Failure to Supervise, Stockbroker Malpractice, StockBroker Misconduct, Unsuitable Investments, Wedbush Securities

Michael S. Sims-Former Wedbush Securities Broker- Discloses 4 Prior Customer Disputes and 1 Pending Customer Dispute- Santa Rosa, CA

January 2020 – Santa Rosa, CA

The FINRA records of Michael Stevan Sims, a stockbroker who was last employed by  Wedbush Securities, Inc., disclose   4 prior 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 11/2019 a  customer of Wedbush Securities, Inc. was paid $702,600  to  resolve allegations of unsuitability, breach of fiduciary duty, duty of loyalty, negligence, negligent misrepresentation, breach of contract, material omissions and misrepresentation in connection with the sale of securities, fraud and deceit based concealment and violations of Federal statutes,    Sims was personally responsible for $250,000 of this settlement.

In 11/2018, a customer of Wedbush Securities, Inc. settled a claim and was paid $26,604 to resolve allegations that she had losses in her account.

In 12/2019  a customer of  Wedbush Securities, Inc.,  was paid $71,519 to resolve allegations of  excessive trading, inappropriate investments, mismanagement of account, excessive commissions and lack of supervision .

Michael Stevan Sims  was employed by Wedbush Securities, Inc.  from April 2005 until July of 2019.

If you have questions about an account  handled by Michael Stevan Sims  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, 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

Failure to Supervise, LPL Financial, Merrill Lynch, Selling Away, Stockbroker Malpractice, StockBroker Misconduct, Unsuitable Investments

Joseph A Likens-former LPL Financial Advisor-Discloses 15 Customer Disputes-Des Peres, MO

January 2020-Des Peres, MO

According to publicly available records of Joseph Alan Likens (CRD#3084903) ,  a  former stockbroker who previously worked for LPL FInancial discloses 2 regulatory events, 15 customer disputes, a termination from employment and a financial event.

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 FINRA permanently barred Likens from the securities industry to resolve allegations that he engaged in dishonest and unethical practices.

Liken’s official FINRA record discloses 13 prior settlements with customers of his prior employer Merrill Lynch. All of the claims allege that customers were sold non firm approved promissory notes. Total settlements exceed $1.3 million.

Likens was employed by LPL FInancial from 1/2015-5/2015. Prior to that he was employed by Merrill Lynch from 4/2009-1/2015.

If you had an account with Joseph Likens that suffered losses, you may be entitled to collect damages from his prior employer. Call 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

Churning, Failure to Supervise, J.D. Nicholas & Associates, Misrepresentation, Stockbroker Malpractice, StockBroker Misconduct, Unsuitable Investments, Worden Capital Management

Douglas Lee-Former Worden Capital Broker- Discloses Customer Disputes-Garden City, NY

January 2020 – Garden City, NY

The FINRA records of Douglas Lee , a stockbroker who was last employed by  Worden Capital Management , disclose a pending customer dispute and  3 prior 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 8/2019 a  customer of Lee’s former employer ,Worden Capital Management, was paid $19,999 to  resolve allegations that Lee charged excessive commission, churned the account and made unsuitable transactions. FINRA case #19-00369

In 5/ 2017, a customer of Worden Capital Management,  was paid $12,500 in  to resolve allegations of  fraud, negligent misrepresentation, breach of fiduciary duty and breach of covenants of good faith . FINRA case #17-01266.

In July 2013 a customer of J.D. Nicholas & Associates, Inc.  settled a claim alleging that Lee made unsuitable option investments and was paid  $25,000.

In pending  FINRA case #14-03697 a customer of  J.D. Nicholas & Associate alleges churning, negligence, unsuitability, over -concentration and failure to supervise and is seeking damages of $57,130.

Lee  was employed by Worden Capital Management   from 11/2014 until 6/2015 and with J.D. Nicholas & Associates, Inc.  from 9/2009 until 11/2014.

If you have questions about an account  handled by Douglas Lee  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 o

Nationwide representation of victims of stockbroker fraud and the malpractice of investment professionals.

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