Category Archives: FINRA

FINRA, Finra Investigation of Stockbroker, Fraud, Stockbroker Malpractice, StockBroker Misconduct, Theft, UBS

Alex G. Herrera-Former UBS Broker-Accused of Stealing Client Money to Buy Vacation Home-Coral Gables, FL

August 2018 – Coral Gables, FL

According to FINRA records,  Alex Herrera,   a former stockbroker who  last worked for USB Financial Services,  discloses 2 prior regulatory events and a current customer dispute.

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 August of 2018, without admitting or denying the findings, Herrera  consented to sanctions and entry of findings that while employed by USB Financial Services,  he refused to provide information requested by FINRA in connection with its investigation of his possible participation in unreported outside business activities and private securities transactions.    Herrera was permanently barred from the securities industry.

In May of 2018, a UBS customer alleged that Herrera had stolen her money to buy a vacation home.  That matter is currently pending and the damage amount is not stated.

If you have losses in an account handled  Alex G. Herrera, call for a no charge consultation to learn about your legal options for recovery.

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, Stockbroker Malpractice, Trustmont Finanical Group

Trustmont Financial Group Ordered to Pay Customer $1M-Tampa, FL

August 2018-Tampa, Florida

A panel of FINRA arbitrators ordered Trustmont Financial Group to pay a former customer more than one million dollars for violations of Florida securities laws, breach of fiduciary duty, negligence and other claims related to 1035 annuity exchanges and an investment in a private real estate investment trust (REIT). Grimes v Trustmont Financial Group, FINRA Case 17-0474. 

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.

Trustmont Financial Group has been a FINRA member since 1986. They are headquartered in Greensburg, Pennsylvania with about 65 branch offices and 120 registered representatives nationwide. While most branches are located in Pennsylvania, Trustmont has offices in numerous other states.  In Florida Trustmont has offices Marco Island and Bradenton. In South Carolina they have offices in Greenville.

In 2016 Trustmont was fined $100,000 for supervisory failures related to inspection of branch offices and supervision of the sale of unit investment trusts.

Brokers and financial advisors are required to make suitable recommendations to investors, taking into account their age, health, overall financial condition and their ability to accept risk.

If you have questions about losses in your brokerage account, call for a no charge consultation 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

Failure to Supervise, FINRA, Misrepresentation, Stockbroker Discharged, Stockbroker Malpractice, StockCross Financial Services, Unauthorized Trading, Unsuitable Investments

Herbert Voss, Jr.-Former StockCross Broker-Discloses Numerous Customer Suits & Termination From Employment-Beverly Hills, CA

June 2018- Beverly Hills, CA

The FINRA records of Herbert Voss, Jr.  , a former stock broker who was last employed by StockCross Financial Services , disclose a regulatory event,  a pending customer dispute, 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.

In May 2018 FINRA permanently barred Voss from the securities industry after he failed to appear before FINRA for on the record testimony concerning a customer complaint alleging that Voss had engaged in unauthorized trading in the customer’s account.

Prior settlements with customers include:

  • In 2/2017 a customer of StockCross Financial alleged that Voss made unsuitable investment recommendations. That case was settled for $900,000 in 12/2017.
  • In FINRA case 10-1389 a customer of his former employer UBS Financial alleged that Voss charged excessive commissions and made unauthorized trades. That case settled for $950,000.

In currently pending FINRA arbitration #17-03505 a customer of Stockcross Financial alleges poor performance, fiduciary breach and failure to supervise. The customer seeks damages of $550,000.

Voss  was employed by StockCross Financial   since 7/2009 until 5/2018 when he was discharged after a customer alleged unauthorized trading in options.

If you have questions about  an account handled by Herbert Voss, Jr. , 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

FINRA, Finra Investigation of Stockbroker, Forgery, Morgan Stanley, Morgan Stanley Smith Barney

Michael Christians-Former Morgan Stanley Broker-Discloses Regulatory Investigation-Plano, TX

June 2018- Plano, TX

The FINRA records of Michael S. Christians  , a stock broker who is not currently registered and who was last employed by Morgan Stanley , disclose a currently pending regulatory event, 2 prior customer disputes, a pending investigation 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 February 2018 FINRA initiated a regulatory investigation after a customer of Morgan Stanley alleged that Christians falsely signed her name to firm documents.

Christians  was employed by Morgan Stanley  since 6/2009 until 1/2018 when he was discharged after the firm learned of the false signing of a client on firm documents.

If you have questions about  an account handled by Michael S. Christians , 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

Failure to Supervise, FINRA, Florida Office of Financial Regulation, Fraud, Legend Securities, Stockbroker Malpractice, Unsuitable Investments, Worden Capital Management

Brian Decker-Former Worden Capital Mgmt Broker-Arrested for Securities Fraud-Staten Island

September 2018-Staten Island

The Toledo Blade reports that Brian K. Decker was indicted in August 2018 by a Wood County Ohio grand jury on charges of theft from a person in a protected class, telecommunications fraud and two counts of unlawful securities practices. According to a recent report , in September Decker was arrested at JFK Airport in New York and is awaiting extradition to Ohio.

The indictment  alleges that Decker received abot $376,000 from a client which was supposedly to be invested in construction projects with promises of returns between 12-20%. Those funds were misappropriated according to investigators.

FINRA records disclose that Brian K. Decker, a currently unregistered broker who last worked for Worden Capital Management and Legend Securities, is named in a currently pending customer dispute, has 10 prior customer disputes , a recent regulatory action barring him from the securities industry and 5 outstanding judgment/liens.

In currently pending FINRA Case 15-802, filed by a Florida resident,  a customer of Legend Securities alleges that Decker was not licensed to sell securities in Florida, made false statements of material fact, engaged in unauthorized transactions, failed to follow instructions, engaged in churning and stock manipulation and improperly used margin borrowing in the account. The customer is seeking damages of $150,000.

Brian Decker has been named in ten  other prior customer disputes, including:

  • A July 2015 settlement of $35,000 to a customer of Legend Securities alleging failure to supervise and unsuitable investments.
  • FINRA Case 14-2734, by a customer of Legend Securities  alleging violation of Colorado securities and consumer protection laws, negligence and common law fraud, settled for $14,999.
  • FINRA Case 12-1281, a customer of Legend Securities alleged breach of fiduciary duty, negligent supervision, and fraud settled for $75,000.

Decker was with Worden Capital Management from 4/2017-4/2018 and with Legend Securities 9/2009-11/2016.

In May 2018 Decker was permanently barred from the securities industry by FINRA to resolve allegations that he failed to cooperate with FINRA during an investigation into allegations of conversion. Decker failed to produce requested bank records and failed to appear to provide testimony. FINRA Case 2017055226501.  

If you have losses in an account handled by former  broker Brian Decker , call 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.

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