Tag Archives: avoid financial exploitation of elderly

Herbert “Elias” Hafen-Former Morgan Stanley Broker-Pleads Guilty to Fraud- New York, NY

November  2019- New York, NY

The FINRA records of  Herbert “Elias” Hafen ,  a  financial advisor previously employed by  Morgan Stanley, disclose a prior regulatory event,  a pending criminal matter, a pending civil matter, a prior customer dispute and a 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 2/2019  Hafen failed to respond to FINRA request for information in connection with a FINRA investigation and was permanently barred from the securities industry.

In September 2019 Hafen pled guilty to investment adviser fraud. Sentencing is scheduled for January 2020.

The Securities and Exchange Commission filed a complaint against Hafen in 9/2019 alleging that from July 2011-April 2018 Hafen defrauded clients of the financial institutions he worked for at that time. VIctims were promised 6% interest in an investment that had little risk. In reality there was no investment and Hafen used the money for personal expenses. Of the $1.6 million he raised from victims only about $650,000 was returned.

In 5/2019, a Morgan Stanley Smith Barney customer was paid $430,000 to resolve allegations that Hafen  misappropriated funds.

In 8/2018 Hafen was discharged from Wells Fargo Clearing Services  after he admitted to entering into financial arrangements with clients that were not approved by the firm.

Hafen was registered with Wells Fargo Clearing Services  from March to September of 2018.  Prior to that he was employed by Morgan Stanley Smith Barney from 6/2009-4/2018.

If you have losses in an account  handled by Herbert “Elias” Hafen , contact us for a no charge consultation 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

Bill Shopoff-Shopoff Securities- Discloses Pending Regulatory Event & Pending Customer Disputes-Irvine, CA

July 2019 – Irvine, CA

According to publicly available records William A. Shopoff  (CRD#1273471) ,  a  stockbroker who is currently registered with Shopoff Securities Inc.,  disclose a pending regulatory event  , 2 pending disputes with customers and a dispute that was recently settled for $4.75 million.

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 2019, FINRA  filed a complaint alleging that Shopoff Securities had fraudulently sold promissory note investments to investors.   The complaint, which is currently pending, alleges that Shopoff formed a fund with the stated purpose of raising funds for his private real estate firm, Shopoff Realty, and that funds were used for personal expenses rather than the intended purpose and that Shopoff massively inflated his and his wife’s cash assets in financial statements.

In December 2018, in a Federal Court action in US District Court, Central District of California  a former employee of a firm affiliate asserted claims for breach of contract, breach of guaranty, specific performance, and breach of the covenant of good faith and fair dealing, as well a claim for fraud.     That matter was recently settled for $4.75 million.

Two similar cases are pending in Orange County, CA, seeking total damages in excess of $30 million.

Shopoff has been  with Shopoff Securities, Inc.  since September of 2006 where he serves as President.

If you have questions about an investment account handled by William Shopoff,  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

Texas Securities Regulators Require Metals.Com to Refund $10M

July 2019-Austin, Texas

The Texas State Securities Board (TSSB) issued a news release announcing that Metals.Com, has agreed to offer a full refund to some 84 Texas investors.

According to the release Metals.Com cold called Texas residents, mostly individuals age 65 to 90,  and told them that their money was not safe with conventional registered brokers in order to get them to move their funds into precious metals. The total amount to be refunded may exceed $10 million.

An 80 year old Dallas was convinced to move $850,000 of retirement assets from an IRA into precious metals sold by Metals.Com, according to the TSSB.

The order issued by TSSB requires Metals.Com to repay the full amount invested by the Texas victims.

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

Jodie LaMarre- Former Robert W. Baird & Co. Broker- Discloses Regulatory Event & Two Settled Customer Disputes-Sarasota, FL

June 2019- Sarasota, FL

According to publicly available records Jodie A. Lamarre (CRD#2127928) ,  a  stockbroker who is currently not registered  discloses a regulatory event and 2 settled 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 February  2018,  without admitting or denying the findings, LaMarre consented to sanctions and to the entry findings that she recommended an unsuitable strategy involving the consolidation of an elderly customer’s assets in a single taxable account without regard to the fact that several of these assets were in tax deferred accounts .  The customer had a total net worth of less that $200,000 and was living on fixed income. As a result of LaMarre’s actions the customer was faced with an increased tax liability. FINRA suspended LaMarre for 1 year suspension and assessed a $10,000 monetary fine. FINRA case 2015046052701.

In December 2016,  a Robert W. Baird & Co., customer filed a complaint that alleged that LaMarre’s poor advice led him to sustain losses related to the purchase of a variable annuity.  The case was settled for $30,000 in 3/2017.

In May of 2015, another Robert W. Baird & Co, customer  alleged that LaMarre gave poor advice regarding distribution/surrender of annuities following the death of client’s husband, causing  unintended negative tax consequences.  This case settled for $10,000.

Lamarre was  employed with Janney Montgomery Scott from February 2015 until November 2017.   Before that she was with Robert W. Baird & Co, from July 2008 until February 2015.

If you have questions about an investment account handled by Jodie Ann Lamarre 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