Tag Archives: rbc capital markets problem

John S. Simpson – Former RBC Capital Markets Broker-Discloses $11M Customer Suit- Hunt Valley, MD

June 2017- Hunt Valley, MD

According to publicly available records John Scott Simpson  (CRD#719367) ,  a  former stockbroker who was last employed by  RBC Capital Markets,   discloses one regulatory event, a currently pending customer dispute, five prior customer disputes and two 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 12/2016 to resolve allegations that Simpson refused to appear for on the record testimony in connection with FINRA’s investigation of the conduct giving rise to his discharge from RBC Capital Markets, Simpson was permanently barred from the securities industry.

In   2016 four customers of  RBC Capital Markets settled customer complaints against Simpson citing allegations of unsuitability, unauthorized trading, not monitoring accounts, over concentration in the oil sector,  and ignoring requests to reduce exposure to the oil and gas sector in portfolio. Those cases were settled for various cash amounts.

In currently pending FINRA case 16-02205 a customer of RBC Capital Markets alleges that his portfolio was concentrated in the energy and metals sectors and was unsuitable for people of that age and risk tolerance.   The alleged damages are $11,000,000.

In 1/2016, Simpson  was discharged from RBC Capital Markets who made the following allegation on his FINRA record: “violation of firm policy regarding use of discretion in clients accounts“.

In 2003 Simpson, employed by UBS PaineWebber,  was discharged after allegations of “unauthorized trading, violation of the firm’s solicitation policy and management’s loss of confidence“.

John Scott Simpson was employed by RBC Capital Markets from 3/2009 to2/2016, with Ferris, Baker, Watts 5/2003 – 3/2009 and PaineWebber 11/1980 until 5/2003.

If you have losses  in an account handled by John Simpson 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

Dennis H. Cambal-Former JHS Capital Broker-Discloses Regulatory Action & Customer Disputes

August 2016- Yarmouth, MA

The FINRA records of Dennis H. Cambal ,  a  stock broker who is currently  employed by NBC Securities  disclose a prior regulatory event and 9 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.

Massachusetts Regulators Place Cambal on Heightened Supervision.

In 9/2015, upon reviewing Cambal’s  request for registration (Case# R-2015-114), Massachusetts securities regulators noted that Cambal has been the subject of at least 9 customer complaints alleging inter alia:

  • making excessive trades
  • failing to follow customer instructions
  • making unsuitable investment recommendations
  • effecting unauthorized trades while registered with several broker-dealers since 1983

Massachusetts regulators determined that it is in the public interest to allow Cambal’s applications for registration as a broker-dealer agent of NBC Securities, Inc. in Massachusetts upon certain conditions, which shall be effective for five years. Those conditions include:

  • Cambal shall be supervised, on a heightened basis by NBC
  • NBC shall not permit Cambal to have any principal, supervisory, or managerial duties while associated with NBC
  • NBC shall not permit Cambal to possess or exercise discretion in the handling of Massachusetts customer accounts
  • NBC shall ensure that Cambal’s Massachusetts customer are satisfied with Cambal’s services

Cambal has been employed by  NBC Securities  since 8/2015. Prior to that he was employed by JHS Capital Advisors from 10/2011-8/2015 and prior to that with RBC Capital Markets 8/2005-10/2011.

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 J. Hebner-Former Wunderlich Securities Broker-Discloses Pending Customer Dispute-Flint, MI

Flint, Michigan

According to FINRA records,  Michael J. Hebner,  a stockbroker  who currently works for IFS Securities ,  discloses  a pending customer dispute,  four prior final customer disputes and a termination.

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 a currently pending FINRA Case #16-03555 a customer Hebner’s while he was employed by  RBC Capital Markets and Wunderlich Securities alleges damages of $429,000 for unsuitable recommendations in oil and gas investments between 2010-2014.

Hebner discloses that in January 2015 he was discharged from Wunderlich Securities for failure to follow firm procedures regarding the approval and retention of correspondence.

Hebner  has been employed by IFS Securities  since 2/2015. He was employed by Wunderlich Securities from 10/2010 and prior to that by RBC Capital Markets.

If you have questions about an account handled  by Michael J. Hebner , call for a no charge consultation.

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

Ralph E. Derose-Wunderlich Securities Broker-Order to Pay $1M For Energy Stock Losses-Cleveland, OH

Beachwood, Ohio

MAY 2017 UPDATE-In 4/2017 a FINRA arbitration panel in Cleveland, OH, awarded a couple over $1 million in FINRA Case #16-0575, Holmes v Wunderlich Securities and Ralph DeRose. Claimants had alleged that DeRose failed to sell holdings in their accounts at their request and over-concentrated their accounts in energy holdings.

ORIGINAL POST 6/2016

According to FINRA records,  Ralph E. Derose,  a stockbroker  who works for Wunderlich Securities ,  discloses  a pending customer dispute, two prior final customer disputes and a prior final regulatory event.

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 pending FINRA Case 16-0575, a customer alleges damages of $3,000,000 for poor performance and that Derose did not follow instructions regarding liquidation of securities during the 10/2010-9/2015 time period. 4/2017-FINRA PANEL AWARDED $1M +, SEE UPDATE ABOVE.

Derose has been employed by Wunderlich since 10/2010. Prior to that he was with RBC Capital Markets.

If you have questions about an account handled  by Ralph E. Derose , call for a no charge consultation.

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

Lisa Lowi Investigation-Former RBC Capital Broker-W. Palm Beach, FL

November 2017-South Florida

We are investigating former RBC Capital Markets/ Janney Montgomery Scott broker Lisa J Lowi of West Palm Beach, Florida.

According to her official FINRA record, Lowi was recently barred from the securities industry after failing to appear before regulators who were investigating customer complaints and arbitrations alleging, among other things, unsuitable trading.

Lowi was employed by RBC Capital Markets from 10/2009-11/2015. She was employed by Janney Montgomery Scott until April 2016.

Lowi discloses 13 pending and 24 prior final customer complaints. The complaints allege a variety of improprieties, including: over concentration of energy sector corporate bonds, unsuitable junk bonds, high risk investments,

FINRA records, Lowi was previously known as Lisa Jacqueline Vineberg.

If you have losses in an account handled by Lisa Lowi, call to discuss how you may be able to recover damages from her former employer through FINRA arbitration.

The Law Office of Robert H. Rex, P.C. , 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

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870