Tag Archives: texas securities attorney

Failure to Supervise, Stockbroker Malpractice, StockBroker Misconduct, UBS

Daniel Gamache- Former UBS Broker- Discloses 2 Customer Disputes- Denver, CO

August 2018- Denver, CO

The FINRA records of Daniel Gamache,  a stockbroker who is not currently employed and who last worked for UBS Financial Services in Denver, CO, discloses two pending 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 July of 2018,  a customer of IFAM Capital alleged unsuitable portfolio recommendation involving mutual funds and is seeking damages of $86,000.

In June of 2018, another customer of IFAM  Capital alleged that their portfolio held an overweight position in LJMIX and is seeking damages of $350,000.

Gamache was with USB Financial Services from June of 2009 until January 2014. He is currently employed by Institutional and Family Asset Management (IFAM) .

Investors with losses in accounts that were handled by Daniel Gamache may be able to recover damages through FINRA arbitration, a method of dispute resolution that is typically much shorter in duration and far less costly that court litigation. We typically accept these cases on a contingent fee basis. 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Fraud, Stockbroker Malpractice

Dwaine Caraway Pleads Guilty to Federal Corruption Charges-Resigns From Council-Dallas, TX

August 2018-Dallas, Texas

The Dallas Morning News reports that Dallas Mayor Pro Tem Dwaine Caraway has pleaded guilty to federal corruption charges filed in Dallas federal court last week.

Caraway, 66, has resigned from the Dallas City Council admitted to accepting $450,000 in bribes and kickbacks from Bob Leonard and Slater Swartwood, Sr. Leonard owned a company that sold cameras to be used as safety devices on school busses to the Dallas County Schools (DCS) system.

According to local press Leonard is CEO of Force Multiplier Solutions, a company that collected tens of millions from DCS. Swartwood is a Louisiana real estate consultant involved in a $25 land deal at DCS and allegedly was Leonard’s personal real estate consultant.

A committee appointed to shut down the financially strapped DCS has filed a lawsuit against individuals and companies it says led to the bus agency’s demise. A conspiracy to create an illegal enterprise is alleged. Included in the list of defendants are former head of DCS, Rick Sorrells, Bob Leonard and Dwaine Caraway. According to the suit, the defendants cost taxpayers more than $125 million.

Swartwood, 75, pleaded guilty to money laundering in exchange for his possible testimony in the FBI investigation of the corruption of DCS.

Sorrells pleaded guilty to wire fraud in April 2018 and admitted to taking more than $3 million in bribes and kickbacks in exchange for approving $70 million in contracts.

Caraway is scheduled to be sentenced in December 2018 and faces seven years in federal prison.

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

StockBroker Misconduct, Theft

Gabriel Claudio Sentenced to 25 Years For Defrauding Victims From Alice, TX

August 2018-Corpus Christi, TX

The Texas State Securities Board (TSSB) announced that Gabriel Claudio, Jr. was sentenced in the 79th District Court of Jim Wells County to 25 years  to state prison and ordered to pay restitution of $2.7 million to investors.

Claudio had pleaded guilty to first-degree felony offenses of theft, money laundering, and misapplication of fiduciary property. His victims were from the South Texas counties of Jim Wells, Nueces, San Patricio, Cameron and Bexar.

As set forth in the Petition and Notice for Seizure, Claudio spent money of his victims on Las Vegas gambling ($300,000); child support payments ($193,000); private school tuition ($156,000); home expenses ($169,211); jewelry ($151,646) and cash withdrawals of $656,394. He also used victims’ funds to pay off the mortgage on a house in Portland, TX, and for the purchase of several Mercedes Benz automobiles.

His victims, who are from Alice, TX, believed the $2.7 million they entrusted to Claudio was being invested in annuities. In reality Claudio did  not make any payments to the insurance  company and presented them with phony spreadsheets purporting to reflect the purchase of the annuities.

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

Annuities, Lack of Due Diligence, LPL Financial, Misrepresentation, National Planning Corp., Stockbroker Malpractice, United Planners Financial Services, Unsuitable Investments

Dexter L. Thomas Investigation Update-Dallas, TX

August  17, 2018  UPDATE–Dallas, TX

We are currently investigating former National Planning Corp. broker Dexter L. Thomas on behalf of a number of residents of the Dallas/North Texas  area who allege damages to their accounts  for various reasons, including:

  • Unsuitable annuity investments
  • Churning of accounts
  • Unsuitable Loans

We Would Like to Hear From You

If you have information you believe will assist us in our investigation, please contact us by phone or using the contact form on this page and we will call you. We express our thanks to the many concerned individuals who have already reached out to us to share what they know about this rapidly developing situation.

Dexter Thomas Suicide- We have been informed by several former individuals who had accounts with Thomas that he committed suicide on August 4, 2018.

According to FINRA records, Dexter Leroy Thomas, was last registered with United Planners Financial Services of America and operated Dexter Thomas Financial Services in Dallas.  His FINRA record discloses  a pending customer dispute and 2 prior 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.

In the currently pending matter, FINRA Case 18-0601,  a customer of National Planning Corp. alleges that Thomas violated FINRA rules and standards of conduct, violated the Texas Securities Act, made unsuitable recommendations and engaged in manipulative and deceitful conduct. Damages of $94,353 are sought in that case.

 Thomas was briefly employed by LPL Financial from 11/2017-12/2017. Prior to that he was employed by National Planning Corp. from 9/2006-11/2017.  

NATIONAL PLANNING CORP.  

According to FINRA records, National Planning Corporation (NPC)requested termination of their FINRA registration on July 9, 2018. On that same date NPC requested terminations of registration in Arizona, California, Hawaii, Indiana, Maine, Nevada, Texas and Wyoming.

On July 24, 2018, NPC was hit with  very significant sanctions by FINRA related to the sale of annuities. FINRA found that NPC received over $152 million from the sale of variable annuities, including $56 million from the sale of L-share variable annuities which were sold to customers without investigating the suitability of the product for the customer.

FINRA has fined NPC $650,000. In addition, NPC has agreed to disgorgement of up to $6 million to affected customers.

National Planning Corp. has also been known as Jackson National Financial Services and NPC of America.

No Charge Consultation

If you have questions about an investment account handled by Dexter Thomas , questions about annuities you may have been sold, or other financial matters involving Thomas, contact us for a no charge consultation 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

Failure to Cooperate with Regulatory Investigation, Failure to Supervise, Fox Financial Management, GWN Securities, Stockbroker Malpractice, Unsuitable Investments

Clarence McGill-Former GWN Securities Broker-Barred From Securities Industry by Regulator-Frisco, TX

July 2018- Frisco, Texas

The FINRA records of  Clarence L. McGill ,  a former stock broker who was most recently  employed by GWN Securities ,  disclose that he was recently barred from the securities industry.

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 July 2018 FINRA permanently barred McGill from the securities industry for refusing to produce information requested by FINRA in connection with its investigation of his possible participation in the sale of unsuitable investment products to customers.

McGill had been employed by GWN Securities  from 4/2014-3/2018. Prior to that he was employed by Fox Financial Management Corp. McGill discloses business affiliations with The McGill Group in Frisco, TX.

If you have questions about an account handled by Clarence McGill or if you believe you were sold unsuitable investments, 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870