Tag Archives: stockbroker negligence

FSC Securities Corporation, Stockbroker Malpractice, StockBroker Misconduct, Unsuitable Investments

Rodney D. Potratz-FSC Securities Corporation Broker-Discloses $6 Million Pending Customer Dispute-Clive.IA

February 2020 -Clive, IA

The FINRA records of Rodney David Potratz  , a stockbroker  who is currently registered with FSC Securities Corporation , disclose a $6 million pending 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  FINRA case #19-03409,  a customer of FSC Securities Corporation alleges that various alternative investments were inappropriately recommended and is seeking damages of $6 million.

Potratz  has been employed with FSC Securities Corporation since October of 2003.

Potratz discloses a business affiliation as an insurance agent with Stonebridge Financial Advisors.

If you have questions about an account handled by Rodney David Potratz  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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Borrowing from Customer, First Western Securities, Stockbroker Malpractice, StockBroker Misconduct

Kerry Dean Wills- First Western Securities Broker- Suspended for Borrowing from Elderly Customer- Hurst, TX

February 2010-Hurst, TX

According to publicly available records of Kerry D. Wills (CRD#1353739) ,  a  stockbroker employed with First Western Securities, Inc.,  discloses a regulatory event resulting in a suspension and a civil fine.

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 January 2020, without admitting or denying the findings, Wills consented to sanctions and the entry of the findings that he borrowed $150,000 from a 90 year old customer in violation of his member firm’s procedures.  The findings stated that at the time of the loan, the customer maintained accounts at the firm and that Wills was the broker of record assigned to the customer’s account.   The loan was memorialized with a promissory note that provided for a ten year term and a two percent interest rate.   Wills never disclosed the loan to his firm or otherwise sought an exemption for the  firm’s procedures prohibiting the acceptance of a loan from a firm customer.  Wills made one annual payment on the loan, but the customer never cashed the check.  The customer passed away six months later, leaving a trust document that provided for forgiveness of the loan.  The findings also stated that Wills accepted a gift of approximately $19,500 in luxury travel from the customer.   Wills did not disclose the travel gifts on the firm’s gifts and gratuities logs, despite the requirement that he do so in the violation of the firm’s procedures.   The sanctions ordered were a six month suspension from FINRA ending October 17, 2020 and a $10,000 fine.

Wills has been employed by First Western Securities, Inc. since November of 2009.  Prior to that time he was with Morgan Stanley Smith Barney, Citigroup Global Markets, Inc.  and Dean Witter Reynolds, Inc.

If you have questions about an account handled by  Kerry Dean Wills call to speak 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

Alternative Investments, Failure to Supervise, Private Placements, Raymond James, Stockbroker Malpractice, StockBroker Misconduct, Unsuitable Investments

John T. Howard-Raymond James Broker-Discloses $1.13 Million Award & Pending Customer Dispute-Birmingham, AL

February 2020- Birmingham, AL

The FINRA records of John Troy Howard (CRD#2264121)  , a broker with Raymond James & Associates, Inc. discloses a prior arbitration award and a pending 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 March 2008 a customer of  Morgan, Keegan & Company, Howard’s previous employer, filed FINRA case #08-00667 alleging breach of contract, breach of fiduciary duty, breach of common law duties of care, good faith and best execution, breach of common law duty of not to engage in unauthorized transactions and negligence.  Damages awarded were $1,134,601.

In 9/2019 a  Raymond James & Associates, Inc. customer  filed FINRA case #19-02833 , alleging breach of fiduciary duty, negligence, breach of contract, violations of the Alabama Securities, and violations of the Securities and Exchange Act by Howard.   The customer seeks damages of $160,000.

Howard  has worked for Raymond James & Associates, Inc.  since 2/2013.    Before that he was with Morgan, Keegan & Company and  AmSouth Investment Services.    

If you have questions about an account handled by John Troy Howard  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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Dempsey Lord Smith, Failure to Supervise, Kalos Capital, Stockbroker Malpractice, StockBroker Misconduct, Unsuitable Investments, Wachovia

Joseph Roop-Former Kalos Capital Broker-Discloses 6 Prior Customer Disputes & 1 Pending Customer Dispute-Belmont, NC

February- 2020 – Belmont, NC

The FINRA records of Joseph Patrick Roop,  a broker currently employed by  Dempsey Lord Smith,  disclose  6 prior customer disputes and 1 pending 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 10/2018  a  customer of Kalos Capital, Inc.  was paid $90,000 to  resolve allegations of unsuitable investments and sale of securities by a rep that was not property registered in the State of Alabama.

Between 8/2010 and 1/2014, three Bank of America Investment Services customers were paid a total of $115,500 to resolve allegations including misrepresentation, omission of material facts,  excessive trading, unsuitable investments by Roop.

In 2/2009 and in 6/2009, two customers of Wachovia Securities were paid a total of $141,000 to resolve allegations that included unsuitable options trading.

In 5/2019 a Kalos Capital, Inc., client filed FINRA case #19-2019 alleging unsuitable investments in alternative investments and alleges damages of $450,000.  The case is pending.

Joseph Patrick Roop  has been employed with Dempsey Lord Smith since 7/2019.   Before that he was with Kalos Capital from 4/2009 until 7/2019.   He was previously with Wachovia Securities and bank of America Investment Services.    

If you have questions about an account  handled by Joseph Patrick Roop  call for a no charge consultation to learn more 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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Brookstone Securities, Crown Capital Securities, Elder Financial Abuse, Lincoln Investment, Stockbroker Malpractice, StockBroker Misconduct, Theft

Lester Burroughs-Former Lincoln Investment Broker- Discloses 2 Regulatory Events, A Criminal Charge, Pending Customer Disputes, 8 Prior Customer Disputes and a Termination-Torrington, CT

January 2020-Torrington, CT

According to publicly available records.  Lester William Burroughs (CRD#1413972), a  former stockbroker who last worked for Lincoln Investment  discloses 2 regulatory events, a criminal charge,  a pending civil event,  3 pending customer disputes,  14 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 1/2020 the Securities & Exchange Commission  permanently barred Burroughs from the securities industry after Burroughs pled guilty to one count of wire fraud.   The information to which Burroughs pled guilty alleged that Burroughs misappropriated about $575,000 from three investors.

The Insurance Commissioner of the State of Connecticut filed case #MC 03-06 alleging improper handling of premium payment on traditional universal life insurance payment, misrepresentation and failure to properly handle request for disability waiver.

In December 2019,  Federal court case 3:19cr292 was filed in U.S. District Court for the District of Connecticut with formal charges of wire fraud to which Burroughs entered a guilty plea.   His sentencing has not been scheduled.

From 1994 to 2009, eight customer complaints alleging among other things improper sales practices and speculative recommendations inconsistent with their objective and risk tolerance, failing to place stop loss orders and misrepresentation.  Over $134,365 was paid to settle these cases.

In12/2019, a  customer of Burroughts  filed FINRA case #19-03658 alleging elder abuse, misappropriation and unsuitable investments recommended by Burroughs.   Alleged damages are $445,000.

In December of 2019, Lincoln Investment Planning discharged Burroughs after they became aware of charges that were filed by the U.S. Securities Exchange Commission and the U.S. Attorney’s Office wherein Burroughs  pled guilty to one count of wire fraud in the sale of fictitious insurance contracts to four individuals.

Burroughs was employed by Lincoln Investment from September 2012 until December 2019.  Prior to that time he was with Crown Capital Securities, Brookstone Securities, Woodbury Financial Services and Tower Square Securities.

If you had an account with Lester William Burroughs that suffered losses, you may be entitled to collect damages from his prior employer. Call 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870