Tag Archives: 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 investmentscall 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

San Antonio Based Investment Professionals, Inc. Sanctioned Over Sales to Senior Citizens

March 2017-San Antonio, Texas

San Antonio, Texas, based stock brokerage firm Investment Professionals, Inc.  (IPI)  was ordered by William F. Galvin of the Massachusetts Securities Division to pay a $100,000 fine and offer restitution to four senior clients who were allegedly sold unsuitable investment products from offices on the premises of local financial institutions.

In addition the settlement order requires IPI to retain an independent compliance consultant to review the firm’s policies governing supervision of their Massachusetts-registered financial consultants and the sales of securities to persons over 65.

In November 2016, Massachusetts regulators charged IPI with using high pressure sales contests and selling unsuitable investment products to senior citizens who were depositors at community banks.

“This case highlights the dangers of aggressive sales culture that leaves older customers exposed to pressure to buy unsuitable investments,” Secretary Galvin said. “This is especially true when the broker dealer is operating out of a community bank.”

Link to the Massachusetts Securities Division/ Investment Professionals Consent Order. 

Investment Professionals, Inc., has been a FINRA member since 1992 and operates over 300 branch offices and over 360 employees nationwide.

FINRA records disclose that Investment Professionals, Inc. has 15 prior final regulatory events.

If you have losses in an account with Investment Professionals, Inc. 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

Matthew J. Lum-Former Girard Securities Broker-Discloses Settlment of Numerous Customer Disputes-Corpus Christi, TX/Santa Barbara, CA

Santa Barbara, CA-Corpus Christi, TX

UPDATE AUGUST 2018-In January 2017 a customer of Girard Securities filed a case in Superior Court of CA , County of Santa Barbara alleging damages of $996,216 for fraud , negligent misrepresentation and other claims related to the purchase of direct investments, limited partnerships, oil & gas investments , and real estate investment trusts (REITs). That case was settled for $310,000.

ORIGINAL POST JUNE 2016

According to FINRA records,  Matthew J. Lum   a stock broker formerly  employed by Girard Securities , discloses a pending customer dispute and two previously resolved 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.

FINRA Case 14-03788, in which a customer alleges damages of $915,000 for negligence, misrepresentation and suitability in connection with an investment in a secured loan product. The case was settled for $615,000.

In FINRA Case 10-0953, a customer alleged damages of over $1.1 million on unsuitable investments made through Lum. That case was resolved for $290,000.

In Case #1343146 filed in Santa Barbara Superior Court a customer alleged damages of $536,000 for an unsuitable investment in IMH Secured Loan Fund, LLC. That case was settled for $175,000.

Lum has been employed by Cetera Advisor Networks since 11/2017. He was previously employed by Girard Securities from 3/2004- 11/2017.

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

Theodore Allocca, Jr.-Trident Partners Stockbroker-Discloses Customer Suits

September 2018-Woodbury, New York

According to FINRA records, Theodore Allocca, Jr.  a broker who is currently registered  with Trident Partners Ltd. , disclose a pending customer dispute and  two 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 currently pending FINRA case 18-0195, a customer of Trident Partners alleges that Allocca made unsuitable recommendations and is seeking damages of $370,486.

In FINRA Case 15-02510, a customer  of Trident Partners alleged damages of $400,000 for unsuitability and poor performance between 11/26/2013-11/12/2014. That matter was settled for $65,000.

In  NASD Case 99-2438, a customer of Comprehensive Capital Corp., his prior employer, alleged misrepresentations and breach of fiduciary duty and sought damages of $525,804. An arbitration panel awarded $35,000 to the customer.

Allocca has been registered with Trident Partners since 12/2001.

If you have questions about  a brokerage account handled by Theodore Allocca, Jr.  , call for a no charge consultation to discuss 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