Tag Archives: securities attorney

Failure to Cooperate with Regulatory Investigation, Failure to Supervise, Finra Investigation of Stockbroker, Morgan Stanley, Morgan Stanley Smith Barney, Options, Stockbroker Malpractice, StockBroker Misconduct

Matthew Singer- Former Morgan Stanley Broker-Customer Suits Over Option Investments- Aventura, FL

August 2018 – Aventura, FL

The FINRA records of  Matthew Singer,  a  broker previously employed by Morgan Stanley Smith Barney disclose 3 prior customer disputes and a 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 March of 2018,  without admitting or denying the findings, Singer consented to sanctions and entry of findings that he refused to appear for FINRA on-the-record testimony in connection with its investigation into whether Singer made unsuitable options recommendations to customers.   In March of 2018, Singer was permanently barred from the securities industry.

In December of 2016,  a client of Morgan Stanley Smith Barney,  filed FINRA Case 16-1063 and alleged unauthorized trading and misrepresentation with respect option investments from May 2015 to January 2016.    The case settled for $60,000.

In October of 2015, a client of Morgan Stanley Smith Barney, filed FINRA case 15-2767 alleging  that  Singer recommended investments were recommended that were not suitable for their level of risk.   The case was settled for $365,000.

If you have losses in an account  handled by Matthew Singer , 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

Churning, Excessive use of margin borrowing, Failure to Supervise, International Assets Advisory, Revere Securities, Stockbroker Malpractice, StockBroker Misconduct, Unsuitable Investments, Westpark Capital

Michael Polyakov- Westpark Capital Broker-Discloses Customer Disputes – Boca Raton, FL

March 2018 – Boca Raton, FL

According to publicly available records Michael Polyakov, (CRD# 734810) ,  a  stockbroker who is currently employed by Westpark Capital ,  disclose 3 prior settled 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 Case 13-01037,  a customer of  one of Polyakov’s prior employers, International Assets Advisory,  alleged “wrongful conduct by making unsuitable investments, churning and excessive trading”.   The case was settled for  $72,500.

In NASD Case 3-0376, a customer of former employer Bear, Stearns alleged excessive trading and unsuitable recommendations as well as a failure to adequately explain the risks of trading on margin. That case was settled for $182,500.

Polyakov has been employed with WestPark Capital since January 2016. He was employed by International Assets Advisory from December 2010 to February 2012,  and with Revere Securities Corp. from February 2012 to October 2015 .

If you have questions about an account in an account handled by Michael Polyakov,  contact us for a no charge consultation to discuss your legal options for recovery.

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

Cetera Advisors, Failure to Supervise, Finra Investigation of Stockbroker, Outside Business Activities, Selling Away

Scott Kozak-Former Cetera Advisors Broker-Subject of Regulatory Investigation-Highland Ranch, CO

August 2018-Highland Ranch, CO

The FINRA records of  Scott P. Kozak ,  a  unregistered broker who was last employed by  Cetera Advisors disclose  4 prior customer disputes, a currently pending investigation and a termination of 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 2009 a customer of Kozak’s prior employer, Multi-Financial Securities Corp. was awarded $51,750 to resolve allegations of securities fraud, breach of fiduciary duty and other claims.

In 2008, another customer of Multi-Financial Securities was paid $27,500 to resolve allegations that Kozak did not follow instructions resulting in substantial tax losses.

In May 2018 FINRA sent a Wells Notice to Kozak recommending that Kozak be disciplined for potential violations related to the sale of private securities and outside business activities. That investigation is currently pending.

Kozak was employed by Cetera Advisors from 7/2001 until 7/2018 when he was discharged for violating firm policy related to private securities transactions.

If you have losses in an account  handled by Scott Kozak or on private securities purchased upon his recommendation , 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

Failure to Supervise, Misrepresentation, NYLife Securities, Ponzi Schemes, Stockbroker Discharged, Stockbroker Malpractice

Joel Flaningan-Former NYLife Broker-Sued Over Woodbridge Fund Sales-Fort Wayne, Indiana

July 2018- Fort Wayne, Indiana

The FINRA records of  Joel Vincent Flaningan ,  a  former stock broker who is not currently registered and who was last employed by NYLife Securities ,  disclose  a pending customer dispute involving the allegedly fraudulent Woodbridge Mortgage Investment Funds.

