Category Archives: Next Financial Group

Arshad Hussain-Former NEXT Financial Broker-Discharged by NEXT Financial for Improper Trading-Jasper, Alabama

April 2018 -Jasper, Alabama

According to FINRA records, Arshad Hussain ,  a currently unregistered  stockbroker who formerly was employed by NEXT Financial Group, disclose 3 prior customer disputes, two 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.

Arshad Hussain Has Been Discharged Twice

Recently, in March 2018, Hussain was discharged by NEXT Financial Group who makes the following allegation on his FINRA record: “A review of RR trading activity for two customers revealed transactions involving short-term holds on long-term products which appeared to provide no financial benefit to the customers. In addition, the RR concealed the source of the funds by inaccurately completing firm product disclosure forms and product sponsor applications.”

In 7/2007, Hussain was discharged from his prior employer, Edward Jones who makes the following allegation on his FINRA record:“Discretion and engaging in trading practices not in line with firm’s investment policy.”

Hussain discloses a currently outstanding judgement/lien filed in Walker County, AL, in the amount of $1,213 in favor of Capital One Bank.

Arshad Hussain  was employed by NEXT Financial from 11/2007-4/2018. NEXT Financial Group is headquartered in Houston, TX, and has over 600 registered persons in over 400 branch offices nationwide.

If you have losses  in an account handled by Arshad Hussain or believe that your account has been mishandled 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

Gary Haack-Former Corecap Investments Broker-Discloses Settlement of Customer Dispute-San Antonio, TX

April 2018- San Antonio, Texas

According to publicly available records Gary C. Haack  (CRD#2796834) ,  a  stockbroker who is not currently registered with any broker dealer and who was last employed by Corecap Investments  discloses  2 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.

In FINRA arbitration 15-0836, a customer of one of his prior employers, WFG Investments,  sought damages of $115,000 and alleged unsuitable investments in speculative products in connection with an investment in a private placement offering of medical and research firms. The case was settled for $70,000 in 6/2016.

Gary C. Haack  was employed by Corecap Investments from 6/2016-12/2017. His prior employment includes FSC Securities, WFG Investments and NEXT Financial Group.

If you have questions about an account handled by Gary C. Haack  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

Richard V. Minichino-Former NEXT Financial Group Broker-Terminated From Employment-Wappingers Falls, NY

March 2018- Wappingers Falls, NY

The FINRA records of Richard V. Minichino , a stockbroker who is not currently registered with any firm and who was last employed  by NEXT Financial Group , disclose  a recent termination from employment and several currently outstanding judgement/liens.

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.

Minichino was employed by NEXT Financial Group  from 2/2016-2/2018, when he was discharged by NEXT Financial who made the following allegation on Minichino’s‘ FINRA record: “discharged after an internal review involving trading in a customer’s accounts that appeared to be unsuitable” 

Minichino’s  prior employment includes: Wunderlich Securities, J.P. Morgan Securities and Chase Investment Services. 

Brokers have a duty to make investment recommendations that are suitable taking into account the age, health, financial sophistication and risk tolerance of the individual.

If you have questions about an account handled by RIchard Minichino 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

Joseph L. Cotter-Former NEXT Financial Group Broker-Discloses Fine/Suspension/Termination-Charlotte, N.Carolina

March 2018- Charlotte, N. Carolina

The FINRA records of  Joseph L. Cotter  ,  a  stockbroker who is currently not registered and who was last employed by  Petersen Investments disclose a recent regulatory matter resulting in his suspension, 2 prior customer disputes, a pending investigation and 2 terminations 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 November 2017, to resolve allegations that he engaged in excessive trading and  unsuitable trading in a customer account, Cotter was suspended for 9 months (11/6/2017-8/5/2018) , ordered to pay disgorgement of $100,549 and assessed a fine of $15,000.

FINRA found that Cotter exercised de facto control over the account an unsophisticated lady client and used this control to excessively trade the account in a manner that was inconsistent with the her investment objectives, financial situation and needs. As a result the customer’s account lost nearly $400,000 and generated commissions of over $100,000. FINRA Case 220166049316301. 

Cotter’s FINRA record discloses that in April 2017 FINRA advised that they are forwarding examination 20160493163 to FINRA Enforcement.

In 1/2017, a customer of Cotter’s prior employer, NEXT Financial Group, was paid $328,646 to resolve allegations that Cotter mismanaged her account from 2013-2016.

Joseph L. Cotter  was discharged by NEXT Financial Group on 3/18/2016 for excessively trading a customer account. Cotter was employed by NEXT Financial 6/2008-3/2016.

NEXT FInancial Group made the  following allegation  on Cotter’s official FINRA record:“The firm conducted an internal review of the trading activity in a customer’s accounts and found the level of trading activity to be excessive in light of the customer’s profile and the character of the account.”

In May 2017 Cotter was allowed to “voluntarily resign” from   Petersen Investments who made the following allegation on his FINRA record:“On April 2017, FINRA notified Mr. Cotter that examination 20160493163 was being referred to its Enforcement Division for further review.”

If you have losses in an account handled by Joseph Cotter, contact us  for a no charge consultation to learn how you may be able to recover damages from his 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Matt S. Neas Investigation-Former Newbridge Securities Broker Subject of Numerous Customer Suits-Austin, TX

April 2018-Austin, TX

According to publicly available records Matt S. Neas  , (CRD# 2863660) ,  a  former stockbroker who last worked for Newbridge Securities Corp. was recently permanently barred from the securities industry by FINRA.

The FINRA record of Matt Neas discloses two currently pending customer disputes, 8 prior customer disputes, a termination from employment and 4 outstanding judgment/liens. A recent press release indicates that an Austin couple has filed a FINRA arbitration claim against his employer Newbridge Securities alleging that a large part of their life savings has been lost as a result of a recommendation to invest  in risky exchange traded funds (ETFs).

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 2/2018 a customer of Newbridge Securities brought a claim against Newbridge alleging that Matt Neas made unsuitable investment recommendations and charged excessive commissions. In this currently pending dispute, the customers are seeking damages of $700,000.

FINRA arbitration 18-0542 was filed against Newbridge Securities in 2/2018. The customer alleges that Neas made unsuitable recommendations to invest in risky ETFs and breached his fiduciary duty and seeks damages of $180,000.

The prior customer disputes that have been settled include:

  • FINRA Case 11-0767-a customer of his prior employer Merrill Lynch was paid $75,000 to resolve allegations that Neas made unsuitable investment recommendations , traded the account without permission and made excessive trades.
  • FINRA Case 8-3095- a customer of his prior employers UBS Financial Services and Merrill Lynch was paid $180,000 to resolve allegations that Neas unsuitably invested and churned his account.

Neas was employed by Merrill Lynch from 11/2005-8/2008. He was discharged by Merrill Lynch 7/2008 after the firm concluded that he exercised discretion in client accounts without written authorization.

Neas was then employed by NEXT Financial Group from 9/2008-2/2011 and then with Newbridge Securities Corp. from 2/2011-3/2017. Neas discloses an affiliation with Neas Financial Group in Austin, TX.

Neas discloses currently outstanding liens/judgements to the IRS of $155,388 and to Merrill Lynch of $1,083,357.

If you have losses in an  investment account handled by Matt S. Neas , call 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

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870