Tag Archives: WFG Investments problem

James Pheney-Former WFG Investments Broker-Discloses Pending Customer Dispute-Castle Rock,CO/Brenham, TX

July 2017 -Castle Rock, CO-Brenham, Texas

According to publicly available records James K. Pheney  (CRD#1272932) ,  a  stockbroker who currently is employed by Mid Atlantic Capital Corp.  disclose a pending 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 December of 2016, a  customer of Pheney’s prior employer,WFG Investments, Inc. ,  filed a complaint seeking damages of $240,000 alleging misrepresentation in connection with the purchase of a municipal bond. That matter is currently pending.

Pheney was employed by  WFG Investments from 1/2005-8/2017. He joined Mid Atlantic Capital Corp. in 8/2017. Pheney discloses a business affiliation with Plum Creek Investment Services with offices in Castle Rock, CO and Brenham, Texas.

If you have questions about an account handled by James Kevin Pheney, contact us 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

James K. Pheney-WFG Investments, Inc. Broker-Discloses Pending Customer Dispute-Castle Rock, CO.

July  2017- Castle Rock, CO

According to publicly available records James K. Pheney  (CRD#1272932) ,  a  stockbroker who currently is employed by WFG (Williams Financial Group) Investments, Inc.  disclose a pending 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 December of 2016, a WFG Investments, Inc.  customer filed a complaint seeking damages of $240,000 alleging misrepresentation in connection with the purchase of a municipal bond. That matter is currently pending.

Pheney has been with  WFG Investments since January of 2005.

If you have questions about an account handled by James Kevin Pheney, contact us 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

James Neal Turner-Former WFG Investments Broker-Discloses Customer Dispute-Plano, TX

June 2017- Plano, Texas

According to publicly available records James N. Turner (CRD#2068968) ,  a  stockbroker who currently is employed by First Command Financial Planning  discloses a pending customer dispute, 2 prior customer disputes and a currently outstanding judgment/lien.

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 arbitration 16-03688, a customer of WFG Investments and Jefferies LLC seeks damages of $75,000 and alleges misrepresentation within offering documents, failure to conduct due diligence and failure to execute due care in the sale of unsuitable investments.

Turner discloses a tax lien in favor of the Internal Revenue Service in the amount of $58,525, filed at Collin County, TX  Federal Court.

Turner’s prior employment includes Merrill Lynch, IMS Securities and WFG Investments.

If you have questions about an account handled by James Neal Turner , contact us 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

Gary C. Haack-Former FSC Securities Broker-Discloses Settlement of Customer Dispute-San Antonio, TX

June 2017- San Antonio, Texas

According to publicly available records Gary C. Haack  (CRD#2796834) ,  a  stockbroker who currently is employed by Corecap Investments  discloses  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 FINRA arbitration 15-0836, a customer of WFG Investments sought damages of $115,000 and alleged unsuitable investments in speculative products in connection with an investment in a private placement offering of medical and research firms. The case was settled for $70,000 in 6/2016.

Gary C. Haack  has been employed by Corecap Investments since 6/2016. His prior employment includes FSC Securities, WFG Investments and NEXT Financial Group.

If you have questions about an account handled by Gary C. Haack  contact us 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

WFG Investments Ignored Red Flags in San Antonio, TX , Branch

May 2017- San Antonio, TX

According to publicly available records Dallas, TX-based WFG Investments Inc. discloses 23 final regulatory events

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.

Most recently, in May 2017 FINRA  censured and fined WFG Investments $150,000 to resolve allegations that it failed to supervise appropriately the sales practices of one of its brokers in its San Antonio, Texas branch who engaged in unsuitable trading in the accounts of his customers, primarily by inappropriately concentrating the accounts in low priced securities.

According to the settlement agreement with FINRA the vast majority of the broker’s customers held substantial positions in four or five low-priced securities. Most of these customers had at least 80% of their accounts concentrated in low-priced securities and/or illiquid and highly speculative private placement and REIT investments. According to FINRA, these excessive concentrations existed irrespective of the customer’s financial situation, risk tolerance and/or investment objectives.

FINRA found that senior personnel at WFG were aware of red flags that the broker (who is only identified by the initials “MB” ) was engaged in unsuitable trading in low priced securities but failed to take steps to prevent it. FINRA AWC No. 2015045755003.

WFG Investments has been a FINRA member since 1988 and has over 200 registered representatives in 188 branch offices nationwide.

If you have questions about the way your account was handled at WFG Investments  contact us 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