Tag Archives: UBS Financial Services problem

Walter M. Stucker-Former UBS Broker- Named In $600K Suit Over Energy Investments-Ft. Worth, TX

August 2018-Ft. Worth, Texas

The FINRA records of  Walter M. Stucker,  a  stock broker who is currently employed by Wells Fargo Clearing Services ,  disclose a pending customer dispute and 2 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 currently pending FINRA arbitration 18-1155 a customer of UBS Financial Services alleges that Stucker unsuitably concentrated their portfolio in the energy sector and misrepresented the risks associated. The customer seeks damages of $600,000.

Stucker was employed by UBS Financial from 4/2008-5/2017. He is currently employed by Wells Fargo.

If you have losses in an account handled by Walter M. Stucker call for a no charge consultation to discuss your legal 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

Investigation UPDATE-Bill Hightower Indicted-Former UBS Stockbroker-Houston, TX

OCTOBER 2018- Houston, TX

We are currently pursuing FINRA arbitration claims on behalf of investors who were victims of William Hightower.

In a recently filed case on behalf of a retired couple from central Texas the victims allege that  Hightower recommended investments in Hightower Capital Group common stock, an allegedly risky and unsuitable private investment that has caused significant financial damages. In addition, our clients allege that Hightower made unsuitable investment recommendations that resulted in significant damages.

Hightower Indicted for Securities Fraud

The United States Attorney for the Southern District of Texas announced the indictment of  William Hightower of Bellaire, Texas, who is charged with 13 counts of wire fraud, mail fraud and money laundering. The indictment charges that Hightower took money from clients from 2013-2018 and  made false promises while he was operating a Ponzi scheme.

If convicted, Hightower faces up to 20 years in prison for each count.

Hightower Accused of Securities Fraud In Civil Suit

Recently 3 residents of Harris County, TX, filed an intervenor action in the divorce proceeding which is currently pending between Bill Hightower and his wife, Susan Hightower. Cause #2018-46462, 311th Judicial District, Harris County, TX.

One of the intervenors, a 78 year old widow,  alleges that beginning in 2013,  Bill Hightower convinced her to purchase several ‘private annuities’, totalling an investment of $1.65 million. These investments were purportedly guaranteed by Hightower Capital Group and Bill Hightower individually.

It is alleged that in 2014 Hightower sold her 900 shares of Hightower Capital Group stock for $900,000. Millenium Trust Company, a licensed financial services company, allegedly signed off on the sale.

According to the complaint filed by the intervenors,  Hightower defaulted on payments due on one of the annuities in early July 2018 and 11 days later his wife Ann filed for divorce from Bill, listing real estate properties (a lake property and a ranch)  which the intervenors contend were purchased with the widow intervenor’s retirement money.

The FINRA records of  William A. Hightower,  a  former stock stock broker who worked for UBS for many years and who was last  employed by Legacy Asset Securities ,  currently disclose a prior regulatory event and two 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 10/2015 FINRA permanently barred Hightower from the securities industry for refusing to fully respond to a FINRA request for documents and information in connection with an investigation into allegations that Hightower, while employed by UBS Financial Services, improperly steered  customers to an unapproved private securities investment.

In FINRA Case 15-03387 a customer of UBS Financial Services alleged that Hightower recommended the purchase of a high risk, illiquid and unsuitable, unregistered private placement security. The customer sought damages of $150,000. In May 2018 the case was settled for $125,000

HIghtower was employed by Legacy Asset Securities from 9/2013-6/2015 and with UBS Financial Services from 6/2007-9/2013.

If you have losses in an investment in Hightower Capital Group or other losses in account handled by William Hightower, call for a no charge consultation to discuss your legal 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

Anthony Mazzo-Former UBS Financial Broker-Discloses Customer Dispute

November 2016-Palm Beach, Florida

The FINRA records of  Anthony J. Mazzo,  a  stockbroker who is currently  employed by  BB&T Securities disclose 4 prior customer disputes that have been resolved, a currently pending customer dispute and a separation from employment after allegations.

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#16-0458, a customer of Mazzo’s former employer, UBS Financial Services, alleges damages of $50,000 for an unsuitable investment recommendation and misrepresentation in connection with the purchase of shares in a unit investment trust.

Mazzo has been registered with BB&T Securities since 4/2016. Prior employment includes UBS Financial and Oppenheimer & Co.

 

If you have losses in an account in an account handled by Anthony Mazzo  contact us 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

Rushton L. Ardrey-Former Newport Coast Securities Broker-Discloses Customer Disputes

July 2016-Boston, MA

The FINRA records of Rushton L. Ardrey, III  , a former stock broker employed by  Newport Coast Securities  disclose 3 prior final regulatory events, a prior customer dispute, 3 currently pending 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 September 2015, without admitting or denying the findings, Ardrey entered into an agreement with FINRA to resolve allegations that he sent a wire of $33,000 from his personal bank account to that of a customer in order to reimburse the customer for losses sustained in her account without prior written authorization from his then member firm, Wells Fargo Advisors. Ardrey was suspended for 10 days.

Ardrey’s FINRA disclosure reports that in FINRA Case 12-4352, a customer while Ardrey was employed by UBS Financial Services and Wells Fargo Advisors alleged damages in excess of $1 million for unsuitable and excessive trading. That case was settled for $455,000.

In the three pending cases customers allege unsuitable, unauthorized and excessive trading. No damages are specified.

Ardrey was employed by Newport Coast Securities  from 10/2014-8/2015. Prior to that he was with White, Weld & Co. from 12/2013-10/2014, Coastal Equities from 12/2013-12/2013 and with Wells Fargo Advisors from 9/2009-11/2013.

Ardrey was discharged by Wells Fargo Advisors in 11/2013. Wells Fargo Advisors alleged that Ardrey “admitted to making a payment to a client to compensate for account losses’, in connection with the discharge.

Investors who suffered losses in an account handled by Rushton L. Ardrey, III, 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

Bassam A. Salem-Wunderlich Securities Broker-Discloses Pending Customer Dispute

Birmingham, Michigan

According to FINRA records,  Bassam A. Salem,  a stockbroker  who currently works for Wunderlich Securities ,  discloses  a pending customer dispute and a prior final 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 a currently pending FINRA Case #16-01161, a customer  alleges damages of $281,000 for unsuitability, unauthorized trading, failure to supervise and breach of fiduciary duty from 2011-2015.

In a prior case FINRA Case #9-2531 a customer while Salem was employed by UBS Financial alleged damages of $300,000 for unsuitable investments and failure to diversify. That case was settled for $92,500.

Salem  has been employed by Wunderlich Securities  since 1/2011. Prior to that he was employed by UBS Financial.

If you have questions about an account handled  by Bassam A. Salem , 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