Tag Archives: texas securities fraud lawyer

Charles Doraine-Former NEXT Financial Group Broker-Subject of Numerous Customer Suits-Corpus Christi, TX

June 2020- Corpus Christi, Texas

The FINRA records of  Charles L. Doraine ,  a  former stock broker who was last employed by NEXT Financial Group  disclose 2 prior regulatory matters, a pending customer disputes and 6 prior 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 4/2020 FINRA permanently barred Doraine from the securities industry to resolve allegations that he failed to provide on the record testimony in connection with an investigation of his suspected unsuitable recommendations of short term trading in mutual fund A shares, short term trading and over concentration of Puerto Rican municipal bonds.

In  pending FINRA Case 19-2841, a customer of NEXT Financial Group is seeking damages of $500,000 and alleges that during the period from 2012-2018 Doraine engaged in improper mutual fund switches, recommended unsuitable variable annuities and took advantage of the diminished capacity of one of the claimants.

In  FINRA Case 18-03088, a customer of NEXT Financial Group sought damages of $10 million and alleged that during the period from 2012-2015 Doraine recommended an unsuitable concentration in Puerto Rican bonds and excessively traded bonds and mutual funds. That case was settled in 2/2020 for over $3 million.

In  FINRA Case 18-1554, a customer of NEXT Financial alleged that from October 2012-2017  Doraine made in and out mutual fund trades that were unsuitable for a low risk tolerance account and sought damages of $2.5M. In December 2018 that case was settled for $375,000.

In NASD Case 05-2963, a customer of Doraine’s prior employer Merrill Lynch alleged that he made unauthorized trades and churned their account. That matter was settled for $400,000.

In NASD Case 01-6460 a customer of Merrill Lynch alleged churning and unsuitable recommendations and sought damages of $1.7 million. The case was settled for $350,000.

Doraine was employed by NEXT Financial Group from 3/2007-9/2019. He lists business affiliations with Doraine Wealth Management, Doraine Global Media, and KFP NE$T Egg.

Puerto Rico Debt Crisis

In early 2014, various credit rating agencies downgraded the debt of Puerto Rico to non investment grade, better known as junk status or speculative grade. This downgrade triggered acceleration clauses requiring the repayment of some debt within months, rather than years.

Puerto Rico has over $70 billion of outstanding debt, with a debt to GDP ratio of about 68%. While about $30 billion (42%) of Puerto Rico’s debt is owned by residents of Puerto Rico, the larger portion is owned by non-residents, primarily residents of the continental United States.

If you have losses in an account handled by Charles Doraine, call for a no charge consultation to learn about your options for recovery of damages.

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

Jovannie Aquino-Former Spartan Capital Securities Broker- Is Barred and Discloses Regulatory Events, Customer Disputes and a Termination-New York, NY

June 2020- New York, NY

According to publicly available records Jovannie Aquino (CRD#4876661), a  former stockbroker who last worked for Spartan Capital Securities,  discloses a regulatory event, a civil event, 3 final customer disputes,  1 pending 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 June 2019  Aquino was permanently barred from the securities industry as a result of the following:

In September 2018, the United Sates Securities and Exchange Commission filed case #1:18-cv-08191 in Federal Court in the United States District Court of the Southern District of New York alleging that from December 2015 to November 2017, Aquino engaged in a fraud involving excessive trading in the accounts of his retail customers that generated substantial commissions to enrich himself while his customers experienced significant losses.    Aquino’s fraudulent acts and omissions resulted in approximately $881,000 in losses for customers and $935,000 in ill-gotten gains for Aquino.    He was permanently barred from the securities industry and given a monetary sanction of $75,000 and ordered to pay   disgorgement of  $568,805.

In July 2018, a customer of Aquino’s previous employer, Windsor Street Capital filed case #58-SV-18-327 in Pine County District Court alleged that Aquino was properly served with all the necessary court papers and that he failed to timely respond.   The alleged damages are $171,851.  The case is still pending.

In November 2011, Aquino was discharged from employment from Rockwell Global Capital after allegations that he entered into a written commission agreement with a client without the firm’s knowledge and permission.

Aquino worked with Spartan Capital Securities from November 2017 until September 2018.   Before that he was with Windsor Street Capital, John Carris Investments, John Thomas Financial and Rockwell Global Capital.   

