Category Archives: Triad Advisors

Daniel Davila, III- Purshe Kaplan Sterling Broker-Discloses Customer Suit Over REIT Investments-Austin, TX

January  2019-Austin, TX

According to public records of Daniel Davila, III (CRD#1686004)  a  stockbroker employed by Purshe Kaplan Sterling Investments, discloses the recent resolution of a customer suit.

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 2017, a customer of  Davila’s prior employer, Triad Advisors, Inc., filed FINRA Case 17-02724 alleging  that recommendations to purchase  non-traded REITs and private placement investments  were unsuitable .   The case was settled for $670,000.

In November 1998 a customer of Davila’s prior employer, HD Vest,  alleged breach of contract, breach of fiduciary duty, fraud, conspiracy, deception trade practices and negligence.  That case was settled for $450,000.

Davila  has been employed with Purshe Kaplan Sterling Investments  since October of 2014.   He was previously employed with Triad Advisors from 10/2009-10/2014.  Davila discloses a business affiliation with Austin Wealth Management

If you have losses in an account in an account handled by  Daniel Davila, III contact us for a no charge consultation to learn how you may be able to recover damages from his employer 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

Rebecca H. True of True Capital Advisors Discloses Customer Dispute Over Alternative Investments-

April 2017-Orlando, FL

The FINRA records of  Rebecca H. True ,  a  stockbroker who is currently registered with Triad Advisors disclose a 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 currently pending FINRA arbitration 16-03480 a customer of Triad Advisors is seeking damages of $567,000 and alleges that investments into non-conventional investment programs (direct investments, limited partnerships, oil & gas, real estate securities) were not suitable.

Rebecca True has been employed by Triad Advisors since 5/2009.   She discloses a business affiliation with True Capital Advisors in Ocoee, FL. 

If you have losses in an account in an account handled by Rebecca True , you may be able to recover damages through FINRA arbitration.

Alternative investments include non publicly traded real estate investment trusts (REITS) , hedge funds, real estate, commodities and derivatives contracts and, managed futures.  These investments tend to be complex, illiquid, nontransparent, hard to value and expensive. Many of the alternative investments sold over recent years are not traded on any public market making them difficult to value and even more difficult to liquidate if cash is needed.

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

Christopher T. Tolmacs-Former Triad Advisors Broker-Ordered to Pay Customer $1.5M-Columbia, S. Carolina

August 2016- Columbia, South Carolina

September 2017 UPDATE-A FINRA arbitration panel in Columbia, South Carolina awarded two former clients of Christopher Thomas Tolmacs $1.2 million in compensatory damages and $300,000 in punitive damages for gross negligence, breach of fiduciary duty, willful wanton misconduct and conversion of funds. Gottschall v Tolmacs, et al FINRA Case 16-2899

ORIGINAL POST AUGUST 2016

The FINRA records of  Christopher T. Tolmacs,  a  stock broker who was permanently barred from the industry by FINRA and who was last employed by Triad Advisors  disclose  2 prior  regulatory event, a currently pending customer dispute, 2 prior customer disputes and 2 currently outstanding judgement/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 March 2016, Tolmacs consented to FINRA sanctions, including a permanent bar from the industry, to resolve allegations that he failed to fully respond to requests from FINRA in connection with an investigation into whether Tolmacs had entered into lending arrangements with several of his customers through the issuance of promissory notes and whether Tolmacs made materially misleading statements and omissions in connection with those arrangements and whether Tolmacs converted customer funds. FINRA Case 2016048966301.

In a currently pending customer dispute, a customer of Triad Advisors alleges damages of $385,000 in connection with a loan solicited by Tolmacs.

The two prior customer disputes relate to loans from customers. One was settled for $66,000 and the other was settled for $60,000.

Tolmacs discloses a tax lien in favor of the Michigan State Treasury in the amount of $15,858 and a tax lien in favor of the Internal Revenue Service in the amount of $210,273.

Tolmacs was registered with Triad Advisors from 4/2008-3/2016.

If you have losses in an account handled by Christopher Tolmacs you may be entitled to damages from his 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

Stockbroker Leavitt Sanders has 53 Customer Complaints- Invest Financial Corporation/ Triad -West Point, Georgia

February 2019- West Point, Georgia

We are investigating Leavitt F. Sanders,  of Leavitt Financial Group, who was a registered stockbroker with the following broker dealers. He is not currently registered as a broker:

  • Capital Asset Advisory Services                   1/2014- present
  • Triad Advisors                                                        1/2014-12/2014
  • Invest Financial Corporation                       10/2008-1/2014
  • Financial Network Investment Co.               11/1998-10/2008

Sanders was discharged by Triad in 12/2014 for mismanagement of RIA related accounts.

According to FINRA records, Sanders has been the subject of 53 customer disputes, of which 2 are still pending. Over $2 million has been paid to resolve these customer suits.

Sander’s former customers have made numerous allegations regarding the mishandling of their brokerage accounts, including:

  • unsuitable investment strategies
  • misrepresentation
  • breach of fiduciary duty
  • lack of diversification
  • excessive trading
  • unauthorized trading
  • failure to follow liquidation instructions

In March 2015, the Georgia Secretary of State suspended Sanders pending his agreement to produce documents and records for inspection in connection with an official records examination.

If you have losses in an account handled by Leavitt Sanders, contact us to discuss how you may be able to recover damages from his former employer 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

FINRA Assesses Some Big $$ Fines to Broker Dealers

By Robert H. Rex, Esq.

In April 2014, the Investment News published the following “8 big-money FINRA Fines”:
 
  • Berthel Fisher & Co. Financial Services fined $775,000 to resolve claims that they didn’t adequately train or supervise brokers selling alternative investments (REITs, limited partnerships,private placments, etc) and traditional Exchange Traded Funds (ETFs)
  • LPL Financial fined $950,000 to resolve allegations related to supervisory deficiencies in connection with the sale of alternative investment products.
  • COR Clearing, LLC(formerly Legent Clearing LLC) censured and fined $1,000,000 by FINRA for several compliance deficiencies including anti-money laundering procedures, financial reporting and supervision. 
  • Triad Advisors fined $650,000 and ordered to pay restitution of $375,000 because of a failure to supervise hundreds of brokers who created and distributed to clients inaccurate consolidated account statements. 
  • State Trust Investments of Miami, FL, fined $1,045,000 and ordered to pay restitution of $353,319 for charging unfair markups and markdowns in corporate bond transactions. 
  • Merrill Lynch fined $900,000 and ordered to pay restitution of $1.1 million for selling mutual funds of floating-rate bank loans during the credit crisis that were not suitable for their clients.
  • Wells Fargo Advisors fined $1.250,000 and ordered to pay restitution of $2 million for same reason as Merrill above, selling mutual funds of floating-rate bank loans during the credit crisis. 
  • LPL Financial fined $7.5 million and ordered to pay restitution of $1.5 million, for a total of $9 million in what is alleged to be the largest FINRA fine ever, for significant failures of their email system. 
Stockbrokers and broker dealers have a duty to make suitable recommendations to their customers. If you believe you are the victim of broker negligence or fraud, call to discuss your legal rights. 
 

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