Category Archives: MML Investors Services

Floyd Powell-Former MML Investors Services Broker- Discloses Regulatory Event & 5 Customer Disputes-Albertville, AL

April 2019 – Albertville, AL

According to publicly available records Floyd Earl Powell  (CRD#2220029) ,  a  stockbroker who is currently not registered,  discloses a regulatory event, 2 pending and 3 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 February 2019,  after FINRA case 2018058504901  was filed,  “without admitting or denying the findings, Powell consented to the sanction and to the try findings that he engaged in private securities transactions totaling approximately $3.49 million without providing notice to his member firms prior to participating in these securities transactions, nor did he obtain approval for them.    The findings stated that Powell solicited investors to purchase promissory notes relating to the Woodbridge Group of Companies, LLC (“Woodbridge”), a purported real estate investment fund.   Ultimately, Powell sold notes to 13 investors, 11 of whom were customers of his associated firms.     As result of this investigation, Powell was permanently barred from FINRA.

In November 2018, an MSI Financial Services, Inc., customer alleged that Powell made  inappropriate and unsuitable investment recommendations and transactions for the Complainant, beginning in early 2017.    Civil litigation case 28-CV-2018-9-0308.00 was filed in Circuit Court of DeKalb County, Alabama and the case was settled for $17,455.

In August 2018, an MSI Financial Services, Inc., customer alleged violation of securities law regarding the former representative’s recommendation to invest in unregistered and fraudulent investment program in July 2016.    The case settled for $139,000.

In April 2018, in FINRA case #18-01491, an MSI Financial Services, Inc. customer alleged Powell recommended unregistered and fraudulent investment programs.   The case was settled for $65,000.

In March 2019, an MSI Financial Services, Inc. customer filed FINRA case 19-00817 alleging that Powell recommended that she invest in unregistered and fraudulent investment programs, made false representations and failed to disclose material facts about the investments.    She alleges $100,001 damages and this case is pending.

In October 2018, an MSI Financial Services, Inc. and MML Investors Services, customer filed FINRA case #18-03540 alleging the rep recommended unregistered and fraudulent investment programs, made false representations and failed to disclose material facts about the investments.  Alleged damages are in excess of $3 million and this case is still pending.

Powell was employed with MML Investors Services from March 2017 to February 2018.   Before that he was with  MSI Financial Services .    Powell discloses a business affiliation with Faithway Financial Solutions in Albertville, AL.

If you have questions about an investment account handled by Floyd Earl Powell contact us for a no charge consultation to learn about your legal options.

WOODBRIDGE GROUP

In their press release, the SEC describes the Woodbridge Group of Companies as a Ponzi scheme. “We allege that through aggressive tactics, Woodbridge and Shapiro swindled seniors into a business model built on lies, which the SEC’s Miami Regional Office staff moved to halt,” said Stephanie Avakian, Co-Director of the SEC’s Enforcement Division.

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

Thomas H. Oliphint-Discloses Discharge from LPL Financial-San Antonio, TX

October 2017-San Antonio, TX 

We are currently investigating Thomas H. Oliphint , (CRD#1172870) ,  a  stockbroker who is not currently registered and who last was employed by LPL Financial until he was discharged for violation of firm policy regarding outside business activities in 11/2016. .

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.

Oliphint’s FINRA record discloses  2 prior customer disputes that were either denied or closed.

Oliphint’s  prior securities industry employment includes, MML Investor Services and New England Securities. He discloses business affiliation Grand Purpose Advocate.

If you have questions about  an account handled by Thomas H. Oliphint,  call 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

Kyle J. Gardner-Former MML Investor Services Broker-Discloses Customer Dispute Over REITs-Plano, TX

May 2017- Plano, Texas

The FINRA records  of Kyle J. Gardner,  a  stockbroker who is currently employed by  SCF Securities   disclose a pending  customer dispute for losses on investments in real estate investment trusts (REITs).

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 the currently pending customer dispute (internal case #201626218) a customer Gardner’s prior employer , MML Investor Services LLC, alleges damages in an unstated amount related to the purchase of two REITs in 2010. The customer alleges that he was not advised that the investment is illiquid and is not redeemable and that in 2015 Gardner advised him to close an individual account holding mutual funds to offset current losses and reinvested the funds in the same position.

Gardner has been employed by SCF Securities since 7/2014. His prior employment includes WFG Investments in Plano and MML Investors Services in Dallas.

If you have questions about an account  handled by Kyle J. Gardner 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

Thomas H. Oliphint-Former LPL Financial Broker-Discloses Customer Disputes and Termination From Employment-San Antonio, TX

April 2017-San Antonio, TX 

According to publicly available records Thomas H. Oliphint , (CRD#1172870) ,  a  stockbroker who is not currently registered and who last was employed by LPL Financial  discloses  2 prior customer disputes and a recent 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.

Thomas H. Oliphit was employed by LPL Financial  from 8/2006-12/2016. In 1/2016 Oliphint was discharged by LPL Financial who made the following allegation on his FINRA record: “Violation of Firm policy regarding outside business activity”

Oliphint’s  prior securities industry employment includes, MML Investor Services and New England Securities. He discloses business affiliation Grand Purpose Advocate.

If you have questions about  an account handled by Thomas H. Oliphint call 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

Leslie R. Rosenblatt of Texas Financial Resources Discloses Customer Dispute/Termination of Employment-Plano, TX

April 2017-Plano, TX

The FINRA records of  Leslie R. Rosenblatt ,  a  stockbroker who is currently registered with SCF Securities disclose a pending 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 currently pending FINRA arbitration 16-03688 a customer of WFG Investments is seeking damages of $75,000 and alleges misrepresentation contained in the offering documents, failure to conduct reasonable due diligence and failure to execute care against WFG Investments and Jefferies LLC.

Rosenblatt made the following statement on his FINRA record in connection with this pending claim: “As an advisor of WFG Investments, Inc. the information that was furnished to me was thought to be accurate and clearly stated. I am very disappointed that WFG may have had incorrect information in their offering documents.”

Rosenblatt has been employed by SCF Securities since 6/2015. Prior to that he was employed by WFG Investments and before that MML Investor Services.   Rosenblatt discloses a business affiliation with Texas Financial Resources and  Wealth Concepts. 

In 4/2014 Rosenblatt was discharged by WFG Investments who made the following allegation on his FINRA record: “The firm has reasonably determined that Mr. Rosenblatt facilitated private securities transactions without prior approval. The firm identified instances where Mr. Rosenblatt signed wire transfer request forms and failed to identify or report what was later determined to be replicated, pre-signed forms. “

If you have losses in an account in an account handled by Leslie R. Rosenblatt , you may be able to recover damages through FINRA arbitration.

Alternative investments include non publicly traded real estate investment trusts (REITS) , hedge funds, real estate, commodities and derivatives contracts and, managed futures.  These investments tend to be complex, illiquid, nontransparent, hard to value and expensive. Many of the alternative investments sold over recent years are not traded on any public market making them difficult to value and even more difficult to liquidate if cash is needed.

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