Tag Archives: elder financial abuse

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

Wells Fargo Advisors Fined by Regulator for Account Churning

January 2020

The Financial Industry Regulatory Authority (FINRA) assessed a fine of $175,000 and censured Wells Fargo Advisors for failing to supervise their financial advisor who churned the account of an 88 year old client.

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 Letter of Acceptance, Waiver and Consent No. 2017053034301 FINRA made the following findings:

  • The financial advisor place more than 2,000 trades in the accounts of the senior citizen
  • The customer paid over $300,000 in commissions and fees
  • Although the customer’s accounts were flagged 40 times due to the excessive trading, the firm did not reasonably address the problem

Ultimately the customer was paid $1 million in restitution and the financial advisor was was discharged.

NASD and FINRA rules require broker dealers like Wells Fargo to establish and maintain a  system to supervise the activities of their financial advisors.

Churning

The most basic type of churning comes from excessive trading by a broker to generate commissions.  When there are excessive commissions with no noticeable portfolio gains, churning might have occurred.

If you have an account with a brokerage firm that has been excessively traded or unexplained losses, call to learn more.

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

Joseph A Likens-former LPL Financial Advisor-Discloses 15 Customer Disputes-Des Peres, MO

January 2020-Des Peres, MO

According to publicly available records of Joseph Alan Likens (CRD#3084903) ,  a  former stockbroker who previously worked for LPL FInancial discloses 2 regulatory events, 15 customer disputes, a termination from employment and a financial event.

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 12/2017 FINRA permanently barred Likens from the securities industry to resolve allegations that he engaged in dishonest and unethical practices.

Liken’s official FINRA record discloses 13 prior settlements with customers of his prior employer Merrill Lynch. All of the claims allege that customers were sold non firm approved promissory notes. Total settlements exceed $1.3 million.

Likens was employed by LPL FInancial from 1/2015-5/2015. Prior to that he was employed by Merrill Lynch from 4/2009-1/2015.

If you had an account with Joseph Likens that suffered losses, you may be entitled to collect damages from his prior employer. 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

Conrad Coggeshall-Former Packerland Broker-Charged With Fraud, Scottsdale, AZ

November 2019-Scottsdale, Arizona

Conrad Coggeshall has been charged by the Securities and Exchange Commission with fraud. The SEC complaint alleges that Coggeshall raised $700,000 from four elderly investors from April 2017-May 2018, claiming that the money was going to a New York mergers and acquisition firm called Business Owners Tax Relief. The victims were promised a fixed rate of interest.

Instead the money was used to pay his personal expenses and to make payments to the investors to provide the impression it was a going concern.

According to FINRA records, Coggeshall was an employee of Packerland Brokerage Services from 6.2015-1/2018. Prior to that he worked for USA Financial Securities and Cetera Advisors. He has not been a licensed broker since leaving Packerland in 2018.

Coggeshall discloses business affiliations with Arrowhead Wealth Management in Peoria, AZ and Cypress Associates in Houston, TX.

If you have questions about an account handled by Conrad Coggeshall call to speak with an experienced securities attorney.

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