Tag Archives: exploitation of seniors

William Gordon-Capital Financial Services Broker-Discloses12 Customer Suits-Clearwater, FL

February 2019 – Clearwater, FL

According to publicly available records  William B. Gordon  (CRD# 2127800) ,  a   registered stockbroker currently employed by Capital Financial Services  disclose a prior regulatory event, a pending customer dispute and 12 prior customer disputes.

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 2009, an Investors Capital Corporation customer filed FINRA case #09-01323 alleging negligence, breach of fiduciary duty and common law fraud in connection with the purchase of certain investments, including REITs.    The customer was awarded damages of  $150,970.

Eleven other Investors Capital Corporation customers filed customer complaints against Gordon with allegations ranging from  unsuitable investments, breach of contract, breach of fiduciary duty, negligence to fraud.   Total settlements paid to the customers was in excess of $1.1 million.

In pending FINRA case 19-0204,  a customer of Capital Financial Services, Inc.,  alleges unsuitability, misrepresentation and omissions and breach of fiduciary duty in connection with REIT and annuity investments. The customer is seeking damages of  $200,000.

Gordon was employed by Investors Capital Corp. from 1998 until November of 2010.   He has been employed with Capital Financial Services, Inc. since 11/2010.

If you have losses in an account handled by William Gordon, contact us for a no charge consultation to learn how you may be entitled 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

Ian Greenblatt-Capitol Securities Management Broker-Discloses Regulatory Suspension and Settlement of Customer Dispute-Melville, NY

December 2018-Melville, New York According to publicly available records   Ian Greenblatt (aka Eric Green)  , a  stockbroker who is currently registered with Capitol Securities Management Inc.  disclose a recent regulatory suspension & fine and settlement of two customer complaints.

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 10/2018 Greenblatt was suspended for 30 days and fined $10,000 by FINRA to resolve allegations that he settled a complaint with a customer who had lost over $170,000 without the permission or knowledge of his employing firm. According to FINRA’s allegations, Greenblatt did not advise his firm of the customer’s dissatisfaction and instead wrote gave the customer’s son a personal check for $46,000 along with $4,000 in cash. He also promised to attempt to generate trading profits to recoup the losses. In 9/2018 a customer of Capitol Securities Management was paid $183,000 to resolve allegations that Greenblatt had made unsuitable recommendations, committed elder abuse and breached  his fiduciary duty. Greenblatt contributed $93,600 personally to the settlement.

If you have losses in an account in an account handled by Ian Greenblatt (also known as Eric Green) , 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

Thomas Meier – Former Morgan Stanley Broker- Discloses 14 Customer Disputes- Miami, FL

September 2018 – Miami, FL

According to publicly available records Thomas Alan Meier  (CRD#1146044) ,  a  former stockbroker who was last registered with Morgan Stanley disclose a Regulatory Event and 14 prior customer disputes.

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.

Thomas Meier Barred From Securities Industry

In March of 2018, without admitting or denying the findings, Meier consented to the entry findings that he effected approximately 1,290 unauthorized transactions, including both purchases and sales of equity securities, in eight accounts belonging to six customers.    Meier did not have discussions with the customers about the trades prior to the transactions and did not obtain the customers’ authorization prior to executing any of the transactions.

Meier received approximately $265,000 in commissions for those transactions.   One of the customers realized a loss of approximately $120,000 and another realized a net loss of approximately $520,000.      Meier has been permanently barred from the securities industry as a result of these findings.

Numerous Settlements with Customers, Including: 

In December 2016 , two  Morgan Stanley customers alleged that Meier over concentrated their accounts in energy investments.   One case was settled for $80,000 and the other was settled for $65,000.

In January of 2017, a customer with Morgan Stanley alleged breach of fiduciary duty and negligence with regard to the handling of their accounts.    The case was settled for $450,000.

In December  2016, a Morgan Stanley customer alleged damages of $1,000,000 after Meier made unsuitable recommendations and traded the account to generate commissions.    The case was settled for $250,000.

In August 2016, a Morgan Stanley customer alleged breach of fiduciary duty and negligence with regard to the handling of their account.   The case was settled for $300,000.

