Category Archives: FINRA

Former Cape Securities Broker Paul Elvidge of Port St. Lucie Sentenced for Wire Fraud

Port St. Lucie, FL

The Miami Division of the Federal Bureau of Investigation (FBI) announced that Paul Elvidge, 54, of Port Saint Lucie, Florida, was sentenced by US DIstrict Judge Jose E. Martinez to 87 months in prison and ordered to pay $1.3 million restitution for embezzling from client investment accounts while acting as a securities broker for  Cape Securities, Inc. and Seacoast Investor Services, Inc.

According to the release, Elvidge fraudulently authorized numerous wire transfers from his client’s brokerage accounts to his own personal bank and brokerage accounts, by preparing fraudulent letters of authorization and then forging the customer’s signature.

If you have questions about losses in your brokerage account, call to discuss your legal options with an experienced securities attorney.

Rex Securities Law provides nationwide representation to investors 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.

Rex Securities Law

561 391 1900

Investors in Reef Oil & Gas Income Funds May Be Able to Recover Losses

According to filings made with the Securities & Exchange Commission investors in the most recent Reef Oil & Gas Income & Development Funds have not fared well. Cumulative distributions on invested capital ranges from just 5% to 31% on Funds I-IV and the 2010-A Fund.

As reported in Amendment #5 to the Form S-1 Registration Statement for Reef Oil and Gas Drilling and Income Fund, L.P. , filed July 12, 2013, as of December 31, 2012, the cumulative distributions  investors have received in the various Reef Funds are not spectacular when compared to the capital invested.

Fund                  Investor Capital          Distributions          %

Reef O&G        $22 million                      $6.7million            31%

Reef  O&G II   $20 million                       $3.2 million         16%

Reef O&G III   $88.8 million                   $4.2  million        5%

Reef O&G IV    $11 million                      $2.4 million        21%

Reef 2010-A    $4 million                          $.5 million         12%

Since the product being sold (oil and gas)  is a depleting asset, there is less to sell with each passing day and these returns suggest that investors may have to wait a very long time to recover their invested capital or worse yet, investors may never recover their initial investment.

Investments like this are risky and brokers have a duty not to make investment recommendations that are not suitable, taking into account the age, health, prior investment experience of the investor and ability of the investor to sustain loss.

If you believe you that your investment in the Reef Oil & Gas Income and Development Funds was unsuitable for you, call to discuss options for recovery of 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

Wedbush Securities Charged by Regulators with Supervisory & Anti-Money Laundering Deficiencies

Washington, DC–On August 18, 2014, the Financial Industry Regulatory Authority (FINRA) filed a complaint against Wedbush Securities for systemic supervisory and anti-money laundering (AML) violations in connection with providing direct market access and sponsored access to broker-dealers and non-registered market participants.

FINRA’s complaint, which can be accessed here, alleges that from January 2008-August 2013, Wedbush enabled market access customers to flood U.S. exchanges with thousands of potentially manipulative wash trades and other potentially manipulative trades.

The complaint also alleges that the firm failed to establish and enforce adequate AML policies and procedures, and failed to report suspicious and potentially manipulative transactions.

Wedbush Securities (formerly Wedbush Morgan Securities) is headquartered in Los Angeles, CA, and has been registered with FINRA since 1955. They have over 400 brokers in 100 branch offices nationwide.

Rex Securities Law provides nationwide representation to investors 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.

Rex Securities Law

561 391 1900

PNC Investments Broker Barry Millinovich Sanctioned by Securities Regulators

Loveland, Ohio

Barry John Millinovich was barred by FINRA from the securities industry to resolve allegations that he made unauthorized withdrawals of $10,100 from the savings account of a customer and used the funds for personal expenses.

FINRA records indicate that Millinovich was registered with PNC Investments from 5/2011-10/2013. Prior to that he was registered with Fifth Third Securities. If you had losses in an account handled by Millinovich, you may be able to recover damages for those losses.

Rex Securities Law provides nationwide representation to investors 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.

Rex Securities Law

561 391 1900

IMS Securities Broker Kevin McNeese FIned/Suspended by Securities Regulators-DeSoto, Texas

DeSoto, Texas

Kevin Dwayne McNeese was assessed a deferred fine of $5,000 and suspended for six months by FINRA to resolve allegations that he willfully failed to timely amend his Form U4 to disclose an unsatisfied judgment and two bankruptcy filings.

According to FINRA records, McNeese was registered with IMS Securities from 6/2005-7/2012.

If you have losses in an account handled by Kevin Dewayne McNeese, contact us 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