Category Archives: Purshe Kaplan Sterling Inv.

Wesley Perkins-World Tree Financial-Charged With Cherry-Picking Trades-Lafayette, LA

October 2018- Lafayette, LA

The FINRA records of  Wesley Kyle Perkins ,  a  former stock broker who is not currently registered and who was last employed by Purshe Kaplan Sterling Investments  disclose  that he is currently named in an civil action filed by regulators alleging ‘cherry picking’ and is the subject of one pending and 4 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 September 2018, the U.S. Securities and Exchange Commission (SEC) filed an action alleging that Wesley K. Perkins and his company World Tree Financial LLC operated a cherry picking scheme that defrauded World Tree Clients. According to the complaint, for 4 years Perkins reaped substantial profits at his client’s expense by cherry-picking trades, allocating favorable trades to favored accounts, including his own, and unprofitable trades to other accounts.

The SEC is seeking an injunction, disgorgement of illicit profits and civil penalties.

In a civil action pending in Lafayette Parish, customers of Perkins are seeking damages of $1.1 million for the mismanagement of their accounts.

Wesley Perkins was employed by Purshe Kaplan Sterling Investments from 12/2009-8/2018.

If you have losses in an account handled by Wesley Perkins  call for a no charge consultation to learn about your 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

Tom Brolle Investigation-Former Morgan Stanley Broker-Newton, PA

May 2018-Newton, PA

According to FINRA records, Bruce Thomas Brolle ,  a stockbroker who is not currently registered with any broker dealerdiscloses a 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 Morgan Stanley filed FINRA case 18-01665 alleging unsuitability with respect to investments made from June 2007-December 2016. The pending claim seeks damages of $562,086.

We are investigating  Brolle  on behalf of a retired couple who allege that they have suffered losses as a result of  unsuitable investments in energy, biotech and precious metals, including but not limited to:

  • Breitburn Energy Partners, L.P.
  • Seadrill, Ltd.
  • NRG Yield
  • Vanguard Natural Resources
  • Goldman Sachs MLP Energy Terraform Global
  • Crescent Point Energy
  • Celldex Therapeutics 
  • First Trust Precious Metals unit investment trusts

Thomas Brolle  was employed by Morgan Stanley from 6/2009-11/2016. From 11/2016-12/2017 he was employed by Purshe Kaplan Sterling Investments. He operates Brolle Wealth Management in Newton, PA.

If you have questions about an account handled by Bruce Thomas “Tom” Brolle, call 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

Stanley Niekras-Former Purshe Kaplan Broker-Charged in Regulatory Complaint Alleging Financial Abuse of Elderly

November 2016-Watertown, New York

The FINRA records of  Stanley C. Niekras,  a  stockbroker who was formerly  employed by  Purshe Kaplan Sterling Investments disclose 7 prior customer disputes that have been resolved and a currently pending 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.

In the currently pending regulatory matter, FINRA case 2013037401001 , FINRA alleges that Niekras attempted to collect $70,000 in estate and financial planning fees from an elderly couple that he was not entitled to.

Niekras told the clients, who were in their 90’s and declining mentally and physically, that he he had spent hundreds of hours working on their estate plan and charged them at the rate of $250 per hour, notwithstanding the fact he had no agreement entitling him to such a fee.

The  prior customer disputes include several cases involving variable annuities which resulted in significant six figure settlements.

Niekras, who is not currently registered,  was last employed by Purshe Kaplan Sterling Investments from 5/2014-10/2015. Prior to that he was employed by MML Investors Services.

If you have losses in an account in an account handled by Stanley C. Niekras  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

Aon D. Miller-Former Benjamin Edwards Broker- Sanctioned by Regulators

December 18, 2015-Chattanooga, TN

A Financial Industry Regulatory Authority (FINRA) hearing panel found that former Benjamin F. Edwards broker Aon D. Miller violated NASD Rule 3040 and FINRA Rule 2010 by participating in private securities transactions without providing the required prior written authority to his firm. Miller was suspended for two years, fined $50,000 and ordered to pay costs. Disciplinary Proceeding No. 2012034393801. 

Over $1.5 million was raised in three private securities transactions involving Chestnut Development Partners LP, City Title Loan and KB International, LLC.

According to FINRA records Miller has appealed the FINRA hearing panel ruling.

Aon Miller was registered with Benjamin F. Edwards from 7/2011-10/2012, when he was discharged for “violating firm procedures regarding outside business activities and private securities transactions.” Miller was registered with Purshe Kaplan Sterling Investments in Chattanooga from 11/2012-4/2013.

If you have questions about an account handled by Aon D. Miller call to speak with an experienced securities attorney.

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

Purshe Kaplan Sterling Investments and Broker Vungarala Named In Regulatory Complaint

February 4, 2016- Boca Raton, Florida

The Financial Industry Regulatory Authority (FINRA) filed a disciplinary proceeding against brokerage firm Purshe Kaplan Sterling Investments and broker Gopi Krishna Vungarala alleging that from June 2011-January 2015 Vungarala regularly lied to his customer, a Native American tribe, about the investments he was recommending to them.

According to the complaint Vungarala convinced the tribe to invest hundreds of millions of dollars in non-traded real estate investment trusts (REITs) and business development companies (BDCs)  , also known as alternative investments, generating over $11 million dollars in commissions.

The complaint seeks disgorgement and other relief. FINRA Disciplinary Proceeding 2014042291901.

 

According to FINRA records Vungarala has been registered with Purshe Kaplan Sterling Investments since 12/2007.

Purshe Kaplan Sterling Investments has been a FINRA member since 1994. They have about 1,250 registered persons in 460 branch offices.

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  Purshe Kaplan Sterling Investments , 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