Category Archives: Annuities

Gary Lee Miller-Former LPL Financial Broker-Discloses Customer Dispute Involving Annuities- Eau Claire, WI

October 2018 – Eau Claire, WI

According to publicly available records Gary Lee Miller   (CRD#2669776) ,  a  former stockbroker who was last employed by LPL Financial  disclose a settled 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 January of 2017, a customer of SII Investments and LPL Financial,  filed FINRA case #17-032  alleging that Miller recommended frequent switching of unsuitable variable annuities.    That case was settled for $275,000.

Gary Lee Miller worked for SII Investments from  October of 1998 until October of 2014 and was employed by LPL Financial from October 2014 until May of 2016. Miller also discloses a business affiliation with Mutual Financial Group and Mutual Insurance Group.

If you have questions about an investment account handled by Gary Lee Miller, 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

Raymond Benjamin-Former LPL Financial Broker -Discloses Pending Customer Dispute-Augusta, GA

September 2018- Augusta, GA

According to publicly available records , Raymond S. Benjamin,  a  stockbroker who was previously with LPL Financial and is now works for  Chalice Capital Partners disclose 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 5/2018 a customer with LPL Financial alleged that a variable annuity purchase was an unsuitable recommendation since the contract contained sub-par rates of return and excessive expenses and was unfit for a defined benefit plan.   The customer further alleged that Benjamin misrepresented the terms of the contract and breached his fiduciary duty and allegedly coerced the customer into purchasing the contract.    Damages of $271,048 are sought.

Raymond Benjamin worked for LPL Financial from July 2010 until August 2018.  He has since been employed with Chalice Capital Partners since 8/2018. Benjamin discloses a business affiliation with Firethorn Wealth Partners in Augusta, GA.

If you have questions about an investment account handled by Raymond Benjamin, 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

Dexter L. Thomas Investigation Update-Dallas, TX

August  17, 2018  UPDATE–Dallas, TX

We are currently investigating former National Planning Corp. broker Dexter L. Thomas on behalf of a number of residents of the Dallas/North Texas  area who allege damages to their accounts  for various reasons, including:

  • Unsuitable annuity investments
  • Churning of accounts
  • Unsuitable Loans

We Would Like to Hear From You

If you have information you believe will assist us in our investigation, please contact us by phone or using the contact form on this page and we will call you. We express our thanks to the many concerned individuals who have already reached out to us to share what they know about this rapidly developing situation.

Dexter Thomas Suicide- We have been informed by several former individuals who had accounts with Thomas that he committed suicide on August 4, 2018.

According to FINRA records, Dexter Leroy Thomas, was last registered with United Planners Financial Services of America and operated Dexter Thomas Financial Services in Dallas.  His FINRA record discloses  a pending customer dispute and 2 prior final 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 the currently pending matter, FINRA Case 18-0601,  a customer of National Planning Corp. alleges that Thomas violated FINRA rules and standards of conduct, violated the Texas Securities Act, made unsuitable recommendations and engaged in manipulative and deceitful conduct. Damages of $94,353 are sought in that case.

 Thomas was briefly employed by LPL Financial from 11/2017-12/2017. Prior to that he was employed by National Planning Corp. from 9/2006-11/2017.  

NATIONAL PLANNING CORP.  

According to FINRA records, National Planning Corporation (NPC)requested termination of their FINRA registration on July 9, 2018. On that same date NPC requested terminations of registration in Arizona, California, Hawaii, Indiana, Maine, Nevada, Texas and Wyoming.

On July 24, 2018, NPC was hit with  very significant sanctions by FINRA related to the sale of annuities. FINRA found that NPC received over $152 million from the sale of variable annuities, including $56 million from the sale of L-share variable annuities which were sold to customers without investigating the suitability of the product for the customer.

FINRA has fined NPC $650,000. In addition, NPC has agreed to disgorgement of up to $6 million to affected customers.

National Planning Corp. has also been known as Jackson National Financial Services and NPC of America.

No Charge Consultation

If you have questions about an investment account handled by Dexter Thomas , questions about annuities you may have been sold, or other financial matters involving Thomas, contact us 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

Marc F. Korsch-Centaurus Financial Broker-Discloses Pending Customer Disputes-Sarasota, FL

May 2018-Sarasota, FL

The FINRA records of  Marc F. Korsch ,   a  stockbroker who is employed by  Centaurus Financial  disclose 2 pending 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 pending FINRA arbitration 17-0474, a customer of Mr. Korsch’s former employer, Trustmont Finanical Group, alleges damages of $500,000 for the recommendation of transactions that were detrimental to the customer.

In 11/2017 a customer of Centaurus Financial alleged unauthorized surrender of their annuity and is seeking damages of $5,000.

Marc Korsch  has been employed by Centaurus Financial since 2/2014.  Prior to that he was employed by Trustmont Finanical Group from 3/2011-3/2014.

If you have losses in an account  handled byMarc F. Korsch , 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

Timothy Walsh-Fortune Financial Services Broker-Discloses Settlement of Customer Suit-Fort Worth, TX

May 2018-Ft. Worth, Texas

The FINRA records of  Timothy D. Walsh ,  a    broker who is employed by Fortune Financial Services  disclose a pending customer dispute  and a prior 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 FINRA Case 17-01114,  a customer of World Choice Securities and Fortune Financial Services alleged that Walsh sold them a sophisticated investment in a variable annuity. That case was settled for $25,000.

 

Timothy Walsh has been employed by Fortune Financial Services since 6/2016. He was employed by World Choice Securities in 10/2012 until he was discharged in 5/2016 for violating written policy procedures on advertising. Prior to that Walsh was employed by Titan Securities from 1/2010-10/2012.

If you have losses in an account  handled by Timothy D. Walsh, contact us for a no charge consultation to discuss your legal options for recovery.

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