Category Archives: Alternative Investments

Alternative Investments, Failure to Supervise, Private Placements, Raymond James, Stockbroker Malpractice, StockBroker Misconduct, Unsuitable Investments

John T. Howard-Raymond James Broker-Discloses $1.13 Million Award & Pending Customer Dispute-Birmingham, AL

February 2020- Birmingham, AL

The FINRA records of John Troy Howard (CRD#2264121)  , a broker with Raymond James & Associates, Inc. discloses a prior arbitration award and a pending customer dispute.

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 March 2008 a customer of  Morgan, Keegan & Company, Howard’s previous employer, filed FINRA case #08-00667 alleging breach of contract, breach of fiduciary duty, breach of common law duties of care, good faith and best execution, breach of common law duty of not to engage in unauthorized transactions and negligence.  Damages awarded were $1,134,601.

In 9/2019 a  Raymond James & Associates, Inc. customer  filed FINRA case #19-02833 , alleging breach of fiduciary duty, negligence, breach of contract, violations of the Alabama Securities, and violations of the Securities and Exchange Act by Howard.   The customer seeks damages of $160,000.

Howard  has worked for Raymond James & Associates, Inc.  since 2/2013.    Before that he was with Morgan, Keegan & Company and  AmSouth Investment Services.    

If you have questions about an account handled by John Troy Howard  call for a no charge consultation 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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Alternative Investments, Annuities, Business Development Company (BDC), Failure to Supervise, FSC Securities Corporation, Misrepresentation, Stockbroker Discharged, Stockbroker Malpractice, Unsuitable Investments

Investigation of FSC Securities Brokers Lee Kramer & David Frank on Behalf of Local Deaf Customer-West Palm Beach, FL

February 2020- West Palm Beach, Florida/Frederick, Maryland

We are investigating FSC Securities Corporation financial advisors Lee R. Kramer and David A. Frank on behalf of a Palm Beach County, FL,  resident who is deaf.

According to our client,  Mr. Frank and Mr. Kramer made sales presentations, both in person, as well as via video presentations,  to her and  other members of the local deaf community resulting in the investment in various unsuitable investments, including annuity investments.

According to publicly available records, Lee R. Kramer discloses 7 prior regulatory events, one pending customer dispute and one prior customer dispute, and 2 terminations from employment.

Kramer’s regulatory issues include allegations by Massachusetts securities regulators that he was the subject of 7 disclosures alleging alteration of a variable annuity application, failure to provide notice of replacement of a variable annuity, failure to disclose consent orders to state regulators, possible signature irregularities and failure to report customer emails to his supervisor. Massachusetts R-2005-188.

In pending FINRA Case 19-2969, a customer of FSC Securities alleges that Kramer made unsuitable recommendations to invest in an annuity, a business development company and unsuitable stocks. The customer is seeking damages of $93,000.

IN 2005, Kramer was discharged by Securities America who allege that Kramer failed to disclose state insurance department consent orders.

In 2002, Kramer was ‘permitted to resign’ from Veravest Investments after an internal audit of over 800 customer files indicated that some customer files contained possible predictive statements, possible signature irregularities and two unreported emails from deaf customers.

Lee Kramer has been employed by FSC Securities since 3/2005.

According to publicly available records, David A. Frank has been employed by FSC Securities Corp. since 4/2005.

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.

If you have information that you think would be helpful to our investigation of FSC Securities Corp. financial advisors Lee Kramer and/or David Frank please contact our Boca Raton, FL, office at the number below.

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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Alternative Investments, Energy Securities, Kalos Capital, Madison Avenue Securities, Oil & Gas Investment, Oil and Gas Partnerships, Reg D Offerings(private placements), Stockbroker Malpractice, StockBroker Misconduct, Unsuitable Investments

Steven Netzel-Former Kalos Capital Broker-Discloses Pending $300K Customer Dispute-Sun Lakes, AZ

February 2020 – Sun Lakes, AZ

The FINRA records of Steven M. Netzel  , a stockbroker  who is currently not registered and who previously was employed by Kalos Capital , disclose  a currently pending customer dispute.

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 March of 2012, Arizona Corporation Commission Securities Division issued sanctions, and fined Netzel $10,000 to resolve allegations that he sold unregistered securities.

In 10/2019 FINRA case #19-02921 was filed by a customer of  Netzel’s previous employer – Kalos Capital, Inc.  alleging unsuitable recommendations in oil & gas, real estate and other private equity and alternative investments. Damages of $300,000 are sought.

Netzel  was employed with Madison Avenue Securities  from June 2019 until August 2019.   He was with Kalos Capital, Inc. from November 2013 until June of 2019.   Prior to that he was with Madison Avenue Securities from 2/2009-12/2013.

