Category Archives: Oklahoma Securities Commission

David Lancaster-Former Edward Jones Broker-Subject of Investigation for Unauthorized Trading-Wagoner, OK

April 2018 -Wagoner, OK

According to FINRA records, William David Lancaster ,  a  stockbroker who formerly was employed by Edward Jones, disclose a prior customer dispute, a regulatory 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.

According to Enforcement Division Recommendations  filed by the State Of Oklahoma Department of Securities in March 2018,  Lancaster is the subject of an internal investigation commenced by Edward Jones regarding discretionary trading in as many as 20 customer accounts. However, in an application filed by Lancaster with the regulatory he made inaccurate representations to the regulator regarding knowledge of the investigation. The Oklahoma regulator found that Lancaster has engaged in dishonest and unethical practices in the securities business.

David Lancaster  was employed by Edward Jones from 4/1999-2/2018.

Brokers have a duty to discuss purchases and sales with their customers prior to making trades in their accounts, unless previous written authority has been granted to the broker by the customer.

If you have losses  in an account handled by David Lancaster or believe that your account has been mishandled 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

Jay D. Jordan-Former WFG Investments Broker-Subect of $9M in Customer Claims-Oklahoma City, OK

February 2018-Oklahoma City, OK

According to publicly available records Jay D. Jordan  , (CRD# 1776666) ,  a  former stockbroker who last worked for WFG Investments  discloses that he was recently permanently barred from the securities industry by the Oklahoma Department of Securities for a variety of reasons, including:

  • engaging in dishonest and unethical practices by effecting unauthorized transactions in customer accounts
  • exercising discretionary power in customer accounts
  • disclosing customer account information to an unauthorized third party
  • recommending investment strategies without reasonable grounds
  • making false statements to his brokerage firm

He was also barred from the securities industry by FINRA for exercising hundreds of unsuitable purchases of non-traditional exchange traded funds (ETFs). exercising discretion, and failing to report customer complaints to his firm.

His FINRA record discloses 10 pending and 4 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 the previously resolved customer complaints, damages in excess of $1 million were paid to settle claims by customers.

The currently pending claims by customers of Jordan seek damages in excess of $9 million.

Jordan was employed by WFG Investments  from 9/2005-4/2016. He was discharged by WFG Investments 3/2016. WFG made the following allegation on Jordan’s FINRA record in connection therewith: “WFG has reasonably concluded the representative failed to follow certain policies of WFG, including: failure to report a customer complaint, attempting to settle a customer complaint, unauthorized use of a personal email address to communicate with a customer, and mischaracterizing aspects of an outside business activity.”

If you have losses in an  investment account handled by Jay D. Jordan , call 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

Billy Jack Cowan-Former Raymond James Broker-Discloses Customer Dispute & Termination From Employment-Norman, OK

May 2017-Norman, OK

The FINRA records of  Billy Jack Cowan  ,  a  former stockbroker who is not currently  registered disclose  a regulatory event, 2 prior customer disputes, 2 terminations from employment and 8 prior financial events.

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 July 2015 Cowan was censured by the Oklahoma Department of Securities for using discretionary power in a customer’s account without prior written authorization while employed by Raymond James Financial Services.

In FINRA Case 15-0725, a customer of Raymond James Financial Services  alleged damages of $707,188 claiming that Cowan had misclassified their suitability profile, failed to disclose trading risks and engaged in excessive and unauthorized trading from 2006-2014. That case was settled in 3/2017 for $75,000.

In 12/2014 Cowan was discharged by Raymond James who made the following allegation on his FINRA record: “Violation of the firm’s discretion and limited trading authorization policy for using discretion in an account without written authority to do so and for violating the firm’s communications with the public-electronic communications policy, for using text messaging for a business purpose.”

Cowan discloses 8 settlements with credit card companies where outstanding balances were settled for  compromised amounts.

Billy J. Cowan was employed by Raymond James from 2/2006-12/2014 .

If you have questions about an account  handled by Billy J. Cowan  call for a no charge consultation.

Discretionary Trading

Discretionary trading is when a broker makes trades (buys  or sells)  in an account without first consulting the customer. This means the broker decides how much of an investment to buy or sell and at what price, without input from the customer. Firms generally require that permission to trade an account in such a manner must be granted, in writing, by the customer to the firm.

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

Tonya M. White-Former Edward Jones Broker-Permanently Barred From Securities Industry

Oklahoma City, OK

According to FINRA records Tonya M. White (aka Tonya M. Nix ,   a stockbroker who formerly worked for Edward Jones  discloses a final regulatory matter and a separation from employment 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.

White’s FINRA record indicates that the Oklahoma Department of Securities permanently barred her in 8/2015 for calling third parties and impersonating clients to facilitate retirement account rollovers from third parties to Edward Jones.

 

According to FINRA records, in 3/2015, White was discharged by Edward Jones after White admitted calling third parties in order to facilitate the rollovers to Edward Jones.

If you have questions about an account handled by Tonya White, 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

Beth E. Dutoit, Edward Jones/United Planners Broker Sanctioned for Forgery-Norman, Oklahoma

Norman, OK

MAY 2017 UPDATE-In January 2017 Beth E. Dutoit was suspended for three months by FINRA and fined $5,000 to resolve allegations that she had customers sign blank forms to facilitate the transfer of multiple accounts to Edward Jones and other allegations related to signatures.

ORIGINAL POST-February 25, 2016

The Oklahoma Department of Securities suspended the registration of Beth E. Dutoit (aka Beth E. Arthur, Beth Ellen Arthur, Beth E. Du Toit)  for six months beginning 1/1/2016 for copying a client’s signature onto a form without the client’s consent.

According to FINRA records Dutoit was ‘permitted to resign’ from Edward Jones, where she was employed in the Norman/Edmond office from 10/2011-5/2015. Edward Jones indicated on the FINRA record that Dutoit’s resignation came during an internal investigation related to her placing client’s initials on a firm document and submitting duplicated signed customer documents.

After leaving Edward Jones, Dutoit went to work with United Planners’ Financial Services of America in May 2015. FINRA records indicate that Dutoit was discharged in September 2015. United Planners indicated on the FINRA record that the discharge was related to forgery.

If you have questions about an account that was handled by Beth Dutoit, call to speak with an experienced securities attorney.

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