Category Archives: FINRA

Failure to Cooperate with Regulatory Investigation, Failure to Supervise, FINRA, Kestra Investment Services (formerly NFP), NFP Securities (now Kestra), Stockbroker Discharged, Stockbroker Malpractice, StockBroker Misconduct, Unsuitable Investments

John Spach-Former Kestra Investment Services Broker-Discloses $450K Settlement & Termination from Employment-Calabasas, CA

February 2019 – Calabasas, CA

According to publicly available records John William Spach  (CRD#2731192) ,  a  previously registered stockbroker who was last employed by Kestra Investment Services, LLC disclose  a recent regulatory sanction, a $450K settlement with a customer 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 2/2019, FINRA permanently barred Spach from the securities industry to resolve allegations that he failed to cooperate with a FINRA investigation.

In 4/2018,  a customer of NFP Retirement, Inc., a previous employer of Spach,  was paid $450,000 to resolve allegations that  Spach recommended that the customer invest in a promissory note that subsequently went into default.

Spach was employed with NFP Retirement Inc., from  April 2013 until July 2014 when he was discharged. NFP made the following allegations on Spach’s FINRA record:  “violations from commingling client assets with his own personal assets, breach of fiduciary duty (to include unsuitable investment advice, material misstatements, and failure to disclose material conflict of interest), circumvention of compliance policies and procedures, and operational systems and procedures of the third-party custodian, and affirmative misrepresentations to the firm. “

He was employed by Kestra from 8/2014-6/2018. He discloses a business affiliation with Spach Financial Services.

If you have questions about an investment account handled by John Spach,  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

Failure to Cooperate with Regulatory Investigation, Failure to Supervise, FINRA, Finra Investigation of Stockbroker, Founders Financial Securities, Massachusetts Securities Division, Securities & Exchange Commission (SEC), Stockbroker Discharged, Stockbroker Malpractice, StockBroker Misconduct, Theft

Bruce Worthington-Former Founders Financial Securities Broker-Discloses Regulatory Event, Pending Investigation, Termination & Customer Complaint-Middleton, MA

February 2019-Middleton, MA

According to publicly available records Bruce C. Worthington (CRD# 2193895) ,  a  stockbroker previously employed by Founders Financial Securities, discloses a pending regulatory event, a prior regulatory event, a  pending FINRA investigation,  a termination from employment 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.

Massachusetts regulators recently filed  complaint #E·2018·0119 against Worthington claiming that  from 2006 to 2018,  he took money from at least one retired client Massachusetts customer and he used the investment money for his own personal use and benefit.   This retired client had trusted Worthington with his account for 15 years.

In December 2018 FINRA case #2018059894201 was initiated by  FINRA.   Worthington failed to respond to FINRA request for information and he was suspended indefinitely.

In 9/2018, the United States Securities and Exchange Commission began an investigation into Worthington after concerns arose about his receipt and disposition of customer funds prior to 2013.    This investigation is still pending.

Worthington  began working  for Founders Financial Securities in June of 2013.   He  was discharged in September of 2018, and Founders Financial made the following allegations on Worthington’s record:  “The firm terminated its relationship with Mr. Worthington after concerns arose about his receipt and disposition of customer funds prior to his association with Founders Financial Securities“.

Worthington discloses a business affiliation with LifeHouse Financial Group in Rowley, MA.

If you have losses in an account handled by Bruce Worthington, 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

Failure to Supervise, FINRA, Finra Investigation of Stockbroker, LPL Financial, Misrepresentation, Raymond James, Stockbroker Malpractice, StockBroker Misconduct, UIT (Unit Investment Trust), Unsuitable Investments

Mark Tauzin-Former LPL Financial Broker-Discloses Regulatory Event, Customer Dispute & Termination-Lafayette, LA

