Tag Archives: stockbroker malpractice

Laurie Schneider Sentenced to Three Years for Ponzi Scheme

November 7, 2014- Laurie Schneider of Oceanside, who had pleaded guilty to wire fraud earlier this year, was sentenced to three years in prison by U.S. District Court Judge Denis Hurley for running a $7 million Ponzi scheme.

Schneider, age 39, made a tearful plea for leniency apologizing for the fact that some investors lost their life savings.

The scheme involved the operation of two shell companies Janitorial Close-Out City Corp. which falsely represented that it bought industrial equipment from China for resale in the US and Eager Beaver Realty which falsely represented that they were buying and selling foreclosure properties on Long Island.

Rex Securities Law provides nationwide representation to investors 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.

Rex Securities Law

561 391 1900

Class Action Lawyers Have Tendency to “Buy Themselves Off” Per Judge

November 7. 2014- At a class action litigation conference in New York City, Ninth Circuit Chief Judge Alex Kozinski said that “There’s a tendency for lawyers to buy themselves off” when deciding whether to settle class actions.

Citing the potential for huge paydays for the plaintiff lawyers handling class actions Judge Kozinski suggested that creates an inherent conflict which interferes with the goal of achieving the best result for the clients.

Kozinski is an objector in a class action pending against Nissan over weak batteries and has filed an objection in that action arguing that the plaintiff lawyers have not conducted adequate discovery and yet are proposing a settlement which will pay them nearly $2 million in fees.

Investors who are seeking recovery of investment losses due to the fraud or negligence of a stockbroker have the option of filing for arbitration with FINRA dispute resolution . Arbitrations are generally resolved in about 12 months and generally are far less costly than court litigation. See this for more. 

Rex Securities Law provides nationwide representation to investors 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.

Rex Securities Law

561 391 1900

Charles R. Kokesh Found Guilty in $35M SEC Suit

November 7, 2014- Sante Fe businessman Charles R. Kokesh was found guilty by a jury in New Mexico of misspending $35 million in investor funds in a suit brought by the Securities & Exchange Commission (SEC).

Andrew Ceresney, Director, SEC Division of Enforcement issued the following statement: “We are pleased that the jury found Kokesh liable for defrauding his firm’s advisory clients and making false public filings with the SEC.  Kokesh owed his clients the highest duty of trust and confidence, but he betrayed that duty by systematically looting approximately $35 million in client funds over many years.  Today’s result reaffirms our commitment to hold unscrupulous industry professionals accountable for their wrongdoing.”

From 1995-2007 Kokesh operated four SEC registered business development companies:

  • Technology Funding Medical Partners I

    Technology Funding Partners III

    Technology Funding Partners IV

    Technology Funding Partners V

    Rex Securities Law provides nationwide representation to investors 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.

Rex Securities Law

561 391 1900

Michael J. Smeriglio, III, Metlife Securities Broker, Sanctioned by Securities Regulators

November 3, 2014

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.

FINRA records are public and can be accessed on the BrokerCheck website. 

FINRA barred Michael J. Smeriglio III from the securities industry for failing to provide documents and information in connection with a FINRA investigation into allegations that Smeriglio converted customer funds from the customer’s estate and trust.

FINRA records indicate that Smeriglio was registered with Metlife Securities from 10/2002-7/2014.

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

Former Ameriprise Broker Radcliffe Daly Sanctioned by FINRA

11/5/2014- Former Ameriprise broker Radcliffe Daly submitted a Letter of Acceptance Waiver and Consent to FINRA to resolve allegations that he mismarked over 250 order tickets that were solicited as being unsolicited. In addition FINRA alleged that he engaged in private securities transactions and traded accounts without customer authorization.

Daly neither admitted nor denied the allegations.

According to the pleading, Daly recommended a penny stock, Sloud, Inc. (SLOU) placing 292 buy transactions, of which 253 were marked “unsolicited”. Since the customers had not initiated the purchases they should have been marked ‘solicited’. Sloud, Inc. became Leone Asset Management, Inc. (LEON)  in August 2013.

Daly was suspended for nine months and assessed a $15,000 fine.

According to FINRA records, Daly was registered with the following firms:

  • IFS Securities                         3/2014-6/2014
  • Ameriprise Financial         7/2003-1/2014

If you suffered losses in an account handled by Daly, contact us to find our how you may be able to recover damages.

Rex Securities Law provides nationwide representation to investors 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.

Rex Securities Law

561 391 1900