Tag Archives: recover investment loss

Michael Guilfoyle-Former Legend Securities Broker-Discloses Settlement of Churning Complaint

New York

UPDATE JUNE 2017Michael Guilfoyle is not currently registered He left employment at Four Points Capital Partners in 3/2017.

ORIGINAL POST 2/2017

Publicly available records of Michael N. Guilfoyle, (CRD# 5119593) ,  a  stockbroker who is currently employed by Four Points Capital Partners disclose that in 2014 a customer of his prior employer Legend Securities filed FINRA arbitration #14-3134 alleging damages of $298,687 for churning, excessive trading, recommending unsuitable investments and engaging in unauthorized trading. That case was settled for $99,999.

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.

Guilfoyle  has been employed by Four Points Capital Partners since 9/2016. His prior employment includes IFS Securities, Legend Securities, Joseph Gunnar, America’s Choice Equities, J.P. Turner and Newbridge Securities. 

If you have questions about an account in an account handled by Michael Guilfoyle, 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

Fred Davis “Dave” Clark Sentenced to 40 Years- Cay Clubs Scam-Key West, FL

February 23, 2016- Key West,  Florida

Fred Davis “Dave” Clark, Jr. , 57, was sentenced 40 years in federal prison on bank fraud and obstruction charges in what U.S. Attorney Jerrob Duffy describes as “…one of the largest frauds in the history of Monroe County”.

Clark was convicted in December 2015 of bank fraud and making a false statement to a financial institution and obstruction of the Securities & Exchange Commission related to his operation of Cay Clubs Resorts and Marina which marketed rental units in 17 locations in the Keys, Clearwater, Las Vegas and the Caribbean.

Losses to financial institutions and some 1,400 victims are estimated at $169 million. According to prosecutors Clark gained over $40 million personally by operating what the judge described as a ponzi scheme.

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

Boynton Beach, FL Resident Pleads Guilty in Precious Metal Fraud Scheme

June 17, 2015-Palm Beach County Florida

Jeffrey Schuler, 54, of Boynton Beach, Florida pled guilty to one count of wire fraud, in connection with the operation of Fort Lauderdale based Liberty International Financial Services, which he operated with Christopher Anzalone.

Liberty employed brokers that solicited investors nationwide to purchase precious metals, such as gold, silver and palladium. Schuler falsely represented to the brokers that he was actually making precious metal trades for investors. In reality, few trades were made. Of the $4 million raised from investors, less that $200,000 was actually invested in precious metals.

Instead, according to the FBI press release, money was paid old investors (ponzi scheme) and to fund a substantial salary to Schuler.

He faces up to 20 years. Sentencing is scheduled for August 25, 2015.

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

Losses on CNL Lifestyle Properties REIT May Be Recoverable

March 12, 2015

In recent SEC filings, CNL Lifestyle Properties, Inc. reported an estimated value of $5.20 per share. The value of CNL LIfestyle Properties has dropped nearly 25% since 2013 when it had an estimated value of $6.85. It was originally offered at $10 per share.

Investors should be aware that estimated value does not translate to fair market value, ie; the actual amount of cash an investor can receive upon liquidation.

Since this investment is not traded on any public market, should cash be needed now  the only avenue for liquidation is  one of the  private secondary markets such as CTT Auctions  , the  Partnership Marketing Company , or other similar companies which can be found by Googling “secondary market REIT”.

CNL Lifestyle owns properties in ski resorts and senior housing. ABC News recently reported that the company may be selling 16 ski resorts in New England and the Rockies.

Financial advisors have a duty to make only suitable recommendations to investors. Many investors were sold non publicly traded real estate investment trusts like CNL Lifestyle Properties with the promise of steady, dependable distributions of income and with the expectation that the investment would ‘mature’ , much like a bond. If you believe you were a victim of misrepresentation, contact us to learn more about your legal rights.

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

Global Brokerage Services Broker Sanctioned by FINRA

North Logan, Utah- Robert Alan McKoy was fined $10,000 and suspended for 4 months by FINRA to resolve allegations that he provided consolidated reports on a quarterly basis to 50-60 customers that included his own inaccurate and potentially misleading valuations of the “estimated value” for certain non-traded REITs and other illiquid investments.

McKoy has been registered with Global Brokerage Services since 1/2000.

Rex Securities Law , located in Boca Raton, FL, 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