Tag Archives: texas securities attorney

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

Churning, Commodities, Failure to Supervise, Morgan Stanley, Morgan Stanley Smith Barney, Stockbroker Malpractice, StockBroker Misconduct, UBS

Matt Streif-UBS Financial Broker-Discloses $350K Customer Settlement-Austin,TX

January 2019, Austin, TX

According to publicly available records  Matthew T. Streif, a stockbroker registered with UBS Financial Services , discloses a customer dispute that was resolved by a  cash settlement of $350,000.

The Financial 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 12/2016, a customer of  Streif’s prior employer, Morgan Stanley Smith Barney,  filed FINRA case #16-03596, alleging that their  account was churned and that profits were shared with the broker on equities, futures,  commodities and exchange traded funds, from 2009 until 2015.   The case was settled in 4/2018 for $350,000.

Streif has been employed by UBS Financial Services since October 2015.    He was with Morgan Stanley from 2005-2015.

If you have questions about account handled by Matt Streif contact us for a no charge consultation to learn about your legal options for recovery of 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

Ascendant Alternative Strategies, Axiom Capital Management, Broker Disclosing Outstanding Liens/Judgments, StockBroker Misconduct, Texas State Securities Board

Trevor Carney-Ascendant Alternative Strategies Broker-Discloses Regulatory Event-Austin, TX

January 2019 – Austin, TX

According to publicly available records Trevor Martin Carney  (CRD#5657735) ,  a  stockbroker who is currently registered with Ascendant Alternative Strategies ,  disclose a Regulatory Event and two currently outstanding judgment/liens.

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 June of 2017,  the Texas State Securities Board (TSSB) assessed Carney with an administrative fine $7,500 for failure to disclose changes of information in item 14M of regulatory form U4. Item 14M asks whether a broker has any outstanding judgments or liens.

According to the public information on Carney’s FINRA records he has outstanding liens to the Internal Revenue Service of $128,733 and $101,675.

Carney has been employed with Ascendant Alternative Strategies since March 2017.   He was previously employed with Axiom Capital Management from May 2014 to March 2017.

If you have questions about an investment account handled by Trevor Carney, 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

Ameriprise Financial, Failure to Supervise, Misrepresentation, Stockbroker Malpractice, StockBroker Misconduct

Justin Montandon-Ameriprise Broker-Discloses Regulatory Event and 2 Customer Disputes-Austin, TX

January  2019 – Austin, TX According to public records of Justin  A. Montandon  (CRD#4455879)  a  stockbroker employed by Ameriprise Financial Services, Inc., discloses a regulatory event, a customer dispute settlement.

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 April of 2016, Montandon was investigated by Michigan Department of Insurance and Financial Services for allegations that “after applying for a non-residence insurance license on July 7, 2015, the Michigan Department of Insurance and Financial Services issued a notice of intent to deny the application due to allegedly providing misleading information on license application due to a FINRA arbitration decision finding breach of fiduciary duty and breach of contract.”    A fine of $250 was paid in settlement. 

A customer of  Ameriprise Financial Services, Inc.,  filed FINRA case #13-01087 alleging  that while deceased plaintiff was terminally ill, Montandon advised them to place $63,161 into decedent’s existing life insurance policy in order to receive a guaranteed 4% return.   The customer alleged that Montandon failed to disclose that if plaintiff died within the first year the cash was in the policy, they would only receive the face value of the policy.    Following a hearing before a FINRA arbitration panel, the customer was awarded $137,709.

Montandon  has been employed with Ameriprise Financial Services, Inc. since  2002.

If you have questions about an account handled by  Justin Montandon, 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

Charles Schwab, Stockbroker Malpractice, StockBroker Misconduct

Omar Richardson-Charles Schwab Broker-Discloses Pending Customer Suit-Austin, TX

January 2019 – Austin, TX

According to publicly available records  Omar Charles Richardson , a stockbroker who is currently registered with  Charles Schwab & Co., Inc., discloses  a pending customer dispute

The Financial 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 November 2018,  a customer of Charles Schwab, Inc., filed FINRA case 18-03907 alleging  failure to follow instructions because they believe their order to buy 3100 shares of the Credit Suisse Velocity Shares Daily Inverse VIX shares should have been cancelled. The alleged damages are $280.934.

Richardson has been employed with Charles Schwab & Co., Inc. since 2011.

If you have questions about account handled by Omar Charles Richardson, contact us for a no charge consultation to learn about your legal options for recovery of 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`