Tag Archives: lpl financial complaints

Celia Mae Scott-LPL Financial Broker- Discloses Settlement of Customer Dispute-Beaumont, TX

November 2018-Beaumont, TX

According to publicly available records Celia Mae Scott , (CRD# 2870484) ,  a  stockbroker who was previously registered with AXA Advisors,  disclose the settlement of a 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  1/2018 a customer of AXA Advisors,  was paid $60,000 to resolve allegations that  Scott  misrepresented an annuity that he  sold to the customer.

Scott was employed by AXA Advisors from December 2007 until January of 2016.   She has been employed by LPL Financial Services since 12/2015. Scott discloses  business affiliations with Good LIfe Advisors and Scott Wealth Management, both in Beaumont, TX.

If you have losses in an account in an account handled by Celia Mae Scott, contact us for a no charge consultation to learn how you may be able to recover damages from his employer 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

Nghi Thanh Ho -IMS Securities Broker-Discloses Customer Dispute- Houston, TX

April 2017 – Houston, TX

According to publicly available records Nghi Thanh Ho,  (CRD#2327672) ,  a  stockbroker who is currently registered with IMS Securities  discloses one pending customer dispute and a separation 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 February 2017,  a customer of IMS Securities filed a claim alleging damages of $175,400 for  misrepresentation by Nghi Thanh Ho in connection with an investment in  variable annuities.  

Nghi Thanh Ho has been employed by IMS Securities since 9/2012. His prior employment includes Next Financial Group, Inc, LPL Financial and Edward Jones. He discloses a business relationship with Royal Oaks Financial Group of Houston, TX. 

In 3/2009 Nghi T. Ho was discharged by LPL Financial who made the following allegation: “Discharged for violating firm policy relating to the borrowing of funds from a client.”

IMS Securities has been a FINRA member since 1994 and is headquartered in Houston, TX. They have about 105 associated persons and 57 branch offices.

If you have questions about an account in an account handled by Hghi Thanh Ho, contact us 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

Donald L. Watson-Former Jeffrey Matthews Broker- Discloses Discharge from Employment

UPDATE April 2018– IN 3/2017 FINRA permanently barred Donald Lee Watson, Jr. from the securities industry for refusing to cooperate with a FINRA investigation.

November 2016-Sarasota, FL

The FINRA records of  Donald Lee Watson, Jr. ,  a  former stockbroker with Jeffrey Matthews Financial Group,  who is not currently  employed disclose a prior customer dispute that has been resolved and two terminations from employment after allegations.

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.

Watson’s FINRA record discloses that on 1/5/2015 he was discharged by FirstTrust LLC. The company made the following allegations in connection with the discharge: “Disregard for compliance procedures. Failure to repay debt to company. Donald Watson did not comply with requests for personal securities transaction reports and repeatedly violated email compliance protocols. Furthermore, Watson collected a 4-month series of loan payments secured by his personal and unconditional guarantee. He is now disputing the loan and expressing his intent to default.”

His record further discloses that on 12/15/2015, Watson was discharged by The Jeffrey Matthews Financial Group who made the following allegations in connection therewith: “Don Watson (DW) alleged he produced over $700k/yr in gross production at his prior employer. He produced a W2 as evidence to Jeffrey Matthews (JM). JM relied on his assertion adn W-2 as the basis for issuing a corporate advance of $200K. While employed at JM from 9/29/15-12/15/15 DW did not transition any client assets to the firm and had no gross production. DW misrepresented the W2 information as production-related, but JM subsequently learned it was not. In addition, we learned DW’s client spreadsheet presented to JM was also fraudulent.”

Jeffrey Matthews Financial Group filed a FINRA arbitration against Watson seeking recovery of the $200,000 advance plus costs and fees. In November 2016, a FINRA arbitration panel ordered Watson to pay the company $260,000. FINRA Case 16-0548. 

Watson’s prior employment in the securities industry includes:

  • Stifel, Nicolaus & Co.
  • International Assets Advisory
  • PNC Investments
  • LPL Financial
  • UVest Financial Services Group
  • Raymond James Financial Services

If you have losses in an account in an account handled by Donald Watson , contact us to discuss how you may be able to recover damages for those losses.

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 Financial Broker Reniero Francisco Barred and Sanctioned $14 Million

 Reniero Castillo Francisco , formerly a broker with LPL Financial in Newport Coast, California submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Francisco consented to the sanction and to the entry of findings that he failed to provide FINRA with requested information and documents and failed to appear for an on-the-record interview. The findings stated that Francisco’s failure to cooperate impeded FINRA’s investigation. (FINRA Case #2012032452701)

Francisco was registered with LPL Financial 7/2002-11/2010.

According to FINRA records, Francisco and a co-defendant were named in an enforcement action by the U.S. Commodity Futures Trading Commission which charged that they defrauded investors in connection with operating a commodity pool to trade commodity futures contracts and options, made false statements and misappropriated pool funds. In a parallel criminal action Franciso and his co-defendant pled guilty to conspiracy and fraud leading to  sentences of 151 months and 97 months respectively. In addition they were order to pay a fine of nearly $6 million and restitution of over $8 million. 

If you have questions about your brokerage account or wish to discuss how to recover investment losses, call to speak with an experienced securities attorney. 

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

 

 

LPL Financial Fined–Again–Over Alternative Investments

By Robert H. Rex, Esq. 

In March 2014, the Financial Industry Regulatory Authority (FINRA) fined LPL Financial $950,000 for supervisory deficiencies in connection with the sales of various alternative investments including: 
 
  • Non Traded Real Estate Investment Trusts (REITs)
  • Oil & Gas Partnerships
  • Business Development Companies (BDCs)
  • Hedge Funds
  • Managed Futures
Most alternative investments specify the appropriate concentration limit for investors in the documentation provided to investors in the offering. Brokers are charged with making “suitable recommendations” to investors given their age, health and level of financial sophistication. In addition, many states have their own specified concentration levels for these investments. 
 
What is a concentration level? It generally relates to the percentage of an investor’s liquid net worth (stocks, bonds, cash, etc…) that is invested in alternative investments. For example, if an investor has total liquid net worth of $750,000 and is sold alternative investments worth $50,000, the concentration level is 50,000/750,000, which is 6.7%. In most cases, after taking into consideration the age, health, etc of the investor, that may be an acceptable level of concentration. If however the amount of alternative investments was $150,000, 20% of liquid net worth, that could be a problem. 
 
Alternative investments generally pay significantly higher commissions, to the broker and the brokerage firm, making them a tempting target for brokers to sell to often times very unsophisticated investors. 
 
In  this recent FINRA investigation, which LPL neither admitted or denied charges, FINRA found that from Jan 1, 2008- July 1,  2012, LPL Financial failed to adequately supervise its brokers selling alternative investments in violation of concentration limits. 
 
LPL Financial’s has had many similar issues  with securities regulators over its supervisory and compliance deficiencies. In December 2012,  LPL paid $4.8 million in restitution to settle sales practice claims with William Galvin,  Secretary of Commonwealth, Massachusetts Securities Division, over sales practices. 
 
In March 2013, FINRA fined LPL Financial $7.5 million for failures related to their email system. 
 

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