Tag Archives: NEXT Financial Group

Frank Richardson-Investacorp & Post Oak Capital Group-Subject of $500K Customer Suit Over REITs-Houston, Texas

December 2018-Houston, TX

According to publicly available records   William Franklin (“Frank”) Richardson, Jr.  , a  stockbroker who is currently registered with Investacorp Inc. disclose a  currently pending customer dispute involving investments in real estate investment trusts (REITs) and limited partnerships.

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 11/2018 a customer of Investacorp filed FINRA arbitration 18-03731 alleging that recommendations to purchase direct investments, limited partnerships and non-publicly traded real estate investment trusts (REITs) were unsuitable. The customer is seeking damages of $500,000.

Frank Richardson has been registered with Investacorp since 1/2012. His previous employment includes Geneos Wealth Management and NEXT Financial Group. Richardson discloses a business affiliation with Post Oak Capital Group in Houston, TX. 

In a prior customer dispute a customer of NEXT Financial alleged that Richardson was negligent in calculating required minimum distribution (RMD) which resulted in resetting of an annuity amount. That case was settled for $34,920. 

If you have losses in an account in an account handled by Frank Richardson , 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

Michael T. Marcom – NEXT Financial Group Broker-Discloses Settled Disputes – Georgetown, TX

May 2018 – Georgetown, TX

According to FINRA records, Michael T. Marcom ,  a stockbroker who is currently employed by NEXT Financial Group .disclose 4 prior customer disputes.

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 1/2011, a dispute filed by a customer of  Marcom’s prior employer, Investment Professionals, Inc., alleging unauthorized trades, excessive trades and unsuitable investment recommendations, was settled for $25,500.

Another dispute filed by an Investment Professionals, Inc. customer alleged that Marcom’s recommendation to invest 60% of the customer’s retirement funds be put in reverse convertible bonds was unsuitable.  This case was settled for $75,000 .

A third case, also filed by an Investment Professionals customer, alleged that the representative made excessive trades, unauthorized trades and unsuitable investment recommendations.   The case settled for $40,500.

Michael Marcom  has been employed with NEXT Financial since January 2009.  He was employed with Investment Professionals, Inc. from 4/2005-1/2009.

If you have losses  in an account handled by Michael Marcom or believe that your account has been mishandled contact us for a no charge consultation 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

Gary Haack-Former Corecap Investments Broker-Discloses Settlement of Customer Dispute-San Antonio, TX

April 2018- San Antonio, Texas

According to publicly available records Gary C. Haack  (CRD#2796834) ,  a  stockbroker who is not currently registered with any broker dealer and who was last employed by Corecap Investments  discloses  2 prior customer disputes.

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 arbitration 15-0836, a customer of one of his prior employers, WFG Investments,  sought damages of $115,000 and alleged unsuitable investments in speculative products in connection with an investment in a private placement offering of medical and research firms. The case was settled for $70,000 in 6/2016.

Gary C. Haack  was employed by Corecap Investments from 6/2016-12/2017. He discloses a current affiliation with Change Path LLC, an investment advisory firm. Prior employment includes FSC Securities, WFG Investments and NEXT Financial Group.

If you have questions about an account handled by Gary C. Haack  contact us 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

Joseph L. Cotter-Former NEXT Financial Group Broker-Discloses Fine/Suspension/Termination-Charlotte, N.Carolina

March 2018- Charlotte, N. Carolina

The FINRA records of  Joseph L. Cotter  ,  a  stockbroker who is currently not registered and who was last employed by  Petersen Investments disclose a recent regulatory matter resulting in his suspension, 2 prior customer disputes, a pending investigation 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 November 2017, to resolve allegations that he engaged in excessive trading and  unsuitable trading in a customer account, Cotter was suspended for 9 months (11/6/2017-8/5/2018) , ordered to pay disgorgement of $100,549 and assessed a fine of $15,000.

FINRA found that Cotter exercised de facto control over the account an unsophisticated lady client and used this control to excessively trade the account in a manner that was inconsistent with the her investment objectives, financial situation and needs. As a result the customer’s account lost nearly $400,000 and generated commissions of over $100,000. FINRA Case 220166049316301. 

Cotter’s FINRA record discloses that in April 2017 FINRA advised that they are forwarding examination 20160493163 to FINRA Enforcement.

In 1/2017, a customer of Cotter’s prior employer, NEXT Financial Group, was paid $328,646 to resolve allegations that Cotter mismanaged her account from 2013-2016.

Joseph L. Cotter  was discharged by NEXT Financial Group on 3/18/2016 for excessively trading a customer account. Cotter was employed by NEXT Financial 6/2008-3/2016.

NEXT FInancial Group made the  following allegation  on Cotter’s official FINRA record:“The firm conducted an internal review of the trading activity in a customer’s accounts and found the level of trading activity to be excessive in light of the customer’s profile and the character of the account.”

In May 2017 Cotter was allowed to “voluntarily resign” from   Petersen Investments who made the following allegation on his FINRA record:“On April 2017, FINRA notified Mr. Cotter that examination 20160493163 was being referred to its Enforcement Division for further review.”

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

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