Tag Archives: theft by stockbroker

Mitchell Yanow-Former Stifel Nicolaus Broker-Discharged Over Allegations of Misappropriation of Customer Funds-Boca Raton, FL

June 2018- Boca Raton, FL

The FINRA records of Mitchell T. Yanow  , a stock broker who is not currently registered  disclose  that he was recently discharged by Stifel, Nicolaus & Co. and the settlement of a 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 May 2018, Yanow was discharged by Stifel Nicolaus, who alleged that Yanow “took money from a client account for his personal use without authority”.

Yanow had been employed by Stifel Nicolaus since 4/2015. Prior to that he was employed by Oppenheimer & Co. 

In 9/2015 a customer of Yanow/Oppenheimer was paid $144,000 to resolve allegations that their account was charged excessive commissions and margin interest.

If you have questions about  an account handled by Mitchell Yanow, call for a no charge consultation to learn how you may be able 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

Hector May-Former Securities America Broker-Investigation Over Missing Client Funds-New City, NY

May 2018-New City, New York

Local press is reporting that Rockland/Orange County businessman and former Securities America stockbroker Hector May is being investigated by federal prosecutors on allegations of stealing money from his clients. May has operated Executive Compensation Planners in New City, NY since the mid 1980’s.

According to  FINRA records   May currently has one customer claim pending that alleges misappropriation of funds and there is a disclosure that the U.S. Department of Justice is conducting an official criminal investigation of May’s potential involvement in a suspected felony.

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.

May is a prominent member of the local business community and received the Rockland Business Association’s Pinnacle Award two years ago. Press reports suggest that the missing millions could be the result of a Ponzi scheme.

In a Ponzi scheme the perpetrator of the fraud uses some of the money from the new victims, who think the funds are being invested, to pay fake returns to the earlier investors. The balance of the new funds are used by the perpetrator of the fraud for personal expenses.

Hector May was a registered representative of Securities America from 8/1998 until March 2018 when he was fired. Securities America indicated the reason for the discharge was: “Misappropriation of client assets”.

If you have an account with Hector May and have questions about how it has been handled or believe you are a victim of fraud,  call for a no charge consultation with an experienced securities attorney to learn how you may be able to recover damages from May’s employer, Securities America.

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

Sonya Camarco-Former LPL Financial Broker-Charged With Securities Fraud/Theft-Colorado Springs, CO

May 2018-Colorado Springs, CO

The FINRA records of  Sonya D. Camarco ,   a   former LPL FInancial broker was recently permanently barred from the securities industry by FINRA for failing to respond to a FINRA Notice of Suspension.

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.

Camarco has been charged with 25 counts of securities fraud and theft in a criminal proceeding pending in Douglas County, Colorado. According to the regulator statement on her FINRA disclosure report she withdrew funds from client accounts at LPL Financial  using third party check requests that were payable to C Investments and mailed to a post office box in Parker, Colorado. The checks were retrieved by Camarco who used the funds for her personal benefit.

There are several currently pending customer arbitrations on behalf of Carmarco’s victims.

Sonya Camarco was employed by LPL Financial from 2/2004 until 8/2017 when the theft was discovered and she was discharged.

If you have losses in an account  handled by Sonya Camarco, contact us for a no charge consultation to learn how you can recover 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, at no cost to you.

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

John S. Jumper-Former Alluvion Securities Broker-Indicted for Embezzlement-Memphis, TN

April 2018-Memphis, TN

John Sherman Jumper, 52, of Memphis, Tennessee was indicted by a federal grand jury for embezzling $5.7 million from a pension plan for the employees of Snowshoe Refractories, a company that makes fire bricks, located in Clarence County, PA.

According to the press release from the US Attorney’s Office for the Middle District of Pennsylvania, Sherman forged signatures on documents permitting him to transfer funds from the pension plan. He used the embezzled funds to make unauthorized loans and to purchase a tubing plant in Arkansas, pay off over a million in personal loans and personal legal fees.

FINRA records disclose that John Sherman Jumper was registered with Alluvion Securities 9/20007-2/2017. Alluvion Securities is no longer registered with FINRA effective 2/22/2018.

An indictment is only an allegation and persons charged are presumed to be innocent unless and until found guilty in court. The maximum penalty for this offense is 65 years, followed by supervised release and a fine.

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

Christopher L. Hibbard-Former Merrill Lynch Broker-Subject of Customer Theft Allegation-Louisville, KY

February 2018-Louisville, KY

Christopher Lee Hibbard  was recently discharged from Merrill Lynch where he had been employed since 7/2010.   His  FINRA record  discloses that in December 2017 a Merrill Lynch customer alleged  unauthorized trades and theft from their account. In January 2018, Merrill Lynch discharged Hibbard and made the following allegation on his FINRA record: “Conduct including unauthorized transactions and theft.” 

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.

If you had an account handled by Christopher L. Hibbard and have questions about the way it was handled, call to speak with an experienced securities attorney 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