Category Archives: FINRA

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

Charlotte Guin-Former J.P. Morgan Securities Broker-Subject of $10M+ Lawsuit-Huffman, Texas

May 2018- Huffman, Texas 

According to FINRA records, Charlotte A. Guin,  a  former stockbroker who was last  employed by J.P. Morgan Securities , disclose  a prior regulatory event a termination from employment and a pending dispute by a former customer who is seeking damages in excess of $10 million.

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 Case2016-76988, Harris County, Texas, a former J.P. Morgan Securities customer alleges that Guin diverted funds from the clients accounts held at a firm affiliate and that Guin made false loan guarantees and misrepresentations from 2004-March 2015. The customer seeks an amount of damages in excess of $10 million.

In 2015 Guin   entered into a Letter of Acceptance Waiver and Consent (AWC) with the FINRA to resolve allegations that she failed to provide documents and information during the course of a FINRA investigation into allegations that Guin converted the funds of a non-firm customer. Guin agreed to a permanent bar from the securities industry. AWC No. 2015045263801

According to FINRA records, Guin was registered with J.P. Morgan Securities  from 6/2011-4/2015. She was discharged by J.P. Morgan who made the following allegation on her FINRA record: “Employee had potentially recommended an unapproved outside investment to a client that was not disclosed to the firm”

If you have questions about an account handled by Charlotte Guin, 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

Windsor Street Capital (f/k/a Meyers Associates) Has Numerous Regulatory Events

May 2018 —According to FINRA records,  stock brokerage firm Windsor Street Capital LP (formerly known as Meyers Associates) discloses 3 pending regulatory events, 20 regulatory events that are final and 12 final arbitrations.

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.

Windsor Street Capital is an independent full-service broker-dealer and has been a FINRA member since 1994. They are headquartered in New York City and are registered in 50 U.S, states and territories. Windsor Street Capital has branch offices in New York, Florida, Virginia, Pennsylvania and Arizona.

The pending regulatory matters include:

  • FINRA Case 2015046971701-alleging failures in the supervisory systems designed to detect churning and excessive trading in customer accounts.

Windsor Street Capital is currently appealing the following regulatory matters:

  • In November 2016 a FINRA hearing panel fined Windsor Street Capital $350,000 and assessed other sanctions for supervisory failures related to the dissemination of sales literature and research and supervisory failures related to the detection of potentially suspicious activity relating to the manipulative trading of securities. FINRA Case 2013035533701. 
  • In 1/2018, a FINRA hearing panel fined Windsor Street Capital $700,000 and assessed other sanctions related to the distribution of misleading and unbalanced advertising materials. FINRA Case 2010020954501.

Windsor Street Capital‘s prior regulatory events include:

  • January 2017- Cease and desist issued by Securities and Exchange Commission and $200,000 fine to resolve allegations related to the sale of hundreds of millions of penny stock shares without performing adequate due diligence.
  • December 2015-Fine and disgorgement of $19,265 assessed by Montana Securities Commissioner for failing to supervise one of its brokers excessive trading in accounts of 3 Montana residents.
  • March 2015- Cease and desist and $50,000 fine assessed by Connecticut regulators to resolve allegations that the firm failed to discharge their supervisory responsibilities, sold unregistered securities and engaged in dishonest or unethical practices in the securities business.

If you have questions about how to recover losses in an account you had with Windsor Street Capital , 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

LPL Financial to Pay $26M to Resolve Regulatory Investigation

May 2018

The North American Securities Administrators Association (NASAA) announced that a settlement has been reached between state securities regulators and LPL Finanical requiring LPL Finanical to repurchase from investors certain securities sold since October 2006 and to pay civil penalties that could total $26 million or more.

The settlement was led by regulators from Alabama and Massachusetts and relates to unregistered, non exempt securities sold by LPL.

Regulatory sanctions are nothing new for LPL Financial. Their FINRA record discloses 111 prior regulatory events.

If you have questions about how your account has been handled by your advisor 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 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