February 2019- Lafayette, LA

According to publicly available records Mark Tauzin   (CRD#1716373) ,  a  currently unregistered stockbroker who was last  registered with LPL Financial,  disclose a regulatory event , 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 10/2016 Tauzin consented  to FINRA sanctions and to the entry of findings that he engaged in a pattern of unsuitable short-term trading of front-loaded Unit Investments Trusts (UITs) in  accounts of households that were customers of his member firm.  Tauzin had no reasonable basis to believe the short-term trading of these front products was suitable for the customers according to FINRA.   The finding stated that Tauzin also maintained blank forms signed by customers relating to accounts for several households.  The forms included Automated Clearing House (ACH) authorization forms, margin agreements, account applications and switch disclosure forms.   With regards to certain households, completed switch disclosure forms.   With regards to certain households, completed switch disclosure forms were used for transactions that appeared identical to the signed, blank forms maintained in Tauzin’s files.  The maintenance of the blank forms violated the firm’s written supervisory procedures, document, regardless of client knowledge or consent.    Tauzin was suspended for  8 months  and  agreed to disgorge  $205,115, and pay a penalty of $20,000.

In August of 2015 an LPL Financial customer alleged unsuitability, misrepresentations and unauthorized trading in connection with her UIT investments.    The case settled for $750,000.

Tauzin was employed with LPL Financial from September 2009  to November 2014 when was discharged by LPL Financial after allegations that he f violated the firm’s document signature policy and concerns regarding short-term UIT Trading..  He previously was employed with Raymond James & Associates, Inc., Inc.

If you have questions about an investment account handled by Mark Tauzin, 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

Excessive Markups/Markdowns, Failure to Supervise, FINRA, Finra Investigation of Stockbroker, Kestra Investment Services (formerly NFP), Mutual Fund Sales Charge Abuse, Mutual Funds, NFP Securities (now Kestra), Stockbroker Malpractice, Undisclosed compensation

Kestra Investment Services Assessed Regulatory Fine Over Mutual Fund Sales-Austin, TX

February 2019 – Austin, Texas

FINRA recently sanctioned Austin-based Kestra Investment Services (formerly NFP Advisor Services) for over charging more than 3,000 who qualified for waiver of front end sales fees on certain mutual fund purchase.

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 the Letter of Acceptance, Waiver and Consent #2016048404601 recently entered into by Kestra, FINRA alleged that from July 2009-February 2018, Kestra disadvantaged certain retirement plan and charitable organization customers that were eligible to purchase Class A shares in mutual funds without a front-end sales charge or Class B or C shares with back-end sales charges and higher ongoing fees and expenses.

As a result Kestra violated NASD Conduct Rule 3010, FINRA Rules 3010 and 2010.

FINRA censured Kestra and assessed a regulatory fine of $225,000. In addition Kestra agreed to provide remediation to eligible customers on or before March 31, 2019.

If you have questions about an account with Kestra Investment Services , contact us for a no charge consultation to discuss how you may be able to recover damages for those 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

Despain Financial, Failure to Cooperate with Regulatory Investigation, Failure to Supervise, FINRA, Finra Investigation of Stockbroker, Stockbroker Discharged, Stockbroker Malpractice, StockBroker Misconduct, Unsuitable Investments

Jay Weiser-Former Despain Financial Broker-Barred From Securities Industry-Collinsville, IL

February  2019 – Collinsville, IL

According to public records, Jay R. Weiser  (CRD#1511042)  a  former stockbroker who was previously employed by Despain Financial Corporation,  discloses a regulatory event, a pending customer dispute and a termination of 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 January of 2019, Weiser was permanently barred from the securities industry by FINRA after he   failed to cooperate with FINRA’s requests for documents and for on-the-record testimony related to its investigation into his conduct regarding the sale of Promissory Notes and interests to determine whether Weiser engaged in unapproved private securities sanctions.   

In May of 2018, a customer of  Despain Financial Corporation ,  filed FINRA case #18-01750  alleging  that Weiser mismanaged claimant’s retirement assets.   The alleged damages are $498,047.   

Weiser was employed by Despain Financial since 2000. In June of 2018 Weiser was discharged  by Despain after clients alleged that he sold investments and life insurance to them that was not suitable for their situation. Weiser discloses business affiliations with Weiser Financial in Earlville, IL and Despain Investment Solutions in Collinsville, IL. 

If you have questions about an account handled by Jay Weiser, 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