Tag Archives: avoid investment scams

Conrad Coggeshall-Former Packerland Broker-Charged With Fraud, Scottsdale, AZ

November 2019-Scottsdale, Arizona

Conrad Coggeshall has been charged by the Securities and Exchange Commission with fraud. The SEC complaint alleges that Coggeshall raised $700,000 from four elderly investors from April 2017-May 2018, claiming that the money was going to a New York mergers and acquisition firm called Business Owners Tax Relief. The victims were promised a fixed rate of interest.

Instead the money was used to pay his personal expenses and to make payments to the investors to provide the impression it was a going concern.

According to FINRA records, Coggeshall was an employee of Packerland Brokerage Services from 6.2015-1/2018. Prior to that he worked for USA Financial Securities and Cetera Advisors. He has not been a licensed broker since leaving Packerland in 2018.

Coggeshall discloses business affiliations with Arrowhead Wealth Management in Peoria, AZ and Cypress Associates in Houston, TX.

If you have questions about an account handled by Conrad Coggeshall 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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Ft. Lauderdale Man Charged with Defrauding Retiree of Retirement Savings

November 2019- Ft. Lauderdale, FL

According to a recent press release from the United States Attorney’s Office for the Southern District of Florida, Michael Jerome Atkins, 60, was arraigned on mail fraud and aggravated identity theft charges on November 21, 2019.

The indictment alleges that Atkins defrauded a retiree out of her retirement savings of more than $400,000 by promising her that if she loaned him her savings he would use it for his business, All Points Aviation and Associates, and repay her in two months.

According to the allegations Atkins used the funds for his personal benefit and dd not repay the victim.

An indictment is a charging instrument containing accusations.  A defendant is presumed innocent unless proven guilty, beyond a reasonable double, in a court of law.

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

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

Michael Bressman-Former FCG Advisors Broker- Pleads Guilty to Investment Advisor Fraud-Chatham, NJ

September 2019- Chatham, NJ

According to publicly available records  Michael Bressman ,  a  currently unregistered stockbroker, who was last registered with FCG Advisors discloses a pending investigation, a pending civil event, a pending criminal event,  two prior regulatory events, a pending customer dispute, 4 prior customer disputes  and  terminations 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 9/2018 Bressman was charged with investment advisor fraud, a felony, in Federal Court in Massachusetts.  Case# 18cr 10315. In June 2019, Bressman pleaded guilty to defrauding clients by engaging in a cherry-picking scheme, according to a news release from the Department of Justice. Pursuant to the plea deal, the government recommended a sentence of 24-40 months.

In 9/2018 the United States Securities and Exchange Commission filed case # 1:18cv11925 in Federal Court with the United States District Court for the District of Massachusetts alleging the following against Michael A. Bressman “This case involves a fraudulent “cherry picking” scheme carried out by Bressman in his role as a securities broker.   From at least January 2012 through February 2018, Bressman  secretly misused his access to his customers’ brokerage accounts to enrich himself and two of his family members at the expense of his customers- most of whom were “Main Street” investors with relatively modest investment portfolios.   As a result of his deceptive scheme, Bressman received at least $700,000 in ill-gotten gains.  Cherry-picking occurs when a broker, who buys and sells securities on behalf of his brokerage customers, defrauds those customers by purchasing stock and then waiting to see whether the price of the stock goes up, or down, before allocating the trade.    If the stock goes up, the broker keeps the trade for himself or a set of “favored” accounts.   If the stock goes down, the broker puts the trades into other disfavored customer accounts.   In other words, the broker “cherry-picks” the profitable trades for himself or certain favored accounts, while giving unprofitable trades to his other customers. “ That case is still pending.

In February of 2018 the United States Securities and Exchange Commission initiated an investigation that is still pending.   “Mr. Bressman was accused of, among other things, misusing the firm’s allocation account in connection with his personal trades.”

Michael Bressman worked for FCG Advisors from 2/ 2000 until May 2018 when Bressman was discharged from FCG Advisors after allegations were made that accused him of, among other things, misusing the Firm’s allocation account in connection with his personal trades.

Bressman was discharged by Merrill Lynch in 1/2000 after it was alleged by a customer that he had traded her account without her authorization.

If you have questions about an investment account handled by Michael Bressman, 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

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