Tag Archives: churning by stock broker

American Capital Partners, Broker Discloses Personal Bankruptcy, Broker Disclosing Outstanding Liens/Judgments, Churning, Discretionary Trading, Excessive use of margin borrowing, Failure to Supervise, Rockwell Global Capital, Stockbroker Malpractice, Unauthorized Trading, Unsuitable Investments, Worden Capital Management

Michael Rosalia-Worden Capital Management Broker-Discloses Customer Suits-Melville, NY

August 18, 2018 Rex Securities Law

January 2019-Garden City, NY

The FINRA records of Michael R. Rosalia , a financial advisor employed by Worden Capital Management disclose a pending customer dispute, 6 prior customer disputes, a bankruptcy filing and 9 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.

Settlements with customers of Rosalia include:

In May 2018 a client of Worden Capital Management alleged that Rosalia abused their account by churning it, using improper margin borrowing, charging high commissions and making unsuitable investments. The case was settled for $150,000.

A customer of his prior employer American Capital Partners was paid $900,000 to resolve allegations that Rosalia made unsuitable recommendations, failed to execute trades and made unauthorized trades. FINRA Case 09-5476.

In pending FINRA case 18-3760, a customer of Worden Capital allleges fraud, misrepresentation, negilgence, and breach of fiduciary duty from 5/2016-January 2018. The customer seeks damages of $56,000.

Rosalia discloses outstanding 9 currently outstanding Federal & StateTax Liens and a Chapter 13 bankruptcy filing made in 2013.

Michael Rosalia has been registered with Worden Capital Management since 12/2015. His prior employment in the financial industry includes Rockwell Global Capital and American Capital Partners. Rosalia also operates a business in Holbrook, NY, H&E Equipment Corp. , constructing and installing cabinets.

If you have losses in an account handled by Michael Rosalia , 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

Churning, Failure to Supervise, Merrill Lynch, Next Financial Group, Unauthorized Trading, Unsuitable Investments

Charles Doraine-NEXT Financial Group Broker-Subject of $10M Customer Suit Over Puerto Rico Bonds-Corpus Christi, TX

July 24, 2018 Rex Securities Law

January 2019- Corpus Christi, Texas

The FINRA records of Charles L. Doraine , a stock broker who is employed by NEXT Financial Group , disclose a prior regulatory matter, a pending customer dispute and 5 prior customer disputes.

In recently filed FINRA Case 18-03088, a customer of NEXT Financial Group is seeking damages of $10 million and alleges that during the period from 2012-2015 Doraine recommended an unsuitable concentration in Puerto Rican bonds and excessively traded bonds and mutual funds.

In FINRA Case 18-1554, a customer of NEXT Financial alleged that from October 2012-2017 Doraine made in and out mutual fund trades that were unsuitable for a low risk tolerance account and sought damages of $2.5M. In December 2018 that case was settled for $375,000.

In NASD Case 5-2963, a customer of Doraine’s prior employer Merrill Lynch alleged that he made unauthorized trades and churned their account. That matter was settled for $400,000.

In NASD Case 01-6460 a customer of Merrill Lynch alleged churning and unsuitable recommendations and sought damages of $1.7 million. The case was settled for $350,000.

Doraine has been employed by NEXT Financial Group since 3/2007. He lists business affiliations with Doraine Wealth Management, Doraine Global Media, and KFP NE$T Egg.

Puerto Rico Debt Crisis

In early 2014, various credit rating agencies downgraded the debt of Puerto Rico to non investment grade, better known as junk status or speculative grade. This downgrade triggered acceleration clauses requiring the repayment of some debt within months, rather than years.

Puerto Rico has over $70 billion of outstanding debt, with a debt to GDP ratio of about 68%. While about $30 billion (42%) of Puerto Rico’s debt is owned by residents of Puerto Rico, the larger portion is owned by non-residents, primarily residents of the continental United States.

If you have losses in an account handled by Charles Doraine, call for a no charge consultation to learn about your options for recovery of damages.

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

Churning, Failure to Supervise, Fraud, Misrepresentation, Raymond James, Stockbroker Discharged, Stockbroker Malpractice, StockBroker Misconduct, Unauthorized Trading, Unsuitable Investments

James E. Lyons-Former Raymond James Broker-Subject of $5M Customer Suit-Shreveport, LA

July 24, 2018 Rex Securities Law

July 2018-Shreveport, LA

The FINRA records of former Raymond James broker James Edward Lyons disclose that he was recently barred from the securities industry and 1 pending and 5 prior customer disputes as well as a termination from employment.

In June 2018 FINRA barred Lyons from the securities industry for failing to appear for on the record testimony in connection with a FINRA investigation.

