Tag Archives: finra arbitration

Walter W. Parker-Titan Securities Broker-Discloses Settlements of Customer Suits and a Regulatory Investigation-Rowlett, Texas

APRIL 2018 UPDATEWalt Parker suspended in connection with sale of alternative investments, assessed $7,500 fine by FINRA. Read more here. 

March 2018-Rowlett, Texas

The FINRA records of  Walter W. Parker ,  a  broker with  Titan Securities  disclose 2 pending customer disputes ,5 prior final customer disputes and a pending regulatory investigation.

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.

Parker discloses that in November 2017 he was notified of an investigation by FINRA related to direct participation programs and a suitability investigation.

In November 2017 a customer of Titan Securities made  a complaint alleging that investments in UDF (United Development Funding) and ARC NYC were unsuitable and is seeking $54,329.

In currently pending FINRA Case 17-2747 a customer of Titan Securities alleges unsuitable investments and is seeking damages of $300,000.

 

In FINRA Case 16-2349 a customer of Titan Securities alleged that they were sold UDF (United Development Funding) which was unsuitable for the customer and he did not understand the risks and did not understand that UDF was illiquid. That case was settled for $70,000 in June 2017.

In another previous case, FINRA #16-1929, a customer of Titan Securities alleged damages of $50,000 related to an investment in UDF (United Development Funding) which the client states was unsuitable and that he did not comprehend the risks or the fact the investment was illiquid.  That case was recently settled for $16,500.

In FINRA case 15-02351 a customer of Titan Securities alleged that an investment in a viatical settlement was misrepresented and unsuitable. That case was settled in October 2017 for $60,000.

 

 

Walter Parker has been employed by Titan Securities since 8/2006. Parker discloses a business relationship with InsuranceMakesMe Sick.com and InvestingMakesMeSick.com in Rowlett, TX.

Titan Securities is headquartered in Dallas, Texas, and has been a FINRA member since 2004. They have about 13 brokers located in 7 branch offices in:

  • Arlington, TX
  • Abilene, TX
  • Overland Park, KS
  • Dallas, TX
  • Rowlett, TX
  • Henrico, VA
  • Kingston, OK

If you have losses in an account in an account handled by Walter Parker , contact us to discuss how you may be able to recover damages for those losses.

United Development Funding’s Office Raided by the FBI-for more information on recent problems for UDF, follow this link.

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

Ameriprise Financial Ordered to Pay Customer $440K For Making Improper Distributions From Retirement Account

JUNE 2017

A FINRA arbitration panel of three public arbitrators in Omaha, Nebraska ordered Ameriprise Financial Services to pay a customer $440,000 in compensatory damages. The customer alleged breach of fiduciary duty, omission of facts and breach of contract and that Ameriprise made improper distributions to an individual who was not a proper beneficiary of a non-qualified account and two IRA accounts. Larson v Ameriprise, FINRA Case 16-01613.

The Financial Industry Regulatory Authority (FINRA) is a not-for-profit organization authorized by Congress to protect America’s investors by making sure the broker-dealer industry operates fairly and honestly.

As stated on  the FINRA website:

Arbitration is a method of resolving a dispute between two or more parties by neutral, qualified individuals, who serve as decision-makers after weighing the facts of each case presented. The decision-makers are called arbitrators. Arbitration of securities disputes against brokerage firms, brokers, or both provides a prompt and inexpensive means of resolving issues. There are certain laws governing the conduct of an arbitration proceeding. The most important of these is perhaps the fact that an arbitration award is final and binding, subject to review by a court only on a very limited basis. Parties should also recognize that arbitrating their claims precludes them from pursuing the same claims  through the courts.

If you have questions about an account with Ameriprise Financial Services or any other brokerage firm , call to learn about 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

Securities Arbitration vs. Securities Mediation

August 5, 2015

The Financial Industry Regulatory Authority (FINRA) provides the following explanation of the difference between Arbitration and Mediation:

“Overview

Arbitration and mediation are two distinct ways of resolving securities and employment disputes between and among investors, brokerage firms and individual brokers, and offer a prompt and inexpensive way of resolving issues.

Investors can file an arbitration claim or request mediation through FINRA when they have a dispute involving the business activities of a brokerage firm or one if its brokers. To be considered, the alleged act resulting in a claim must have taken place within the past six years.

Dispute Resolution is not the same as filing an investor complaint. Some investors are confused about the differences between resolving monetary disputes through arbitration or mediation, and filing an investor complaint. These are unrelated. If you want to make FINRA aware of any potentially fraudulent or suspicious activities by brokerage firms or brokers, then the best course of action is to use FINRA’s Investor Complaint Center.

However, if you want to recover damages, such as money or securities, filing an arbitration or mediation case offers you a way to seek damages.

