Tag Archives: recover puerto rico bond loss

Charles Doraine-Former NEXT Financial Group Broker-Subject of Numerous Customer Suits-Corpus Christi, TX

June 2020- Corpus Christi, Texas

The FINRA records of  Charles L. Doraine ,  a  former stock broker who was last employed by NEXT Financial Group  disclose 2 prior regulatory matters, a pending customer disputes and 6 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 4/2020 FINRA permanently barred Doraine from the securities industry to resolve allegations that he failed to provide on the record testimony in connection with an investigation of his suspected unsuitable recommendations of short term trading in mutual fund A shares, short term trading and over concentration of Puerto Rican municipal bonds.

In  pending FINRA Case 19-2841, a customer of NEXT Financial Group is seeking damages of $500,000 and alleges that during the period from 2012-2018 Doraine engaged in improper mutual fund switches, recommended unsuitable variable annuities and took advantage of the diminished capacity of one of the claimants.

In  FINRA Case 18-03088, a customer of NEXT Financial Group sought damages of $10 million and alleged that during the period from 2012-2015 Doraine recommended an unsuitable concentration in Puerto Rican bonds and excessively traded bonds and mutual funds. That case was settled in 2/2020 for over $3 million.

In  FINRA Case 18-1554, a customer of NEXT Financial alleged that from October 2012-2017  Doraine made in and out mutual fund trades that were unsuitable for a low risk tolerance account and sought damages of $2.5M. In December 2018 that case was settled for $375,000.

In NASD Case 05-2963, a customer of Doraine’s prior employer Merrill Lynch alleged that he made unauthorized trades and churned their account. That matter was settled for $400,000.

In NASD Case 01-6460 a customer of Merrill Lynch alleged churning and unsuitable recommendations and sought damages of $1.7 million. The case was settled for $350,000.

Doraine was employed by NEXT Financial Group from 3/2007-9/2019. He lists business affiliations with Doraine Wealth Management, Doraine Global Media, and KFP NE$T Egg.

Puerto Rico Debt Crisis

In early 2014, various credit rating agencies downgraded the debt of Puerto Rico to non investment grade, better known as junk status or speculative grade. This downgrade triggered acceleration clauses requiring the repayment of some debt within months, rather than years.

Puerto Rico has over $70 billion of outstanding debt, with a debt to GDP ratio of about 68%. While about $30 billion (42%) of Puerto Rico’s debt is owned by residents of Puerto Rico, the larger portion is owned by non-residents, primarily residents of the continental United States.

If you have losses in an account handled by Charles Doraine, call for a no charge consultation to learn about your options for recovery of damages.

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

Investigation of Hennion & Walsh Broker Joe I. Rodriguez-Parsippany, NJ

UPDATE AUGUST 2018– Parsippany, New Jersey

FINRA Records for Joseph I. Rodriguez disclose the following:

  • August 2017, FINRA case 16-1032 (see below) was settled for $60,000, with broker Joseph I. Rodriguez contributing $12,000 toward the settlement.
  • FINRA Case 18-1082-seeks damages of $50,000 for an unsuitable recommendation to purchase municipal debt in 2013.
  • FINRA Case 17-3108-filed in 11/2017 by a Hennion & Walsh client alleging that certain investment grade municipal bonds purchased between 2013-2017 were unsuitable. Customer seeks damages of $175,000.
  • In June 2017 another dispute was filed by a Hennion & Walsh customer who is seeking damages of $125,000 and alleging that the portfolio was over concentrated with municipal debt. FINRA Case 17-1397

ORIGINAL POST-April 2017

The FINRA records of  Joseph I. Rodriguez ,  a  stockbroker who is  employed by  Hennion & Walsh  disclose 2 prior final customer disputes and a currently pending 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 pending FINRA arbitration 16-01032 a customer of Hennion & Walsh alleges damages of $250,000 for an unsuitable recommendation to purchase  municipal bonds.

