Tag Archives: stockbroker negligence

Excessive Markups/Markdowns, Failure to Supervise, FINRA, Finra Investigation of Stockbroker, Kestra Investment Services (formerly NFP), Mutual Fund Sales Charge Abuse, Mutual Funds, NFP Securities (now Kestra), Stockbroker Malpractice, Undisclosed compensation

Kestra Investment Services Assessed Regulatory Fine Over Mutual Fund Sales-Austin, TX

February 2019 – Austin, Texas

FINRA recently sanctioned Austin-based Kestra Investment Services (formerly NFP Advisor Services) for over charging more than 3,000 who qualified for waiver of front end sales fees on certain mutual fund purchase.

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 the Letter of Acceptance, Waiver and Consent #2016048404601 recently entered into by Kestra, FINRA alleged that from July 2009-February 2018, Kestra disadvantaged certain retirement plan and charitable organization customers that were eligible to purchase Class A shares in mutual funds without a front-end sales charge or Class B or C shares with back-end sales charges and higher ongoing fees and expenses.

As a result Kestra violated NASD Conduct Rule 3010, FINRA Rules 3010 and 2010.

FINRA censured Kestra and assessed a regulatory fine of $225,000. In addition Kestra agreed to provide remediation to eligible customers on or before March 31, 2019.

If you have questions about an account with Kestra Investment Services , contact us for a no charge consultation to discuss how you may be able to recover damages for those losses.

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

Centaurus Financial, Misrepresentation, Stockbroker Malpractice, Unsuitable Investments, VSR Financial Services

Larry Breen-Former VSR Financial Broker-Subject of $100K Customer Suit-Lake Mary, FL

February 2019 – Lake Mary, FL

The FINRA records of  Lawrence “Larry”  Aloysius Breen III ,  a  stockbroker who was formerly  employed by  VSR Financial Services  discloses 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 7/2018, a customer of Breen’s former employer, VSR Financial Services, filed FINRA Case 18-2544, alleging  that Breen was negligent , made misrepresentations and omitted material facts in connection with a recommendation to purchase a real estate security. The customer seeks damages of $100,000.

Larry Breen was employed by VSR Financial Services from 9/2006-12/2015. He is currently employed by Centaurus Financial in Lake Mary, FL, and discloses an affiliation with Breen Financial Management in Heathrow, FL.

If you have losses in an account in an account handled by Larry Breen or another broker who was employed by VSR Financial Services , contact us for a no charge consultation to discuss how you may be able to recover damages for those losses.

VSR Financial Services Prior Problems With REITs 

VSR Financial Services was fined $550,000 by the Financial Industry Regulatory Authority (FINRA) in May 2013 in connection with the sale of alternative investments . In their findings, FINRA criticised VSR Financial for recommending high concentration levels of alternative investments in customer accounts and for its lack of supervision over the use of consolidated reports prepared by brokers and provided to customers.

Alternative investments include non publicly traded real estate investment trusts (REITS) , hedge funds, real estate, commodities and derivatives contracts and, managed futures. These investments tend to be complex, illiquid, nontransparent, hard to value and expensive. Many of the alternative investments sold over recent years are not traded on any public market making them difficult to value and even more difficult to liquidate if cash is needed.

 VSR wound down operations at the end of 2016 and transferred most of their brokers and customer accounts to Summit Brokerage Services. See this for more information regarding VSR Financial Services.

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

Despain Financial, Failure to Cooperate with Regulatory Investigation, Failure to Supervise, FINRA, Finra Investigation of Stockbroker, Stockbroker Discharged, Stockbroker Malpractice, StockBroker Misconduct, Unsuitable Investments

Jay Weiser-Former Despain Financial Broker-Barred From Securities Industry-Collinsville, IL

February  2019 – Collinsville, IL

According to public records, Jay R. Weiser  (CRD#1511042)  a  former stockbroker who was previously employed by Despain Financial Corporation,  discloses a regulatory event, a pending customer dispute and a termination of 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 January of 2019, Weiser was permanently barred from the securities industry by FINRA after he   failed to cooperate with FINRA’s requests for documents and for on-the-record testimony related to its investigation into his conduct regarding the sale of Promissory Notes and interests to determine whether Weiser engaged in unapproved private securities sanctions.   

In May of 2018, a customer of  Despain Financial Corporation ,  filed FINRA case #18-01750  alleging  that Weiser mismanaged claimant’s retirement assets.   The alleged damages are $498,047.   

Weiser was employed by Despain Financial since 2000. In June of 2018 Weiser was discharged  by Despain after clients alleged that he sold investments and life insurance to them that was not suitable for their situation. Weiser discloses business affiliations with Weiser Financial in Earlville, IL and Despain Investment Solutions in Collinsville, IL. 

If you have questions about an account handled by Jay Weiser, contact us for a no charge consultation to learn how you may be able to recover damages from his employer 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

Capital Financial Services, Failure to Supervise, Finra Investigation of Stockbroker, LPL Financial, Outside Business Activities, Selling Away, StockBroker Misconduct

Michael Olinde-Former LPL Financial Broker-Discloses Pending FINRA Investigation & Employment Termination- Baton Rouge, LA

January 2019 – Baton Rouge, LA

According to publicly available records Michael Edward Olinde (CRD# 3063204) ,  a   registered stockbroker currently employed by Capital Financial Services who was previously employed by LPL Financial, disclose a a pending FINRA investigation 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 October of 2017, an FINRA began an investigation into Olinde regarding outside business activity.   This investigation is still pending.

Olinde began working  for LPL Financial  in 2009 and was discharged in June of 2017.  LPL makes the following allegation on Olinde’s FINRA record: “Violation of Firm policy regarding outside business activities.”  .

Olinde has been employed by Capital FInancial Services since 7/2017.

If you have losses in an account handled by Michael Olinde, 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

Finra Investigation of Stockbroker, Invest Financial Corporation, Stockbroker Discharged, Stockbroker Malpractice, StockBroker Misconduct, Theft

Roger Kroeger-Former Invest Financial Broker-Discloses Criminal Suit & Termination-Ft. Lauderdale, FL

January 2019- Ft. Lauderdale, FL

According to publicly available records Roger Kroeger, (CRD# 1526864) ,  a  previously registered stockbroker who was last employed by Invest Financial Corporation, disclose a regulatory event, a pending criminal charge, a prior customer dispute 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 September of 2018, Kroeger consented to a sanction and to the entry of findings that he refused to appear for FINRA on-the-record testimony in connection with a FINRA investigation.   Kroeger violated FINRA Rules 8210 and 2010 and was barred from the securities industry.

In a pending criminal matter, Case17013278CF10A, Circuit Court in Broward County, FL , Kroeger is charged with 1 felony count of obtaining property of over $50,000 by fraud, one felony count of exploitation of elderly in the amount of $100,000 or more, three felony counts of  fraud -utter false instrument, two felony counts of grand theft first degree greater than $100,000, one felony count of grand theft greater than $20,000 and less than $100,000 and two felony counts of fraud-money launder trans $100,000 or more.  Kroeger  has pleaded not guilty to all charges and the matter is currently pending.

In December of 2017, a customer of Invest Financial Corporation alleged Kroeger misappropriated cash funds from the customer account. That case was settled in 4/2018 for $206,084.

Kroeger began working  for Invest Financial Corporation in 1990 and was discharged in 11/2017. Invest Financial makes the following allegation on Kroeger’s FINRA record: “Representative admitted to facilitating a loan to his sister from a senior client and was subsequently chard with multiple felony offenses in connection with these circumstances”.

If you have losses in an account handled by Roger Kroeger, 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