Tag Archives: stockbroker malpractice

Jack D. Stone-Former Forest Securities Broker-Discloses Customer Disputes & Regulatory Issues-Hillside, IL

September 2019 – Hillside, IL

The FINRA records of Jack David Stone  , a former stockbroker who was last employed by  Forest Securities, Inc. disclose 4 regulatory events, 1 pending customer dispute, 2 prior customer disputes, a termination from employment and a bankruptcy.

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 9/2019, FINRA  without admitting or denying the findings,  Stone consented to the sanction and to the entry of findings that he refused to appear for  FINRA on-the-record testimony in connection with an investigation into his securities activities while at his member firm, including possible misrepresentations to customers, use of discretion and unauthorized transactions.  Stone was permanently barred from the securities industry by FINRA.

In 1/2013 a customer of his prior employer Birkelbach Investment Securities was paid $100,000 to resolve allegations that Stone made unsuitable investments and churned the customer’s account. FINRA Case 11-822,

In pending FINRA case 17-2211 a customer of Forest Securities alleges that Stone churned the account, committed fraud and made unauthorized trades in the account. Damages are not specified.

In 5/2000 Stone was permitted to resign from Schwab Capital Markets following being barred from New York Stock Exchange membership for three years.

Stone discloses a pending Chapter 7 bankruptcy in the Bankruptcy Court for the Northern District of Illinois.

Stone was employed by Forest Securities from 4/2012-8/2019.

If you have problems in an account  handled by Jack D. Stone  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

Scott Shoup-Cetera Advisor Networks Broker-Discloses Customer Disputes-Sewickley, PA 

September 2019- Sewickley, PA

According to publicly available records Scott Eugene Shoup (CRD#1874559) , a  stockbroker who is currently registered Cetera Advisor Networks,  disclose 1 pending and 4 final 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.

From 6/ 2004 to 5/2005,  4 clients of Financial Investment Analysts filed customer disputes with allegations including: breach of contract, negligence, breach of fiduciary duty, misrepresentation, non-disclosures, unauthorized trading, omission of facts, suitability and fraud.  Total settlements paid on these cases was about $147,000.

In October of 2015, a Cetera Advisor Networks customer filed a claim in the Court of Common Pleas in Westmoreland County, PA, alleging forgery of securities and misrepresentation or misleading information.    The claim alleges that Shoup had the client’s name removed from monthly distributions from a joint annuity and that her husband was forging her name on the checks.   The client is seeking $500,000 in damages in this pending matter .

Shoup has been employed by Cetera Advisor Networks since 9/2013  He was registered with Walnut Street Securities from 2004 until 2013.     Shoup discloses a business affiliation with Vicus Capital, Inc.,  and Pennsylvania Financial Group (PFG) in State College, PA. 

If you have questions about an investment account handled by Scott Eugene Shoup contact us for a no charge consultation to learn about 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

Michael Giokas-Former Fortune Financial Services-Broker-Pleads Guilty to Fraud-Williamsville, NY

September 2019- Williamsville, NY

According to publicly available records  Michael Giokas (CRD# 1398674) ,  a  former stockbroker who was last  employed by Fortune Financial Services, Inc.,  disclose  2 prior regulatory events, a felony fraud criminal charge , 3 pending and 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.  

According to a Department of Justice news release, in April 2018 Michael Giokas, 58, of Clarence, NY, pleaded guilty to wire fraud for defrauding numerous clients of hundreds of thousands of dollars. He faces up to 20 years in prison on the charges.

According to the release, between 5/2017-10/2017, he persuaded clients to withdraw money from their  accounts at Nationwide Mutual and invest in a company called Trinity Council, with a promise to earn 8-9% annually. Trinity Council was a shell company with no real business, set up to accomplish the fraud.

Settlements totaling several hundred thousands have been paid out to customers already. Pending customer claims exceed $1 million.

Giokas was employed with Fortune Financial Services, Inc. from 2/2013 until 10/2017.    Prior to that he was employed by Comprehensive Asset Management and Servicing, Inc., from March 2002 until February 2013.    Giokas discloses  business affiliations with Giokas Wealth Advisors and Giokas Financial Services in Williamsville, NY.

If you have losses in an account handled by Michael Giokas, contact us for a no charge consultation to learn how you may be entitled 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

Michael Bressman-Former FCG Advisors Broker- Pleads Guilty to Investment Advisor Fraud-Chatham, NJ

September 2019- Chatham, NJ

According to publicly available records  Michael Bressman ,  a  currently unregistered stockbroker, who was last registered with FCG Advisors discloses a pending investigation, a pending civil event, a pending criminal event,  two prior regulatory events, a pending customer dispute, 4 prior customer disputes  and  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.

In 9/2018 Bressman was charged with investment advisor fraud, a felony, in Federal Court in Massachusetts.  Case# 18cr 10315. In June 2019, Bressman pleaded guilty to defrauding clients by engaging in a cherry-picking scheme, according to a news release from the Department of Justice. Pursuant to the plea deal, the government recommended a sentence of 24-40 months.

In 9/2018 the United States Securities and Exchange Commission filed case # 1:18cv11925 in Federal Court with the United States District Court for the District of Massachusetts alleging the following against Michael A. Bressman “This case involves a fraudulent “cherry picking” scheme carried out by Bressman in his role as a securities broker.   From at least January 2012 through February 2018, Bressman  secretly misused his access to his customers’ brokerage accounts to enrich himself and two of his family members at the expense of his customers- most of whom were “Main Street” investors with relatively modest investment portfolios.   As a result of his deceptive scheme, Bressman received at least $700,000 in ill-gotten gains.  Cherry-picking occurs when a broker, who buys and sells securities on behalf of his brokerage customers, defrauds those customers by purchasing stock and then waiting to see whether the price of the stock goes up, or down, before allocating the trade.    If the stock goes up, the broker keeps the trade for himself or a set of “favored” accounts.   If the stock goes down, the broker puts the trades into other disfavored customer accounts.   In other words, the broker “cherry-picks” the profitable trades for himself or certain favored accounts, while giving unprofitable trades to his other customers. “ That case is still pending.

In February of 2018 the United States Securities and Exchange Commission initiated an investigation that is still pending.   “Mr. Bressman was accused of, among other things, misusing the firm’s allocation account in connection with his personal trades.”

Michael Bressman worked for FCG Advisors from 2/ 2000 until May 2018 when Bressman was discharged from FCG Advisors after allegations were made that accused him of, among other things, misusing the Firm’s allocation account in connection with his personal trades.

Bressman was discharged by Merrill Lynch in 1/2000 after it was alleged by a customer that he had traded her account without her authorization.

If you have questions about an investment account handled by Michael Bressman, contact us for a no charge consultation to learn about 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

Wayne Boucher- Former Corecap Investments Broker- Discloses Settlement of Customer Disputes-Southfield,MI

September 2019 -Southfield, MI

According to publicly available records Wayne T. Boucher  (CRD#26819) , a currently unregistered  stockbroker who last worked for  Corecap Investments disclose  32 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 the most recent matter, FINRA case 16-3202, a customer of CoreCap Investments/Leonard & Co./ L.M. Kohn alleged that Boucher was negligent, committed fraud, and violated FINRA rules in conjunction with the sale of corporate bonds and sought damages in the range of $800,000-$1.4 million. In 1/ 2018 that matter was settled for $167,500.

Boucher’s FINRA records disclose that during his career 31 suits  brought by his customers were resolved with cash payments. Total settlements are nearly $2 million.

Boucher  was employed by Corecap Investments  from October 2012 until March of  2017.

If you have questions about an account handled by Wayne Boucher contact us 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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870