Tag Archives: finra arbitration attorney

Texas Securities Regulators Require Metals.Com to Refund $10M

July 2019-Austin, Texas

The Texas State Securities Board (TSSB) issued a news release announcing that Metals.Com, has agreed to offer a full refund to some 84 Texas investors.

According to the release Metals.Com cold called Texas residents, mostly individuals age 65 to 90,  and told them that their money was not safe with conventional registered brokers in order to get them to move their funds into precious metals. The total amount to be refunded may exceed $10 million.

An 80 year old Dallas was convinced to move $850,000 of retirement assets from an IRA into precious metals sold by Metals.Com, according to the TSSB.

The order issued by TSSB requires Metals.Com to repay the full amount invested by the Texas victims.

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

William Neil “Doc” Gallagher Charged with Operating Ponzi Scheme-Dallas, TX

March 2019-Dallas, TX

Neil ‘Doc” Gallagher, who calls himself the “Money Doctor” on Dallas area radio stations was was charged with operating a Ponzi Scheme by the Securities and Exchange Commission.

According to the SEC Complaint Gallagher and his companies, Gallagher Financial Group and W. Neil Gallagher, raised nearly $20 million from mostly retired Christian investors by making frequent religious references on his radio shows.

The SEC alleges that Gallagher falsely claimed to be a licensed investment adviser who promised investors risk free returns of 5%-8% annually in phony investments he called a Diversified Growth and Income Strategy Account.

Very little of the investor’s money was actually invested but rather used to make payments to other investors to create the impression that he was operating a legitimate business and the rest was spent on his personal expenses.

Gallagher has also been indicted and arrested on criminal charges.

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

Abed William Lulu-Former Worden Capital Broker- Discloses 6 Regulatory Event & Customer Suits – Melville, NY

June 2019-Melville, NY

The FINRA records of  Abed William Lulu ,  a  financial advisor previously employed by  Worden Capital Management disclose 6 regulatory events,  3 prior customer disputes, 4 outstanding judgments.

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.

Prior regulatory events for Lulu include:

FINRA case # 2017055568801 filed in 2/2018-Lulu failed to request termination of his previous suspension within the required time frame and was permanently barred from association with any FINRA member in any capacity.

FINRA case 2014040347901 was filed in 1/2016.   Without admitting or deny the findings, Lulu consented to the entry of findings that he failed to disclose that he was the subject of an IRS tax lien and a New York State tax lien.  He also provided false information to his member firm stating that he had no judgments or liens against him.   Lulu received a three month suspension and $5,000 fine.

In 2004,  the Colorado Division of Securities suspended Lulu as sanctions for allegations of unsuitable trading, unauthorized trading, unfair and dishonest dealings, securities fraud and failure to supervise.

In 8/2017,  a Laidlaw and Company (UK) Ltd. customer filed FINRA case #17-02227 alleging unsuitability and excessive trading.   That case settled for $23,000.

Lulu  discloses outstanding 2 currently outstanding Federal & StateTax Liens and 2 civil judgments.

Abed Lulu was registered with Worden Capital Management  from May to August of 2016.  . His prior employment in the financial industry includes Rockwell Global Capital, Rockwell Global Capital, Laidlaw and Company and Global Arena Capital.

If you have losses in an account  handled by Abed William Lulu , 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

Jodie LaMarre- Former Robert W. Baird & Co. Broker- Discloses Regulatory Event & Two Settled Customer Disputes-Sarasota, FL

June 2019- Sarasota, FL

According to publicly available records Jodie A. Lamarre (CRD#2127928) ,  a  stockbroker who is currently not registered  discloses a regulatory event and 2 settled 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 February  2018,  without admitting or denying the findings, LaMarre consented to sanctions and to the entry findings that she recommended an unsuitable strategy involving the consolidation of an elderly customer’s assets in a single taxable account without regard to the fact that several of these assets were in tax deferred accounts .  The customer had a total net worth of less that $200,000 and was living on fixed income. As a result of LaMarre’s actions the customer was faced with an increased tax liability. FINRA suspended LaMarre for 1 year suspension and assessed a $10,000 monetary fine. FINRA case 2015046052701.

In December 2016,  a Robert W. Baird & Co., customer filed a complaint that alleged that LaMarre’s poor advice led him to sustain losses related to the purchase of a variable annuity.  The case was settled for $30,000 in 3/2017.

In May of 2015, another Robert W. Baird & Co, customer  alleged that LaMarre gave poor advice regarding distribution/surrender of annuities following the death of client’s husband, causing  unintended negative tax consequences.  This case settled for $10,000.

Lamarre was  employed with Janney Montgomery Scott from February 2015 until November 2017.   Before that she was with Robert W. Baird & Co, from July 2008 until February 2015.

If you have questions about an investment account handled by Jodie Ann Lamarre 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

How to Recover Losses on GPB Funds

June 2019

GPB Capital reports that their two largest funds have dropped dramatically. GPB Holdings II has dropped by more than 25% and GPB Automotive Portfolio has declined by 39%, according to the company.

A $50,000 in investment in GPB Holdings II is now worth $37,300 and $50,000 invested in GPB Automotive Portfolio is estimated to be worth just over $30,000.

GPB raised over $1.25 billion in these high risk private placements that were sold to investors in $50,000- $100,000 increments. The financial press now reports that the company earned commissions of $167 million on these sales, by charging 9.3%, a rate that is just below the industry cap on commissions.

In February 2019 the FBI made an unannounced visit to company headquarters in New York. Earlier investigations by the Massachusetts securities regulators and the Securities and Exchange Commission are widely reported.

According to the financial press, GPB Funds were sold by as many as 60 independent broker dealers, including Royal Alliance Associates, Sagepoint Financial, FSC Securities and Woodbury Financial Services.

If you have questions about an investment you made in GPB Funds,  contact us for a no charge consultation to learn about your legal options. 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