Category Archives: Merrill Lynch

APW Capital, Discretionary Trading, Failure to Supervise, Merrill Lynch, Misrepresentation, Oppenheimer, Options, Stockbroker Discharged, Stockbroker Malpractice, Unauthorized Trading, Unsuitable Investments

Michael Lackwood-Former Oppenheimer Broker-Subject of Recently Filed Customer Suit

May 2019 – Dallas, TX

We recently filed a FINRA arbitration claim on behalf of a resident of Carrollton, Texas, against Oppenheimer & Co. , which seeks damages for the mishandling of an investment account by former Oppenheimer financial advisor Michael A. Lackwood.

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.

Suit Alleges Lackwood Made Unauthorized & Risky Trades

The arbitration suit alleges that Lackwood made unsuitable recommendations including short term trading and a risky option trading strategy that resulted in substantial losses. The claim seeks damages of between $100,000-$500,000.

According to FINRA records, Lackwood was registered with Oppenheimer from 9/2011-7/2018. He is currently registered with APW Capital whose main office is located in Rockaway, NJ. Earlier in his career Lackwood was employed by Merrill Lynch where he was discharged in 8/2011 for conduct in connection with loans made by certain clients to other Merrill clients and to third parties. Lackwood discloses a business affiliation with Spring Delta Asset Management in New York.

If you have questions about an investment account handled by Michael Lackwood contact us for a no charge consultation to learn about your legal options for recovery of 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.

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

Merrill Lynch, Misrepresentation, Stockbroker Malpractice, StockBroker Misconduct, Unsuitable Investments

Craig Wakefield-Merrill Lynch Broker-Discloses $100K Customer Dispute- Houston, TX

October 2018- Houston, TX

According to FINRA records, Craig D. Wakefield,  a stockbroker who is currently registered with Merrill Lynch, Pierce, Fenner & Smith (Merrill Lynch) discloses a currently pending 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 May 2018 a customer of  Merrill Lynch filed FINRA case #18-1964   alleging unsuitable investment recommendations and misrepresentations by Wakefield in 2016.     The alleged damages are $100,000.

Wakefield has been employed with Merrill Lynch since February of 2010.

If you have questions about an account handled by Craig Wakefield , 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 are handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.  

Nationwide Representation

Rex Securities Law 

Toll Free: 877-224-3199

Florida: 561-391-1900

Texas: 512-329-2870

Merrill Lynch, StockBroker Misconduct, UBS, Unsuitable Investments

Lorenzo Esteva-Former Merrill Lynch Broker-Discloses Numerous Customer Disputes-Miami, FL

September 2018- Miami, FL

According to publicly available records Lorenzo Esteva  (CRD#2170595) , a  former stockbroker previously registered with Merrill Lynch , disclose a regulatory event,  six prior and one currently 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 September 2017 Esteva was permanently barred from the securities industry by FINRA.   Esteva consented to the sanction and to the entry of findings that he failed to produce FINRA-requested documents and information as part of an investigation into customer complaints that Esteva provided falsified account statements to a customer from 2001 to 2017 and that he improperly journaled funds between accounts of two unrelated customers.

In June of 2017, a USB Financial Services customer filed a complaint alleging that Esteva moved money out his account without permission. This case was settled for $16,600.

In July of 2016 a Merrill Lynch, Pierce, Fenner & Smith customer filed a complaint alleging the Esteva made unauthorized trades and made misrepresentations to the customer.   The case was settled for $69,552 in 11/2016.

In currently pending FINRA case 18-0377 a customer of Merrill Lynch alleges that Esteva made unsuitable investment recommendations and is seeking damages of $2.5 million.

In June of 2017 Esteva was discharged from USB Financial Services after “he admitted providing a client with documents containing false account information.   Further investigation found that Financial Advisor (i) provided at least one more client with documents containing false account information and (ii) improperly journaled money between unrelated client accounts.”

Lorenzo Esteva was with USB Financial Services  from November of 2015 until June 2017.   Before that, he was employed with Merrill Lynch, Pierce, Fenner & Smith from August of 1991 until November of 2015.

If you have losses in an account handled by Lorenzo Esteva,  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.

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

Cetera Advisors, FINTEGRA LLC, Merrill Lynch, Misrepresentation, Unsuitable Investments

Mohamed Debbagh-Former Cetera Advisors Broker-Discloses Pending Customer Suit-Boca Raton, FL

April 2018 -Boca Raton, FL

According to FINRA records, Mohamed Debbagh,  a   stockbroker who was recently  employed by Cetera Advisors  , disclose  a pending dispute by a former customer.

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 currently pending FINRA Case 18-0840 a customer of Debbagh while he was employed by  Cetera Advisors and Fintegra is seeking damages of $209,000. The customer alleges breach of fiduciary duty, negligence, misrepresentation, common law fraud, unsuitable trading and violations of securities laws.

Debbagh is currently employed by Merrill Lynch. He was employed by Cetera Advisors from 3/2013-11/2017. Prior to that he was employed by Fintegra, LLC from 3/2010-3/2013. Fintegra withdrew their FINRA registration in 9/2015 and filed for bankruptcy that same month.

If you have questions about an account handled by Mohamed Debbagh , contact us 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