Category Archives: National Planning Corp.

Robert Tweed-Former Cabot Lodge Securities Broker- Discloses a Regulatory Event, a Civil Event, Numerous Customer Disputes and a Termination from Employment- San Marino, CA

January 2020-San Marino, CA

According to publicly available records of Robert Russel Tweed (CRD#2339324) ,  a  former stockbroker who last worked for Cabot Lodge Securities,  discloses 1 regulatory event, a pending civil event,  3 pending customer disputes,  10 prior 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 1/10/2020 FINRA  permanently barred Tweed from the securities industry to resolve allegations that he negligently made false and misleading statements to customer to induce them to invest in his hedge fund.   According to the FINRA complaint he raised $1.6 million from his customers using a false and misleading private placement memorandum.  This case is presently on appeal.

In 10/2017, The Securities and Exchange Commission filed case no. 2:17-cv-7251 alleging “fraud charges against his company , Tweed Financial Services,  alleging that  investors were misled.

Tweed’s official FINRA record discloses 2 prior awards to  customers of one of Tweed’s  prior employers,  United Securities Alliance and Capwest Securities .  Allegations included unsuitable investments, breach of contract, fraud, breach of fiduciary duty,  fraudulent concealment, omission, negligent concealment, elder abuse, violation of state and federal securities laws and violations of FINRA rules.   The awards in these cases totaled  nearly $500,000.

Tweed’s official FINRA record also discloses 3 settled customer disputes with another one of Tweed’s  prior employers,  National Planning Corporation and Capwest Securities, Inc.   Allegations included breach of fiduciary duty, misrepresentations and omissions, failure to supervise, unfair and deceptive trade practices, violations of state and federal securities laws and elder abuse.  negligence of financial advisor and rescission of contract due to fraud or mistake.  The total settlements in these three cases was nearly $200,000.

In 7/19, a Concorde Investment Services customer filed FINRA case 19-01899 alleging misrepresentation and suitability and is seeking  $1.4 million in damages.   This case is pending.

In another pending case a customer of Concorde Investment Services is seeking $75,000 and alleges that Tweed misrepresented the risks associated with an investment in Vertical US Recovery Fund II.

Tweed was employed by Cabot Lodge Securities from 10/15 until 12/19.   Prior to that time he was with Concorde Investment Services, Capwest Securities, MAM Securities, United Securities Alliance and National Planning Corporation.  

If you had an account with Robert Russel Tweed that suffered losses, you may be entitled to collect damages from his prior employer. 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

Dexter L. Thomas Litigation Update-June 2019-Dallas, TX

June 2019  UPDATE–Dallas, TX

We are currently pursuing FINRA arbitration claims on behalf of more than 20 individuals who were were customers of Dexter Thomas Financial Services. These individuals are seeking recovery of damages from National Planning Corporation, LPL Finanical and United Planners, the brokerage firms who employed Mr. Thomas.  

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.

The claims allege damages to their accounts  for unsuitable investment recommendations, including annuity investments, and churning of accounts.

Dexter Thomas “Loans”

We are investigating claims on behalf of an individual for a fraudulent loan Mr. Thomas made from the client.

According to FINRA records, Dexter Thomas, was last registered with United Planners Financial Services of America and operated Dexter Thomas Financial Services in Dallas.  His FINRA record discloses  13 pending customer disputes that seek damages in the millions.

Thomas was  employed by National Planning Corp. from 9/2006-11/2017and from 11/2017-8/2018 he was employed by United Planners. These prior employers can be held accountable for losses you may have suffered.

NATIONAL PLANNING CORP.  SANCTIONED OVER ANNUITY SALES 

On July 24, 2018, NPC was hit with  very significant sanctions by FINRA related to the sale of annuities. FINRA found that NPC received over $152 million from the sale of variable annuities, including $56 million from the sale of L-share variable annuities which were sold to customers without investigating the suitability of the product for the customer.

FINRA has fined NPC $650,000. In addition, NPC has agreed to disgorgement of up to $6 million to affected customers.

National Planning Corp. has also been known as Jackson National Financial Services and NPC of America.

DID YOU MAKE A CLAIM THAT WAS DENIED ?

 If you made a claim for losses with one of the brokerage firms where Dexter Thomas was employed and that claim was denied, call for a no obligation consultation to learn how we may be able to recover damages on your behalf.

If you have questions about an investment account handled by Dexter Thomas , questions about annuities you may have been sold, a loan to Mr. Thomas or other financial matters involving Thomas, contact us 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

Dexter Thomas Litigation Update-Former National Planning Corp. Broker-Dallas, TX

May 2019 Litigation UPDATEFollow this link for the latest on the Dexter Thomas litigation. 

If you made a claim for losses that was denied by Mr. Thomas’ former employer, call to learn how you may be able to recover damages through FINRA arbitration.

If you have questions about an account handled by Dexter Thomas contact us 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

Matthew J. Westfall-Former Securities America Broker-Discloses Pending Customer Dispute

February 2017-Grand Isle, NE

According to publicly available records Matthew J. Westfall , (CRD# 1112977) ,  a   stockbroker who is not currently registered, discloses a pending customer dispute, a discharge from employment and a final regulatory matter.

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.

Westfall discloses that in March 2016, a customer of Securities America filed FINRA arbitration 16-0771 alleging damages of $336,813 for unsuitable recommendations, fraudulent misrepresentation and violations of federal and Nebraska securities laws in connection with an investment in real estate securities. That matter is currently pending.

Westfall discloses that in 12/2012 he was discharged from National Planning Corporation who alleged that he solicited an investment and accepted funds in connection with an investment that was not offered by the firm.

Westfall discloses that in January 2014, he was fined $25,000 and suspended for two years to resolve allegations that he solicited and accepted funds from firm customers to purchase Iraqi Dinar currency as an investment and other allegations.

Westfall’s prior employment includes Primex, National Planning Corporation, Securities America, Sunamerica Securities and VSR Financial Services. 

If you have questions about an account in an account handled by Matthew J. Westfall , contact us 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

Gary D. Moore- Former VSR Financial Broker- Investigation- Sarasota, Florida

Sarasota, Florida

Rex Securities Law is investigating former VSR Financial Services broker Gary D. Moore  in connection with the sale of limited partnerships, promissory notes and real estate securities during the time he was employed by VSR Financial Services from 6/2004-6/2007. He is currently employed by National Planning Corporation.

According to FINRA records Moore is named in FINRA arbitration #14-2969 in which a customer alleges damages of $375,000 in connection with the sale of real estate securities, promissory notes and other direct investments. The customer alleges breach of written contract, breach of fiduciary duty,  gross negligence, misrepresentations and violations of securities laws.

VSR Financial Services was fined $550,000 by the Financial Industry Regulatory Authority (FINRA) in May 2013 in connection with the sale of alternative investments. In their findings, FINRA criticised VSR Financial for recommending high concentration levels of alternative investments in customer accounts and for its lack of supervision over the use of consolidated reports prepared by brokers and provided to customers.

Alternative investments include non publicly traded real estate investment trusts (REITS) , hedge funds, real estate, commodities and derivatives contracts and, managed futures. It may also include art, wine, antiques, coins or stamps. 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.

If you have losses in an account handled by  Gary D. Moore while he was employed by VSR Financial Services , contact us to discuss how you may be able to recover damages for those losses.

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