Tag Archives: JP Turner complaints

John Cangialosi -Worden Capital Management Broker-Discloses Customer Dispute Alleging Churning-New York

April 2018 UPDATE-In January 2018 a customer of Legend Securities filed FINRA Case #17-03398 alleging churning, unsuitable investments, unauthorized trading and other claims. The customer seeks damages of $386,279.

According to FINRA records Legend Securities was expelled from the securities industry in April 2017.

May 2017-New York

FINRA records disclose that John S. Cangialosi, who is currently registered with Worden Capital Management, has two prior regulatory events, 6 prior customer disputes, a termination from employment, a current financial event an 1 outstanding judgement/lien.

  • In FINRA Case 15-292, a customer of his former employer, Legend Securities alleged negligence, breach of fiduciary duty, negligent supervision, breach of contract and fraud and damages of $250,000. That case was settled for $50,000.
  • In FINRA Case 9-103 a customer of his prior employer, J.P. Turner alleged damages of $75,585 for unauthorized trading in the account. That case was settled for $67,832.

Prior to joining Worden Capital Management, Cangiolosi was registered as follows:

  • 8/2013-11/2016             Legend Securities
  • 6/2012-8/2013               Joseph Gunnar
  • 10/2009-6/2012            Brookstone Securities
  • 7/2006-2/2009               J P Turner and Company

John Cangiolosi  was ‘permitted to resign’ from J.P. Turner in 2/2009 after a customer alleged that his account had been traded without authority. In 12/2013, Cangiolosi filed for Chapter 13 Bankruptcy protection, according to FINRA.

If you have questions about an account handled by John Cangialosi , call for a no charge consultation to discuss 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

Levi Lindemann Named in SEC Action

December 2, 2014-West Lakeland, Minnesota

The US Securities & Exchange Commission (SEC) filed an emergency action against Levi Lindemann alleging that he is operating a fraudulent scheme through his companies, Gershwin Financial, Inc. and Alternative Wealth Solutions.

In the complaint the SEC alleges that Lindemann has raised nearly $1 million from elderly investors in Wisconsin, leading the victims to believe that their money would be invested in notes, unit investment trusts and other investments. According to the complaint none of these investments were ever made.

FINRA records indicate that Lindemann is not currently registered with any securities firm. He was last registered with J.P. Turner & Company from 11/2010-3/2012.

If you had an account handled by Lindemann that suffered losses, you may be able to recover damages. Contact us to discuss 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

SEC Announces Proposed Plan of Distribution in J.P. Turner/William Mello Matter

October 8, 2014- The SEC announced the Proposed Plan of Distribution and Opportunity for Comment in the Matter of JP Turner & Company and William L. Mello.  In 2012 the SEC entered an order and sanctions against JP Turner and its former president William Mello for failing to supervise three registered representatives who churned customer accounts to generate commissions in disregard of customer’s objectives and financial needs.

JP Turner and Mello were ordered to pay disgorgement, penalties and interest of over $461,000.  The SEC has established a Distribution Plan for those affected by the wrongdoing. Here is a link to the Notice which describes the procedure to be followed to receive monies from the Distribution Fund.

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

J.P. Turner Fined $65,000 by FINRA

 

J.P. Turner & Company was fined $65,000 by the Financial Industry Regulatory Authority (FINRA) in May 2014 and the firm consented to the entry of findings that it failed to establish and enforce written supervisory procedures designed to achieve compliance with applicable securities laws and regulations, including laws and regulations prohibiting insider trading and NASD Rule 3050, requiring that registered representatives have duplicate statements for personal brokerage accounts sent to their employer member firms. FINRA Case# 2011025756301.

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

RCS Capital Closes Purchase of J.P. Turner and Summit Financial

By Robert H. Rex, Esq.


On June 13, 2014, RCS Capital Corp. , owned by Nicholas Schorsch, announced the closing of the purchases of two more independent broker dealers–J.P. Turner & Co. and Summit Financial Group

RCS Capital went public last year (symbol RCAP) and bought two other independent broker dealers, First Allied Holdings, Inc. and Cetera Financial Group, shortly thereafter. RCS has a deal pending for the purchase of Investors Capital Holdings Ltd. Following the closing of that deal the RCAP broker dealer network will have about 9,000 representatives which grossed about $1.7 billion in revenues in 2013. 

Stockbrokers are obligated to make suitable recommendations to their customers. If you have questions about investment losses and think you may be the victim of fraud or misrepresentation, call to speak with an experienced securities attorney to learn about your legal rights. 

Nationwide representation.


561 391 1900