Tag Archives: churning

Marshall Cassedy Jr.-McNally Financial Services Broker-Subject of $1M Customer Dispute-Tallahassee, FL

March 2018 – Tallahassee, Florida

According to publicly available records Marshall Royal Cassedy, Jr.  , (CRD# 853370) ,  a  stockbroker who is employed by McNally Financial Services disclose  3 prior final regulatory matters, 17 prior customer disputes, one 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 recently filed FINRA Case 17-03274, filed in December 2017, a customer of McNally Financial Services alleges a variety of claims relating to the mishandling of their accounts, including gross negligence, fraud, fraudulent misrepresentation, and aiding and abetting fraud. The customer seeks damages of $845,000 for losses in their portfolio and $1 million of opportunity cost.

The prior customer disputes have alleged various causes of action, including:

  • unsuitable and unauthorized investments
  • excessive investments
  • breach of contract
  • breach of fiduciary duty
  • fraud
  • egregious acts of churning

In one case, NASD Case 04490, an arbitration panel awarded over $172,000 to the customer. Eleven other cases have been  settled at amounts ranging from $4,500-$100,000.

In 2010, the Florida Office of Financial Regulation issued a cease and desist and fined Cassedy $12,500 to resolve allegations of unauthorized trading and unregistered activity.

According to FINRA records Cassedy  has been registered with McNally Financial Services since 04/2010. Prior to that he was registered with Capitol Securities Management, who discharged him in 4/2010 with the allegations on FINRA records: ” written customer complaints alleging the violation of internal policies and procedures with respect to the handling of customer accounts.”

FINRA records of McNally Financial Services Corporation disclose two prior regulatory matters. In 2013 McNally Financial Services Corporation was censured and fined $15,000 for deficiencies in their written supervisory procedures related to the sale of complex, non-conventional products including Steepeners.

If you have questions about an account in an account handled by Marshall R. Cassedy, Jr.  , contact us for a no charge consultation to discuss 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

Terry Lee Brodt, Jr.-Garden State Securities Broker-Discloses Regulatory Event and Customer Disputes – Boise, Idaho

August 2017 – Boise, Idaho

According to publicly available records  Terry Lee Brodt, Jr. (CRD#2033812) , a stockbroker currently registered with Garden State Securities, Inc. , disclose a regulatory event , five customer disputes and outstanding judgment/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 May 2017 to resolve  FINRA allegations that he traded without authority,  Terry Lee Brodt, Jr.  consented to a $10,000 fine and a two month suspension from June 5, 2017 to August 4, 2017.   His official FINRA record states:  “Without admitting or denying the findings, Brodt consented to the sanctions and to the entry of findings that he exercised discretion in accounts maintained by customers without written authorization from these customers and without having obtained approval from his member firm to treat these customer accounts as discretionary.   The findings stated that Brodt provided inaccurate responses about his use of discretion in connection with his firms annual compliance documents.”

In FINRA Case 16-01108, a  Garden State Securities, Inc.  customer alleged churning, excessive losses and commissions and sought damages of $485,980.   The case was settled for $120,000 with Brodt being personally responsible for $45,000.

In FINRA Case 12-3841 , a Garden State Securities customer  alleged unauthorized trading and unsuitable investments and sought damages of $50,570.   That case settled for $24,900 with Brodt being personally responsible for the entire settlement.

Brodt discloses that a Chapter 13 bankruptcy is pending in Idaho and he discloses 10 outstanding judgment/liens including federal and state tax liens.

Brodt has been  employed with Garden State Securities, Inc. since August of 2010. He discloses a business affiliation with Brodt Capital Management of Boise, Idaho.

If you have questions about an account handled by Terry Lee Brodt, Jr., contact us 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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Michael Guilfoyle-Former Legend Securities Broker-Discloses Settlement of Churning Complaint

New York

UPDATE JUNE 2017Michael Guilfoyle is not currently registered He left employment at Four Points Capital Partners in 3/2017.

ORIGINAL POST 2/2017

Publicly available records of Michael N. Guilfoyle, (CRD# 5119593) ,  a  stockbroker who is currently employed by Four Points Capital Partners disclose that in 2014 a customer of his prior employer Legend Securities filed FINRA arbitration #14-3134 alleging damages of $298,687 for churning, excessive trading, recommending unsuitable investments and engaging in unauthorized trading. That case was settled for $99,999.

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.

Guilfoyle  has been employed by Four Points Capital Partners since 9/2016. His prior employment includes IFS Securities, Legend Securities, Joseph Gunnar, America’s Choice Equities, J.P. Turner and Newbridge Securities. 

If you have questions about an account in an account handled by Michael Guilfoyle, contact us to discuss 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

Dennis H. Cambal-Former JHS Capital Broker-Discloses Regulatory Action & Customer Disputes

August 2016- Yarmouth, MA

The FINRA records of Dennis H. Cambal ,  a  stock broker who is currently  employed by NBC Securities  disclose a prior regulatory event and 9 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.

Massachusetts Regulators Place Cambal on Heightened Supervision.

In 9/2015, upon reviewing Cambal’s  request for registration (Case# R-2015-114), Massachusetts securities regulators noted that Cambal has been the subject of at least 9 customer complaints alleging inter alia:

  • making excessive trades
  • failing to follow customer instructions
  • making unsuitable investment recommendations
  • effecting unauthorized trades while registered with several broker-dealers since 1983

Massachusetts regulators determined that it is in the public interest to allow Cambal’s applications for registration as a broker-dealer agent of NBC Securities, Inc. in Massachusetts upon certain conditions, which shall be effective for five years. Those conditions include:

  • Cambal shall be supervised, on a heightened basis by NBC
  • NBC shall not permit Cambal to have any principal, supervisory, or managerial duties while associated with NBC
  • NBC shall not permit Cambal to possess or exercise discretion in the handling of Massachusetts customer accounts
  • NBC shall ensure that Cambal’s Massachusetts customer are satisfied with Cambal’s services

Cambal has been employed by  NBC Securities  since 8/2015. Prior to that he was employed by JHS Capital Advisors from 10/2011-8/2015 and prior to that with RBC Capital Markets 8/2005-10/2011.

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