Category Archives: FINRA

Concentrated Positions, Discretionary Trading, Failure to Cooperate with Regulatory Investigation, Failure to Supervise, FINRA, Finra Investigation of Stockbroker, First Allied Securities, Stockbroker Discharged, Stockbroker Malpractice, Unsuitable Investments

Sean Brady-Former First Allied Securities Broker-Subject of Customer Suits Seeking Over $12 Million-St. Louis, MO

October 2018- St. Louis, MO

The FINRA records of  Sean Aaron Brady ,  a  former stock broker who is not currently registered and who was last employed by First Allied Securities ,  disclose  that he was recently permanently barred from the securities industry, terminated from employment and is the subject of 9 currently pending customer suits seeking millions of dollars.

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 June 2018 FINRA  permanently barred Sean Brady from the securities industry to resolve allegations that he failed to provide FINRA information and documents requested during an investigation into possible sales practice violations committed by Brady.

There are currently nine cases pending by customers of Sean Brady seeking total damages in excess of $12 million in damages. Allegations of Sean Brady’s wrongdoing include:

  • unsuitable recommendations on the basis of false account documents
  • incorrect account information
  • fraud
  • negligence
  • failure to supervise
  • breach of fiduciary duty

Sean Brady was employed by First Allied Securities from 5/2008-10/2017 when he was discharged for violating firm policy pertaining to 1-falsification of signature on documents, 2-text messaging, and 3-consolidated account reports.

If you have losses in an account handled by Sean Brady  , call for a no charge consultation to learn about your options for recovery of damages from First Allied Securities.

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

Concentrated Positions, Energy Securities, Failure to Supervise, FINRA, Finra Investigation of Stockbroker, Misrepresentation, Mutual Funds, NYLife Securities, Oil related investments, Stockbroker Malpractice, Unsuitable Investments

David Colflesh-Former NYLife Securities Broker-Subject of Multiple Customer Suits Over Mutual Funds-Tarkio, MO

October 2018- Tarkio, Missouri

The FINRA records of  David R. Colflesh ,  a  former stock broker who is not currently registered and who was last employed by NYLife Securities ,  disclose  a regulatory suspension and 18 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 October 2018 FINRA suspended Colflesh for 18 months and fined him over $34,000 to resolve allegations that he recommended non diversified mutual funds (in energy, oil and gas)  to customers without having a reasonable basis for believing they were suitable, as he had not adequately educated himself about the funds. FINRA found that Colflesh knew his recommendations exceeded his firm’s limits on concentrations of risky stocks.

In 17 prior customer disputes NYLife paid cash settlements totaling about $750,000 to former customers of Colflesh who suffered losses on unsuitable mutual funds.

David Colflesh was employed by NYLife Securities from 9/1983-11/2016 and operates Colflesh Financial Services Inc. in Maryville, MO.

If you have losses in an account handled by David Colflesh  , call for a no charge consultation to learn about your options for recovery of damages from NYLife Securities.

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, Michigan Securities Regulator, Promissory Notes, Selling Away, Signator Investors, Unregistered Securities, Unsuitable Investments

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

Chelsea Financial Services, FINRA, Finra Investigation of Stockbroker, International Assets Advisory, International Assets Advisory LLC, Stockbroker Malpractice, StockBroker Misconduct, Unsuitable Investments

Charles Bloom- Former Chelsea Financial Services Broker-Barred From Securities Industry- Royal Palm Beach, FL

October 2018- Royal Palm Beach, FL

Publicly available records disclose that Charles Lewis Bloom,  a former stockbroker who was previously employed by Chelsea Financial Services, discloses 3  regulatory events and a currently pending customer dispute, a prior customer dispute 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 July of 2018, without admitting or denying the findings, Bloom consented to the sanction and to the entry of findings that he refused to appear for testimony as requested by FINRA in connection with an investigation into allegations that Bloom engaged in an unsuitable pattern of trading in at least three customer accounts.   As a result Bloom was permanently barred from the securities industry by FINRA.

A customer of one of his prior employer’s,  International Assets Advisory,   has filed FINRA case #18-00771  alleging unsuitable investment recommendations and misrepresentations with regard to an investment in a REIT (real estate investment trust).  The alleged damages are $99,326.84.

 Bloom was employed with Chelsea Financial Services from January 2016 until July of 2018.   From January 2015 until December 2015 he was with International Assets Advisory.  Before that he was employed with IAA Financial and  U.S. Brokerage. In 2006 voluntarily resigned from 1st Discount Brokerage following allegations that he exercised unauthorized day trading in a customer account.

If you have questions about an account handled by Craig Wakefield or if you have an account with Merrill Lynch, Pierce, Fenner & Smith that you believe has been mishandled, contact us for a no charge consultation to discuss your legal 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 are handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.  

Nationwide Representation

Rex Securities Law 

Toll Free: 877-224-3199

Florida: 561-391-1900

Texas: 512-329-2870

Concentrated Positions, Discretionary Trading, Failure to Supervise, FINRA, Morgan Stanley, StockBroker Misconduct, Unauthorized Trading, Unsuitable Investments

Thomas Meier – Former Morgan Stanley Broker- Discloses 14 Customer Disputes- Miami, FL

September 2018 – Miami, FL

According to publicly available records Thomas Alan Meier  (CRD#1146044) ,  a  former stockbroker who was last registered with Morgan Stanley,  disclose a Regulatory Event and 14 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.

Thomas Meier Barred From Securities Industry

In March of 2018, without admitting or denying the findings, Meier consented to the entry findings that he effected approximately 1,290 unauthorized transactions, including both purchases and sales of equity securities, in eight accounts belonging to six customers.    Meier did not have discussions with the customers about the trades prior to the transactions and did not obtain the customers’ authorization prior to executing any of the transactions.

Meier received approximately $265,000 in commissions for those transactions.   One of the customers realized a loss of approximately $120,000 and another realized a net loss of approximately $520,000.      Meier has been permanently barred from the securities industry as a result of these findings.

Numerous Settlements with Customers, Including: 

In December 2016 , two  Morgan Stanley customers alleged that Meier over concentrated their accounts in energy investments.   One case was settled for $80,000 and the other was settled for $65,000.

In January of 2017, a customer with Morgan Stanley alleged breach of fiduciary duty and negligence with regard to the handling of their accounts.    The case was settled for $450,000.

In December  2016, a Morgan Stanley customer alleged damages of $1,000,000 after Meier made unsuitable recommendations and traded the account to generate commissions.    The case was settled for $250,000.

In August 2016, a Morgan Stanley customer alleged breach of fiduciary duty and negligence with regard to the handling of their account.   The case was settled for $300,000.

In September of 2016, a Morgan Stanley customer alleged that Financial Advisor placed unauthorized trades and excessively traded her account between 2012-2016.   Her case settled for $366,577.

In March of 2016, another Morgan Stanley customer alleged misrepresentation related to their investments and liquidity from 2013-2016.   Their case settled for $497,245.

Other cases filed from March 2016 until October of 2016 by Morgan Stanley customers alleging, inter alia, “unauthorized trading, risky investments, breach of fiduciary duty, negligence, unsuitability, excessive trading and misrepresentation” were settled for the amounts of:  $49,999, $37,610, $60,000, $90,000, $40,580, $50,000 and $215,000.

Thomas Meier worked for Morgan Stanley from 6/2009-4/2016.

If you have questions about an investment account handled by Thomas Meier, contact us for a no charge consultation to learn about your legal 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