Category Archives: Florida Office of Financial Regulation

Glenn Lattz-Gradient Securities Broker-Discloses Pending Customer Suits-Lady Lake, FL

May 2018-Lady Lake, FL

The FINRA records of  Glenn Patrick Lattz ,   a  stockbroker who is employed by  Gradient Securities disclose 2 prior regulatory events, 2 pending customer disputes, 3 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 2015 the Florida Department of Financial Services placed Mr. Lattz on one year probation and assessed a fine of $3,500 to resolve allegations that Mr. Lattz made misrepresentations on an annuity application, misrepresented the terms and conditions of an annuity, and advertised an agency location that was not licensed or registered with the Department. Case #169403-15-AG.

In pending FINRA arbitration 18-01227, a customer of Gradient Securities alleges that from 12/2017-2/2018  Mr. Lattz liquidated the customer’s annuities subjecting them to penalties and losses. Damages of $150,000 are sought.

In a state court case 14-CA-9767, pending in Hillsborough County, FL, a customer of Mr. Lattz former employer, Legacy Financial Services, alleges elder abuse, negligence, misappropriation of funds and other claims in connection with the purchase of an insurance policy. Damages of $240,000 are being sought in that matter.

Glenn Lattz has been employed by Gradient Securities since 12/2009.

If you have losses in an account  handled by Glenn Lattz, contact us 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, at no cost to you.

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

March 2018 – 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, one pending 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 recently filed 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 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

Revere Securities Sanctioned by Securities Regulators

March 2017-New York

According to publicly available records Revere Securities LLC , (CRD# 14178) ,  a  FINRA registered broker dealer headquartered in New York City, discloses a pending regulatory matter , 9 prior final regulatory events and 3 prior customer 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.

 

In the pending regulatory matter, Massachusetts securities regulators allege that Revere Securities failed to reasonably supervise one of is agents and that the firm engaged in dishonest and unethical conduct in violation of the Massachusetts securities act in connection with the sale of non-traded real estate investment trusts (REITs). Case #2015-0178. Sanctions sought include restitution, cease and desist, censure and disgorgement.

Prior regulatory issues include:

  • Maine Office of Securities-In 2014 Revere Securities were fined $35,000 and subjected to other sanctions for engaging in unlicensed activities and other violations.
  • Florida Office of Financial Regulation– In 2012 Revere Securities was fined and sanctioned for failing to file annual financial statements.

If you have losses on REITs purchased from Revere Securities or other questions about recovery of damages , contact us 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