Category Archives: Junk Bonds

Adam Goodman-Former H.J. Sims Broker-Has Several Customer Complaints-Boca Raton, FL

May 2018- Boca Raton, FL

The FINRA records of  Adam C. Goodman ,  a  registered stock broker who recently left Herbert J. Sims to join Stoever, Glass & Co.  disclose  a pending customer dispute and two 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 12/2017 a customer of Herbert J. Sims was paid #21,000 to resolve allegations that Goodman recommended unsuitable corporate debt investments that resulted in losses.

In 3/2018 a customer of Herbert J. Sims was paid $50,000 to resolve allegations that Goodman made misrepresentations in connetion with an investment in junk bonds and that he traded the account without authorization.

In currently pending FINRA Case 18-01064, a customer of Herbert J. Sims alleges high pressure sales tactics, unsuitable investments, fraud and negligence and is seeking damages of $25,000.

Goodman was employed by Herbert J. Sims   from 8/2010-1/2018  when he left and joined Stoever Glass & Co. 

If you have losses in an account handled by Adam Goodman, call for a no charge consultation to learn about your options for recovery of 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

Investigation of Hennion & Walsh Broker Joe I. Rodriguez-Parsippany, NJ

UPDATE AUGUST 2018– Parsippany, New Jersey

FINRA Records for Joseph I. Rodriguez disclose the following:

  • August 2017, FINRA case 16-1032 (see below) was settled for $60,000, with broker Joseph I. Rodriguez contributing $12,000 toward the settlement.
  • FINRA Case 18-1082-seeks damages of $50,000 for an unsuitable recommendation to purchase municipal debt in 2013.
  • FINRA Case 17-3108-filed in 11/2017 by a Hennion & Walsh client alleging that certain investment grade municipal bonds purchased between 2013-2017 were unsuitable. Customer seeks damages of $175,000.
  • In June 2017 another dispute was filed by a Hennion & Walsh customer who is seeking damages of $125,000 and alleging that the portfolio was over concentrated with municipal debt. FINRA Case 17-1397

ORIGINAL POST-April 2017

The FINRA records of  Joseph I. Rodriguez ,  a  stockbroker who is  employed by  Hennion & Walsh  disclose 2 prior final customer disputes and 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 pending FINRA arbitration 16-01032 a customer of Hennion & Walsh alleges damages of $250,000 for an unsuitable recommendation to purchase  municipal bonds.

In a prior matter, FINRA case #15-2348, a customer of Hennion & Walsh alleged damages of $56,390 for an unsuitable recommendation to invest in municipal debt. That case was settled for $25,000.

Joe Rodriguez  has been employed by Hennion & Walsh since 8/1998.

We are currently investigating Joe Rodriguez on behalf of several retirees who alleges that they were sold unsuitable Puerto Rico municipal bonds.

Puerto Rico Debt Crisis

In early 2014, various credit rating agencies downgraded the debt of Puerto Rico to non investment grade, better known as junk status or speculative grade. This downgrade triggered acceleration clauses requiring the repayment of some debt within months, rather than years.

Puerto Rico has over $70 billion of outstanding debt, with a debt to GDP ratio of about 68%. While about $30 billion (42%) of Puerto Rico’s debt is owned by residents of Puerto Rico, the larger portion is owned by non-residents, primarily residents of the continental United States.

Investors who have suffered losses on Puerto Rico’s bonds may be able to recover damages from the brokerage firm who sold the bonds.

If you have losses in an account in an account handled by Joseph I. Rodriguez  , contact us to discuss how you may be able to recover damages for those losses.

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

Bill Holubec-Royal Alliance Broker-Discloses Pending Customer Dispute-San Angelo, TX

January 2016-San Angelo, Texas

OCTOBER 2017 UPDATE-Bill Holubec is no no longer registered as a broker with Royal Alliance as of 5/2017. See this for more information. 

Publicly available records of Bill A. Holubec, (CRD# 1304064) ,  a  stockbroker who is employed by Royal Alliance Associates disclose that a Royal Alliance customer has filed FINRA Case #17-0068 alleging damages of $500,000 for misrepresentation,  suitability and failure to supervise in connection with the sale of junk bonds and non-traditional exchange traded funds (ETF).

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.

Holubec  has been employed by Royal Alliance Associates since 12/1994.

If you have questions about an account in an account handled by Bill Holubec, contact us 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

Losses on High Yield Debt of Halcon Resources May Be Recoverable

January 8, 2015

The  high-yield debt issue of Halcon Resources Corporation with a 9.75% coupon, set to mature 7/15/2020 (Cusip 40537QAB6) closed at $73.38 yesterday.

High yield debt in energy companies has been tracking the decline in oil prices which have fallen 50% in just a few short months.

High yield bonds are issued by companies that don’t qualify for the higher ‘investment grade’ rating’ by one of the rating agencies like Moody’s , Standard and Poor’s or Fitch.  Issuers of these bonds must pay a higher rate of interest to compensate the investors for buying their bonds and accepting the higher risk.

See this for a chart on bond rating definitions.

Stock brokers and brokerage firms are required to make suitable recommendations to investors taking into account their risk tolerance, net worth, level of investment sophistication and investment objectives.

Generally retired persons on fixed income should not have a large percentage of their liquid assets invested in risky investments like high yield bonds. If you have losses on high yield bonds and think that you were misled or given bad advice, contact us to discuss your legal options.

The common stock of Halcon Resources  (HK)  has not fared well during 2014 either, falling from a high of over $7 in July  to $1.54.

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 XXI (Bermuda) Limited High Yield Bonds Losses May Be Recoverable

January 8, 2015

According to the financial press, a high-yield debt issue of Energy XXI (Bermuda) Limited (EXXI) with a 9.25% coupon, set to mature 12/15/2017 dropped 2% during trading yesterday to $62.50.

High yield debt in energy companies has been tracking the decline in oil prices which have fallen 50% in just a few short months.

High yield bonds are issued by companies that don’t qualify for the higher ‘investment grade’ rating’ by one of the rating agencies like Moody’s , Standard and Poor’s or Fitch.  Issuers of these bonds must pay a higher rate of interest to compensate the investors for buying their bonds and accepting the higher risk.

See this for a chart on bond rating definitions.

Stock brokers and brokerage firms are required to make suitable recommendations to investors taking into account their risk tolerance, net worth, level of investment sophistication and investment objectives.

Generally retired persons on fixed income should not have a large percentage of their liquid assets invested in risky investments like high yield bonds. If you have losses on high yield bonds and think that you were misled or given bad advice, contact us to discuss your legal options.

The common stock of Energy XXI Ltd. has not fared well during 2014, falling from a high of about $25 to less than $3.

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