Tag Archives: Wells Fargo Advisors

Bill Downing-Former J.W. Cole Finanical Broker-Discloses Customer Dispute-Wimberley, Texas

March 2018-Wimberley, Texas

The FINRA records of  William (Bill) G. Downing ,  a  stock broker who is employed by Coastal Equities Inc.  disclose  a  prior customer dispute and 2 terminations 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 FINRA Case 11-03772, a customer of Downing’s prior employer, Wells Fargo Advisors, alleged that he was sold unsuitable investments. That matter was settled for $162,500.

Downing has been employed by Coastal Equities (dba The Hill Country Advisor)  since 8/2017. Prior to that he was with J.W. Cole Financial 12/2012-6/2017.

In 7/2012, Downing was discharged from Merrill Lynch who made the following allegation on Downing’s FINRA record: “(1) Mismarking solicited trades as unsolicited (2) Exercising discretion in certain client accounts and (3) Communicating with an unauthorized third party.”

In 12/2000 Downing was discharged from Morgan Keegan for writing checks on his wife’s account.

If you have questions about an account handled by Bill Downing call for a no charge consultation to learn about 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

Securities Regulators Fine 12 Firms over $14 million for Failing to Protect Records

December 2016- Washington

In a News Release, the Financial Industry Regulatory Authority (FINRA) announced that the following firms were fined a total of $14.4 million for deficiencies relating to the preservation of brokerage firm records and customer records in a format that prevents alteration:

  • Wells Fargo Securities & Wells Fargo Prime Services, fine $4 million jointly
  • RBC Capital Markets & RBC Capital Markets Arbitrage fined $3.5 million jointly
  • RBS Securities, fined $2 million
  • Wells Fargo Advisors, Wells Fargo Advisors Financial Network & First Clearing, fined $1.5 million jointly
  • SunTrust Robinson Humphrey, fined $1.5 million
  • LPL Financial, fined $750,000
  • Georgeson Securities, fined $650,000
  • PNC Capital Markets, fined $500,000

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

Thomas G. Gresham-Moloney Securities Broker-Subject Of Numerous Energy Sector Loss Suits- Leawood, KS

May 2018-Leawood, KS

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 FINRA records,  stockbroker Thomas G. Gresham , who is currently registered with Moloney Securities,  discloses fifteen prior customer disputes, many of which allege that he over-concentrated accounts with energy sector investments,  including:

  • FINRA Case 15-0633 by a customer of Moloney Securities aought damages of $150,000 on energy sector investment losses in the 4th quarter of 2014 . That case was settled for $55,000.
  • A 10/2015 complaint by a customer while Gresham was registered with Wells Fargo Advisors who alleged unsuitable recommendations, failure to supervise, violations of Kansas Securities Act. That claim was settled for $110,000.
  • A 7/2015 complaint by a customer while Gresham was registered with Wells Fargo Advisors who alleged unsuitable recommendations, failure to supervise, violations of Kansas Securities Act. That claim was settled for $335,000.
  • FINRA Case 14-01834 in which a customer while Gresham was registered with Wells Fargo Advisors alleged excessive and unsuitable trading and misappropriation of customer funds. That case was settled for $175,000.

Currently Pending Claim for $1 Million

For Energy Sector Losses

Gresham  discloses a currently pending dispute by a customer of his former employer, UBS Financial Services . In FINRA case 17-03338, filed in December 2017,  the customer, who is seeking $1 million in damages,  alleges that Gresham failed to convert a ROTH IRA into an ordinary IRA when it lost value causing the account to incur unnecessary tax liability and for losses on unsuitable investment recommendations. In addition the customer alleges excessive and unsuitable trading, fraud, negligence, breach of fiduciary duty and failure to supervise from 1-/2008-11/2017. The investments at issue include oil and gas equities and limited partnerships.

Gresham  has been registered with Moloney Securities since 7/2012. Prior to that he was registered with UBS Financial  Services from 10/2008-5/2012. He was discharged from UBS Financial in 5/2012. UBS made the following allegation on his FINRA record:

“Mr. Gresham’s employment was terminated when his managers lost confidence in his willingness to abide by the firm’s order entry policies because (1 )he mismarked solicited trades as unsolicited after previous discipline for excercising discretion and (2) he did not give satisfactory answers in connection with the firm’s review of the mismarking”

If you have questions about an account handled by Thomas G. Gresham  contact us to discuss your options and 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

Brian Berger-Fort Lauderdale Stockbroker Fails to Cooperate with Investigation Alleging Theft from Elderly Client-Is Barred from Industry

April 2018 Update-Berger pleads guilty to fraud. 

July 30, 2015

Brian Michael Berger of Fort Lauderdale, FL, entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that he  failed to cooperated with a FINRA investigation into allegations that Berger had misappropriated funds from elderly customers while registered with Wells Fargo Advisors and MetLife Securities.

AWC NO. 2015045725201

Berger  was barred from the securities industry.   According to FINRA records he was registered as follows:

  • Newbridge Securities                            4/2015-6/2015
  • MetLife Securities                                    7/2014-4/2015
  • Wells Fargo Advisors                             7/2010-7/2014

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