Tag Archives: securities attorney

Commonwealth Financial Network, Forgery, Stockbroker Discharged, Stockbroker Malpractice, StockBroker Misconduct, Unauthorized Trading

Gerald Eaton-Former Commonwealth Broker Barred from FINRA-Terminated After Allegations of Forgery-Waltham, MA

June 2020- Waltham, MA

The FINRA records of Gerald Allan Eaton  , a former stock broker who was last employed  by  Commonwealth Financial Network , disclose a regulatory event resulting in his bar from the securities industry 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 November 2019, Eaton was permanently barred from the securities industry by the FINRA  after allegations that Eaton failed to provide documents and information requested by FINRA in connection with its investigation into the reason for  his termination by Commonwealth.

Eaton worked for Commonwealth Financial Network from March of 1995 until October 2019, when he was discharged by Commonwealth who alleged that he had committed forgery and wrongfully taken property.

If you have problems in an account  handled by Gerald Allan Eaton  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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Berthel Fisher and Company, Finra Investigation of Stockbroker, Stockbroker Malpractice, Unsuitable Investments

Bethel Fisher Discloses SEC Investigation and Customer Lawsuits

June 2020

Cedar Rapids based Berthel Fisher & Company Financial Services, Inc. discloses that the company is being investigated by the Securities and Exchange Commission (SEC) regarding whether the company   breached its fiduciary duties by receiving SEC Rule 12b-1 fees from mutual funds and other fees in investment advisory accounts. Berthel discloses that they may be facing costs of up to $600,000 in connection with the SEC investigation.

In addition Berthel discloses that they are currently defending customer lawsuits seeking damages from  ranging $40,000 to $4.6 million, for which it  has reserved $1.8 million.

Berthel Fisher has been the subject of several recent regulatory sanctions, including:

  • FINRA assessed a fine of $675,000 and censured Berthel over its sales of non traded REITs and other alternative investments.
  • New Hampshire regulators sanctioned Berthel over $400,000 in fines, restitution and costs in connection with unsuitable sales of Unit Investmetn Trusts (UITs)

Link to Berthel Fisher’s recent Financials

Link to Berthel Fisher’s FINRA CRD

If you have questions about an account handled by Berthel Fisher, call to learn 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

Next Financial Group

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

Garden State Securities, StockBroker Misconduct, Unsuitable Investments

Anthony Joslin- Garden State SecuritiesBroker- Discloses 2 Regulatory Events, 5 Final Customer Disputes, a Pending Customer Dispute and a Termination- Red Banks, NJ

June  2020-Red Bank, NJ

According to publicly available records. Anthony R. Joslin (CRD#2281191), a stockbroker employed with Garden State Securities, Inc.  discloses 2 regulatory events, 1 pending customer disputes,  7 prior customer disputes and a termination 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 6/2014 Massachusetts filed case R-2014-0047 alleging that Garden State Securities, Inc.  submitted to FINRA’s CRD an application of securities industry registration seeking registration of Joslin as an agent of Garden State in Massachusetts.   Joslin has been the subject of 8 customer complaints, as reported on the CRD, alleging inter alia, unsuitability unauthorized trading, failure to follow instructions and churning.   Joslin individually contributed $103,000 towards the settlement of these complaints.    According to information disclosed on the CRD, Joslin voluntarily resigned while under investigation by his former firm, Grayson Financial, into whether Joslin misappropriated the firm’s propriety information.  Joslin was fine $5,000 and was suspended from NASD for 30 days.

In 2004 NASD filed case C9B040047 alleging that Joslin failed to reasonably supervise registered representative of member firm, so as to prevent violations of applicable rules.   He was assessed a $5,000 monetary fine.

From 2000 to 2005,  five customer complaints were filed  alleging among other things, poor performance, unsuitability, unauthorized trades, failure to follow instructions, excessive commissions and churning.   The cases were settled for the collective amount of almost $200,000.

In 6/ 2019, a  customer of Garden State Securities, Inc. filed FINRA case #10-00711 alleging negligence, breach of contract, breach of fiduciary duty, fraud and misrepresentation.    The customer is seeking damages of over $300,000.   This case is pending.

In 2003 Joslin was allowed to voluntarily resign from Grayson Financial after investigating whether Joslin, while employed at Grayson, took steps to solicit the transfer of Grayson client accounts to JP Turner and directed the misappropriation of proprietary firm information.

Joslin has been employed by Garden State Securities, Inc.  since March 2014.

If you had an account with Anthony Joslin that suffered losses, you may be entitled to collect damages from his employer. Call 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

Broker Disclosing Outstanding Liens/Judgments, Failure to Supervise, H.D. Vest, Prospera Financial Services, Stockbroker Malpractice, StockBroker Misconduct, Unsuitable Investments

Michael Kamperman-Former HD Vest Broker-Discloses Regulatory Event, Customer Disputes and a Tax Lien-Waco, TX

May 2020-Waco, TX

According to publicly available records of Michael Kamperman (CRD#2002603) ,  a  former stockbroker who last worked for HD Vest Investment Services  discloses  a regulatory event, customer disputes and a tax lien.

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 Case 2016050400401, alleged Kamperman was suspended for 18 months and fined $20,000 to resolve allegations that he  made  investment recommendations in the 401(k) and IRA retirement accounts of customers  that were unsuitable based on the customer’s financial situation and needs, risk tolerance, investment experience and investment objectives.    The customers suffered over $407,000 in trading losses as a result.

In June of 2016, in FIRNA case 16-01641, a Prospera Financial Services customer alleged that their accounts decreased in value, their investments were not suitable, were over concentrated and that they were not informed of the risk associated with their investments.   Breach of fiduciary duties and contract were also alleged.    The case was settled for $320,000.

In February 2016, the IRS filed an $81,000 tax lien in McLennan County, Texas against Kamperman.

Kamperman was employed with HD Vest Investment Services  from December 2014 until June of 2017.   Before that he was Prospera Financial Services, Inc. and UBS Financial Services, Inc.

If you had an account with Michael Kamperman   that suffered losses, you may be entitled to collect damages from his prior employer. Call 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