Category Archives: Signator Investors

David Ferwerda-Former Signator Investors Broker-Sanctioned Over Woodbridge Mortgage Fund Sales-Grand Rapids, MI

October 2018- Grand Rapids, MI

The FINRA records of  David Carl Ferwerda ,  a  former stock broker who is not currently registered and who was last employed by Signator Investors  disclose  a regulatory bar from the securities industry and a termination from employment related to his alleged involvement in the sales the allegedly fraudulent Woodbridge Mortgage Investment Funds.

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 October 2018 FINRA permanently barred Ferwerda from the securities industry for his failure to provide FINRA with requested documents and information in connection with an investigation of Ferwerda’s participation in sales of notes related to the Woodbridge Group of Companies and 1 Global Capital LLC.

Ferwerda was employed by Signator Investors from 9/2012-3/2018 when he was discharged by Signator Investors for his involvement in the sale of unapproved outside investments in violation of firm policy. The Michigan Department of Licensing and Regulatory Affairs is currently investigating this matter.

Woodbridge-A $1.2 billion Ponzi According to SEC

The U.S. Securities and Exchange Commission announced charges and an asset freeze against a group of unregistered funds and their owner who allegedly bilked thousands of retail investors, many of them seniors, in a $1.2 billion Ponzi scheme.

According to the SEC’s complaint, unsealed in federal court in Miami, Florida, Robert H. Shapiro and a group of unregistered investment companies called the Woodbridge Group of Companies LLC, formerly headquartered in Boca Raton, Florida, defrauded more than 8,400 investors in unregistered Woodbridge funds.

“We allege that through aggressive tactics, Woodbridge and Shapiro swindled seniors into a business model built on lies, which the SEC’s Miami Regional Office staff moved to halt,” said Stephanie Avakian, Co-Director of the SEC’s Enforcement Division.

“Our complaint alleges that Woodbridge’s business model was a sham,” said Steven Peikin, Co-Director of the SEC’s Enforcement Division. “The only way Woodbridge was able to pay investors their dividends and interest payments was through the constant infusion of new investor money.”

“Our complaint further alleges that Shapiro used a web of layered companies to conceal his ownership interest in the purported third-party borrowers,” said Eric I. Bustillo, Director of the SEC’s Miami Regional Office.  “Shapiro used the scheme to line his pockets with millions of investor dollars.”

If you have losses in an account handled by David Ferwerda on investments in Woodbridge or other unsuitable investments call for a no charge consultation to learn about your options for recovery of damages from Signator Investors.

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

Brandon Stimpson-Former Allegis Investment Broker-Ordered to Pay Customer $400,000 For Option Trading-Logan, Utah

March 2018-Logan, Utah

An all public FINRA arbitration panel recently orderedand former Allegis broker Brandon C. Stimpson to pay a former client over $400,000 for losses suffered on the buying and selling of put options tied to the performance of the Russell 2000 index. The award, which is joint and several, included compensatory damages, interest, costs and attorney fees. Watson v Allegis Investment Services, et al, FINRA Case 16-0343.

The FINRA records of  Brandon Curt Stimpson ,   disclose  a  number of prior and pending 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 2/2016 a customer of Stimpson and Allegis Investment Advisors was paid $35,000 to resolve allegations that an option  trade placed in his account was outside the scope of the strategy.

There are currently two pending arbitrations disclosed, seeking a total of $700,000, that relate to option trading.

Stimpson had been employed by Allegis since 5/2014. In 12/2017 he was discharged for failing to follow firm policies and code of ethics. Prior to that he was employed by Signator Financial Services.

 

If you have questions about an account handled by Brandon C. Stimpson, call for a no charge consultation to learn about 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

Morissa Rivo-Signator Investors Broker- Barred From Securities Industry-Boca Raton

January 15, 2016-Boca Raton, FL

Morissa F. Rivo, formerly a broker with Signator Investors,   entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that  she failed to appear for on the record testimony in a FINRA investigation.

AWC No.  2014041961001

Rivo was permanently barred from association with any FINRA member in all capacities.

FINRA records disclose that Rivo was registered with Signator Investors from 2/2014-5/2015 when she was discharged for failure to adhere to firm policies and procedures. Prior to that she was registered with MetLife Securities from 6/2006-11/2013 when she was discharged for not following company policy with respect to customer signatures on account documents.

Rivo is currently named on a customer dispute in which the customer alleges that “he was tricked into exchanging a variable annuity”. In 7/2015, she settled another customer case for $68, 027. That customer alleged that policy recommendations were unsuitable.

If you suffered losses in an account handled by Rivo, you may be able to recover damages from her former 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

Former FINTEGRA Broker Sanctioned by Securities Regulators

October 12, 2015 – Granger, Indiana

Albert Lee Rosebush  , entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that Rosebush violated FINRA rules by filing  late amendments to FINRA Form U4 to report six tax liens against him totaling over $198,000. In four instances Rosebush failed to report tax liens totaling over $23,000.

AWC No. 2013036065701

Rosebush was fined $5,000 and suspended for one year from association with any FINRA member in any capacity.

According to FINRA records, Rosebush  was registered with FINTEGRA LLC  from 1/2013-9/2015. Prior to that he was registered with Signator Investors from 1/1995-12/2012.

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.

Rex Securities Law

Florida-561 391 1900

Texas-512-329-2870

Signator Investors Fined $450,000 for Inadequate Supervisory Procedures

August 13, 2015- Loudon, Tennessee/ Boston, MA

Signator Investors, Inc. , entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that between from May 2004 until March 2014 Signator failed to establish and maintain a reasonable supervisory system regarding the use of consolidated statements by its brokers.

Signator’s flawed system allowed brokers to enter customized values for assets and accounts held away from the firm and did not have a satisfactory way to to determine the accuracy of valuations manually entered by the brokers.

Gregory Mitchell, who was also a party to the AWC,  served as Agency Compliance Specialist for Signator’s offices in Vienna, VA, and Towson, MD.   Between 2009 and 2014,  FINRA found that Mitchell failed to enforce the firm’s policies and procedures related to client reviews and branch audits by providing advance notice of which client files would be reviewed, as well as advance notice of unannounced branch audits, in violation of NASD Rule 3010(b) and FINRA Rule 2010.

James Glover, a Signator broker at the Towson, Maryland branch office had sold over $13 million worth of Colonial, an investment in residential and commercial real estate. Glover had prepared and issued over 300 of the faulty consolidated reports including  inaccurate values for Colonial, which, due to the inadequate supervisory procedures of Signator, had gone undetected.

AWC No. 2012032782402

Signator  was  censured and fined $450,000.

Mitchell was fined $10,000 and suspended for seven months.

Signator and its predecessor company  has been a FINRA member since 1968,   is headquartered in San Antonio, Texas, and has over 1,500 brokers in 314 branch offices.

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