Category Archives: Securities Regulators

Wayne I. Miller-Former Accelerated Capital Group Broker-Discloses Numerous Customer Suits-Scottsdale, AZ

May 2018-Scottsdale, AZ

The FINRA records of  Wayne I. Miller ,  a  stockbroker who formerly worked for Accelerated Capital Group disclose a pending regulatory suspension, a pending customer dispute and 2 prior 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.

In January 2018, Miller was suspended by FINRA  from acting in a principal capacity for six months (1/02/2018-7/1/2018) and fined $10,000 to resolve allegations that he failed to reasonably supervise the chief compliance officer of his former firm, Accelerated Capital Group. As a result of his failed oversight a broker excessively traded mutual funds and made unauthorized trades.

In FINRA case 16-1433, Miller was named as a control person. The customer of Accelerated Capital Group alleged breach of finduciary duty, violation of California securities laws and other claims and sought damages of $130,000. The case was settled for $110,000.

In FINRA Case 15-3471, Miller was named as a control person of Accelerated Capital Group. The customer alleged unauthorized trading and excessive trading (churning) and sought damages of $200,000. The case was settled for $165,000.

In pending FINRA Case 17-01178 a customer of Accelerated Capital Group alleges over concentration, misrepresentation, failure to supervise and other claims and seeks damages of $340,000.

Wayne Miller was employed by Accelerated Capital Group from 4/2010-2/2018. He is currently employed by AEON Capital in Scottsdale.

If you have losses in an account in an account handled by Wayne Miller , call for a no charge consultation with an experienced securities attorney to learn how you may be able to recover damages.

Accelerated Capital Group Regulatory Issue

Accelerated Capital Group is headquartered in Costa Mesa, CA. The firm has been a FINRA member since March 1997 and has about 35 brokers in 6 branch offices, the largest of which are located in Irvine, CA, and Scottsdale, AZ.

In a currently pending FINRA regulatory matter, regulators allege that Accelerated Capital Group failed to properly monitor, through their written supervisory procedures (WSPs) and supervisory system, mutual fund switches and exchanges and failed to respond to red flags of broker misconduct.

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

Hector May-Former Securities America Broker-Investigation Over Missing Client Funds-New City, NY

May 2018-New City, New York

Local press is reporting that Rockland/Orange County businessman and former Securities America stockbroker Hector May is being investigated by federal prosecutors on allegations of stealing money from his clients. May has operated Executive Compensation Planners in New City, NY since the mid 1980’s.

According to  FINRA records   May currently has one customer claim pending that alleges misappropriation of funds and there is a disclosure that the U.S. Department of Justice is conducting an official criminal investigation of May’s potential involvement in a suspected felony.

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.

May is a prominent member of the local business community and received the Rockland Business Association’s Pinnacle Award two years ago. Press reports suggest that the missing millions could be the result of a Ponzi scheme.

In a Ponzi scheme the perpetrator of the fraud uses some of the money from the new victims, who think the funds are being invested, to pay fake returns to the earlier investors. The balance of the new funds are used by the perpetrator of the fraud for personal expenses.

Hector May was a registered representative of Securities America from 8/1998 until March 2018 when he was fired. Securities America indicated the reason for the discharge was: “Misappropriation of client assets”.

If you have an account with Hector May and have questions about how it has been handled or believe you are a victim of fraud,  call for a no charge consultation with an experienced securities attorney to learn how you may be able to recover damages from May’s employer, Securities America.

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

George M. Warner-Chelsea Financial Broker-Discloses Regulatory Sanction -Rockwall, TX

May 2018-Rockwall, TX

The FINRA records of  George M. Warner ,  a  stockbroker who is currently registered with Chelsea Financial Services disclose a prior regulatory event, a prior customer dispute and 2 terminations 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 4/2017 Warner was fined $5,000 and suspended for 30 days by FINRA to resolve allegations that he altered various customer documents on at least five occasions after the documents had already been signed by the customers. The findings stated that Warner corrected or included the customer’s anticipated liquidity needs, net worth, liquid net worth, and or annual income on new account forms, alternative investment forms, and an IRA application. FINRA Case 2014043727001. 

