Tag Archives: churning by stock broker

Broker Discloses Personal Bankruptcy, Churning, Discretionary Trading, Failure to Cooperate with Regulatory Investigation, Failure to Supervise, Finra Investigation of Stockbroker, Forest Securities, Misrepresentation, Stockbroker Discharged, Stockbroker Malpractice, StockBroker Misconduct

Jack D. Stone-Former Forest Securities Broker-Discloses Customer Disputes and Pending Bankruptcy-Hillside, IL.

January 8, 2020 Rex Securities Law

January 2020 – Hillside, IL

The FINRA records of Jack David Stone , a former stockbroker who was last employed by Forest Securities, Inc. , disclose 4 regulatory events, 1 pending customer dispute, 2 prior customer disputes, a termination from employment and a bankruptcy.

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 9/2019, FINRA Stone consented to the sanction and to the entry of findings that he refused to appear for FINRA on-the-record testimony in connection with an investigation into his securities activities , including possible misrepresentations to customers, use of discretion and unauthorized transactions. As a result, Stone was permanently barred from the securities industry by FINRA.

In 1/2013 a customer of his prior employer Birkelbach Investment Securities was paid $100,000 to resolve allegations that Stone made unsuitable investments and churned the customer’s account. FINRA Case 11-822

In pending FINRA case 17-2211 a customer of Forest Securities alleges that Stone churned his account, committed fraud ,churned the account and made unauthorized trades in the account. Damages alleged exceed $5,000.

In 5/2000 Stone was permitted to resign from Schwab Capital Markets following being barred from New York Stock Exchange membership for three years for violation of NYSE rules.

Stone discloses a pending Chapter 7 bankruptcy in the Bankruptcy Court for the Northern District of Illinois that was filed 9/2019.

Stone was employed by Forest Securities from 4/2012-8/2019.

If you have questions about an account handled by Jack D. Stone 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

Alexander Capital, Churning, Craft Capital Management, Failure to Supervise, Laidlaw & Company, National Securities Corporation, Unauthorized Trading, Unsuitable Investments, Windsor Street Capital (formerly Meyers Assoc.), Worden Capital Management

Jason A. Wilk-Former Worden Capital Broker-Suspended by FINRA-New York

July 24, 2019 Rex Securities Law

January 2020-New York, NY

According to publicly available records Jason Andrew Wilk , a stockbroker who is currently suspended and who was last employed by Worden Capital Management , discloses 5 prior customer disputes, a currently pending regulatory matter and two currently pending judgement/liens.

In 11/2019 FINRA suspended Wilk for failing to cooperate with a regulatory investigation. In the event he does not request termination of his suspension, he will automatically be barred from the industry on 2/5/2020.

In 6/2016 a customer of Wilk’s prior employer Meyers Associates was paid $14,999 to settle FINRA case 16-01526 in which the customer alleged that WIlk made unauthorized and unsuitable trades.

In 9/2016 a customer of Wilk’s prior employer National Securities Corp. was paid $15,000 to resolve allegations that he recommended unsuitable investments.

In 9/2016 another customer of Wilk’s prior employer National Securities Corp. was paid $22,500 to resolve allegations that Wilk made unauthorized trades in the account.

Wilk discloses two currently outstanding judgment/liens in the Civil Court of the City of New York:

$4,840 in favor of Capital One Bank USA
$7,670 in favor of Absolute Resolutions Investments

Our law firm recently filed a FINRA arbitration against WIlk’s former employer, Worden Capital Management on behalf of a resident of New Jersey.

In the FINRA arbitration pleadings our client alleges that Worden Capital failed to superviseWilk and allowed him to make unauthorized and unsuitable trades and churn the account to generate commissions. Damages of between $100,000-$500,000 are sought.

