Tag Archives: stockbroker malpractice

Abed William Lulu-Former Worden Capital Broker- Discloses 6 Regulatory Event & Customer Suits – Melville, NY

June 2019-Melville, NY

The FINRA records of  Abed William Lulu ,  a  financial advisor previously employed by  Worden Capital Management disclose 6 regulatory events,  3 prior customer disputes, 4 outstanding judgments.

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.

Prior regulatory events for Lulu include:

FINRA case # 2017055568801 filed in 2/2018-Lulu failed to request termination of his previous suspension within the required time frame and was permanently barred from association with any FINRA member in any capacity.

FINRA case 2014040347901 was filed in 1/2016.   Without admitting or deny the findings, Lulu consented to the entry of findings that he failed to disclose that he was the subject of an IRS tax lien and a New York State tax lien.  He also provided false information to his member firm stating that he had no judgments or liens against him.   Lulu received a three month suspension and $5,000 fine.

In 2004,  the Colorado Division of Securities suspended Lulu as sanctions for allegations of unsuitable trading, unauthorized trading, unfair and dishonest dealings, securities fraud and failure to supervise.

In 8/2017,  a Laidlaw and Company (UK) Ltd. customer filed FINRA case #17-02227 alleging unsuitability and excessive trading.   That case settled for $23,000.

Lulu  discloses outstanding 2 currently outstanding Federal & StateTax Liens and 2 civil judgments.

Abed Lulu was registered with Worden Capital Management  from May to August of 2016.  . His prior employment in the financial industry includes Rockwell Global Capital, Rockwell Global Capital, Laidlaw and Company and Global Arena Capital.

If you have losses in an account  handled by Abed William Lulu , 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

Jodie LaMarre- Former Robert W. Baird & Co. Broker- Discloses Regulatory Event & Two Settled Customer Disputes-Sarasota, FL

June 2019- Sarasota, FL

According to publicly available records Jodie A. Lamarre (CRD#2127928) ,  a  stockbroker who is currently not registered  discloses a regulatory event and 2 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 February  2018,  without admitting or denying the findings, LaMarre consented to sanctions and to the entry findings that she recommended an unsuitable strategy involving the consolidation of an elderly customer’s assets in a single taxable account without regard to the fact that several of these assets were in tax deferred accounts .  The customer had a total net worth of less that $200,000 and was living on fixed income. As a result of LaMarre’s actions the customer was faced with an increased tax liability. FINRA suspended LaMarre for 1 year suspension and assessed a $10,000 monetary fine. FINRA case 2015046052701.

In December 2016,  a Robert W. Baird & Co., customer filed a complaint that alleged that LaMarre’s poor advice led him to sustain losses related to the purchase of a variable annuity.  The case was settled for $30,000 in 3/2017.

In May of 2015, another Robert W. Baird & Co, customer  alleged that LaMarre gave poor advice regarding distribution/surrender of annuities following the death of client’s husband, causing  unintended negative tax consequences.  This case settled for $10,000.

Lamarre was  employed with Janney Montgomery Scott from February 2015 until November 2017.   Before that she was with Robert W. Baird & Co, from July 2008 until February 2015.

If you have questions about an investment account handled by Jodie Ann Lamarre 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

Richard D. Niemann- USB Financial Broker-Discloses Regulatory Event and Customer Settlements- Sugarland, TX

May 2019- Sugarland, TX

According to publicly available records Richard D. Niemann (CRD#348144) ,  a  stockbroker who is currently registered with USB Financial Services, Inc.,  discloses a regulatory event and 2 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 3/ 2019,  without admitting or denying the findings, Niemann consented to sanctions and to the entry findings that he exercised discretion in customers’ accounts without obtaining prior written authorization.   The findings stated that Niemann did not obtain written authorization from his firm to make trades in the accounts on a discretionary basis.   The sanctions ordered were a 15 day suspension and a $5,000 monetary fine. FINRA case 2018057927801 .

In March of 2008,  a USB Financial Services, Inc., customer filed a complaint that arose out of the sale of an auction rate security (ARS) that was made prior to the widespread illiquidity in the ARS market that occurred.    The case settled for $575,000.

In June of 2008, another USB Financial Services, Inc., customer complaint arose out of the sale of an auction rate security (ARS) that was made prior to the widespread illiquidity in the ARS market that occurred.  The case settled for $75,000.

Niemann has been employed with USB Financial Services, Inc.  since January 2002.

If you have questions about an investment account handled by Richard D. Niemann 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

Renee Altamirano-Former LPL Broker-Discloses Regulatory Event and Termination-Hot Springs Village, AR

May 2019-Hot Springs Village, AR

According to publicly available records Renee Valerie Altamirano (CRD#5644156) ,  a  stockbroker who is currently not registered,  discloses a regulatory event 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.

Without admitting or denying the findings, Altamirano consented to sanctions and to the findings that she refused to appear for FINRA on-the-record testimony in connection with a FINRA investigation into allegations that Altamirano engaged in an undisclosed outside business activity selling merchandise on eBay, some of which belonged to her supervisor and her member firm.   As result of this investigation, Altamirano was permanently barred from FINRA. FINRA case 2018058102601

In March of 2018, Altamirano was discharged from LPL Financial after allegations of  violation of firm policy regarding outside business activities, consisting of online sales of various merchandise.   She was not the owner of some of the items.

Altamirano was employed with LPL Financial  from August 2014 to March of 2018.   Altamirano discloses a business affiliation  with  Rigney Financial Services.  

If you have questions about an investment account handled by Renee V. Altamirano 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

Ahmad Wares- Former Salomon Whitney Financial Broker- Discloses Customer Suits and Termination- Melville, NY

June 2019 – Melville, NY

According to publicly available records, Ahmad Wares,  a financial advisor previously with Laidlaw & Company discloses 1 pending and 9 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  FINRA Case 13-00649, a customer of Wares’ prior employer EKN Financial Services, Inc.  was paid $46,984.84  to resolve allegations of unauthorized trading, unauthorized use of margin, excessive and improper trading and churning.

From April 2001 to November 2015, Wares had 7 customer complaints alleging unauthorized trading, failure to follow instructions, churning, unsuitability,  common law fraud, fraud in violation of federal securities laws, negligence, negligent supervision, liability, breach of contract, breach of fiduciary duty and unjust enrichment.

These cases were brought by customers of his previous employers – First Midwest Securities, Inc., GBI Capital Partners, Inc.,  EKN Financial Services and  Laidlaw & Company (UK). The monetary settlements were nearly $400,000 of which $155,350 was paid by Wares personally.

In currently pending FINRA case 18-01055 ,  a Salomon Whitney Financial customer alleges churning, negligence, unsuitability, unauthorized trading and breach of contract and is seeking damages of $195,132 .

In 2009, Wares was discharged from First Midwest Securities, Inc., after allegations that he failed to respond to client complaint and left the firm owing money due to a  negative balance of $112,415 in a client account.

Wares has been employed by Worden Capital Management since April of 2017,  He was employed with Salomon Whitney Financial  from December 2015 until March 2017. Prior to that he was with  Laidlaw & Company and  EKN Financial Services, Inc.

If you have questions about an investment account handled by Ahmad Wares  contact us for a no charge consultation to learn about your legal 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