Tag Archives: avoid financial exploitation of elderly

Ramon Esparza-Former Mutual of Omaha Financial Advisor-Barred from Securities Industry-McAllen, TX

April  2020- McAllen, TX

The FINRA records of Ramon Esparza  , a broker previously employed  by  Mutual of Omaha Investor Services, Inc. disclose a regulatory event resulting in his bar from the securities industry 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 December 2019, Esparza was permanently barred from the securities industry by the Securities and Exchange Commission after allegations that he failed to provide documents and information requested by FINRA in connection with an investigation into outside business activities.   Esparza’s member firm initiated an internal review relating to allegations that he received cash and transacted business in Bitcoin and concluded that he engaged in unapproved outside business activities involving Bitcoin transactions.

In August of  2019 Esparza voluntarily resigned from Mutual of Omaha Investor Services,  Inc.,  after allegations that he engaged in unapproved outside business activities involving Bitcoin transactions.

Esparza worked for Mutual of Omaha Investor Services, Inc.  from July of 2014 until August of 2019.   Before that time he had been employed with Pegasus Insurance Group and  Primerica Financial Services.  

If you have questions about an account  handled by Ramon Esparza  call for a no charge consultation .

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

Stock Market Losses? –How to Recover Investment Losses Resulting From the COVID 19 Pandemic

April 2020

Retirees and Those Anticipating Retirement In the Near Term

Financial advisors are charged with a duty to make “suitable recommendations” to their customers. For those anticipating retirement in the near future or those who are already retired, investment recommendations should be skewed toward the conservative end of the spectrum, so that in the event of a market adjustment such as the present situation caused by COVID 19, the downside is somewhat protected.

Accounts that have suffered losses that track the decline of the DOW would generally be considered unsuitable for retirees, and those anticipating retirement in the near future.

How to Recover Losses 

Recovery of losses from registered financial advisors and brokerage firms is pursued by filing an arbitration claim with FINRA (Financial Industry Regulatory Authority). This process is more expedient and less costly than court litigation. Most cases are resolved in about 12 months, sometimes less. We handle most cases on a contingent fee basis, meaning you only pay us if we obtain damages for you.

If you or one of your loved ones is concerned about their financial future as a result of having suffered significant losses in an investment account, please give us a call. We have been representing aggrieved investors for more than 30 years and we can help you.

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

 

 

Kerry Dean Wills- First Western Securities Broker- Suspended for Borrowing from Elderly Customer- Hurst, TX

February 2010-Hurst, TX

According to publicly available records of Kerry D. Wills (CRD#1353739) ,  a  stockbroker employed with First Western Securities, Inc.,  discloses a regulatory event resulting in a suspension and a civil fine.

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 2020, without admitting or denying the findings, Wills consented to sanctions and the entry of the findings that he borrowed $150,000 from a 90 year old customer in violation of his member firm’s procedures.  The findings stated that at the time of the loan, the customer maintained accounts at the firm and that Wills was the broker of record assigned to the customer’s account.   The loan was memorialized with a promissory note that provided for a ten year term and a two percent interest rate.   Wills never disclosed the loan to his firm or otherwise sought an exemption for the  firm’s procedures prohibiting the acceptance of a loan from a firm customer.  Wills made one annual payment on the loan, but the customer never cashed the check.  The customer passed away six months later, leaving a trust document that provided for forgiveness of the loan.  The findings also stated that Wills accepted a gift of approximately $19,500 in luxury travel from the customer.   Wills did not disclose the travel gifts on the firm’s gifts and gratuities logs, despite the requirement that he do so in the violation of the firm’s procedures.   The sanctions ordered were a six month suspension from FINRA ending October 17, 2020 and a $10,000 fine.

Wills has been employed by First Western Securities, Inc. since November of 2009.  Prior to that time he was with Morgan Stanley Smith Barney, Citigroup Global Markets, Inc.  and Dean Witter Reynolds, Inc.

If you have questions about an account handled by  Kerry Dean Wills call to speak with an experienced securities attorney.

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

Lester Burroughs-Former Lincoln Investment Broker- Discloses 2 Regulatory Events, A Criminal Charge, Pending Customer Disputes, 8 Prior Customer Disputes and a Termination-Torrington, CT

January 2020-Torrington, CT

According to publicly available records.  Lester William Burroughs (CRD#1413972), a  former stockbroker who last worked for Lincoln Investment  discloses 2 regulatory events, a criminal charge,  a pending civil event,  3 pending customer disputes,  14 prior customer disputes 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 1/2020 the Securities & Exchange Commission  permanently barred Burroughs from the securities industry after Burroughs pled guilty to one count of wire fraud.   The information to which Burroughs pled guilty alleged that Burroughs misappropriated about $575,000 from three investors.

The Insurance Commissioner of the State of Connecticut filed case #MC 03-06 alleging improper handling of premium payment on traditional universal life insurance payment, misrepresentation and failure to properly handle request for disability waiver.

In December 2019,  Federal court case 3:19cr292 was filed in U.S. District Court for the District of Connecticut with formal charges of wire fraud to which Burroughs entered a guilty plea.   His sentencing has not been scheduled.

From 1994 to 2009, eight customer complaints alleging among other things improper sales practices and speculative recommendations inconsistent with their objective and risk tolerance, failing to place stop loss orders and misrepresentation.  Over $134,365 was paid to settle these cases.

In12/2019, a  customer of Burroughts  filed FINRA case #19-03658 alleging elder abuse, misappropriation and unsuitable investments recommended by Burroughs.   Alleged damages are $445,000.

In December of 2019, Lincoln Investment Planning discharged Burroughs after they became aware of charges that were filed by the U.S. Securities Exchange Commission and the U.S. Attorney’s Office wherein Burroughs  pled guilty to one count of wire fraud in the sale of fictitious insurance contracts to four individuals.

Burroughs was employed by Lincoln Investment from September 2012 until December 2019.  Prior to that time he was with Crown Capital Securities, Brookstone Securities, Woodbury Financial Services and Tower Square Securities.

If you had an account with Lester William Burroughs 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

Dean H. Grant-Former M Holdings Securities Broker-Discloses Pending Criminal Charges -Milledgeville, GA

February 2020- Milledgeville, GA

The FINRA records of Dean Harrison Grant  , a former stock broker who last worked for M Holdings Securities, Incdisclose  a regulatory event resulting in a bar from the securities industry, a pending felony criminal charge and three liens.

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/ 2019,  Grant was permanently barred from the securities industry by FINRA  for refusing to provide information and documentation requested by FINRA after allegations that he converted funds from customers, forged documents and failed to disclose certain liens on his Uniform Application for Securities Industry Registration.

In February 2019 , warrants were issued in in Georgia  for the arrest of Dean Harrison Grant as a result of the allegations that he,  committed: Felony Insurance Fraud, Theft by Taking (Fiduciary): Forgery in the first Degree and Trafficking of an Elder Person.   The case is currently pending.

In October 2018  and December 2018, the State of Georgia filed tax liens totaling over $27,000 in Baldwin County Superior Court, Milledgeville, GA against Grant.

In October of 2017 the Internal Revenue Service filed a tax lien in the amount of $122,540 against Grant.

Grant worked for M Holdings Securities, Inc. from September 2014 until January 2019.   He was with Grand Financial Group (his own business) , and NYLife Securities, Inc. before that time. 

If you have questions about an account  handled by Dean H. Grant  call for a no charge consultation .

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