Category Archives: Sammons Securities (now Parkland)

Failure to Supervise, Parkland Securities (Sammons), Sammons Securities (now Parkland), Unsuitable Investments

Steven E. Love-Parkland Securities Broker-Subject of Arbitration Claim-Terre Haute, Indiana

March 2018-Terre Haute, Indiana

We recently filed FINRA Case #18-1047 on behalf of an 81 year old widow from Terre Haute, Indiana, who alleges that Parkland Securities (formerly Sammons Securities) stock broker Steven Eugene Love failed to follow her instructions to invest her retirement funds in safe, suitable investments.

The FINRA arbitration alleges that Parkland Securities failed to supervise Love and allowed him to invest a large percentage of our client’s retirement funds in high commission, illiquid, risky and non-publicly traded real estate investment trusts (REITs) and other alternative investments.

The arbitration claim seeks damages of $100,000-$500,000.

FINRA BrokerCheck records indicate that Love has been employed by Parkland Securities since 8/2013 and has a business affiliation with Love Financial Services. Love was discharged by Alanar Incorporated,  a prior employer,  in 2003 for inappropriate trade activity related to private placements.

If you have questions about an account handled by Steven E. Love, call for a no charge consultation to discuss your legal options.

Alternative investments include non publicly traded real estate investment trusts (REITS) , oil & gas partnerships and equipment leasing investments. These investments tend to be complex, illiquid, non transparent, hard to value and expensive. Many of these investments  are not traded on any public market making them difficult to value and even more difficult to liquidate if cash is needed for daily living or health related expenses.

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

Lack of Due Diligence, Misrepresentation, Parkland Securities (Sammons), Sammons Securities (now Parkland), Unsuitable Investments, Woodbury Financial Services

Delbert W. Carnes-Woodbury Financial Broker-Discloses Settlement with Customers & Outstanding Judgment-Colorado Springs

August 2016- Colorado Springs, CO

The FINRA records of Delbert W. Carnes ,  a  stock broker who is currently  employed by Woodbury Financial Services  disclose 5 prior customer disputes and a currently 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.

The prior finalized customer disputes include:

  • FINRA Case 14-02979 in which a customer of Carnes‘ prior employer, Parkland Securities (formerly Sammons Securities) alleged damages of $125,000 for inappropriate and misleading advice which resulted in an over concentration in unsuitable illiquid investments. That case was settled for $45,000.
  • FINRA Case 12-02470  in which a customer of Carnes‘ prior employer,  Sammons Securities alleged damages of $223,000 for misrepresentation, omission of facts, negligence and breach of fiduciary duty and failure to conduct adequate due diligence.That case was settled for $84,000.
  • FINRA Case 12-02220  in which a customer of Carnes‘ prior employer,  Sammons Securities,  alleged damages of $406,139 for misrepresentation, omission of facts, negligence and breach of fiduciary duty .That case was settled for $245,500.

Carnes discloses a currently outstanding lien in the amount of $132,993 in favor of First Citizens Bank & Trust, filed in District Court of Douglas County.

Carnes has been employed by  Woodbury Financial Services  since 7/2009.

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

Cetera Advisors, FINRA, Fraud, Outside Business Activities, Parkland Securities (Sammons), Sammons Securities (now Parkland), Selling Away, StockBroker Misconduct, Theft

Cetera Advisors Broker Clark Gardner Sanctioned by Securities Regulator

September 26, 2014-Orem, Utah–Clark S. Gardner was permanently barred from the securities industry by FINRA to resolve allegations that he converted customer funds by depositing them in his personal bank account.

According to the FINRA pleadings, a customer provided Gardner with $243,000 for an “investment opportunity” in April 2014. Instead of making an investment for the customer, Gardner deposited the check into his personal account and used it to repay funds he owed to other individuals and for personal expenses.

In addition, FINRA alleged that Gardner engaged in an outside business activity with the Firm’s knowledge or consent. FINRA records indicate that Gardner was employed by Cetera Advisors from 12/2013-5/2014. Prior to that he was employed by Sammons Securities Company.

Rex Securities Law provides nationwide representation to investors 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

Failure to Supervise, FINRA, Lack of Due Diligence, Parkland Securities (Sammons), Sammons Securities (now Parkland)

Parkland Securities (fka Sammons Securities) Sanctioned by Securities Regulators

Parkland Securities, Ann Arbor, MI, (formerly known as Sammons Securities Company) was censured and fined $100,000 by FINRA to resolve allegations that it violated FINRA and NASD rules related to supervision of its brokers and other matters.

The FINRA findings noted that from March 8, 2010 to October 8, 2012, Sammons supervisory and compliance functions were conducted by B/D OPS, LLC, a related company, which also provided supervisory and compliance services to another broker-dealer.

The 35 person staff of BD OPS was responsible for supervising a total of 1,274 brokers and 854 branch offices, an undertaking which FINRA found to be unreasonable. With only 3 people serving as field auditors, they were performing 5-10 branch inspections per week. Simmons system of supervision was found to be inadequate.

FINRA also found the Sammons failed to properly review broker emails for red flags, and failed to conduct any independent due diligence for structured products sold to customers.

If you lost money in an account at Parkland Securities (Sammons) contact us to learn how you may be able to recover damages.

Rex Securities Law provides nationwide representation to investors 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

American Investors Group, Ameritas Investment Corp, Capital Financial Services, Equity Services Inc., Financial West Group, FINRA, Investor's Capital Corp., RBC Capital Markets (RBC), Reg D Offerings(private placements), REITs, Sammons Securities (now Parkland), Securities, Securities Regulators, Stockbroker Malpractice, StockBroker Misconduct, Unsuitable Investments

Rex Investigates CIP Leveraged Fund Advisors, LLC

Cornerstone Ventures, Inc. is the managing partner of CIP Leveraged Fund Advisors, LLC. The firms that solicited sales of this investment, according to SEC records are:

Pacific Cornerstone Capital, Inc.
Investors Capital Corp.
Private Consulting Group, Inc.
Cullum & Burks Securities, Inc.
Sammons Securities Company, LLC
USAllianz Securities, Inc.
American Investors Company
Equity Services, Inc.
Sigma Financial Corporation
Intervest International Equities Corporation
Cascade Financial Management Inc.
Investment Management Corporation
Royal Securities Company
Financial West Group
RBC Dain Rauscher Inc.
Harvest Capital LLC
Northland Securities, Inc.
Ameritas Investment Corp.
Advisory Group Equity Services, Ltd.
Capital Financial Services, Inc.

It may be possible that other firms not included in the list sold this
investment whose performance was tied to the performance of three other Cornerstone funds:

  • Cornerstone Healthcare Plus REIT (CHP)
  • Cornerstone Healthcare Real Estate Funds (CHREF)
  • Meadowbrook Healthcare Properties (MHP)

The company recently reported that CLFA units have no value, only slim hopes for the future. In February 2010, Pacific Cornerstone Capital Inc. and its former CEO Terry Roussel were fined a total of $750,000 for failing to include full and complete information in private placement offerings of CIP Leveraged Fund Advisors, LLC. Investors were promised 18% rate of return and maturity of the investment in two to four years. Roussel was also suspended.

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