In September of 2016, a Morgan Stanley customer alleged that Financial Advisor placed unauthorized trades and excessively traded her account between 2012-2016.   Her case settled for $366,577.

In March of 2016, another Morgan Stanley customer alleged misrepresentation related to their investments and liquidity from 2013-2016.   Their case settled for $497,245.

Other cases filed from March 2016 until October of 2016 by Morgan Stanley customers alleging, inter alia, “unauthorized trading, risky investments, breach of fiduciary duty, negligence, unsuitability, excessive trading and misrepresentation” were settled for the amounts of:  $49,999, $37,610, $60,000, $90,000, $40,580, $50,000 and $215,000.

Thomas Meier worked for Morgan Stanley from 6/2009-4/2016.

If you have questions about an investment account handled by Thomas Meier, contact us for a no charge consultation to learn about your legal 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

Alan New-Former NY Life Broker-Subject of Multiple Suits Over Woodbridge Investments-Fort Wayne, IN

Updated January 2019- Fort Wayne, Indiana

The FINRA records of  Alan Harold New ,  a  former stock broker who is not currently registered and who was last employed by NYLife Securities  disclose a pending civil matter brought by the SEC and  13 pending customer disputes involving the allegedly fraudulent Woodbridge Mortgage Investment Funds and Future Income Payments (FIP).

Total damages sought by these customers exceed $3 million.

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.

Allegations by the customers include false representations by New  that the investments were safe, secure and low risk.

In 12/2018 the U.S. Securities and Exchange Commission (SEC) filed a civil suit alleging that New served as an unregistered brokers on behalf of the Woodbridge Group of Companies. According to the SEC investors were told that the Woodbridge securities were safe and secure. The SEC seeks penalties, fines, disgorgement and an injunction.

Woodbridge-A $1.2 billion Ponzi According to SEC

The U.S. Securities and Exchange Commission announced charges and an asset freeze against a group of unregistered funds and their owner who allegedly bilked thousands of retail investors, many of them seniors, in a $1.2 billion Ponzi scheme.

According to the SEC’s complaint, unsealed in federal court in Miami, Florida, Robert H. Shapiro and a group of unregistered investment companies called the Woodbridge Group of Companies LLC, formerly headquartered in Boca Raton, Florida, defrauded more than 8,400 investors in unregistered Woodbridge funds.

“We allege that through aggressive tactics, Woodbridge and Shapiro swindled seniors into a business model built on lies, which the SEC’s Miami Regional Office staff moved to halt,” said Stephanie Avakian, Co-Director of the SEC’s Enforcement Division.

“Our complaint alleges that Woodbridge’s business model was a sham,” said Steven Peikin, Co-Director of the SEC’s Enforcement Division. “The only way Woodbridge was able to pay investors their dividends and interest payments was through the constant infusion of new investor money.”

“Our complaint further alleges that Shapiro used a web of layered companies to conceal his ownership interest in the purported third-party borrowers,” said Eric I. Bustillo, Director of the SEC’s Miami Regional Office.  “Shapiro used the scheme to line his pockets with millions of investor dollars.”

New was employed by NYLife Securities  from 6/2004-8/2016 and discloses an affiliation with Synergy Financial Group and Synergy Investment Services, both of which are located in Fort Wayne.

If you have losses in an account handled by Alan New call for a no charge consultation to learn about your options for recovery of damages from NYLife Securities.

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

Greg O’Brien-Former Aegis Capital Broker-Subject of $500K Customer Suit-Boca Raton, FL

September 2018-Boca Raton, FL

The FINRA records of  Gregory Spencer O’Brien,  a  stockbroker who was formerly employed by Aegis Capital Corp. disclose a pending customer dispute and 2 prior final customer disputes.

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 a customer of Aegis Capital filed FINRA arbitration 18-402 alleging that from 101/2013 to the present O’Brien made unsuitable investment recommendations and breached his fiduciary duty in connection with investments in equities, real estate securities and unit investment trusts. The customer seeks damages of $500,000.

O’Brien was employed by Aegis Capital from  11/2013 until 9/2018. He is currently employed by PHX Financial, Inc. O’Brien also discloses a business affiliation with CNA Finders, Holly Springs, N. Carolina.

If you have losses in an account in an account handled by Greg O’Brien , 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