Tag Archives: avoid investment scams

Gerald Eaton-Former Commonwealth Broker Barred from FINRA-Terminated After Allegations of Forgery-Waltham, MA

June 2020- Waltham, MA

The FINRA records of Gerald Allan Eaton  , a former stock broker who was last employed  by  Commonwealth Financial Network disclose a regulatory event resulting in his bar from the securities industry and a termination.

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 November 2019, Eaton was permanently barred from the securities industry by the FINRA  after allegations that Eaton failed to provide documents and information requested by FINRA in connection with its investigation into the reason for  his termination by Commonwealth.

Eaton worked for Commonwealth Financial Network from March of 1995 until October 2019, when he was discharged by Commonwealth who alleged that he had committed forgery and wrongfully taken property.

If you have problems in an account  handled by Gerald Allan Eaton  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

Jovannie Aquino-Former Spartan Capital Securities Broker- Is Barred and Discloses Regulatory Events, Customer Disputes and a Termination-New York, NY

June 2020- New York, NY

According to publicly available records Jovannie Aquino (CRD#4876661), a  former stockbroker who last worked for Spartan Capital Securities,  discloses a regulatory event, a civil event, 3 final customer disputes,  1 pending 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 June 2019  Aquino was permanently barred from the securities industry as a result of the following:

In September 2018, the United Sates Securities and Exchange Commission filed case #1:18-cv-08191 in Federal Court in the United States District Court of the Southern District of New York alleging that from December 2015 to November 2017, Aquino engaged in a fraud involving excessive trading in the accounts of his retail customers that generated substantial commissions to enrich himself while his customers experienced significant losses.    Aquino’s fraudulent acts and omissions resulted in approximately $881,000 in losses for customers and $935,000 in ill-gotten gains for Aquino.    He was permanently barred from the securities industry and given a monetary sanction of $75,000 and ordered to pay   disgorgement of  $568,805.

In July 2018, a customer of Aquino’s previous employer, Windsor Street Capital filed case #58-SV-18-327 in Pine County District Court alleged that Aquino was properly served with all the necessary court papers and that he failed to timely respond.   The alleged damages are $171,851.  The case is still pending.

In November 2011, Aquino was discharged from employment from Rockwell Global Capital after allegations that he entered into a written commission agreement with a client without the firm’s knowledge and permission.

Aquino worked with Spartan Capital Securities from November 2017 until September 2018.   Before that he was with Windsor Street Capital, John Carris Investments, John Thomas Financial and Rockwell Global Capital.   

If you had an account with Jovannie Aquino 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

Clayton Wertz-Former First Financial Equity Broker-Barred from Securities Industry-Dallas, TX

April 2020-Dallas, TX

The FINRA records of Clayton H. Wertz, a broker last employed  in the securities industry by First Canterbury Securities, Inc., disclose  a regulatory event resulting in his bar from the securities industry, a 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 September 2019, Wertz was permanently barred from the securities industry by FINRA after allegations that he created false account statements for a customer in order for the customer to secure a bank loan for $1.872 million.   The findings stated that Wertz created a false account statement for the customer by changing the name, address and account number on another customer’s statement that showed the account holding more than $3 million in securities.   Wertz gave the false statements to the bank’s loan officer.   Because the bank required copies of account statement each month, he created a false account statement for the customer for every month.   Wertz gave some of the false statements to the customer, knowing that the customer would provided them to the bank and gave others directly to the bank.   According to FINRA, Wertz knew the account statements contained false values and that there would be submitted to the bank to obtain and maintain the loan.   Wertz received $50,000 from the customer and the customer’s brother in payment for his actions.    The customer’s entity subsequently borrowed additional money from the bank and was extended a credit based in part on the false account statements.   The customer’s entity defaulted on its loan from the bank, resulting in a loss to the bank of more than $3.2 million.

Wentz’s employment history in the securities industry includes:  First Canterbury Securities, Inc. ,  First Financial Equity Corporation , Aspen Equity Partners, Hilltop Securities (formerly Southwest Securities), Wachovia Securities and Merrill Lynch.   

If you have problems in an account  handled by Clayton Holman Wertz 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

Wells Fargo Advisors Fined by Regulator for Account Churning

January 2020

The Financial Industry Regulatory Authority (FINRA) assessed a fine of $175,000 and censured Wells Fargo Advisors for failing to supervise their financial advisor who churned the account of an 88 year old client.

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 Letter of Acceptance, Waiver and Consent No. 2017053034301 FINRA made the following findings:

  • The financial advisor place more than 2,000 trades in the accounts of the senior citizen
  • The customer paid over $300,000 in commissions and fees
  • Although the customer’s accounts were flagged 40 times due to the excessive trading, the firm did not reasonably address the problem

Ultimately the customer was paid $1 million in restitution and the financial advisor was was discharged.

NASD and FINRA rules require broker dealers like Wells Fargo to establish and maintain a  system to supervise the activities of their financial advisors.

Churning

The most basic type of churning comes from excessive trading by a broker to generate commissions.  When there are excessive commissions with no noticeable portfolio gains, churning might have occurred.

If you have an account with a brokerage firm that has been excessively traded or unexplained losses, call to learn more.

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

Richard Pittman-Cetera Advisors Broker-Discloses 3 Prior Customer Disputes & 1 Pending Customer Dispute-Memphis, TN

January 2020- Memphis, TN 

The FINRA records of Richard L. Pittman, a stockbroker employed by  Cetera Advisor 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 October 2018 a  customer of  Pittman’s prior employer ,Investors Capital Corp., was paid $45,000 in FINRA case #18-03516 to  resolve allegations that Pitman made unsuitable investment recommendations.

In August of 2018, a customer of Investors Capital Corp. was paid $95,000 in FINRA case #18-02571 to resolve allegations that Pittman made unsuitable investments.

In 10/2016, an Investors Capital Corp. customer was paid $75,000 in FINRA case #17-00699  to resolve allegations that Pittman made unsuitable investment recommendations in oil & gas and real estate securities .

In pending FINRA case #19-02785 an Investors Capital Corp. customer alleges suitability of investments made in 2008 and i seeking damages of $150,000.

Pittman  has been employed by Cetera Advisors since October of 2016.   From August of 2008 until October 2016 he was with Investors Capital Corp.

If you have questions about an account  handled by Richard Pittman at Investors Capital or Cetera 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