Tag Archives: J. W. Cole Financial complaint

Bill Downing-Former J.W. Cole Finanical Broker-Discloses Customer Dispute-Wimberley, Texas

March 2018-Wimberley, Texas

The FINRA records of  William (Bill) G. Downing ,  a  stock broker who is employed by Coastal Equities Inc.  disclose  a  prior customer dispute and 2 terminations from employment.

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 11-03772, a customer of Downing’s prior employer, Wells Fargo Advisors, alleged that he was sold unsuitable investments. That matter was settled for $162,500.

Downing has been employed by Coastal Equities (dba The Hill Country Advisor)  since 8/2017. Prior to that he was with J.W. Cole Financial 12/2012-6/2017.

In 7/2012, Downing was discharged from Merrill Lynch who made the following allegation on Downing’s FINRA record: “(1) Mismarking solicited trades as unsolicited (2) Exercising discretion in certain client accounts and (3) Communicating with an unauthorized third party.”

In 12/2000 Downing was discharged from Morgan Keegan for writing checks on his wife’s account.

If you have questions about an account handled by Bill Downing call for a no charge consultation to learn about your 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

Edgar A. Thomas-Former Investors Capital Broker-Discloses Customer Dispute

Lakeland, Florida

According to FINRA records, Edgar A. Thomas  a broker who is currently registered  with Calton & Assoc. , discloses a pending customer dispute.

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 16-0818, a customer while Thomas was employed by Investors Capital Corp. alleges damages of $110,000 for unsuitable investments in real estate securities.

Thomas has been registered with Calton & Assoc since 8/2013. His previous employments include Cabot Lodge Securities, Brookstone Securities, J.W. Cole Financial and Investors Capital Corp.

If you have questions about  a brokerage account handled by Edgar A. Thomas  , call to discuss 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

Former LPL Broker Sanctioned By Securities Regulators-Unauthorized Trading

In July 2014, the Financial Industry Regulatory Authority (FINRA) fined former LPL Financial broker Richard D. Lewis $5,000 and suspended him for 20 business days for making over 80 discretionary trades in the securities account of a customer without obtaining written authorization and without having first obtained permission from LPL Financial. 

According to FINRA records, Lewis is currently registered with J.W. Cole Financial. He was registered with LPL Financial from 12/2010-4/2013 and prior to that Wedbush Securities 7/2005-12/2010.

Rex Securities Law provides nationwide representation to investors 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.

Rex Securities Law

561 391 1900

Tampa J.W. Cole Broker Fined $250K For “Free Riding”

 

On October 17. 2013, the Tampa Bay Business Journal reported that a fine of nearly a quarter million dollars has been assessed against Joseph Brandon Westphal, a former manager at J. W. Cole Financial, Inc. in Tampa for violations of the securities laws.
According to the report Westphal, who was director of client services and designated supervisory principal for J.W. Cole,  executed over 30 ‘free riding ‘ transactions.
Free riding means that a person buys securities without sufficient capital to cover the trade and is prohibited under federal regulations. Apparently Westphal covered some trades by selling quickly and in other instances he used the accounts of others to cover his cash needs. Profits went to his account, losses went to J.W. Cole.
In the final order he was fined $249,250 and barred from licensing by the Florida Office of Financial Regulation.
If you have questions about investment losses or the way your brokerage account has been handled, please contact us to discuss your legal rights.
Rex Securities Law , located in Boca Raton, FL, 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.

Rex Securities Law

561 391 1900