Category Archives: Florida Office of Financial Regulation

Gerald O’Halloran-Former Kovack Securities Broker-Subject of Florida Securities Regulator Complaint-Punta Gorda, FL

August 2018-Punta Gorda, Florida

The FINRA records of  Gerald J. O’Halloran,  a  previously registered stock broker who was recently employed by  Kovack Securities ,  disclose that he was recently named in an administrative action by Florida Securities Regulators.

In June 2018, the Florida Office of Financial Regulation filed an administrative complaint alleging that O’Halloran failed to observe high standards of commercial honor and equitable principles of trade and failed to report an outside business activity and timely update regulatory records. The complaint seeks a bar from the securities industry and other relief.

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.

O’Halloran’s  FINRA record discloses that a customer of Kovack Securities awarded  over $76,000 by a FINRA arbitration panel to resolve allegations that O’Halloran made unauthorized trades in the customer’s account.

Four other customers were paid cash settlements to resolve allegations that O’Halloran mismanaged their accounts.

O’Halloran  was employed by Kovack Securities from 5/2004-3/2018 and operates Daedalian Financial Services.

If you have losses in an account handled by Gerald J. O’Halloran call for a no charge consultation to discuss your options for recovery of 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

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

Marshall Cassedy Jr.-McNally Financial Services Broker-Subject of $1M+ Customer Dispute-Tallahassee, FL

JULY  2018 UPDATE – Tallahassee, Florida

According to publicly available records Marshall Royal Cassedy, Jr.  , (CRD# 853370) ,  a  stockbroker who is employed by McNally Financial Services disclose  3 prior final regulatory matters, 17 prior customer disputes, three pending 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 pending FINRA Case 18-1232 a customer of McNally Financial Services alleges loss of principal due to unsuitable investments and is seeking damages of $155,000.

In pending FINRA Case 18-1248 a customer of McNally Financial Services alleges loss of principal due to unsuitable investments and is seeking damages of $192,000.

In pending FINRA Case 17-03274, filed in December 2017, a customer of McNally Financial Services alleges a variety of claims relating to the mishandling of their accounts, including gross negligence, fraud, fraudulent misrepresentation, and aiding and abetting fraud. The customer seeks damages of $845,000 for losses in their portfolio, $860,000 in commissions and $1 million of opportunity cost.

The prior customer disputes have alleged various causes of action, including:

  • unsuitable and unauthorized investments
  • excessive investments
  • breach of contract
  • breach of fiduciary duty
  • fraud
  • egregious acts of churning

In one case, NASD Case 04490, an arbitration panel awarded over $172,000 to the customer. Eleven other cases have been  settled at amounts ranging from $4,500-$100,000.

In 2010, the Florida Office of Financial Regulation issued a cease and desist and fined Cassedy $12,500 to resolve allegations of unauthorized trading and unregistered activity.

According to FINRA records Cassedy  has been registered with McNally Financial Services since 04/2010. Prior to that he was registered with Capitol Securities Management, who discharged him in 4/2010 with the allegations on FINRA records: ” written customer complaints alleging the violation of internal policies and procedures with respect to the handling of customer accounts.”

FINRA records of McNally Financial Services Corporation disclose two prior regulatory matters. In 2013 McNally Financial Services Corporation was censured and fined $15,000 for deficiencies in their written supervisory procedures related to the sale of complex, non-conventional products including Steepeners.

If you have questions about an account in an account handled by Marshall R. Cassedy, Jr.  , 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

Athanasios Tomaras-Former Fulcrum Securities Broker-Discloses Suit Over Energy Investments-Oldsmar, FL

Oldsmar, Florida-UPDATE OCTOBER 2017-In October 2016 a customer of Fulcrum Securities file FINRA arbitration 16-02962 seeking damages of $189,000 and alleging that Mr. Tomaras made unsuitable investment recommendations in equities and oil and gas investments from the period July 2013-January 2016.

ORIGINAL POST–September 2016

The FINRA records of  Athanasios Tomaras,  a  stockbroker who currently is employed by  R. F. Lafferty & Co.  disclose a prior regulatory event and 4 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 August 2009, while employed by Morgan StanleyTomaras was ordered to cease and desist, fined $10,000 and suspended for ten business days by the Florida Office of Financial Regulation.

The Florida securities regulators found that Mr. Tomaras failed to observe high standards of commercial honor and just and equitable principles of trade in violation of section 517.161(1)(h), Florida Statutes and Rule 69W-600.013(2)(h), of the Florida Administrative Code, in connection with receiving referrals from insurance agents and opening new accounts for transferring customers.

In FINRA Case#15-0858 a customer of Fulcrum Securities, Tomaras prior employer, alleged that beginning in late 2013 his account was overly concentrated in the energy sector and that Tomaras failed to execute stop loss orders as instructed by claimant. The claimant alleged damages of $63,874 in losses as a result of failure to execute stop losses in Cline and PWE. Claimant also alleged unsuitable trades. That case was settled in 4/2016 for $25,000.

In FINRA Case#13-01133, a customer of Fulcrum Securities alleged damages of $569,300 arising out of the liquidation of a position that transferred into the firm. The customer alleged breach of fiduciary duty, violation of FINRA Rule 2010, breach of contract, negligence, violation of the FL securities act and control person liability. That case was settled in 10/2014 for $35,000.

Tomaras  has been registered with R.F. Lafferty since 10/2015. He was registered with Fulcrum Securities from 3/2012-3/2016. Prior to that he was registered with Morgan Stanley from 4/2007-3/2012.

If you have losses in an account handled by Athanasios Tomaras 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

Robert M. Dechick-D.H. Hill Securities Broker-Discloses Regulatory Sanction-Clermont, FL

June 2017- Clermont, Florida

According to publicly available records Robert M. Dechick  (CRD#4152582) ,  a  stockbroker who currently is employed by  D.H. Hill Securities,   discloses  a recent regulatory event.

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 1/2016 Dechick entered into an agreement with Florida securities regulators to resolve allegations that he provided consolidated statements to customers of D.H.Hill Securities without the required disclosure for their real estate investment trusts (REITs). Dechick paid the Florida Office of Financial Regulation a fine of $5,500 and he agreed to a cease and desist.

Robert M. Dechick  has been employed by D.H. Hill Securities 11/2009. His prior employment includes Broker Dealer Financial Services and Southern Farm Bureau. .

If you have questions about an account handled by Robert M. Dechick  contact us 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