Netzel discloses business affiliations with Netzel Financial, dba Affordable Supplemental, Inc. , Netzel Holdings LLC and Val Vista Capital Management  in Sun Lakes, AZ.

If you have questions about an account handled by Steven M. Netzel  call for a no charge consultation 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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Alternative Investments, Cetera Advisors, Cetera Financial Group, REITs, Stockbroker Malpractice, StockBroker Misconduct, Summit Brokerage Services, Unsuitable Investments, VSR Financial Services

Robert Edward Burns- Cetera Broker-Discloses Customer Disputes-Greenwood Village, CO

January 2020- Greenwood Village, CO

The FINRA records of Robert Edward Burns, a stockbroker employed by  Cetera Advisor Networks , disclose a pending customer dispute and  a prior customer dispute.

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 2018 a  customer of Burns’ prior employer ,VSR Financial Services, Inc.; Summit Brokerage Services, was paid $150,000 in FINRA case #18-02447 to  resolve allegations that Burns made unsuitable investments in real estate securities and UDF IV.

In pending FINRA case #19-02163,  a VSR Financial Services, Inc.; Summit Brokerage Services, customer alleges overconcentration and unsuitable investments in alternative products as well as alleging that the firm failed to do due diligence on the alternative investments and is seeking $500,000 in damages.

For more information regarding the recovery of losses on alternative investments purchased from the now defunct VSR Financial Services, see this. 

Burns  has been employed by Cetera Advisors since September of 2019.   From September of 2016 until September of 2019, he was with Summit Brokerage Services and from September of 2016 until November 2016 he was with VSR Financial Services.

If you have questions about an account  handled by Robert Edward Burns Summit Brokerage, VSR Financial or Cetera Advisor Networks call for a no charge consultation to learn more 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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Alternative Investments, Coastal Equities, Failure to Supervise, FINRA, Finra Investigation of Stockbroker, Limited Partnerships, Securities & Exchange Commission (SEC), Stockbroker Discharged, Stockbroker Malpractice, Unsuitable Investments

Luke M. Johnson-Former Coastal Equities Broker-Investigation Over GPB Auto Losses-Scottsdale, AZ

March 2020-Scottsdale, AZ

We are investigating  former Coastal Equities Inc. broker Luke Michael Johnson on behalf of an Arizona resident who alleges that she was sold an unsuitable investment in GPB Capital Holdings. GPB Capital Holdings is currently under investigation by the Securities & Exchange Commission and the Financial Industry Regulatory Authority (FINRA).

GPB Capital Holdings‘ affiliates include:

  • GPB Holdings LP
  • GPB Holdings I
  • GPB Holdings II
  • GPB Automotive Portfolio LP
  • GPB Waste Management LP
  • Armada Waste Management
  • GPB NYC Development LP

GPB Holdings II and GPB Automotive have both seen substantial declines in value over recent months.

According to publicly available records Luke M. Johnson, discloses 8 pending customer disputes, 3 prior customer disputes and 3 terminations 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 FINRA Case 20-0042 a customer of Coastal Equities alleges that between June 2017 -June 2018, Johnson failed to conduct adequate due diligence on certain investments made unsuitable recommendations. The customer is seeking damages of $509,000.

In 12/2019 a customer of Coastal Equities made a claim for $363,568 and alleges the Johnson breached his fiduciary duty and made unsuitable investment  recommendations.

In FINRA Case 18-4125 a customer of Coastal Equities/ Coastal Investment Advisors alleged that Johnson made unsuitable recommendations of alternative investments and limited partnerships. That case was settled for $225,000.

In FINRA Case 18-2266 a customer of Coastal Equities alleged that Johnson recommended unsuitable real estate securities causing losses. That case was settled for $140,000.

In pending FINRA Case 19-1548, a customer of Coastal Equities is seeking damages of $750,000 and alleges that Johnson made misrepresentations and omissions in  soliciting the sale of private placement investments.

In other pending cases, customers of Coastal Equities are seeking unspecified damages for mismanagement of their portfolios.

Luke Johnson is not currently registered with any broker dealer. He was  employed by Coastal Equities from 4/2012 until 12/2019. He does business under the name of Legend Capital Group in Scottsdale, AZ.

Johnson was discharged by Coastal Equities in 11/2019. Coastal makes the following allegation on Johnson’s FINRA record: “Registered Representative failed to follow firm policy to timely forward a customer complaint to his superior and compliance, and by inconsistently stating a customer’s liquid net worth on client disclosure documents.”

If you have an account handled by Luke M. Johnson that you believe has been mishandled, contact us 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