If you had an account with Jovannie Aquino 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

Anthony Joslin- Garden State SecuritiesBroker- Discloses 2 Regulatory Events, 5 Final Customer Disputes, a Pending Customer Dispute and a Termination- Red Banks, NJ

June  2020-Red Bank, NJ

According to publicly available records. Anthony R. Joslin (CRD#2281191), a stockbroker employed with Garden State Securities, Inc.  discloses 2 regulatory events, 1 pending customer disputes,  7 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 6/2014 Massachusetts filed case R-2014-0047 alleging that Garden State Securities, Inc.  submitted to FINRA’s CRD an application of securities industry registration seeking registration of Joslin as an agent of Garden State in Massachusetts.   Joslin has been the subject of 8 customer complaints, as reported on the CRD, alleging inter alia, unsuitability unauthorized trading, failure to follow instructions and churning.   Joslin individually contributed $103,000 towards the settlement of these complaints.    According to information disclosed on the CRD, Joslin voluntarily resigned while under investigation by his former firm, Grayson Financial, into whether Joslin misappropriated the firm’s propriety information.  Joslin was fine $5,000 and was suspended from NASD for 30 days.

In 2004 NASD filed case C9B040047 alleging that Joslin failed to reasonably supervise registered representative of member firm, so as to prevent violations of applicable rules.   He was assessed a $5,000 monetary fine.

From 2000 to 2005,  five customer complaints were filed  alleging among other things, poor performance, unsuitability, unauthorized trades, failure to follow instructions, excessive commissions and churning.   The cases were settled for the collective amount of almost $200,000.

In 6/ 2019, a  customer of Garden State Securities, Inc. filed FINRA case #10-00711 alleging negligence, breach of contract, breach of fiduciary duty, fraud and misrepresentation.    The customer is seeking damages of over $300,000.   This case is pending.

In 2003 Joslin was allowed to voluntarily resign from Grayson Financial after investigating whether Joslin, while employed at Grayson, took steps to solicit the transfer of Grayson client accounts to JP Turner and directed the misappropriation of proprietary firm information.

Joslin has been employed by Garden State Securities, Inc.  since March 2014.

If you had an account with Anthony Joslin that suffered losses, you may be entitled to collect damages from his 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

Daniel Staudacher-Worth Financial Group Broker-Discloses 2 Regulatory Events, a Customer Dispute and 6 Tax Liens-Dallas, TX

June 2020- Dallas, TX

The FINRA records of Daniel W. Staudacher, a broker currently registered with Worth Financial Group, disclose 2 regulatory events, a customer dispute and 6 pending IRS 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 September 2019 FINRA case #2017053574801  was filed, alleging that Staudacher associated with his member firm while under a one-month, all capacities suspension from associating with any member firm.    He associated with the firm while subject to a statutory disqualification that resulted from his FINRA suspension.    The findings also stated that to accommodate his clients, Staudacher electronically affixed customer’s signatures on new securities account applications by entering the last four digits of the customers’ social securities numbers on the applications.    He was suspended from FINRA for two months and was given a monetary fine of $10,000.

In January 2017, FINRA case #2016048603001 was filed alleging that Staudacher executed unauthorized transactions in two different customer accounts.   The finding stated that with respect to one of the customers, Staudacher did not contact her and obtain her authorization prior to executing the transactions in her accounts.  After these customers complained, Staudacher’s member firm reversed these transactions in their accounts and made them whole.   Staudacher’s firm imposed a total of $10,000 in monetary sanctions as a result of his unauthorized trading.  FINRA imposed a one month suspension and a $5,000 fine.

In December 2015, a customer of Staudacher’s prior employer, PFS Investments, Inc., alleged that unauthorized transactions were made in her accounts.    The case was settled.

between August 2011 and January 2018 the IRS filed 6 tax liens against Staudacher . These liens, which total more than $350,000, are still pending.

Staudacher has been employed with Worth Financial Group, Inc.  since September of 2017.    Before that he worked with PFS Investment, Inc. and Primerica Financial Services.   

If you have questions about an account  handled by Daniel Staudacher 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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Matthew King-Cambridge Investment Research Broker- Terminated From Employment-Corpus Christi, TX

June 2020- Corpus Christi, TX

The FINRA records of Matthew J. King, a broker currently employed  by Cambridge Investment Research Advisors, Inc. disclose 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 2019, King was permitted to resign from Ameriprise Financial  while suspended for company policy violations related to a disclosed outside business activity.

King has been employed with Cambridge Investment Research, Inc.  since October of 2019.   He was was employed with Ameriprise Financial Services, Inc.  from October 2008 until September 2019.

If you have questions about an account  handled by Matthew King ,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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870