Category Archives: Annuities

Dexter Leroy Thomas Investigation-Dallas, TX

August  13, 2018  UPDATE–Dallas, TX

We are currently investigating former National Planning Corp. broker Dexter L. Thomas on behalf of a resident of the Dallas area who alleges that he is the victim of fraud related to a purported loan that was made through Thomas.

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.

We Would Like to Hear From You

If you have information you believe will assist us in our investigation, please contact us.

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

Bradley Freimark-Former ProEquities Broker-Subject of 25 Customer Disputes-Ostego, MN

May 2018- Otsego, MN

According to FINRA records,  Bradley J. Freimark  a stock broker who  is not currently registered and who last was employed in the industry by ProEquities Inc. , discloses 19 prior customer disputes that have been resolved and 6 customer disputes that are currently pending. Most of the customer claims relate to alternative investments such as REITs, equipment leasing investments, oil and gas investments, private placements, annuities and direct investments.

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.

Freimark was employed by ProEquities from 3/2000-8/2015.

Prior settlements for customers of Bradley Freimark total about $2 million and the pending claims seek about $1.5 million. These illiquid alternative investments are often sold with the promise of a steady and dependable stream of income and the opportunity for a ‘liquidation event’ in 5-7 years. Many investors purchase alternative investments with the mistaken belief that they are similar to a bond investment.

If you have questions about losses  an account handled  by Bradley J. Freimark , call for a no charge consultation to learn how you may be able to recover damages through FINRA arbitration.

ProEquities Inc. , headquartered in Birmingham, Alabama, has been a FINRA member since 1985. They have over 1200 brokers in over 600 branch offices nationwide. ProEquities’ FINRA records disclose 60 prior regulatory events.

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

Fifth Third Securities Hit With $6M Regulatory Sanction Over Variable Annuity Sales

May 2018

According to a FINRA News Release,  Fifth Third Securities was fined $4 million and required to pay $2 million in restitution for failing to appropriately consider and accurately describe the costs and benefits of variable annuity (VA) exchanges, and for recommending exchanges without a reasonable basis to believe the exchanges were suitable for customers.

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.

The exchange of variable annuities are subject to regulatory requirements to ensure that brokers have a reasonable basis to recommend them, and their supervisors have a reasonable basis to approve the sales. VA’s are complex investments and often sold to retirees and those anticipating retirement.

In addition, FINRA found that Fifth Third had failed to comply with a prior settlement in 2009 with FINRA involving VA’s.

Fifth Third Securities has been a FINRA member since 1939 and has more than 1,300 brokers operating from 1,100 offices located in these states:

  • Florida
  • Georgia
  • Illinois
  • Indiana
  • Kentucky
  • Michigan
  • North Carolina
  • Ohio
  • Tennessee
  • West Virginia

FINRA records disclose that Fifth Third Securities has 36 prior regulatory events.

If you have questions about losses  an account at Fifth Third Securities, call 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.

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