Category Archives: Royal Alliance

Shawn B. Davis-Former Independent Financial Group Broker-Discloses 6 Pending Customer Disputes And A Prior Customer Dispute – Auburn, CA

October 2019 – Auburn, CA

The FINRA records of Shawn Bruce Davis  , a stockbroker who was last employed by  Independent Financial Group disclose 6 pending customer disputes and  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 August 2013, a Berthel Fisher & Company Financial Services customer filed FINRA case #13-02524 alleging that investments purchased from 2005 to 2008 were unsuitable and misrepresented by Davis.  The case settled for $52,500.

In August of 2018, a customer of Berthel Fisher & Company Financial Services, WFG Investments, Inc. , and Independent Financial Group,  filed FINRA case #18-02735 alleging that the investments they purchased in 2012 were unsuitable and misrepresented to them by the representative.   The clients also allege the firm failed to conduct adequate due diligence and filed to supervise the representative.   No monetary damages are stated and the case is pending.

In June of 2018, a WFG Investments customer filed FINRA case #18-02173 alleging investments, including REITs, were unsuitable.    The damages sought are $560,000.    The case is pending.

In April of 2018, a Berthel Fisher & Company Financial Services customer filed FINRA case #18-01268 alleging the investments they purchased between 2007 and 2011 were unsuitable and misrepresented to them by Davis.   The clients also allege that the firm failed to supervise Davis and are seeking damages of $500,000.

In March of 2018, a Berthel Fisher & Company Financial Services and Royal Alliance Associates, Inc., customer filed FINRA case #18-01092 alleging the investments, including REITs and limited partnerships purchased between 2005- 2006 are unsuitable and were misrepresented by Davis.   The claimants allege that the firm failed to supervise the actions of Davis and are seeking damages of $1,500,000.

In September of 2016, a Berthel Fisher & Company Financial Services customer filed FINRA case #16-02660 alleging the investments, including REITs and oil and gas securities. purchased 2005- 2010 are unsuitable and were misrepresented by Davis.   Claimants allege that the firm failed to supervise Dais and are seeking damages are $800,000.

In September of 2017 a WFG Securities and Independent Financial Group customer filed FINRA case #17-02219 alleging that they were not fully informed of the risks associated with REIT offerings purchased from 2013 to 2015.   No specific damages set forth in the claim.

Davis  was employed by Independent Financial Group  from February 2014 until May 2017, and with WFG Investments, Inc. from August 2012 until January 2014.   Before that he was with Berthel Fisher & Company Financial Services  and Royal Alliance Associates, Inc. Davis discloses business affiliations with Davis Financial Advisors, Uncommon Capital and Leads from the Vine in Roseville, CA.

If you have problems in an account  handled by Shawn Bruce Davis  call for a no charge consultation to learn more about 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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

William B. Wyman-Former Royal Alliance Assoc. Broker-Barred From Securities Industry-Palm Bay, FL

April 2017- Palm Bay, FL

The FINRA records of  William B. Wyman ,  a  former stockbroker who was  employed by  Royal Alliance Associates disclose a prior regulatory event,  a pending customer dispute, two prior customer disputes and an outstanding judgment.

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 2017 Wyman was permanently barred from the securities industry by FINRA for failing to respond to information requests from FINRA leading to suspension and then a bar after he failed to request termination of his suspension.

In the currently pending matter a customer of Royal Alliance Associates seeks damages of $97,500 and alleges negligence in connection with an investment in a pool hall/bar that was sold away from the firm.

 

William Wyman was employed by Royal Alliance Associates from 7/2000-2/2016 and then by Ameriprise Financial 2/2016-11/2016.

If you have questions about an account  handled by William Wyman 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

Roger B. Deal-Former Royal Alliance Broker-Discloses $3.2M Customer Dispute over Real Estate Investment

July 2016- Columbus, Nebraska

The FINRA records of Roger B. Deal  , a stock broker currently employed by Geneos Wealth Management , disclose  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 a currently pending case CL14-7646, in the District Court of Douglas County Nebraska, a customer while Deal was employed by Royal Alliance Associates, alleges damages of $3.2 million in connection with an investment in a real estate tenant in common investment (TIC) that the former customer alleges was purchased based on misrepresentations and which is also unsuitable.

Deal has been employed by Geneos Wealth Management since 9/2014. Prior to that he was employed by Royal Alliance Associates from 6/2001-9/2014.

If you have losses in an account handled by Roger B. Deal, contact us 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

First Allied Securities Broker Sanctioned for Sale of Unsuitable Exchange Traded Funds

April 21, 2015

Daniel Grieco  entered into a Letter of Acceptance Waiver and Consent (AWC)  with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that he recommended and caused to be executed purchases of leveraged and inverse leveraged exchange traded funds (ETFs) in 15 customer accounts. FINRA alleges that Grieco made the recommendations on non-traditional ETFs to various customers without having reasonable grounds to believe his recommendations were suitable.

According to FINRA, the ETFs were designed to achieve their objectives over the course of a single day, but were actually held for much longer, in some cases as long as five years.

Grieco was fined $7,500 and suspended for 15 days.

Disciplinary Proceeding NO. 2013035076201

Stock brokers have a duty to make recommendations that are suitable for customers, taking into account their age, health, liquid net worth and level of financial sophistication.

According to FINRA records, Grieco has been registered with First Allied Securities since 8/2010. Before that he was registered with Royal Alliance Associates 4/2007-8/2010.

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

Independent Broker Dealer Rankings Announced by Investment News

The Investment News recently announced the rankings of independent broker-dealers for 2013

BrokerDealer                   Gross Revenue

 1            LPL Financial LLC           $4B (billion)

2            Ameriprise Financial
Services Inc.                                     $3.2 B

3            Raymond James Financial
Services Inc.                                   $1.4 B

4            Commonwealth Financial
Network                                         $822 M (million)

5            Lincoln Financial Network       $794M

6            Wells Fargo Advisors
Financial Network                $707 M

7            Axa Advisors            $677M

8            Northwestern Mutual        $654M

9            Cambridge Investment
Research Inc.                      $574 M

10          Securities America Inc.      $475M

11          Royal Alliance Associates
Inc.                              $444 M

12          Cetera Advisor Networks    $435M

13          Waddell & Reed
Financial Advisors                       $426 M

14          ING Financial Partners
Inc.                                  $396 M

15          National Planning Corp.      $383M

16          NFP Advisor Services
Group                                $381 M

17          MML Investors Services
LLC                              $361 M

18          Securian Financial
Services Inc.                            $355 M

19          FSC Securities Corp.        $280M

20          Princor Financial
Services Corp.                           $279 M

21          SagePoint Financial Inc.  $279M

22          INVEST Financial Corp.      $278M

23          HD Vest Investment
Services                               $273 M

24          First Allied Securities
Inc.                                   $272 M

25          Signator Investors Inc.   $269M

Rex Securities Law , located in Boca Raton, FL, 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.

Rex Securities Law

561 391 1900