Tag Archives: First Standard Financial investigation

Joseph M. Thurnherr-Former First Standard Financial Broker-Discloses Pending Customer Disputes

UPDATE MARCH 2018-Joseph M. Thurnherr is now employed by Spartan Capital Securities and has another customer dispute disclosed on his BrokerCheck report. See this for details. 

Meyers Associates is now  Windsor Street Capital

In 2016 Meyers Associates changed its name to Windsor Street Capital. While called Meyers Associates the firm gained a reputation for hiring brokers whose FINRA BrokerCheck reports had an inordinate number of disclosures. The Investment News reported in 2014 that Meyers Associates “stands out as a haven for registered representatives with black marks on their employment histories”. 

Original Post–August 2016- New York

The FINRA records of  Joseph M. Thurnherr,  a  stock broker who is currently employed by Meyers Associates  disclose  two pending customer disputes and three 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 FINRA Case#16-01460, a customer of Thurnherr’s prior employer First Standard Financial Company alleges damages of $93,624 alleging that his account was unsuitably invested and over concentrated.

In FINRA Case#1-01143, a customer of Thurnherr’s prior employer Legend Securities alleges damages of $536,180 alleging churning, excessive trading, suitability, unauthorized trading, negligence, breach of fiduciary duty and misrepresentation.

 

Thurnherr has been registered with Meyers Associates since 11/2015.  He was registered with First Standard Financial Company from 10/2014-10/2015, National Securities Corp from 11//2012-10/2014 and with Legend Securities from 1/2011-1/2012.

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

James B. Schwartz-Former Aegis Capital Broker-Barred for Churning Customer Accounts-New York

April 2019-Garden City, New York

The FINRA records of James B. Schwartz ,  a  former stock broker  who worked for Aegis Capital from 8/2013-6/2016 and was last employed  by Joseph Gunnar & Co.  , disclose  that he was recently barred from the securities industry, 2 pending customer disputes, 7  prior final customer disputes and a currently outstanding judgement/lien.

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 4/2019 Schwartz was permanently barred from the securities industry by FINRA. FINRA alleged that Schwartz churned and excessively traded the accounts of his customers causing combined losses of $660,000 while generating commissions for Schwartz and his employer of over $194,000. According to FINRA Schwartz made unauthorized trades of $10 million, including unauthorized trades in a customers account after the customer had died. FINRA Disciplinary Proceeding 2016051704302. 

The currently pending disputes include:

  • A customer of Aegis Capital who resides in Maine filed FINRA case 18-03717 alleging that from 2013-2016 Schwartz was negligent and made unsuitable recommendations and is seeking damages of over $32,000.
  • In 1/2018 a customer of Aegis Capital residing in New York file FINRA case 18-0408 alleging that Schwartz made unauthorized and unsuitable trades and is seeking damages of $1.8 million.

The previously resolved customer disputes include:

  • FINRA Case 17-1932 -a customer of Paulson Investment Company alleged excessive trading and unauthorized trading was paid a settlement of $800,000.
  • In June 2016 a customer of Schwartz’s prior employer, Aegis Capital Corp. alleged damages of $2,000,000 for unsuitable recommendations and mishandling their account from June 2013-January 2016. This case was settled for $782,000.
  • In pending FINRA Case #15-3428, another Aegis Capital customer alleged damages in excess of $287,000 for excessive trading, negligence, breach of fiduciary duty and unsuitable recommendations. That case was settled for $180,000.
  • In pending FINRA Case #15-2901, another Aegis Capital customer alleged damages of $289,163 for for unauthorized trading, negligence, breach of fiduciary duty and misrepresentation. This case was settled for $95,000.

Schwartz discloses a tax lien to  New York State  in the amount of $15,667.

Schwartz most recent employment was with Joseph Gunnar from 12/2016-2/2017. Before that he was  employed by First Standard Financial Co. from 6/2016-12/2016 .  Prior to that he was employed by Aegis Capital Corp from 6/2013-6/2016 and before that John Thomas Financial (expelled by FINRA 10/2013.

If you have losses in an account handled by James Schwartz, call for a no charge consultation to learn how you may be able to recover damages.

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

Francesco A. Scarso-First Standard Financial Broker-Discloses Pending Customer Dispute-NY

New York

MAY 2017 UPDATEFrancesco Scarso was permanently barred from the securities industry in 2/2017 for failing to respond to a request for information in connection with an investigation.

 

ORIGINAL POST JUNE 2016

According to FINRA records,  Francesco A. Scarso   a stockbroker who was recently employed by First Standard Financial Co. , discloses  a pending customer dispute, 9 prior final customer disputes, 3 regulatory events and 4 currently outstanding judgement/liens.

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 FINRA Case 13-01629, a customer when Scarso was employed by John Thomas Financial alleges damages of $400,000 for misrepresentations and failing to disclose material facts.

In his most recent regulatory matter in 2015, Scarso was suspended for 30 days and fined $5,000 to resolve FINRA allegations that he failed to disclose tax liens and a compromise with a creditor in a timely manner.

 

Scarso is not currently employed in the securities industry.  Prior to First Standard Financial, he was employed by PHX Financial and before that by Alexander Capital.

If you have questions about an account handled  by Francesco Scarso , 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870