Category Archives: HilltopSecurities (formerly Southwest Securities)

Richard Cagle-Former Hilltop Securities Broker- Barred From FINRA-Discloses Regulatory Event and Two Customer Disputes-Corpus Christi, TX

April 2020- Corpus Christi, TX

The FINRA records of Richard Earl Cagle, a broker previously employed  by  Hilltop Securities Independent Network, Inc. disclose  a regulatory event resulting in his bar from the securities industry and two 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 July 2019, Cagle was permanently barred from the securities industry by the Securities and Exchange Commission after allegations that he refused to appear for on-the-record testimony as requested by FINRA in connection with an investigations that he violated FINRA rules by making unsuitable investment recommendations and mis-marking customer order tickets while associated with his former member firm.

In March  2019,  a Hilltop Securities  customer was paid $20,000 to resolve allegations that Cagle made unsuitable investment recommendations.

In October 2018, a customer of Hilltop Securities  filed FINRA Case 18-3357 alleging unsuitable recommendations. That case was settled in 3/2019 for $230,000.

Cagle was employed with Hilltop Securities Independent Network, Inc..  from March of 1997 until March of 2019.

If you have questions about an account  handled by Richard Cagle 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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Clayton Wertz-Former First Financial Equity Broker-Barred from Securities Industry-Dallas, TX

April 2020-Dallas, TX

The FINRA records of Clayton H. Wertz, a broker last employed  in the securities industry by First Canterbury Securities, Inc., disclose  a regulatory event resulting in his bar from the securities industry, a customer dispute 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 September 2019, Wertz was permanently barred from the securities industry by FINRA after allegations that he created false account statements for a customer in order for the customer to secure a bank loan for $1.872 million.   The findings stated that Wertz created a false account statement for the customer by changing the name, address and account number on another customer’s statement that showed the account holding more than $3 million in securities.   Wertz gave the false statements to the bank’s loan officer.   Because the bank required copies of account statement each month, he created a false account statement for the customer for every month.   Wertz gave some of the false statements to the customer, knowing that the customer would provided them to the bank and gave others directly to the bank.   According to FINRA, Wertz knew the account statements contained false values and that there would be submitted to the bank to obtain and maintain the loan.   Wertz received $50,000 from the customer and the customer’s brother in payment for his actions.    The customer’s entity subsequently borrowed additional money from the bank and was extended a credit based in part on the false account statements.   The customer’s entity defaulted on its loan from the bank, resulting in a loss to the bank of more than $3.2 million.

Wentz’s employment history in the securities industry includes:  First Canterbury Securities, Inc. ,  First Financial Equity Corporation , Aspen Equity Partners, Hilltop Securities (formerly Southwest Securities), Wachovia Securities and Merrill Lynch.   

If you have problems in an account  handled by Clayton Holman Wertz 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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Mark Augusta- Hilltop Securities Broker- Discloses 15 Customer Disputes, 4 Pending Customer Disputes and a Termination from Employment – Del Mar, CA

March 2019 – Del Mar, CA

According to publicly available records Mark Fred Augusta  (CRD#1333913) ,  a  stockbroker who is currently registered with Hilltop Securities, Inc.,  disclose  15 prior customer disputes, 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 March 2016, Mark Augusta was the subject of   FINRA Case 16-0847, brought by a customer of Wedbush Securities, who asserted violations of state and federal securities laws and FINRA/SEC Rules;  breach of fiduciary duty; unsuitable recommendations; failure to supervise; constructive fraud, common law fraud and fraud by material misrepresentations/omissions; unjust enrichment; unauthorized trading and elder financial abuse.   A FINRA arbitration panel awarded the customer $1,866,473.

In March of 2018, a Wedbush Securities , Inc. customer filed FINRA case 18-00975 alleging breach of fiduciary duty, constructive fraud, fraud by material misrepresentations/omissions, breach of written contract and elder abuse.   The case was settled for $73,900.

In February 2019,  a Wedbush Securities customer alleged unauthorized and unsuitable investments with damages of $398,832.   The case is pending.

Augusta is currently employed with Hilltop Securities.   He was previously employed with Wedbush Securities, Inc., from  January 2011 until May 2015   when he voluntarily resigned after after a customer complaint was filed against him.    Other places of Augusta’s employment were Stone & Youngberg, Piper, Jaffray & Co. and Miller & Schroeder Financial, Inc. 

If you have questions about an investment account handled by Mark Augusta,  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

Bradley Scott-LPL Financial Broker- Discloses $1.4 Million Customer Settlement- Mansfield, TX

November 2018-Mansfield, TX

According to publicly available records Bradley Kyle Scott , (CRD# 4381014) ,  a  stockbroker who currently employed by LPL Financial who was previously registered with Southwest Securities, Inc., (now Hilltop Securities)   disclose the settlement of a customer dispute for $1.4 million.

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 August 2016, a customer of  Southwest Securities, Inc., who filed FINRA Case 15-2556 alleging  unauthorized discretion and trading, unsuitable investments, poor performance and misrepresentation, was paid $1.4 million to settle the case. Scott contributed $250,000 personally to the settlement.

Scott was employed by Southwest Securities, Inc. from April 2009 until September 2015.   He has been employed by LPL Financial Services since 8/2015. Scott discloses a business affiliation with Rushing Scott Wealth Management in Mansfield, TX.

If you have losses in an account in an account handled by Bradley Kyle Scott, contact us for a no charge consultation to learn how you may be able to recover damages from his employer 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

Walter Leighton Stallones-Hilltop Securities Broker-Discloses Settlement of Customer Disputes-San Marcos, TX

February 2018 – San Marcos, Texas

According to publicly available records Walter L. (Leighton) Stallones , (CRD# 433344) ,  a  stockbroker who is currently employed by Hilltop Securities Independent Network disclose that he was the subject of  five prior customer disputes and one regulatory event.

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.

A customer dispute that was  pending in the Supreme Court of the State of New York was settled in 1/2017 for $765,000. IN that matter a customer of Southwest Securities (now known as Hilltop Securities) was seeking damages of $1.6 million related to a defaulted loan from Pratt Foreclosures, LLC to SSJ Development, LLC. That customer had asserted claims for fraud, negligent misrepresentation, breach of contract and breach of fiduciary duty.

In one of the other prior disputes,  a customer alleged damages of $6 million claiming that Southwest Securities (now known as Hilltop Securities) through Leighton Stallones, SSJ Gerritsen Beach, SSJ Mill Basis and SSJ Sheepshead Bay provided false financial information, including fabricated account statements. That case was settled for $3,850,000 in 2016.

Stallones has been employed by Hilltop Securities  and Hilltop Securities Independent Network since 2005.

If you have questions about an account in an account handled by Leighton Stallones , contact us for a no charge consultation 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