January 2020-Rowlett, Texas
The FINRA records of Walter (Walt) Parker , a currently unregistered broker who was last employed by Titan Securities disclose a recent regulatory matter, 2 pending customer disputes and 11 prior final 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.
FINRA commenced an investigation in November 2017 related to suitability of sales of direct participation programs by Parker. In April 2018 Parker was suspended for a month and fined $7,500 by FINRA. Without admitting or denying the findings, Parker agreed to entry of findings that he made investment recommendations to a customer that were not suitable given her age, risk tolerance, financial experience and liquidity. The subject investments were illiquid alternative investments which he recommended she put in her retirement account resulting in significant losses. FINRA Case#20160504921.
Customers have settled 10 prior FINRA arbitrations in which they alleged that Parker mishandled their accounts, including the following:
In another case a Titan Securities customer alleged thattwo investments sold by Parker, United Development Funding (UDF) and ARC NYC, were unsuitable recommendations and was paid a settlement of $15,000.
In FINRA Case 15-235, a customer of Titan Securities alleged damages of $211,975 related to an investment in a viatical settlement which the customer alleges was unsuitable and that it was misrepresented. That case settled for $60,000.
In FINRA Case 16-2349, a customer of Titan Securities alleged that they were sold UDF (United Development Funding) which was unsuitable for the customer and he did not understand the risks and did not understand that UDF was illiquid. That case was settled for $70,000.
Another complaint was filed by a customer of Titan Securities in connection with an investment in a real estate investment trust (REIT) sold by Parker. The customer alleged that the product was unsuitable and that the client did not understand that the product was illiquid. That case was settled in June 2017 for $37,119.
In FINRA #16-1929, a customer of Titan Securities alleged damages of $50,000 related to an investment in UDF (United Development Funding) which the client states was unsuitable and that he did not comprehend the risks or the fact the investment was illiquid. That case was settled for $16,500.
In FINRA case 17-2747 a customer of Titan Securities sought damages of $300,000 for unsuitable investments. That case was settled for $118,000.
There are currently two pending cases:
FINRA Case 19-1624 in which a customer of Titan Securities alleges that investments in United Development Funding IV, Cornerstone REIT and Life Partners Waco Life Settlements were unsuitable. The customer is seeking damages of $200,000.
FINRA Case19-514 in which a customer of Titan Securities alleges negligence, over-concentration and misrepersentations in connection with the purchase of limited partnership and direct investments. The customer is seeking damages of $270.000.
Walter Parker was employed by Titan Securities from 8/2006 until 3/2018. Parker discloses a business relationship with InsuranceMakesMe Sick.com and InvestingMakesMeSick.com in Rowlett, TX.
Titan Securities is headquartered in Dallas, Texas, and has been a FINRA member since 2004. They have about 13 brokers located in 7 branch offices in:
- Arlington, TX
- Abilene, TX
- Overland Park, KS
- Dallas, TX
- Rowlett, TX
- Henrico, VA
- Kingston, OK
USA/Texas-based Titan Securities is not affiliated with Titan Securities of Perth, Western Australia.
If you have losses in an account handled by Walter Parker , contact us for a no charge consultation to discuss your legal options for recovery.
United Development Funding’s Office Raided by the FBI-for more information on recent problems for UDF, follow this link.
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, at no cost to you.
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