administrative fine of $95,000 as well as a contribution of $30,000 to be used for education efforts in Texas to the Investors Education Fund of the Investor Protection Trust.

In the Consent Order, TSSB concluded that Charles Schwab & Co. failed to maintain and establish a supervisory system reasonably designed to achieve compliance with the Texas securities laws, in violation of TSSB rules and regulations.

The order followed an investigation by the staff of the State Securities Board into Schwab’s procedures for monitoring the registration status of persons authorized by clients as a limited power of attorney or full power of attorney (POA). Staff investigated Schwab’s procedures from January 2010 to January 2016.

Schwab requires persons authorized as a limited or full POA to state whether they are receiving compensation for any investment advice rendered to clients. Receiving compensation for advisory services may require registration under state and federal law unless the person with a POA is covered by an exemption from registration.

According to the order, Schwab identified certain persons who had power of attorney authorizations in Texas and who appeared to be rendering investment advice for compensation, but were not registered and did not qualify for an exemption from registration.

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

Jeffrey Grove-Former Charles Schwab Broker-Discloses Felony Charges & Termination-Melbourne,FL

Melbourne, Florida

The FINRA records of Jeffrey Brian Grove ,  a  former Charles Schwab stock broker who was permanently barred from acting as a broker or otherwise associating with firms that sell securities disclose  a final regulatory event, a pending criminal matter, a prior criminal matter 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 11/2014 FINRA barred Grove from the securities industry after Grove consented to sanctions an entry of findings that he converted the proceeds of office equipment sales, totaling about $1 million, for his own use. FINRA Case 2014042497701.

Grove discloses that adjudication was withheld and he was placed on probation for 18 months and served 50 hours of community service and 12 weeks of drug classes in 1999 to resolve criminal charges for possession of more than 20 grams of cannabis.

Grove discloses that In 8/2014 he was charged with two felonies: 1-Unlawful use of a two way communication device to commit a crime and 2-Conspiracy to traffic in oxycodone.

In 8/2014, Grove was discharged by Charles Schwab & Co. who made the following allegations: “Allegations regarding Mr. Grove’s purchases of unauthorized office equipment through the firm’s office supply channels.”

Grove was employed by Schwab from 7/1999-9/2014.

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

Jeffrey Grove, Melbourne, FL Schwab Broker Charged With Drug Trafficking

UPDATE-Melbourne, FL-Jeffrey Grove charged with felonies and discharged by Schwab. See this for more details. 

December 8, 2014-Melbourne, FL

The Orlando Sentinel reports that Jeffrey Grove was arrested  along with 17 other central Florida individuals, who are charged with trafficking in oxycodone, hydrocodone and hydromorphone.

In November, Grove, formerly a broker with Charles Schwab & Co. was barred from the securities industry after allegations that he stole $1 million worth of office equipment which he sold and converted the proceeds to his personal use.

If you had an account with Grove that suffered losses, contact us 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

Jeffrey B. Grove of Melbourne, FL, Barred From Securities Industry

UPDATE December 8, 2014Orlando Sentinel reports Jeffrey Grove charged with drug trafficking. 

November 17, 2014- Melbourne, Florida- Jeffrey Brian Grove, formerly a broker with Charles Schwab & Co. was barred from the securities industry by the Financial Industry Regulatory Authority (FINRA) to resolve allegations that between February and August 2014, he utilized the firm’s procurement system to purchase office equipment for his branch office which he then sold and converted the $1 million in proceeds to his personal use.

FINRA records indicate that Grove was discharged from Schwab on 8/29/2014, and on that same day was charged with two felonies in Orange County, FL:

1-unlawful use of a two way communication device to commit a crime and

2- conspiracy to traffic in oxycodone.

If you had an account with Grove that suffered losses, contact us to learn how you may be able to recover damages through FINRA arbitration.

Rex Securities Law , located in Boca Raton, FL, provides nationwide representation to investors 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.

Rex Securities Law

561 391 1900