Category Archives: FINRA

Birkelbach Investment Securities, Broker Discloses Personal Bankruptcy, Churning, Failure to Supervise, FINRA, Forest Securities, StockBroker Misconduct, Unauthorized Trading, Unsuitable Investments

Jack D. Stone-Former Forest Securities Broker-Discloses Customer Disputes & Regulatory Issues-Hillside, IL

September 2019 – Hillside, IL

The FINRA records of Jack David Stone  , a former stockbroker who was last employed by  Forest Securities, Inc. , disclose 4 regulatory events, 1 pending customer dispute, 2 prior customer disputes, a termination from employment and a bankruptcy.

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 9/2019, FINRA  without admitting or denying the findings,  Stone consented to the sanction and to the entry of findings that he refused to appear for  FINRA on-the-record testimony in connection with an investigation into his securities activities while at his member firm, including possible misrepresentations to customers, use of discretion and unauthorized transactions.  Stone was permanently barred from the securities industry by FINRA.

In 1/2013 a customer of his prior employer Birkelbach Investment Securities was paid $100,000 to resolve allegations that Stone made unsuitable investments and churned the customer’s account. FINRA Case 11-822,

In pending FINRA case 17-2211 a customer of Forest Securities alleges that Stone churned the account, committed fraud and made unauthorized trades in the account. Damages are not specified.

In 5/2000 Stone was permitted to resign from Schwab Capital Markets following being barred from New York Stock Exchange membership for three years.

Stone discloses a pending Chapter 7 bankruptcy in the Bankruptcy Court for the Northern District of Illinois.

Stone was employed by Forest Securities from 4/2012-8/2019.

If you have problems in an account  handled by Jack D. Stone  call for a no charge consultation .

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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Broker Discloses Criminal Event, Comprehensive Asset Management & Servicing, Department of Justice, Failure to Supervise, FINRA, Fortune Financial Services, Fraud, Selling Away, Stockbroker Discharged, Stockbroker Malpractice, StockBroker Misconduct, Theft, Unregistered Securities

Michael Giokas-Former Fortune Financial Services-Broker-Pleads Guilty to Fraud-Williamsville, NY

September 2019- Williamsville, NY

According to publicly available records  Michael Giokas (CRD# 1398674) ,  a  former stockbroker who was last  employed by Fortune Financial Services, Inc.,  disclose  2 prior regulatory events, a felony fraud criminal charge , 3 pending and 7 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.  

According to a Department of Justice news release, in April 2018 Michael Giokas, 58, of Clarence, NY, pleaded guilty to wire fraud for defrauding numerous clients of hundreds of thousands of dollars. He faces up to 20 years in prison on the charges.

According to the release, between 5/2017-10/2017, he persuaded clients to withdraw money from their  accounts at Nationwide Mutual and invest in a company called Trinity Council, with a promise to earn 8-9% annually. Trinity Council was a shell company with no real business, set up to accomplish the fraud.

Settlements totaling several hundred thousands have been paid out to customers already. Pending customer claims exceed $1 million.

Giokas was employed with Fortune Financial Services, Inc. from 2/2013 until 10/2017.    Prior to that he was employed by Comprehensive Asset Management and Servicing, Inc., from March 2002 until February 2013.    Giokas discloses  business affiliations with Giokas Wealth Advisors and Giokas Financial Services in Williamsville, NY.

If you have losses in an account handled by Michael Giokas, contact us for a no charge consultation to learn how you may be entitled 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

Alternative Investments, Coastal Equities, Failure to Supervise, FINRA, Finra Investigation of Stockbroker, Limited Partnerships, Securities & Exchange Commission (SEC), Unsuitable Investments

Luke M. Johnson-Coastal Equities Broker-Discloses Customer Suits-Scottsdale, AZ

September 2019-Scottsdale, AZ

We are investigating Coastal Equities Inc. broker Luke Michael Johnson on behalf of an Arizona resident who alleges that she was sold an unsuitable investment in GPB Capital Holdings. GPB Capital Holdings is currently under investigation by the Securities & Exchange Commission and the Financial Industry Regulatory Authority (FINRA).

GPB Capital Holdings‘ affiliates include:

  • GPB Holdings LP
  • GPB Holdings I
  • GPB Holdings II
  • GPB Automotive Portfolio LP
  • GPB Waste Management LP
  • Armada Waste Management
  • GPB NYC Development LP

GPB Holdings II and GPB Automotive have both seen substantial declines in value over recent months.

According to publicly available records Luke M. Johnson, discloses a pending customer dispute, 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 FINRA Case 18-4125 a customer of Coastal Equities/ Coastal Investment Advisors alleged that Johnson made unsuitable recommendations of alternative investments and limited partnerships. That case was settled for $225,000.

In FINRA Case 18-2266 a customer of Coastal Equities alleged that Johnson recommended unsuitable real estate securities causing losses. That case was settled for $140,000.

In pending FINRA Case 19-1548, a customer of Coastal Equities is seeking damages of $700,000 and alleges that Johnson made misrepresentations and omissions in  soliciting the sale of private placement investments.

Luke Johnson has been employed by Coastal Equities since 4/2012, and does business under the name of Legend Capital Group in Scottsdale, AZ.

If you have an account handled by Luke M. Johnson that you believe has been mishandled, contact us to learn how 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

Cetera Advisors, Cetera Financial Group, Churning, Failure to Supervise, FINRA, Finra Investigation of Stockbroker, Stockbroker Malpractice, Summit Brokerage Services, Unauthorized Trading, Undisclosed compensation, Unsuitable Investments

Summit Brokerage Services Sanctioned for Churning Accounts-Boca Raton, FL

July 2019-Boca Raton, FL

Wealthmangement.com reports that Summit Brokerage Services, an independent broker dealer headquartered in Boca Raton, FL,  will close it doors and roll its business up into an affiliated broker dealer, Cetera Advisor Network.

Summit Brokerage reports having 450 advisors and $17.5 billion in client assets.

According to FINRA records, Summit Brokerage discloses 15 prior regulatory matters. Most recently in July 2019, Summit Brokerage was censured by FINRA, fined $325,000 and ordered to pay restitution to customers of $558,296, plus interest, to resolve various allegations related to supervision of the firm’s brokers. The supervisory deficiencies include a broker who excessively traded customer accounts which generated over $650,000 in commissions.

If you have losses in an account at Summit Brokerage Services, call for a no charge consultation to discuss 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