Arbitration

Arbitration is similar to going to court, but is usually faster, cheaper and less complex than litigation. It is a formal alternative to litigation in which two or more parties select a neutral third party, called an arbitrator, to resolve a dispute. The arbitrator’s decision, called an award, is final and binding. By arbitrating a claim you cannot have the same matter decided by a court of law. In resolving disputes through arbitration, a FINRA arbitrator or panel (consisting of three arbitrators) will listen to the arguments set forth by the parties, study the testimonial and/or documentary evidence, and then render a decision. When an arbitration case goes to a hearing, it can take up to 16 months for an award to be determined.

The size of the claim will determine how the arbitration process works. Claims involving more than $100,000 require an in-person hearing decided by a panel of three arbitrators, with one chairing the hearing. Smaller claims are decided by one arbitrator and the smallest—claims of up to $50,000—may be decided through a Simplified Arbitration Process, with the arbitrator deciding the case by reviewing all the materials presented by the parties without an in-person hearing.

Learn more about FINRA’s arbitration process, including which cases are eligible.

Mediation

Mediation offers a flexible alternative to arbitration, and can be initiated at any time before arbitration commences and even during an arbitration case before it concludes. It is an informal process in which a trained, impartial mediator facilitates negotiations between disputing parties, helping them find a mutually acceptable solution. Both parties in a dispute must agree to mediation. However, FINRA does not require parties to mediate.

FINRA mediators have subject-matter expertise, so parties can select a mediator who is knowledgeable in the particular securities or business area that is in dispute.

Mediation is a voluntary process, so either party can decide to stop at any time. More than 80 percent of mediations result in a settlement, and the process is in most cases significantly faster than arbitration. And unlike arbitration, mediation does not impose a solution. It is not binding until the parties reach and sign a settlement agreement.”

If you have a question about losses in your brokerage account, 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

New Jersey Certified Financial Planners Disciplined by CFP Board-OCTOBER 2016 UPDATE

UPDATED OCTOBER 2016

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 New Jersey 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
Stuart Albert (Marlton)
Michael R. Casey (Park Ridge)
Fernando B. Cruz (Linden)
Barbara Edwards (Washington Township)
Rebecca A. Huntley (West Long Branch)
Kevin R. Johnson (Princeton)
Cynthia A. Murphy (Montclair)
Charles J. Muzzio (Red Bank)
Ronald E. Oringer (Flanders)
Kenneth B. Schwartz (Matawan)
Erick P. Spronck (Clinton)
Barbara L. Steinberg (Livingston)
Daniel J. Trolaro (East Hanover)
Sandra M. Venetis (Branchburg)

Interim Suspensions
Brian P. Carr (Chatham)
Dennis S. Lerner (Edgewater)
Daniel J. Trolaro (Oakland)
Sandra M. Venetis (Branchburg)

Suspensions
Robert S. Allen (Secaucus)
Robert S. Ambrozy (Cranford)
Jared S. Friedman (Scotch Plains)
Dennis Lerner (Edgewater)
Erik Mosholt (Middletown)
Elliot J. Paul (Haddonfield)
Edward Viano (Vineland)

Letters of Admonition
Robert J. Calamunci (Tinton Falls)
Diana A. Cook (Rochelle Park)
Robert W. Crowther (Ocean)
Steven W. Kaye (Watchung)
Lois W. LaPadula (Mahwah)
Jack A. Moloney (Hoboken)
Paul Perino, Jr. (Vineland)
Robert J. Richards, Jr. (Toms River)
Philip F. Rutigliano (Garfield)
Robert M. Ryerson (Freehold)
Michael J. Spillert (Parsippany)

If you have questions about losses, unauthorized trading or unsuitable investments in your stock brokerage account, contact us 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Pennsylvania Certified Financial Planners Disciplined by CFP Board-OCTOBER 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 Pennsylvania 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
Robert J. Bretschneider (Washington Crossing)
Howard S. Coff (Holland)
Richard O. Dorman, Jr. (Pittsburgh)
R. Glen Eichman (Bethlehem)
Adam D. Grodin (Pittsburgh)
Gregory A. Kernechel (Whitehall)
Tonino G. LaBella (Drexel Hill/Philadelphia)
Richard J. Line (Allentown)
Leo M. Megow (Berwyn)
James A. Owen (Easton)
Albert S. Pitts (Media)
Craig M. Shine (Monroeville)
Anthony Tarantino (Mechanicsburg)
Robert C. Wheeling (Lititz)

Suspensions
Bradley K. Adams (Newtown)
Anthony Diaz (Scotrun)
David V. Erickson (Chambersburg)
Matthew R. Hilbert (Jenkintown)
James P. O’Mara (York)
Daniel W. Rooney (Philadelphia)
Gary J. Siano (Downingtown)

Interim Suspension
Gordon D. Smith (Johnstown)

Letters Of Admonition
Jay M. Desai (York)
Deborah S. Giffin (McMurray)
Timothy Higgins (Harrisburg)
Thomas C. Hock (Schnecksville)
Phillip J.W. Miles (Harrisburg)
William T. Neely (Grove City)
David L. Rothman (Trevose)
Theodore G. Rothman (Trevose)

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

Nationwide representation of victims of stockbroker fraud and the malpractice of investment professionals.

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