Category Archives: CUSO Financial Services

Utah Regulators Move to Fine Cetera, LPL an CUSO Financial Services Over Credit Union Operations

May 2018-Salt Lake City, Utah

The Utah Division of Securities filed actions against Cetera Advisor Network, Paul W. Neuenswander and Financial Network FID West LLC, d/b/a Peak Financial Network Solutions over credit union violations. Link to the Utah pleading here. 

Neuenswander is a licensed stockbroker who is employed by Cetera.  Peak Financial Network is the DBA for Financial Network FID West LLC and is a registered branch of Cetera.

The Utah regulator conducted examinations of Cetera’s business operations being conducted in the following credit unions:

  • Jordan Credit Union
  • Granite Credit Union
  • Deseret First Credit Union 
  • Utah Community Credit Union

The regulator found that Cetera failed to comply with regulatory requirements governing networking arrangements between broker-dealers and credit unions, approved the use of misleading sales and advertising materials provided to the public and failed to supervise the business being conducted from their operations within the credit unions. As a result customers were not adequately informed that investments were being provided by Cetera and not the financial institution.

The Utah Division of Securities has filed similar proceedings for similar violations against LPL Financial and CUSO Financial Services.

If you have suffered losses as a result of investments you made with Cetera, LPL or CUSO Financial Services at a credit union, you may be able to recover damages. Call 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

Felix A. Bartolomei-Cuso Financial Services Broker-Discloses Pending Customer Disputes

Orlando, Florida

According to FINRA records,  Felix Alberto Bartolomei   a stockbroker  employed by Cuso Financial Services , discloses  3 pending customer disputes and 2 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 FINRA Case 16-0737, a customer while Bartolomei was employed by Santander Securities alleges damages of $400,000 for breach of fiduciary duty, breach of contract, constructive fraud and failure to supervise in connection with an investment in Puerto Rico bonds and closed-end funds.

In FINRA Case 16-0326, a customer while Bartolomei was employed by Santander Securities alleges damages of $243,000 for breach of fiduciary duty, unsuitable investments,  and failure to supervise in connection with an investment in  closed-end funds.

In FINRA Case 15-0262, a customer while Bartolomei was employed by Santander Securities alleges damages of $300,000 for fraud, breach of fiduciary duty, breach of contract, constructive fraud and failure to supervise in connection with an investment in Puerto Rico bonds and closed-end funds.

Bartolomei has been employed by Cuso Financial since 11/2014 Prior to that he was employed by Santander Securities from 9/2006-3/2014.

Robb was employed by Cuso Financial Services from 5/2012-4/2016. He was permitted to resign from Cuso Financial in 4/2016 for violation of firm special supervision program for failing to secure pre-approval of a variable annuity transaction.

Robb’s prior employment includes Lincoln Financial Distributors from 5/2006-5/2012.

If you have questions about an account handled  by Felix Alberto Bartolomei , call for a no charge consultation.

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

Douglas C. Robb-Former Cuso Financial Services Broker-Discloses Termination From Employment

Port Chester, New York

According to FINRA records,  Douglas C. Robb, Jr.   a stockbroker who was recently employed by Cuso Financial Services , discloses  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.

Robb was employed by Cuso Financial Services from 5/2012-4/2016. He was permitted to resign from Cuso Financial in 4/2016 for violation of firm special supervision program for failing to secure pre-approval of a variable annuity transaction.

Robb’s prior employment includes Lincoln Financial Distributors from 5/2006-5/2012.

If you have questions about an account handled  by Douglas C. Robb, Jr. , call for a no charge consultation.

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

Cuso Financial Broker Ismail Elmas Named In 15 Customer Complaints-Barred from Industry

March 2016 UPDATEIsmail Elmas has been named in 15 customer disputes that have been settled.

September 25,2014-Vienna VirginiaIsmail Elmas, a broker with Cuso Financial Services from 1/2013-8/2014, was barred from the securities industry by FINRA to resolve allegations that he did not respond to a letter from FINRA requesting documents and information related to an investigation of allegations that Elmas converted client funds for personal use and participated in an unauthorized outside business activity.

According to FINRA records, prior to working for Cuso Financial, Elmas was registered with CUNA Brokerage Services from 11/2007-1/2013.

If you had an account with Ismail Elmas that suffered significant losses you may be entitled to damages. Contact us for more information.

Rex Securities Law 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