Tag Archives: Colorado Division of Securities

Peter Klaass and Heath Bowen-Former Allegis Investment Advisors-Sued Over Option Trading-Idaho Falls, ID

June 2018-Idaho Falls, ID 

The FINRA records of two former Allegis Investment Advisors stockbrokers , Peter Gerhard Klaass and Heath Shayne Bowen   disclose that the Colorado Division of Securities alleged that both Klaass and Bowen placed their advisory clients in high risk and complex options trades that their clients did not understand.

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 2/2018, the Colorado Division of Securities issued a cease and desist and revoked Klaass‘ investment adviser representative license in Colorado. Bowen was sanctioned with a cease and desist.

Klaass has settled three customer suits over option investments and discloses a pending FINRA arbitration by a customer of Allegis seeking over $450,000 in damages related to option investments. Klaass was employed by Allegis Investment Services from 5/2014-3/2017 and thereafter with Cetera Advisor Network. He voluntarily resigned from Cetera in 4/2018 following the cease and desist order issued by Colorado securities regulators.

In 12/2017 Bowen was ordered to pay a customer $575,000 in FINRA Case 17-3131. There are currently three pending arbitrations by customers which relate to option investment and seek cumulative damages of over $600,000.

If you have questions about an account handled by Peter Klaass and/or Heath S. Bowen, contact us for a no charge consultation. 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

Harry Datys-Westpark Capital Stockbroker-Discloses Regulatory Issues and Customer Complaints- Ft. Lauderdale, FL

Updated March 2018- Warwick, New York

The FINRA records of  Harry Seth Datys,  a  stockbroker who is currently employed by Westpark Capital , disclose three regulatory events, 5 pending customer disputes, 12 prior customer disputes 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 April of 2014  Datys consented to a fine of  $15,000 to The New Jersey Bureau of Securities to resolve allegations that  Datys continued to conduct business with New Jersey residents after the New Jersey Bureau of Securities had revoked his registration.

In May of 2008  Datys was sanctioned by the New Jersey Bureau of Securities for violating his supervisory agreement. A fine of $6,000 was assessed.

In May of 2006  Datys was sanctioned by the Colorado Division of Securities for the unlicensed offer and sale of securities and securities fraud. Colorado denied his registration in that state.

Currently pending cases involving Datys include:

  • FINRA Case 18-00182-A customer of WestPark Capital alleges failure to communicate with client and failure to execute sell orders. Damages of $44,006 are sought.
  • FINRA Case 17-2536-A customer of WestPark Capital seeks damages in an unspecified amount for losses on private placement investments.
  • FINRA Case 17-0477-A customer of WestPark Capital seeks damages of $250,000 and alleges unsuitable trading without diversification; false and misleading statements.

Prior customer disputes against Datys include:

  • In February 2017, a Westpark Capital customer was paid $50,000 to resolve allegations that the purchase of a private placement was not suitable and that Westpark Capital failed to supervise Datys.
  • In 1/2013 a Westpark Capital customer was paid $52,500 to resolve allegations that Datys traded the account without the customer’s authority.

In October of 2002, Datys voluntarily resigned from his employment with Joseph Stevens & Company as a result of an internal review of complaints from three clients alleging a variety of wrongful acts including, but not limited to unauthorized trading in their accounts.

Datys has been employed by Westpark Capital since 6/2005.  He was employed by Sterling Financial Investment Group from 10/2002-7/2005. Sterling Financial was expelled from the industry by FINRA 1/2008.

If you have losses in an account in an account handled by Harry Datys, contact us for a no charge consultation to discuss how you may be able to recover damages for those losses 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

Colorado Certified Financial Planners Disciplined by CFP Board- OCTOBER 2016 Update

UPDATED OCTOBER 2016

According to their website, the “Certified Financial Planner (CFP) Board is a non-profit organization acting in the public interest by fostering professional standards in personal financial planning through its setting and enforcement of the education, examination, experience, ethics and other requirements for CFP. “

The CFP Board can discipline those holding the CFP title in one of three ways:

  • Public Letter of Admonition
  • Temporary Suspension of CFP certification
  • Revocation of individual’s CFP certification

The list below, taken from the CFP board disciplinary page of their
website in OCTOBER 2016, is a historical record of individuals from Colorado who have been disciplined by CFP Board and does not imply that any listed discipline is currently in force. To verify an individual’s current certification status visit the CFP website here.

Revocations
Vincent E. Barborka (Colorado Springs)
Riley W. Barker (Denver)
Gordon M. Budreau (Denver)
Chad A. Carpenter (Denver)
Cary D. Clark (Englewood)
John R. Erb (Steamboat Springs)
Bruce L. Fleet (Greenwood Village)
David L. Gresty (Aurora)
Nelson C. Krum, Sr. (Denver)
Brent L. Marvin (Highlands Ranch)
Jeffrey D. Ogle (Littleton)
Norman P. Rounds (Boulder)
Michael L. Seat (Broomfield)
James. J. Valasek (Colorado Springs)
Rick D. VanVleet (Fort Collins)
Robert L. West (Greenwood Village)
Darrell J. Williams (Colorado Springs)

Suspensions
Charles Battle (Denver)
Carol E. Dixon (Longmont)
Kent A. Fairweather (Denver)
James F. Glaza (Colorado Springs)
Jeannette A. Howes (Colorado Springs)
Scott B. Nelson (Lone Tree)
Louis W. Welt (Boulder)
Devon A. Wright (Golden)

Letters of Admonition
Mark A. Cose (Glenwood Springs)
Jason G. Hovde (Castle Rock)
Jim Newcomb (Fort Collins)
Martin T. Streetman (Castle Rock)
Patricia W. Wier (Boulder)

If you have questions about losses, unauthorized trading or unsuitable investments in your stock brokerage account, contact us 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Chad E. Thompson-Former IFS Securities Broker-Discloses Customer Dispute

July 2016

The FINRA records of Chad E. Thompson  , a currently unlicensed stockbroker who was last  employed by  IFS Securities  disclose a final regulatory event and a pending customer dispute.

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 February 2004 the Colorado Division of Securities filed a notice of hearing alleging unsuitable trading, unauthorized trading, unfair and dishonest dealings, securities fraud and failure to supervise. Thompson agreed to a 90 day suspension and repayment of $14,000 to an affected investor.  Case#XY 2004-001

In currently pending FINRA Case 14-03343, a customer of Merrimac Corporate Securities alleges damages of $150,000 for churning and unsuitability.

Thompson was employed by IFS Securities from 6/2015-11/2015 and from 2/2013-4/2013. Prior to that he was employed by Merrimac Corporate Securities. Merrimac was expelled by FINRA in 3/2016.

Investors who suffered losses in an account handled by Chad E. Thompson may be entitled to recover damages from his former employer 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