Jason A. Wilk was employed by Worden Capital Management from 10/2017-4/2019 . He was previously employed by Craft Capital Management from 5/2017-9/2017. Prior to that he was registered with Windsor Street Capital from 11/2016-1/2017. Windsor Street Capital was expelled from the industry by FINRA in 5/2018. Wilk was registered with National Securities Corp , Laidlaw & Company and Alexander Capital earlier in his career.

If you have losses in an investment account handled by Jason A. Wilk, contact us for a no charge consultation with an experienced securities attorney to learn about your legal options.

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

First Standard Financial, National Securities Corporation, Newbridge Securities Corp., StockBroker Misconduct

Andre Davis- Former First Standard Financial Broker-Discloses 13 Customer Disputes-Red Bank, NJ

July 15, 2019 Rex Securities Law

June 2019, Red Bank, NJ

According to publicly available records Andre Pierre Davis (CRD#1417097) , a stockbroker who is not currently registered and who was last registered with First Standard Financial , disclose 8 settled customer disputes 5 pending customer disputes.

In December 2010, a Newbridge Securities Corporation customer filed FINRA case 10-15704 alleging Davis used high pressure sales tactics, unsuitable transactions, misrepresentation, omission of fact and poor account performance. The case settled for $250,000 with an individual contribution from Davis in the amount of $47,500.

In October 2011, a customer of Newbridge Securities Corporation, filed FINRA case #09-05200 alleging among other things, unauthorized trading, failure to enter stop losses and failure to respond to customer phone calls. The case settled for $63,000 with an individual contribution from Davis in the amount of $25,000.

In May 2019, a customer of First Standard Financial made a claim and is seeking damages of $461,000 and alleges excessive trading, unsuitable investments and unauthorized trading.

In FINRA Case 19-01084, a customer of First Standard Financial is seeking damages of $300,000 and alleges excessive trading and unauthorized trading.

FINRA Case 19-0989 was filed in 4/2019 alleging excessive trading and unsuitable investments. The First Standard Financial customer seeks damages of$328,000.

In February 2019, an Oppenheimer, National Securities Corp & First Standard customer filed FINRA case 19-00431 alleging authorized trading and unsuitability. The alleged damages are $668,000 and the case is still pending.

In July 2018, a First Standard Financial customer filed FINRA case #18-02596 alleging churning and unsuitable trades. The alleged damages are $100,000 and the case is still pending.

Andre Davis was employed by First Standard Financial Company from March 2015 to May 2019. . He was previously employed with National Securities Corp. from June 2012 until March 2015. Before that he was with Brookstone Securities and Newbridge Securities. Davis discloses business affiliations with Davis International Corp. and Davis Capital Group.

If you have questions about an investment account handled by Andre Davis, contact us for a no charge consultation to learn about your legal options.

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

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.

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.

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, FInancial Exploitation of the Elderly, Merrill Lynch, Mutual Fund Switching, Next Financial Group, Stockbroker Malpractice, Unauthorized Trading, Unsuitable Investments

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

July 24, 2018 Rex Securities Law

October 2019- Corpus Christi, Texas

The FINRA records of Charles L. Doraine , a stock broker who was last employed by NEXT Financial Group , disclose a prior regulatory matter, 2 pending customer disputes and 5 prior customer disputes.

In FINRA Case 19-2841, a customer of NEXT Financial Group is seeking damages of $500,000 and alleges that during the period from 2012-2018 Doraine engaged in improper mutual fund switches, recommended unsuitable variable annuities and took advantage of the diminished capacity of one of the claimants.

In 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 05-2963, 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 was employed by NEXT Financial Group from 3/2007-9/2019. 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

Rex Securities Law BLOG

Tag Archives: churning by stock broker

Jack D. Stone-Former Forest Securities Broker-Discloses Customer Disputes and Pending Bankruptcy-Hillside, IL.

Jason A. Wilk-Former Worden Capital Broker-Suspended by FINRA-New York

Andre Davis- Former First Standard Financial Broker-Discloses 13 Customer Disputes-Red Bank, NJ

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

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

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