Tag Archives: stockbroker malpractice

Steven Harris-Former Transamerica Financial Broker-Barred from FINRA- Burr Ridge, IL

April 2021- Burr Ridge, IL

According to publicly available records, former Transamerica Financial Advisors, Inc.  financial advisor Steven Harris, discloses two regulatory events, a termination and has been barred from the securities industry.

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 2020 FINRA case # 2019062092401 alleged that Harris manufactured faked documents that he then provided to FINRA in response to its request during an investigation of his undisclosed outside business activity.    The complaint alleges that FINRA requested that Harris provide certain financial information and bank statements and in response Harris provided false and incomplete information to it.    Harris created fake bank statements for other accounts he purported to hold and provided manufactured documents to FINRA.    The complaint alleges that Harris repeatedly lied about his actions during an on-the-record testimony, falsely claiming that he did not alter any of the records that he produced to FINRA.   Harris was permanently barred from FINRA in all capacities.

In September of 2017 case 2017053990001 alleged that Harris failed to respond to FINRA request for information.   Sanctions were a 30 day suspension. Harris was employed with Transamerica Financial Advisors, Inc., from August of 2018 until May of 2019 when he was terminated after a complaint was received by the firm alleging that Harris had received funds from a client in relation to an investment opportunity that was not approved by the firm.

Harris was employed with Transamerica Financial Advisors from March of 2018 until May of 2019 when he was discharged after a complaint was received by the firm alleging that Harris had received funds from a client in relation to an investment opportunity not approved by the firm.    

If you have losses in an account handled by Steven Harris, call 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

Jason Poff-Allstate Financial Services-Discloses Customer Complaint & Regulatory Event-Houston, TX

April 2021- Houston, TX

According to his FINRA record  Jason H. Poff , a financial advisor employed by Allstate Financial Services  discloses a pending regulatory investigation and a prior 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 12/2020 FINRA initiated an investigation into an alleged outside business activity operated by Poff while he was employed by LPL Financial. According to the regulatory complaint Poff drafted consulting contracts between this outside business and his FINRA firm. The entity was to offer loans and process cashier’s checks . It is alleged that Poff falsely attested to his FINRA member firm that he was not involved in any outside business activities.

In 2009, a customer of Poff’s then employer, Chase Investment Services was paid about $38,000 to resolve allegations that Poff failed to follow instructions relating to a variable universal life insurance policy.

Prior to working for Allstate Financial, Poff was employed by LPL Financial, Merrill Lynch and Chase Investment Services. Poff discloses a business affiliation with Ursus Financial Group located in Houston, TX.

If you have questions about  an account handled by Jason Poff call for a no charge consultation with an experienced securities attorney.

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

Beliveau Bays-Former LPL Financial Stockbroker-Discloses Customer Complaints-Plano, TX

April 2021- Plano, TX

According to his FINRA record  Beliveau Bays, a financial advisor previously employed by LPL Financial and Woodbury Financial Services discloses 2 pending and 2 prior customer disputes and 2 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.

While employed by Woodbury Financial Services two customers complained that Bays had recommended unsuitable purchases of real estate investments. Both of those claims were denied and it appears from the public record that the customers did not proceed with the filing of arbitration.

There are two currently pending customer disputes, both of which allege that Bays affixed the customer’s signature to account documents. No specific damages are alleged.

In 2/2021 Beliveau Bays was discharged by LPL Financial. LPL alleged that Bays provided misrepresentations to the firm in response to inquiries surrounding Bays submission of key person life insurance applications.

Earlier in his career Bays was discharged by Merrill Lynch in 3/2016 who alleged that Bays traded in customer accounts without the customer’s authority.

If you have questions about  an account handled by Beliveau Bays of Bays Capital Management call for a no charge consultation with an experienced securities attorney.

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

Stewart K. Williams, Sweetwater, TX, Man Pleads Guilty to $12.3 Million Wire Fraud

APRIL 2021-Sweetwater, Texas

According to Prerak Shah, Acting U.S. Attorney for the Northern District of Texas, a former Sweetwater businessman – Stewart Kyle Williams, 31,  has pleaded guilty to a $12.3 million wire fraud scheme. Link to Press Release. 

As stated in court documents, Mr.  Williams committed these crimes in The Northern District of Texas after committing another wire fraud scheme in The Southern District of Texas where he pled guilty to four counts of wire fraud.   

As a result of his conviction, Williams was sentenced to 70 months in federal prison and he has been ordered to pay restitution of $2,071,925 for his crimes in The Southern District of Texas. While on release in The Southern District of Texas, Williams formed and unregistered sole proprietorship –  AZS Trenching.   This company performed freight and trenching services in the West Texas Permian Basin. In January of 2019, Williams and a privately held Midland, Texas business – Navarone Capital, entered into an agreement that sold AZS Trenching accounts receivables to Navarone.     This allowed Williams to receive cash up front from Navarone for part of the value of services listed on the AZS invoices.    Under the agreement, AZS Trenching invoices were confirmed by Navarone with the respective companies. In March of 2019, Williams needed another agreement for work that AZS Trenching was supposedly doing for HIS Pipeline Company.   Navarone met their due diligence by requiring assurances from HIS Pipeline.    Williams assembled fake invoices by assuming the identity of a HIS employee.    He also acquired and email address to carry out this fraud.    In each communication Williams falsely assured Navarone that AZS Trenching was performing the working listed in the fake invoices.

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