Category Archives: Salomon Whitney (SW Financial)

Praxedes Russi-Former Salomon Whitney Financial Broker- Discloses Customer Dispute and 5 Judgements- Farmington, NY

October 2019-Farmington, NY

The FINRA records of  Praxedes Russi ,  a  financial advisor who currently works for Worden Capital Management and who previously was employed by Salomon Whitney Financial  disclose 2 prior customer disputes and  6 outstanding judgments.

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.

FINRA case # 18-01055 filed in April 2018 by a Salomon Whitney Financial customer alleges churning, negligence, unsuitability, unauthorized trading and breach of contract.    The case settled for $7,500 and was paid individually by Russi.

Russi  discloses 6 outstanding tax liens (Federal and State of NY)  filed in Nassau County by the State of New York.

Praxedes Russi  has been registered with Worden Capital Management  since 12/2017.  His prior employment includes Salomon Whitney Financial, Cova Capital Partners and Legend Securities.

If you have losses in an account  handled by Praxedes Russi, 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

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Ahmad Wares- Former Salomon Whitney Financial Broker- Discloses Customer Suits and Termination- Melville, NY

June 2019 – Melville, NY

According to publicly available records, Ahmad Wares,  a financial advisor previously with Laidlaw & Company discloses 1 pending and 9 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  FINRA Case 13-00649, a customer of Wares’ prior employer EKN Financial Services, Inc.  was paid $46,984.84  to resolve allegations of unauthorized trading, unauthorized use of margin, excessive and improper trading and churning.

From April 2001 to November 2015, Wares had 7 customer complaints alleging unauthorized trading, failure to follow instructions, churning, unsuitability,  common law fraud, fraud in violation of federal securities laws, negligence, negligent supervision, liability, breach of contract, breach of fiduciary duty and unjust enrichment.

These cases were brought by customers of his previous employers – First Midwest Securities, Inc., GBI Capital Partners, Inc.,  EKN Financial Services and  Laidlaw & Company (UK). The monetary settlements were nearly $400,000 of which $155,350 was paid by Wares personally.

In currently pending FINRA case 18-01055 ,  a Salomon Whitney Financial customer alleges churning, negligence, unsuitability, unauthorized trading and breach of contract and is seeking damages of $195,132 .

In 2009, Wares was discharged from First Midwest Securities, Inc., after allegations that he failed to respond to client complaint and left the firm owing money due to a  negative balance of $112,415 in a client account.

Wares has been employed by Worden Capital Management since April of 2017,  He was employed with Salomon Whitney Financial  from December 2015 until March 2017. Prior to that he was with  Laidlaw & Company and  EKN Financial Services, Inc.

If you have questions about an investment account handled by Ahmad Wares  contact us for a no charge consultation to learn about your legal 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

Stephen Sullivan-Former Newbridge Securities Broker-Subject of $500K Customer Suit-Melville, NY

August 2018-Melville, New York

According to FINRA records,  Stephen J. Sullivan  a stockbroker who currently works for SW Financial (formerly Salomon Whitney Financial) ,   discloses  a prior regulatory event, a pending customer dispute, a prior customer dispute and 3 currently pending judgment/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.

In February 2016, without admitting or denying the findings, Sullivan consented to sanctions and entry of findings that while employed by First Midwest Securities, he exercised discretion in the accounts of two customers without obtaining their prior written approval. He was suspended for 10 business days and fined $5,000.

In currently pending FINRA Case 18-01444 a customer of one of his prior employers, Newbridge Securities, alleges that Sullivan made unsuitable recommendations and traded the account excessively. The customer is seeking damages of $540,618.

According to his FINRA record, sInce obtaining his Series 7 broker’s license in 1998, Sullivan has been employed by  14 different brokerage firms. His current employment with  SW Financial began in 5/2018.

Sullivan’s recent prior employment includes Worden Capital Management, Newbridge Securities and Legend Securities. 

If you have losses in an account handled  Stephen Sullivan, call for a no charge consultation to learn 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Dennis Hayes-Former Newbridge Securities Broker-Discloses Numerous Customer Suits-Charlotte, N. Carolina

March 2019- Charlotte, N. Carolina

According to FINRA records,  Dennis Allen Hayes  a stock broker who  is not currently registered and who formerly worked for Newbridge Securities Corp. , discloses a pending regulatory investigaton, 2 pending and 4 prior final 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 1/2019 FINRA initiated a regulatory investigation in which the regulator alleges that Hayes recommended that customers of Newbridge Securities purchase securities from privately held companies without notice to his firm. The complaint alleges that the principal of the companies was a friend of Hayes’ family and that Hayes received a payment of $130,000.

In recently resolved FINRA Case 17-3125, a customer of Newbridge Securities alleged that they were sold unsuitable securities. That case was settled in 10/2018 for $760,000.

In FINRA Case 16-02002, a customer of Newbridge Securities alleged that they were sold unregistered securities. That case was settled in 8/2017 for $120,000.

In FINRA Case 16-0899 a customer of Newbridge Securities alleged fraud, misrepresentation and violations of the N. Carolina Securities Act. The case was settled in 7/2016 for $12,500.

The pending cases include:

  • FINRA Case 17-2853. A Newbridge Securities customer seeks damages of $650,000 and alleges that Hayes recommended unsuitable investments in promissory notes and private placements. The customer also alleges that Hayes engaged in unauthorized transactions.
  • A pending customer complaint involving a promissory note which seeks damages of $66,246.

Hayes was employed by Newbridge Securities from 2/2010-9/2016. In 9/2016  he was “permitted to resign” from Newbridge who made the following allegation on Hayes’ FINRA record: “He was permitted to resign based on two issues, first the firm has an open internal review regarding a customer complaint that evolved into an arbitration for possible selling away and private securities transactions. Second, had little or no production in the last 12 months.”

Hayes discloses business affiliations with Dennis A Hayes, CPA, and Dennis A. Hayes Financial Services in Charlotte. He was employed briefly by Salomon Whitney Financial during 4/2017.

If you have questions about losses  an account handled  by Dennis A. Hayes , 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