Tag Archives: elder financial exploitation

RBC Capital Ordered to Pay $723K For Sale of MLPs to Senior Citizen-Tampa, FL

November 2017-Tampa, FL

A FINRA arbitration panel comprised by an all public panel of three arbitrators, ordered RBC Capital Markets and broker Bruce Cameron of Norwell, Massachusetts,  to pay a former client, an elderly lady, $723,000 for losses suffered in an over concentration of oil and gas master limited partnerships (MLPs), which included:

  • Breitburn Energy Partners
  • Enable Midstream Partners
  • Enterprise Products
  • Ferrellgas Partners
  • Gramercy Property Trust, 
  • JP Energy Energy Partners
  • Mid Con Energy Partners
  • Southcross Energy Partners
  • Summit Midstream Partners
  • Tallgrass Energy Partners
  • CrossAmerica Partners
  • Enlink Midstream Partners

The panel found RBC and Cameron liable on the claims of negligence, negligent supervision and breach of fiduciary duty. FINRA Case #17-0305, Nourie, et al v RBC Capital Markets

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. When a customer seeks to recover damages for losses incurred in a stock brokerage account, cases are typically filed as arbitrations with FINRA dispute resolution. Arbitration is generally must quicker and more efficient than court litigation. Cases are often resolved in 12 months or so.

Brokers have a duty to make suitable recommendations to customers, taking into account their age, health, net worth and risk tolerance.

If you have losses in your account that you believe are the result of the negligence or improper advice of a broker, call to learn about how you may be able to recover damages through FINRA arbitration.

The Law Office of Robert H. Rex, P.C.  , 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

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Elder Financial Exploitation Seminar-Williston, VT-May 18, 2017

May 16, 2017-Williston, VT

The New England Federal Credit Union is holding a seminar on Elder Financial Exploitation on Thursday, May 18th, at their main branch located at 141 Harvest Lane in Williston, from 5:30-7:00pm.

The seminar is free and open to the public.

If you are concerned about losses in your brokerage account or the investment accounts of your parents or loved ones, call for a no charge consultation to discuss your options. We have been helping investors recover damages for investment losses for over 25 years.

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

Peter Martorana, Former Toms River, NJ, Financial Advisor, Pleads Guilty

February 2017-Toms River, NJ
New Jersey 101.5 reports that Wall Township financial advisor Peter Martorana, 62, who worked for Retirement Benefit Specialists, pleaded guilty to accepting checks from elderly clients in their 70s, 80s, and 90s, but used the money for his own benefit.

Martorana was charged with one count of financial facilitation of criminal activity in excess of $500,000. Sentencing is scheduled for July 2017. The prosecutor has recommended a sentence of 10 years with a period of parole ineligibility of four years.

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

Michigan Certified Financial Planners Disciplined by CFP Board-Oct 2016 UPDATE

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 Michigan 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
Mark J. Carpenter (Ann Arbor)
James Currier (Bloomfield Hills)
Michael T. Fant (Plymouth)
Paul C. French, Jr. (Bangor)
Russell Jalbert (Southfield)
Robert Johnston (Birmingham)
E. David Marande (Grosse Pointe/Sterling Heights)
Brett M. Plew (Kalamazoo)
Mark W. Promack (Clinton Township)
Stanley A. Snider (Detroit)
Curtis L. Whipple (Canton)
Moses Wilson (Troy)

Permanent Relinquishment
Carl P. Kellogg (Ada)

Suspensions
Anthony Agbay (Bloomfield Hills)
William L. Davis (Troy)
Rex D. Foster (East Lansing)
Paul C. French, Jr. (Bangor)
Kenneth M. Harb (Livonia/West Bloomfield)
Shaun Dorr Hampton (Grosse Pointe)
Steve D. Parrett (Escanaba)
Thomas G. Pilch (Northville)
Christopher T. Reid (Rochester Hills)
Dominic J. Sacca (Bloomfield Hills)
Donald J. VanderWeele (Manistee)

Interim Suspension
Mark J. Carpenter (Ann Arbor)

Letters of Admonition
Rodney L. Clark (Tecumseh)
David Philip Globig (Spring Arbor)
John R. Hantz (Southfield)
Sean E. Mattson (South Lyon)
Harold M. Miller (Bay City)

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

Investment Fraud Workshop Set for June 15, Salina Public Library

A free workshop  discussing the tactics and schemes of fraudsters and scammers will be held on June 15, 2015, from 12:45-1:45pm at the Salina Public Library in the Prescott Meeting Room, 301 W. Elm.

The event is sponsored by the North Central-Flint Hills Area Agency on Aging in cooperation with the Kansas Office of the Securities Commissioner.

“World Elder Abuse Awareness Day is June 15th and certainly the schemes of financial and investment fraudsters are forms of elder abuse,” Julie Govert Walter, Executive Director of the North Central-Flint Hills Area Agency on Aging, said.

“Older Americans are the top targets for fraud schemes that happen throughout our country and right here in the Kansas heartland. The Kansas Securities Commissioner’s staff are real experts–they’ll provide the latest information about financial and investment fraud happening here in Kansas,  what you need to know to protect yourself and loved ones–and will answer your questions,” Walter said.

Call the Area Agency on Aging toll free at 800-432-2703 or 785-776-9294 in order to reserve your place or receive printed workshop materials or e-mail Cindy Brake at [email protected].

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