Category Archives: Texas State Securities Board

Ascendant Alternative Strategies, Axiom Capital Management, Broker Disclosing Outstanding Liens/Judgments, StockBroker Misconduct, Texas State Securities Board

Trevor Carney-Ascendant Alternative Strategies Broker-Discloses Regulatory Event-Austin, TX

January 2019 – Austin, TX

According to publicly available records Trevor Martin Carney  (CRD#5657735) ,  a  stockbroker who is currently registered with Ascendant Alternative Strategies ,  disclose a Regulatory Event and two currently outstanding judgment/liens.

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 June of 2017,  the Texas State Securities Board (TSSB) assessed Carney with an administrative fine $7,500 for failure to disclose changes of information in item 14M of regulatory form U4. Item 14M asks whether a broker has any outstanding judgments or liens.

According to the public information on Carney’s FINRA records he has outstanding liens to the Internal Revenue Service of $128,733 and $101,675.

Carney has been employed with Ascendant Alternative Strategies since March 2017.   He was previously employed with Axiom Capital Management from May 2014 to March 2017.

If you have questions about an investment account handled by Trevor Carney, contact us for a no charge consultation to learn about 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

Alternative Investments, Cryptocurrency, Texas State Securities Board

Cryptocurrency Promoters Shut Down by Texas Regulator-Austin, TX

May 2018-Austin, TX

The Texas State Securities Board (TSSB) entered emergency orders against the following unregistered promoters who are fraudulently offering high-return investments in cryptocurrencies:

  • Bitcoin Trading & Cloud Mining, Ltd. -also known as BRCRUSH-also named in the Cease and Desist Order are Jaylon Cross, Bruce Rodgerson, and Robin Lozinski, all of  London, UK, and Thomas A. Johnson of Panama City, Panama.
  • Forex EA & Bitcoin Investment LLC.-also named in the Cease and Desist Order are James Butcher and Richard Dunn of New York City.

According to the TSSB these companies are violating the Texas Securities Act by failing to disclose any material information about their principals, strategies, finances, and the extensive technical and regulatory risks of cryptocurrency-related offerings.

The TSSB issued an Investor Alert warning of the dangers of fraud found in cryptocurrency offerings. Link to the April 10, 2018 alert. 

Losses on cryptocurrency investments recommended by your registered stockbroker? 

Call for a no charge consultation 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

Aegis Capital Corp, Failure to Supervise, Stockbroker Malpractice, Texas State Securities Board

Aegis Capital Corp. Discloses 30 Regulatory Sanctions-Dallas, TX

Aegis Capital Corp. discloses 30 prior regulatory events on their FINRA records, including the following:

  • March 2018-The US Securities and Exchange Commission  (SEC) instituted  cease and desist proceedings against Aegis for alleged failures in their supervisory procedures related to detection of suspicious activities and violations of Exchange Act rules. Aegis as assessed a $750,000 fine.
  • March 2018-Aegis was assessed a fine of $550,000 by the SEC for supervisory failures related to penny stock transactions.

Aegis Capital Corp. was formed in 1984 and is headquartered in New York. They are licensed to sell securities in 53 States and Territories. While most of their offices are located on the East Coast in Connecticut, Florida, New Jersey and New York, they also have offices in other locations, including Dallas, Texas, and Portland, OR.

If you have questions about an account with Aegis Capital Corp. call for a no charge consultation 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

Energy Securities, Fraud, Misrepresentation, Oil & Gas Investment, Oil related investments, Texas State Securities Board, Unregistered Brokers, Unregistered Securities

Dallas Oil & Gas Promoters-SourceRock Companies-Subject of TX State Securities Board Order

February 2018-Dallas, Texas

The Texas State Securities Board (TSSB) entered an Emergency Cease and Desist Order against Jason A. Gilbert and Parker R. Hallam who are doing business through SourceRock Energy Phoenix Prospect LP, SourceRock Energy GP and SourceRock Energy Partners. 

According to the TSSB order Gilbert and Hallam are soliciting $4.4 million for an oil and gas project (Phoenix Prospect)  without disclosing their history of unpaid tax liens and allegations of fraud, are doing business from 2711 North Haskell Ave, Dallas, TX, and through a website WWW.SourceRockOil.com.

The TSSB order also makes the following findings:

  • In June 2016 Hallam was named as a defendant in SEC v Christopher A. Faulkner, et al, Case No: 3:16-cv-1735-D , Northern District of Texas alleging that Hallam violated the Securities Exchange Acts of 1933 and 1934.
  • Hallam is intentionally failing to disclose one or more material facts including other securities related litigation detailed in the order.
  • gilbert failed to disclose numerous IRS tax liens filed against him in Miami-Dade County, FL, Manhattan Borough, NY, and Dallas, TX.

The TSSB orders defendants to cease and desist from engaging in fraud and offering securities in Texas through an offer containing a statement that is materially misleading or otherwise likely to deceive the public.

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

Block Trades, BrokersXpress LLC, Cambridge Investment Research, Failure to Supervise, Stockbroker Malpractice, Texas State Securities Board

Kermit Gable, Jr.-Former Cambridge Investment Research Broker-Sanctioned by Texas Regulator-Arlington, TX

January 2018-Arlington, Texas 

The FINRA records of Kermit G. Gable, Jr. ,  a  stockbroker who previously worked for Cambridge Investment Research , disclose a recent regulatory event and a separation from employment.

In November 2016 Gable was ‘permitted to resign’ from Cambridge Investment Research due to improper trading in client advisory accounts.

In April 2017, the Texas State Securities Board (TSSB) suspended Gable for 150 days. According to the TSSB, during the relevant time period, Gable entered a significant number of trades in a block trading account as part of an active trading strategy, but failed to prepare a written statement identifying the accounts that would participate in each trade prior to entering the trade in the block trading account.

This failure to properly document which clients would participate in the block trades constitutes an inequitable practice, according to the TSSB.

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.

Gable  was employed by Cambridge Investment Research from 2/2012-12/2016. Prior to that he was employed by BrokersXpress in Richardson, TX. Gable discloses a business affiliation with Fidelis Financial Services in Arlington, TX. He is not currently registered as a broker.

If you have questions about an account handled by Kermit G. Gable, 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