Tag Archives: elder financial abuse

Leonard “Lenny” Kinsman-Former Wells Fargo Broker- Subject of Customer Suits & Regulatory Bar-Staten Island, NY

June 2020-Staten Island, NY

According to publicly available records of Leonard “Lenny” Kinsman (CRD#2816535) ,  a former broker who was last registered with Wells Fargo Advisors Financial Network, discloses 5 prior customer disputes and a regulatory action resulting in his bar from the securities industry..

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 5/2020 FINRA barred Kinsman from the industry after he failed to appear for on the record testimony in an investigation related to his termination from his firm and sales practice complaints. The findings stated he had been discharged for unprofessional conduct.

A customer of Kinsman’s previous employer, Wells Fargo Advisors Financial Network,  alleging that they were told their investment was principal protected, would be guaranteed an annual return of at least 5%, and had no fees associated with it.   The case settled for $24,000.

A customer of Citigroup Global Markets, Inc., alleged the sale of an auction rate security that was made prior to the widespread illiquidity in the ARS Market.    The case was settled for $200,626.

A Royal Hutton Securities Corp. customer alleged suitability, misrepresentation, churning and omission of facts.    The case settled for $180,000.

A Wells Fargo Advisors Financial Network, customer alleged that from 2012 through 2017, Kinsman made unsuitable investment recommendations as well as forging and falsifying business records.  That case was settled for $995,000. FINRA case 19-0957.

Kinsman was employed with Wells Fargo Advisors Financial Network, from June 2014 until July 2019.   Before that time he was employed by Merrill Lynch, Pierce, Fenner & Smith Incorporated, Wells Fargo Advisors, Citigroup Global Markets, inc., Citigroup Investment Services, and Royal Hutton Securities. 

If you have questions about an account with Leonard Kinsman , call 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Linan Abrego-Former Merrill Lynch Broker-Barred from FINRA-Misappropriation of Client Funds- McAllen, TX

April 2020- McAllen, TX

The FINRA records of Ma Rosa Linan Abrego, a broker previously employed  by  Merrill Lynch, Pierce, Fenner & Smith, Incorporated disclose a regulatory event resulting in a termination from employment and a  bar from the securities industry.

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 November  2019, Abrego was permanently barred from the securities industry by FINRA after  she refused to appear for on-the-record testimony as requested by FINRA in connection with an investigations that she had engaged in misappropriation of client funds.

Abrego was employed with Merrill Lynch, Pierce, Fenner & Smith, Incorporated  from March of 2012 until 6/2019 when she was discharged for allegations that she  misappropriated client funds.

If you have problems in an account  handled by Ma Rosa Linan Abrego,  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

Stock Market Losses? –How to Recover Investment Losses Resulting From the COVID 19 Pandemic

April 2020

Retirees and Those Anticipating Retirement In the Near Term

Financial advisors are charged with a duty to make “suitable recommendations” to their customers. For those anticipating retirement in the near future or those who are already retired, investment recommendations should be skewed toward the conservative end of the spectrum, so that in the event of a market adjustment such as the present situation caused by COVID 19, the downside is somewhat protected.

Accounts that have suffered losses that track the decline of the DOW would generally be considered unsuitable for retirees, and those anticipating retirement in the near future.

How to Recover Losses 

Recovery of losses from registered financial advisors and brokerage firms is pursued by filing an arbitration claim with FINRA (Financial Industry Regulatory Authority). This process is more expedient and less costly than court litigation. Most cases are resolved in about 12 months, sometimes less. We handle most cases on a contingent fee basis, meaning you only pay us if we obtain damages for you.

If you or one of your loved ones is concerned about their financial future as a result of having suffered significant losses in an investment account, please give us a call. We have been representing aggrieved investors for more than 30 years and we can help you.

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

 

 

Rita Marie Dulya-Former Kovac Securities Broker-Discloses Pending Criminal Charges- Theft Of a Person 65 or Older-Port St. Lucie, FL

February 2020- Port St. Lucie, FL

The FINRA records of Rita Marie Dulya  , a former stock broker who last worked for Kovack Securities, Incdisclose  a regulatory event resulting in a bar from the securities industry, a pending felony criminal charge 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  11/ 2018,  Dulya was permanently barred from the securities industry  for failing to respond to FINRA request for information in connection with an investigation.

In February 2018, felony charges of third-degree grand theft of a person 65 years of age or older were brought against Dulya in Circuit Court for the 19th Judicial Circuit of the State of Florida, Port St. Lucie County.   Formal charges include exploitation of an elderly or disabled adult- less than $10,000.   This case is currently pending.

In October 2017 Kovack Securities, Inc. terminated Dulya’s employment as a result of allegations that a “client gave money to registered representative”.

Dulya worked for Kovack Securities, Inc.  from November of 2002  to October of 2017.   She was with Pro-Integrity Securities and Sunpoint Securities before that time.

Dulya discloses and affiliation with Port St. Lucie Investment Services.   

If you have problems in an account  handled by Rita Marie Dulya  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