Tag Archives: avoid investment scams

Summit Brokerage Services Sanctioned for Churning Accounts-Boca Raton, FL

July 2019-Boca Raton, FL

Wealthmangement.com reports that Summit Brokerage Services, an independent broker dealer headquartered in Boca Raton, FL,  will close it doors and roll its business up into an affiliated broker dealer, Cetera Advisor Network.

Summit Brokerage reports having 450 advisors and $17.5 billion in client assets.

According to FINRA records, Summit Brokerage discloses 15 prior regulatory matters. Most recently in July 2019, Summit Brokerage was censured by FINRA, fined $325,000 and ordered to pay restitution to customers of $558,296, plus interest, to resolve various allegations related to supervision of the firm’s brokers. The supervisory deficiencies include a broker who excessively traded customer accounts which generated over $650,000 in commissions.

If you have losses in an account at Summit Brokerage Services, call for a no charge consultation 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

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

Kyusun Kim-Former Independent Financial Group Broker-Barred from FINRA-Discloses 19 Settled Customer Suits- Greenville, SC

June 2019- Greenville, SC

According to publicly available records, former Independent Financial and Sandlapper Securities  financial advisor Kyusun Kim,  discloses 19 settled and 4 pending 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 June 2018 FINRA (FINRA case 2017052705001) permanently barred Kim from the securities industry to resolve allegations that he made unsuitable recommendations to numerous senior customers, who were retiring or had retired. Kim recommended that these customers concentrate their retirement assets and liquid net worth in speculative and illiquid securities, according to FINRA.   Kim failed to disclose to his customers the risks associated  and as a result of these recommendations, Kim’s customers suffered substantial losses.

From December of 2007 until June 2013, 15 customers of Independent Financial Group brought cases alleging that Kim  forged signatures, made unsuitable recommendation, misrepresentation, violated state and federal securities laws, committed elder abuse, and other wrongful conduct.   These cases were collectively settled for over $3 million.

Between December 2016 and February 2018, four customers of Independent Financial Group filed cases alleging wrongful conduct, breach of fiduciary duty, breach of written contract, violations of federal and state securities laws in connection with investments,  unsuitable investments, breach of oral and written contract. Total damages on these pending cases exceed 1 million.

Kim  was employed by Sandlapper Wealth Management  from March 2016 until August of 2018 when he was discharged.   Kim was employed with Independent Financial Group in San Diego, CA from February of 2006 until March of 2016.

If you have losses in an account handled by Kyusun Kim, call 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

Losses on UBS Yield Enhancement Strategy? (UBS YES)- How to Recover Damages

May 2019

Investors who have suffered losses as a result of investing in the UBS Yield Enhancement Strategy program (UBS YES Trading Program) may be able to recover damages through FINRA arbitration.

The Yield Enhancement Strategy was offered by UBS to high net worth investors and touted as an option based trading strategy designed to generate returns by the sale and purchase of SPX index option spreads.

Recently investors in the UBS YES trading program have experienced significant losses and may be facing margin calls or the requirement to put up additional collateral.

We are currently investigating whether the risks associated with investing in the UBS YES program were adequately disclosed and whether the recommendation to invest in the program was suitable for certain investors.

If you have losses on the UBS YES trading program and believe that the risks were not adequately disclosed to you or that the recommendation was not suitable for your investment objectives, we may be able to help you recover damages.  Call for a no obligation discussion of your options 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

Ex-Pat With Losses in Your U.S. Brokerage Account? How to Recover Damages.

April 2019

If you are an expat residing in Japan, Thailand, Mexico, United Kingdom, Europe, Australia, the Caribbean, South America, Costa Rica or anywhere else on the planet, and have suffered losses in your U.S. brokerage account, we may be able to help you recover damages.

Disputes with brokerage firms for financial advisor negligence and fraud are generally pursued in arbitration with the Financial Industry Regulatory Authority (FINRA). Unlike court litigation, FINRA arbitration generally is much quicker and far less costly than court litigation.

Cases are typically concluded in 18 months or less and unlike court litigation, you generally do not need to be present in the States until the time of the final hearing or settlement conference. In some situations we you may be able to resolve your case without travelling to the U.S.

Most cases are handled on a contingent fee basis meaning that you only pay if we are successful.

Over the years we have represented expats from all over the world, including Mexico, San Salvador, Chile, Europe, United Kingdom, and the Channel Islands.

If you have losses due to unsuitable recommendations or the negligence of your financial advisor , call for a no obligation opportunity 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