Tag Archives: h d vest problem

Jose Palacio-Former H.D. Vest Broker-Sanctioned by Regulator-Bradenton,FL

July 10,  2015- Bradenton, Florida

Jose Luis Palacio  entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that he willfully failed to timely disclose to FINRA that he filed a Chapter 7 bankruptcy petition.

AWC No. 2014042059901

Palacio  was  fined $5,000 and suspended for four months.

According to FINRA records, Palacio was registered with H.D. Vest Investment Services from 4/2010-3/2015.

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

Former H.D. Vest Broker Sanctioned for Failing to Report Personal Bankruptcy to FINRA

July 10, 2015-

Jose Palacio  entered into a Letter of Acceptance Waiver and Consent (AWC)  with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that he violated FINRA Rules 1122 and 2010 by failing to report to FINRA the fact that, while associated with H.D. Vest , he filed a Chapter 7 bankruptcy proceeding and willfully failed to disclose it on FINRA forms.

Palacio was suspended for four months from association with any FINRA member in any capacity and assessed a $5,000 fine.

FINRA AWC 2014042059901

According to FINRA records, Palacio was registered with H.D. Vest Investment Services from 4/2010-3/2015 in Ellicott City, MD. Prior to that he was registered with PSA Equities in Columbia, MD.

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

H.D. Vest Broker Fined/Suspended by Securities Regulators

June 8, 2015

Susan Cornwall  entered into a Letter of Acceptance Waiver and Consent (AWC)  with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that she accepted $38,000 from a customer intended to fund the opening of an IRA account. Cornwall lost the check and did not open the IRA account and did not tell the customer.

The customer later  requested a distribution from the IRA she believed had been set up and Cornwall funded the distribution from her business bank account. About six months following the time the customer believed her IRA account had been set up, Cornwall, without the customer’s knowledge or permission, completed a new account form, forged the customer signature on it and submitted it to her member firm together with $32,084 from Cornwall’s business bank account.

Cornwall   was fined $5,000 and suspended from association with any FINRA member in any capacity for 18 months.

Disciplinary Proceeding NO. 2014043726801

According to FINRA records, Cornwall was registered with H.D. Vest in Irving, Texas from 6/1996-10/2004 and then in Westward, MA, from 11/2004-4/2015.

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

H.D. Vest Sanctioned by SEC For Failing to Supervise Broker

March 4, 2015

In Securities and Exchange Commission (SEC) Administrative Proceeding File No. 3-16419, the SEC found that H.D. Vest Investment Securities, Inc.  failed to supervise Michigan broker Lewis J. Hunter who conducted a fraudulent scheme and misappropriated about $300,000 from H.D. Vest customers.

The customers were led to believe they were investing in foreign and domestic bank investments, however Hunter used the money to pay personal and business expenses and concealed the fraud with false and misleading representations and phony bank documents.

H.D. Vest was ordered to cease and desist violating SEC rules, censured and fined $225,000. In addition H.D. Vest was required to hire an independent consultant to review certain portions of the firm’s policies and procedures and to take corrective actions.

H.D. Vest has been a registered broker dealer with the SEC since 1983. They are headquartered in Irving, Texas, and have over 4,500 independent contractor representatives nationwide, most of whom are tax professionals as well as financial advisors.

Contact us if you have questions about an account handled by Hunter or H.D. Vest.

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

Lewis Hunter, Former HD Vest Broker in Katy, Texas, Facing Wire Fraud Charges in Michigan

January 21, 2015- Grand Rapids, MI

Lewis Joseph Hunter, formerly a stockbroker and financial advisor in Grand Rapids, is charged with wire fraud and is accused of contacting former clients and convincing them to invest in worthless stocks.

According to FINRA records, Hunter was permanently barred form the securities industry in May 2013 for making fraudulent investments for some of his clients while he was registered with H.D. Vest in Katy, Texas. He also operated Hunter Investment Services in Grand Rapids.

The current case, which is pending in US District Court, alleges that Hunter, after leaving H.D. Vest,  enticed five elderly investors to entrust him with money which he said he would invest but instead he used the money for personal purposes.

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