Category Archives: First Standard Financial

Gabe Block-Former Oppenheimer/First Std. Financial Broker-Barred From Securities Industry-Rumson, New Jersey

March 2018- Red Bank, NJ

The FINRA records of Gabriel (Gabe)  Block, a former stockbroker who was last employed by First Standard Financial Co., disclose 2 final regulatory events and 8 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.

On March 13, 2018, FINRA permanently barred Block from the securities industry in connection with a complaint filed by the Delaware Investor Protection Unit alleging numerous violations, including:

  • Securities Fraud
  • Churning
  • Dishonest or Unethical practice-Narcotics Use
  • Excessive Trading

FINRA found it not in the public interest, and would create an unreasonable risk of harm to the market and investors for Block to continue to associate with his firm. Block was employed by Janney Montgomery and Oppenheimer during the period of time when activity occurred leading to the regulatory action.

Gabe Block discloses settlement of the following   customer disputes :

  • FINRA Case 15-1551- a customer while Block was registered with Oppenheimer & Co. alleges churning, unsuitability, breach of fiduciary duty in connection with the handling of family accounts. Damages were alleged to be $800,000. The case was settled for $675,000.
  • FINRA Case 15-1550-a customer while Block was registered with Oppenheimer & Co. alleges churning, unsuitability, breach of fiduciary duty in connection with the customer’s account. Damages were alleged to be $100,000. The case was settled for $60,000.
  • Block’s FINRA record discloses two other customer disputes that wereresolved including one in which a customer alleged mismanagement of investments between 9/2005-12//2008, while Block was registered with Janney Montgomery Scott. That case was settled for $375,000.

Block  was registered with First Standard Financial  from 3/2016-3/2018. He was registered with National Securities Corporation from 3/2014-4/2016 and with Oppenheimer from 11/2008-3/2014. He discloses a business affiliation with Block Wealth Management in Rumson, NJ.

If you have losses in an account handled by Gabriel Block contact us for a no charge consultation 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

National Toll Free: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Marc Reda-Spartan Capital Broker-Discloses Settlement of Numerous Customer Suits

May 2018

According to FINRA records,  Marc A. Reda , a broker who is currently employed by Spartan Capital Securities, discloses 10 prior customer disputes a prior regulatory event, 2 terminations from employment and a currently outstanding judgment/lien.

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 2017, without admitting or denying the findings, Marc Reda consented to a fine of $5,000 and a three month suspension. FINRA found that he exercised discretion in customer accounts without written authorization from the customers and that he failed to timely disclose on FINRA Form U4 a federal tax lien filed against him in the amount of $575,101.

The prior customer disputes include the following settlements:

  • IN 8/2017 a customer of PHX Financial was paid $45,000 to resolve allegations that Marc Reda charged excessive commissions and mismanaged the customer’s account.
  • FINRA Arbitration 16-1461-a customer of his prior employer PHX FInancial alleged breach of fiduciary duty and unsuitable recommendations, seeking damages of $100,000. That case was settled in 7/2016 for $26,000.
  • In 4/2016 a customer of PHX Financial alleged that Reda traded his account without authority and breach of fiduciary responsibility, seeking damages of over $500,000. That case was settled in 5/2016 for $85,000.
  • In 3/2016 a customer of his prior employer Phoenix Financial Services alleged that beginning in 11/2015 Reda failed to follow the customer’s instructions, made trades without authority and over concentrated investments causing damages of $500,000. That case was settled in 6/2016 for $112,500.
  • In 1/2016 a customer of Phoenix Financial Services alleged that Reda made unauthorized trades in her account causing damages of $400,000. That case was settled in 2/2016 for $120,000.

According to FINRA records, Reda  has been registered with Spartan Capital Securities  since 5/2016. Reda was registered with First Standard Financial from 2/2016-5/2016. Prior to that he was registered with PHX Financial from 10/2014-1/2016 and with Laidlaw & Company from 11/2013-10/2014.

In 1/2016 Marc Reda was “permitted to resign” from PHX Financial for alleged  violations of firm policy.