In a prior matter, FINRA case #15-2348, a customer of Hennion & Walsh alleged damages of $56,390 for an unsuitable recommendation to invest in municipal debt. That case was settled for $25,000.

Joe Rodriguez  has been employed by Hennion & Walsh since 8/1998.

We are currently investigating Joe Rodriguez on behalf of several retirees who alleges that they were sold unsuitable Puerto Rico municipal bonds.

Puerto Rico Debt Crisis

In early 2014, various credit rating agencies downgraded the debt of Puerto Rico to non investment grade, better known as junk status or speculative grade. This downgrade triggered acceleration clauses requiring the repayment of some debt within months, rather than years.

Puerto Rico has over $70 billion of outstanding debt, with a debt to GDP ratio of about 68%. While about $30 billion (42%) of Puerto Rico’s debt is owned by residents of Puerto Rico, the larger portion is owned by non-residents, primarily residents of the continental United States.

Investors who have suffered losses on Puerto Rico’s bonds may be able to recover damages from the brokerage firm who sold the bonds.

If you have losses in an account in an account handled by Joseph I. Rodriguez  , 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

Stifel Nicolaus Ordered to Pay Elderly Couple For Puerto Rico Bond Losses

Over the past few years St. Louis based Stifel Nicolaus & Co. has faced a number of problem with regulators as well as actions filed by disgruntled customers, including:

  • In 2014, Stifel Nicolaus  was fined $60,000 by the Securities and Exchange Commission to resolve securities regulator’s allegations that the improperly sold Puerto Rico junk bonds to retail investors by selling bonds below the minimum $100,000 denomination established by the issuer.
  • In February 2017, a FINRA arbitration panel in Dallas, Texas, awarded two former elderly customers over $117,000 for losses suffered as a result of having invested in Puerto Rico municipal bonds. Follow this link to the FINRA record of Stifel Nicolaus broker Robert Kyle Ratcliff. FINRA Case 15-03427, June and Perry Burns v Stifel Nicolaus.

Puerto Rico Debt Crisis

In early 2014, various credit rating agencies downgraded the debt of Puerto Rico to non investment grade, better known as junk status or speculative grade. This downgrade triggered acceleration clauses requiring the repayment of some debt within months, rather than years.

Puerto Rico has over $70 billion of outstanding debt, with a debt to GDP ratio of about 68%. While about $30 billion (42%) of Puerto Rico’s debt is owned by residents of Puerto Rico, the larger portion is owned by non-residents, primarily residents of the continental United States.

Investors who have suffered losses on Puerto Rico’s bonds purchased from a broker employed by Stifel Nicolaus & Co. 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

Sean McElduff-Hennion&Walsh Broker-Discloses Customer Arbitration Over Puerto Rico Bonds-Parsippany, NJ

April 2017- Parsippany, New Jersey

The FINRA records of  Sean J. McElduff ,  a  stockbroker who is  employed by  Hennion & Walsh  disclose a prior final customer dispute and a currently pending 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 pending FINRA arbitration 16-03651 a customer of Hennion & Walsh alleges damages of $260,000 for an unsuitable recommendation to purchase Puerto Rico municipal bonds.

McElduff  has been employed by Hennion & Walsh since 8/2008.

Puerto Rico Debt Crisis

In early 2014, various credit rating agencies downgraded the debt of Puerto Rico to non investment grade, better known as junk status or speculative grade. This downgrade triggered acceleration clauses requiring the repayment of some debt within months, rather than years.

Puerto Rico has over $70 billion of outstanding debt, with a debt to GDP ratio of about 68%. While about $30 billion (42%) of Puerto Rico’s debt is owned by residents of Puerto Rico, the larger portion is owned by non-residents, primarily residents of the continental United States.

Investors who have suffered losses on Puerto Rico’s bonds may be able to recover damages from the brokerage firm who sold the bonds.

 

If you have losses in an account in an account handled by Sean J. McElduff  , 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