Tag Archives: churning by stock broker

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 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.

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 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.

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

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 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.

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