Tag Archives: Laidlaw & Company complaint

Marc A. Reda-Former PHX Financial Broker-Fined & Suspended-NY

February 2019 UPDATE -In June 2017, without admitting or denying the findings, Marc Reda consented to a fine of $5,000 and a three month suspension. FINRA found that he exercised discretion in customer accounts without written authorization from the customers and that he failed to timely disclose on FINRA Form U4 a federal tax lien filed against him in the amount of $575,101. Follow this for update.

ORIGINAL POST--May 2016- Garden City, NY

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.

According to FINRA records,  Marc A. Reda discloses 6 final and one pending customer dispute. In March 2016  a customer of Reda while he was registered with PHX Financial (Phoenix Financial Services) sent an email to the compliance department alleging that beginning in November 2015 there was a failure of Reda to follow instructions, there were unauthorized trades, poor communication and overconcentration of investments. No specific monetary damages are alleged. That matter is presently pending.

In 2/2016 a customer of Reda contacted Phoenix Financial Services and stated that certain transactions executed shortly after opening the account were unauthorized and had resulted in damages. That matter was settled for $120,000.

FINRA records disclose a currently pending FINRA investigation which is reviewing both current and former clients of Mr. Reda and the respective activity in the accounts to see if there were any rule violations.

According to FINRA records, Reda  has been registered with Spartan Capital Securities  since 5/2016. Reda was registered with First Standard Financial from 2/2016-5/2016. Prior to that he was registered with PHX Financial from 10/2014-1/2016 and with Laidlaw & Company from 11/2013-10/2014.

FINRA records disclose an Internal Revenue Service lien filed in the Supreme Court of Richmond County against Reda in the amount of $575,101.40.

If you have losses in an account handled by Marc A. Reda contact us to learn 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

Nathaniel R. Clay-Former National Securities Corp Broker-Named in Customer Arbitration

Updated January 2019-New York

According to FINRA recordsNathaniel Royce Clay , a broker with Laidlaw & Company, discloses a pending customer dispute, 5 prior customer disputes, a termination from employment and an 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.

Clay  has been registered with Laidlaw & Company since 11/2015. Prior to that he was registered with National Securities Corporation from 7/2008-11/2015.

FINRA records reveal he was ‘permitted to resign’ from National Securities Corp in 11/ 2015 after an internal review determined that Clay misappropriated non-public customer information.

In currently pending   FINRA Case 15-03001 a customer of National Securities Corp.  alleges that Clay made unauthorized trades, breached his fiduciary duty and was negligent. The customer seeks damages of $513,218.

If you have losses in an account handled by Nathaniel Royce Clay contact us to learn 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

Patrick H. Maddren-Former Dawson James Broker-Discloses Settlment of $1M Customer Dispute

UPDATE FEBRUARY 2017-FINRA records disclose that arbitration 16-00849, discussed below, was settled for a payment $295,000 by Dawson James Securities.

ORIGINAL POST-May 2016-Ft. Lauderdale, FL

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.

According to FINRA recordsPatrick H. Maddren has been registered with Laidlaw & Company since 8/2012. Prior to that he was registered with Dawson James Securities from 8/2009-8/2012.

Patrick H. Maddren discloses on his FINRA records disclose that   FINRA Case 16-0849 is currently pending. The customer alleges that while Maddren was registered with Dawson James Securities he failed to follow instructions, made material misrepresentations and omissions, traded the account excessively, charged excessive commissions, traded without authority and made unsuitable recommendations. Damages are alleged to be $1,000,000.

If you have losses in an account handled by Patrick H. Maddren contact us to learn 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

Joseph M. Fedorko-Laidlaw & Co. Broker-Named in Customer Disputes

February 2019-Stamford , CT

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.

According to FINRA recordsJoseph M. Fedorko, Jr. has been registered with Laidlaw & Company since 6/2009.

FINRA records disclose that Joseph M. Fedorko, Jr. has been the subject of 17 customer customer disputes, 16 of which have been finalized and one of which is pending. The cases that have been resolved include:

  • FINRA Case 14-0801- a client alleged unsuitable investments. That case was settled for $120,000.
  • FINRA Case 12-3931- a customer alleged negligence, breach of fiduciary duty and breach of contract. That case was settled for $120,000.
  • FINRA Case 11-01077- a customer alleged excessive and unsuitable trading. That case was settled for $490,000.

FINRA Case 18-1736 is currently pending. A customer of Laidlaw and Co. alleges account churning , unauthorized trading and unsuitable recommendations from 2012-2017, and is seeking damages of $342,000.

If you have losses in an account handled by Joseph M. Fedorko, Jr.  contact us for a no charge consultation to learn 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