In 2/2010 , while employed by LPL Financial , Warner settled a customer dispute for $225,000. The customer alleged that he made an error in connection with the purchase of CIT bonds versus Citi Corp. bonds.

In 11/2014 Warner was ‘permitted to resign’ from NFP Advisors who made the following allegation on his FINRA record: “Rep corrected client documents after client signature. “

In 6/2013 Warner was discharged from LPL Financial who made the following allegation on his FINRA record: “Employment terminated by related bank program for obtaining client signatures on blank account transfer forms. “

George Warner’s employment history includes:

  • Dominion Investor Services               3/2017-4/2017
  • IFS Securities                                               12/2014-3/2017
  • NFP Advisor Services                               7/2013-12/2014
  • LPL Financial                                                 4/2003-6/2013

Warner discloses a business affiliation with Summit Rockwall Wealth Managers LLC and Financial Gravity. 

According to their website, the Certified Financial Planning Board has disciplined Warner by issuing  a Letter of Admonition.

If you have losses in an account in an account handled by George Warner , 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

Charles Lawrence-Former Morgan Stanley Broker-Subject of Regulatory Investigation- Palm Harbor, FL

May 2018-Palm Harbor, Florida

The FINRA records of  Charles J. Lawrence,  a  stockbroker who currently is employed by  R. F. Lafferty & Co.  disclose a pending regulatory investigation and a recent employment separation after allegations.

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, Lawrence was discharged from Morgan Stanley who made the following allegations on his FINRA record: “Allegations involving adherence to industry rules and/or firm policy regarding use of trading discretion.”

In January 2018 Lawrence was sent a Wells Notice indicating that FINRA has made a preliminary determination to recommend that disciplinary action be brought against him alleging potential violations of NASD Rules 2510 (Discretionary Accounts)  and 2310 (Recommendations to Customers) and FINRA Rule 2010 (Standards of Commercial Honor and Principles).

Lawrence  was registered with Morgan Stanley from 6/2009-4/2016. He has been registered with R.F. Lafferty since 4/2016.

What is Discretionary Authority ?

 In this context, it means that the broker makes trades in the customer’s account without first consulting the customer. It means that the broker can decide how much of a security to buy or sell, and at what price, without customer input. Generally discretionary trading in an investor account is only allowed if the investor has authorized the broker to do so in writing and the brokerage firm has approved the account for discretionary trading.

If a broker makes trades in an account without having discretionary authority and without first consulting with the customer, that is generally considered to be an unauthorized trade and the customer may be entitled to damages for any losses.

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

Glenn Lattz-Gradient Securities Broker-Discloses Pending Customer Suits-Lady Lake, FL

May 2018-Lady Lake, FL

The FINRA records of  Glenn Patrick Lattz ,   a  stockbroker who is employed by  Gradient Securities disclose 2 prior regulatory events, 2 pending customer disputes, 3 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 2015 the Florida Department of Financial Services placed Mr. Lattz on one year probation and assessed a fine of $3,500 to resolve allegations that Mr. Lattz made misrepresentations on an annuity application, misrepresented the terms and conditions of an annuity, and advertised an agency location that was not licensed or registered with the Department. Case #169403-15-AG.

In pending FINRA arbitration 18-01227, a customer of Gradient Securities alleges that from 12/2017-2/2018  Mr. Lattz liquidated the customer’s annuities subjecting them to penalties and losses. Damages of $150,000 are sought.

In a state court case 14-CA-9767, pending in Hillsborough County, FL, a customer of Mr. Lattz former employer, Legacy Financial Services, alleges elder abuse, negligence, misappropriation of funds and other claims in connection with the purchase of an insurance policy. Damages of $240,000 are being sought in that matter.

Glenn Lattz has been employed by Gradient Securities since 12/2009.

If you have losses in an account  handled by Glenn Lattz, contact us for a no charge consultation to learn how you may be able to recover 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, 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870