FINRA records disclose an Internal Revenue Service lien filed in the Supreme Court of Richmond County, New York,  against Reda in the amount of $575,101.

If you have losses in an account handled by Marc A. Reda 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

Former Alexander Capital Brokers-Billy Gennity and Rocco Roveccio-Named in SEC Fraud Suit-NYC

April 2018 Update– According to his FINRA record, Rocco Roveccio is the subject of recently file FINRA arbitration 17-3364 in which a customer of Alexander Capital alleges churning and unauthorized trading and is seeking damages of $115,995.

September 2017-New York

Two New York City brokers, who at the time were working for Alexander Capital L.P., have been charged with securities fraud by the Securities and Exchange Commission. William (aka Billy Gennity ) Gennity,30,  and Rocco Roveccio, 42,  have been charged with making unsuitable recommendations to customers resulting in ill-gotten gains for Gennity and Roveccio.

According to the complaint filed by the SEC , Gennity and Roveccio:

  • knew or recklessly disregarded that their recommendations were not suitable for anyone
  • made recommendations that were unsuitable for certain of their customers in light of those customers needs, investment objectives and circumstances.
  • made material misrepresentations and omissions to customers.
  • churned customer accounts, and
  • engaged in unauthorized trading

As a result nearly $500,000 in commission were earned by Gennity, Roveccio and Alexander Capital LP, while the clients suffered losses of nearly $700,000.

William C. Gennity of Staten Island, NY, was employed by Alexander Capital 4/2012-10/2014 and worked at eight different firms during his 13 year career in the securities industry. He is currently employed by First Standard Financial Company. His FINRA record discloses 3 pending customer disputes and 3 prior customer disputes.

Rocco Roveccio of Freehold, NJ, was employed by Alexander Capital 6/2012-10/2014 and was employed by 15 different firms during his 22 years in the securities industry. He is currently employed by First Standard Financial Company. Roveccio’s FINRA record discloses 3 prior customer disputes and two outstanding judgment liens. In one of the customer disputes brought by a customer of his former employer, LCP Capital Corp, the customer alleged unauthorized trading, suitability, breach of fiduciary duty and churning. The customer was awarded damages of $216,275.

In FINRA Case 13-01691, a customer of Alexander Capital LP alleged unauthorized trading, breach of fiduciary duty and unsuitability and was paid a settlement of $87,500 by Roveccio.

If you have questions about losses in an account handled by William Gennity or Rocco Roveccio, call to learn how you may be able to recover damages from their prior employer.

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.

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Joseph M. Thurnherr-Former First Standard Financial Broker-Discloses Pending Customer Disputes

UPDATE MARCH 2018-Joseph M. Thurnherr is now employed by Spartan Capital Securities and has another customer dispute disclosed on his BrokerCheck report. See this for details. 

Meyers Associates is now  Windsor Street Capital

In 2016 Meyers Associates changed its name to Windsor Street Capital. While called Meyers Associates the firm gained a reputation for hiring brokers whose FINRA BrokerCheck reports had an inordinate number of disclosures. The Investment News reported in 2014 that Meyers Associates “stands out as a haven for registered representatives with black marks on their employment histories”. 

Original Post–August 2016- New York

The FINRA records of  Joseph M. Thurnherr,  a  stock broker who is currently employed by Meyers Associates  disclose  two pending customer disputes and three 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 FINRA Case#16-01460, a customer of Thurnherr’s prior employer First Standard Financial Company alleges damages of $93,624 alleging that his account was unsuitably invested and over concentrated.

In FINRA Case#1-01143, a customer of Thurnherr’s prior employer Legend Securities alleges damages of $536,180 alleging churning, excessive trading, suitability, unauthorized trading, negligence, breach of fiduciary duty and misrepresentation.

 

Thurnherr has been registered with Meyers Associates since 11/2015.  He was registered with First Standard Financial Company from 10/2014-10/2015, National Securities Corp from 11//2012-10/2014 and with Legend Securities from 1/2011-1/2012.

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