In May 2017 a customer of Raymond James was paid $400,000 to resolve allegations that Lyons churned their account and made fraudulent omissions in connection with the sale of limited partnerships and other investments.

In FINRA Case 11-3703 a customer of his former employer Morgan Keegan was paid $152,000 to resolve allegations that Lyons made unsuitable recommendations and traded the account without permission.

In currently pending FINRA Case 17-2973 a group of customers of Raymond James alleges that Lyons made unsuitable investment recommendations, traded their accounts without authority, over concentrated their accounts and committed fraud. The customer group is seeking damages of $5,000,000.

Lyons was employed by Raymond James from 2/2013-5/2017 when he was discharged due to a customer allegation of unauthorized trading.Lyons discloses a business affiliation with Vinton Hotel Project.

If you have questions about an account handled by James E. Lyons, contact us for a no charge consultation to learn how you may be able to recover damages through FINRA arbitration.

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

Alexander Capital, Churning, Failure to Supervise, Stockbroker Malpractice, StockBroker Misconduct, Unauthorized Trading, Unsuitable Investments

Alexander Capital Sanctioned For Allowing Brokers to Churn Brokerage Accounts

July 19, 2018 Rex Securities Law

MARCH 2019 Update–SEC enters consent judgement vs. William Gennity.

JULY 2018

The Securities and Exchange Commission (SEC) charged Alexander Capital and two of its managers for failing to supervise three of the company’s brokers who churned customer accounts, made trades without permission and made unsuitable recommendations to the customers.

The three brokers William C. Gennity, Rocco Roveccio and Laurence M. Torres had previously been charged with fraud in September 2017. The SEC found that Alexander Capital lacked reasonable supervisory policies and procedures designed to prevent such abuses to customers.

Alexander Capital agreed to be censured and paid ill-gotten gains, interest and penalties of more than $400,000.

The managers, Philip A. Noto II and Barry T. Eisenberg ignored red flags indicating excessive trading by the brokers.

Link to SEC press release.

If you have questions about how your account at Alexander Capital has been handled, call for a no charge consultation with an experienced securities attorney to learn how you may be able to recover damages through arbitration.

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

Alexander Capital, Discretionary Trading, Failure to Supervise, First Standard Financial, Securities & Exchange Commission (SEC), Stockbroker Malpractice, Unauthorized Trading, Unsuitable Investments

Laurence M. Torres-Former Alexander Capital Broker-Accused of High Pressure Sales Techniques-Staten Island, NY

June 9, 2018 Rex Securities Law

May 2018- Staten Island, NY

According to FINRA records, former stockbroker Laurence M. Torres discloses 2 pending and 4 prior customer disputes. Torres, who worked for First Standard Financial Company and Alexander Capital, was permanently barred from the securities industry by the Securities and Exchange Commission in 9/2017 to resolve allegations that he violated securities laws by churning customer accounts. Torres was fined $160,000 and ordered to pay over $225,000 in disgorgment sanctions to victims.

Prior customer complaints include:

A claim brought in March 2016 by a customer of Alexander Capital alleged damages of $99,999 for churning, unsuitability, breach of fiduciary duty and fraud. That case was settled for $50,000.
FINRA Case 15-2541, brought by a customer of Alexander Capital alleged damages of $400,000 for unsuitability, breach of fiduciary duty, common law fraud and breach of contract. The case was settled for $95,000.

In currently pending FINRA case 18-0302 a customer of Alexander Capital seeks damages of $692,102 and alleges high pressure sales techniques and unsuitable investments.

Torres was registered with First Standard Financial from 10/2014-9/2016. He was registered with Alexander Capital from 6/2012-10/2014 and prior to that with Brookstone Securities from 10/2009-6/2012.

If you have losses in an account handled by Laurence M. Torres , contact us for a no charge consultation to learn how you may be able to recover damages through FINRA arbitration.

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

Rex Securities Law BLOG

Tag Archives: churning by stock broker

Michael Rosalia-Worden Capital Management Broker-Discloses Customer Suits-Melville, NY

Charles Doraine-NEXT Financial Group Broker-Subject of $10M Customer Suit Over Puerto Rico Bonds-Corpus Christi, TX

James E. Lyons-Former Raymond James Broker-Subject of $5M Customer Suit-Shreveport, LA

Alexander Capital Sanctioned For Allowing Brokers to Churn Brokerage Accounts

Laurence M. Torres-Former Alexander Capital Broker-Accused of High Pressure Sales Techniques-Staten Island, NY

Nationwide representation of victims of stockbroker fraud and the malpractice of investment professionals.