A customer of NYLife has filed a suit in Allen Superior Court alleging that material facts and the risks associated with an unregistered investment in Woodbridge Mortgage Investment Fund purchased in April 2017 were not disclosed. The customer seeks the return of his $65,000 investment less income received plus 8% interest, costs and attorney fees.

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.

Woodbridge-A $1.2 billion Ponzi According to SEC

The U.S. Securities and Exchange Commission announced charges and an asset freeze against a group of unregistered funds and their owner who allegedly bilked thousands of retail investors, many of them seniors, in a $1.2 billion Ponzi scheme.

According to the SEC’s complaint, unsealed in federal court in Miami, Florida, Robert H. Shapiro and a group of unregistered investment companies called the Woodbridge Group of Companies LLC, formerly headquartered in Boca Raton, Florida, defrauded more than 8,400 investors in unregistered Woodbridge funds.

“We allege that through aggressive tactics, Woodbridge and Shapiro swindled seniors into a business model built on lies, which the SEC’s Miami Regional Office staff moved to halt,” said Stephanie Avakian, Co-Director of the SEC’s Enforcement Division.

“Our complaint alleges that Woodbridge’s business model was a sham,” said Steven Peikin, Co-Director of the SEC’s Enforcement Division. “The only way Woodbridge was able to pay investors their dividends and interest payments was through the constant infusion of new investor money.”

“Our complaint further alleges that Shapiro used a web of layered companies to conceal his ownership interest in the purported third-party borrowers,” said Eric I. Bustillo, Director of the SEC’s Miami Regional Office.  “Shapiro used the scheme to line his pockets with millions of investor dollars.”

Flaningan was employed by NYLife Securities   from 19/2009-5/2018 when he was discharged by NYLife Securities when the company learned of his sale of Woodbridge Funds. Flaningan operated his insurance sales business under the dba name of Advanced Strategies Group.

If you have losses in an account handled by Joel Flaningan, 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

Misrepresentation, Structured Products, Unsuitable Investments

How to Recover Losses on Future Income Payments Losses

July 2018 UPDATE

Investors in Future Income Payments LLC (FIP) who made their investment upon the recommendation of a registered stockbroker, a registered investment advisor, accountant  or a licensed insurance agent may be able to recover damages for their losses.

While FIP touted itself as “the industry leader and an innovator in buying and selling secondary market pension cash flows….’  numerous officials from various states have alleged that FIP is actually issuing loans which are disguised as sales and charging exorbitant and sometime usurious rates on interest on the loans.

Securities regulators in a number of states (including California, Colorado, Indiana, Iowa, New York, North Carolina, Massachusetts, Pennsylvania and Washington) have issued cease and desist orders curtailing FIP’s practices in those states.

New York regulators shut FIP down in that state and required them to pay back any interest charged plus a $500,000 fine for operating illegally and charging interest at rates as high as 130%.

In May 2018 The Pennsylvania Department of Banking and Securities announced reaching an agreement with FIP (formerly Pensions, Annuities and Settlements, LLC) and owner Scott A. Kohn to provide restitution and relief to over 300 Pennsylvania resident victims. Link to the agency press release. 

Regulatory investigations and actions are pending in another 15 states.

Veterans Targeted -$60K for a $20K Advance

According to recent press, Mr. Wright, a Vietnam Veteran found FIP’s website online and applied for an advance of $20,000 on his military pension. He signed the paper work from FIP, received the advance and months later did he realize that he had agreed to pay FIP $500 a month from his construction pension for ten years. He would be paying $60,000 back for the $20,000 advance.

“This company preys upon vulnerable people who are desperate for money”, according to Iowa Attorney General Tom Miller. “For a few thousand dollars in cash upfront, you’re forced to sign over tens of thousands of dollars from your future pension income. That’s what we call predatory lending. ” 

Regulators are also targeting an affiliate , Pensions  Annuities and Settlements, which is owned by Scott Kohn, the owner of FIP .

Investors in FIP have reported that monthly distributions have been reduced and in most cases, completely suspended.

If you have questions about an investment you made in Future Income Payments LLC, call for a no charge consultation with an experienced securities attorney to learn how you may be able to recover your 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