Articles Tagged with IFS Securities

AdobeStock_112465076-1-300x164James Flynn, a former registered broker with Voya Financial Advisors, has at least 10 customer complaints against him. Many of these concern alternative investments and direct participation products (DPPs) such as non-traded real estate investment trusts (REITs). These types of investments tend to be highly illiquid and risky ones that are not suitable for all investors. A broker such as Mr. Flynn must take into account factors such as a client’s age, net worth, investment risk tolerance, and investment sophistication before recommending or selling investments. If he does not, his brokerage firm may be liable for losses on a contingency fee basis. REITs and other alternative investments like oil, energy and gas offerings, and DPPs, typically underperform other investments, and are recommended by brokers because of the high commissions they offer. Voya may be held liable for alternative investment losses in the Financial Industry Regulatory Authority (FINRA) arbitration forum.
Mr. Flynn was discharged from Voya in February 2017 after the firm accused him of providing misleading information to the firm during a complaint investigation. He was then hired by IFS, but discharged a year later after he allegedly executed unauthorized trades. James Flynn was also subject to a tax lien totaling hundreds of thousands of dollars. In April 2005, Flynn disclosed a tax lien of over $256,000. He then declared bankruptcy in April 2013.
According to his online, FINRA BrokerCheck report, James Travis Flynn was previously registered with Capital Investment Group in Greer, South Carolina from July 2011 until June 2013, Voya Financial Advisors in Greenville, South Carolina from May 2013 until February 2017, and IFS Securities in Greenville from February 2017 until February 2018. He has 11 customer complaints against him, one of which is currently pending, one financial and regulatory matter and three judgments/liens. He has been suspended from the securities industry and is not currently registered as a broker.

AdobeStock_200379710-300x200According to publicly available records with the Financial Industry Regulatory Authority (FINRA), Fortune Financial Services broker Bruce Musselman has been subject to nine customer complaints and one criminal regulatory action. In February 2013, Musselman allegedly recommended unsuitable investments, misrepresented securities, over-concentrated customer funds into aggressive investments and excessively used margin. From 2007 until 2009, a customer alleged that Mr. Musselman recommended highly risky investments that were unsuitable and inappropriate to the customer’s needs. These are all against securities laws and internal firm rules. A broker has a duty to do his due diligence on every security he recommends or sells by taking into account the customer’s age, net worth, investment objectives and investment sophistication, among other things. He also has a duty to disclose all the risks associated with every investment. If he does not do so, his brokerage firm may be liable for investment losses, because the firm had a duty to reasonably supervise him while he was registered with that firm. The firm may be liable on a contingency fee basis if you suffered money losses because of Bruce Musselman’s investment recommendations.
According to online records with FINRA, Bruce Mussel man is not currently registered within the securities industry. Previously, he was registered with Ameriprise in Cocoa, Florida from October 1996 until 2009, Newbridge Securities Corp in Heathrow, Florida from November 2010 until February 2013, IFS Securities in Cocoa from February 2013 until March 2015 and Fortune Financial Services in Cocoa from July 2015 until December 2017. He has nine customer disputes against him and one criminal matter.

Did you suffer losses with Coleman Devlin, formerly of IFS Securities? Mr. Devlin has been accused of effecting discretionary trades in five customer accounts without obtaining prior written authorization from the customers and without acceptance of the accounts as discretionary by his member firm. He was also accused of making unsuitable investments, unauthorized trading, making misrepresentations and/or omissions, breaching fiduciary duty, giving unsuitable advice, failure to supervise, suitability, churning, and over-concentration in accounts in aggressive and speculative securities without client authorization, among other things. These are all against securities laws and internal firm rules. Churning, also known as excessive trading, is a particularly egregious tactic used by brokers in order to generate large commissions for themselves, while generating unnecessary fees for the client.
Mr. Devlin, according to his online BrokerCheck report with FINRA, was previously registered with Tamaron Investments, Legg Mason Wood Walker, Dean Witter Reynolds, Gruntal & Co., Ryan Beck & Co., Stifel, Nicolaus and IFS Securities in Atlanta, Georgia. He has 13 customer disputes against him, one of which is currently pending. He is not currently registered as a broker and is suspended from the industry.

You can recover your losses with Richard Cody by calling our Chicago-based law firm at 312-332-4200 and speaking to an attorney for free. We are securities attorneys who sue brokerage firms in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis for investors who have lost money. Stoltmann Law Offices continues to investigate Richard Cody, a former registered representative of Westminster Financial Services, Concorde Investment Services and IFS Securities. The Securities and Exchange Commission (SEC) recently brought a case against Cody, claiming he committed fraud by concealing that his customers suffered massive losses in their accounts. Cody’s assets were frozen on December 22, 2016, when the SEC obtained a preliminary injunction against him. Cody was accused of sending customers false tax forms and telling customers that they had more money in their accounts than they actually did by making material misstatements, while allegedly doing business at Boston Investment Partners. This is against securities laws, and Cody’s former firms may be responsible for not adequately supervising him while he was employed there. The firms may be liable for your investment losses.

Richard G. Cody was registered with Merrill Lynch in New York, New York from March 1997 until December 2000, Salomon Smith Barney in New York from September 2000 until November 2001, Leerink Swann & Co. in Boston, Massachusetts from December 2001 until May 2005, Gunnallen Financial in Boston from May 2005 until March 2010, Westminster Financial Securities in Providence, Rhode Island from March 2010 until March 2013, Concorde Investment Services in Spring Lake, New Jersey from March 2014 until August 2016 and IFS Securities in Spring Lake from August 2016 until September 2016. He has seven customer disputes against him, four of which are currently pending and one civil pending matter, according to his online FINRA BrokerCheck report. Please call today for your free consultation.

According to a recent Disciplinary Proceeding with the Financial Industry Regulatory Authority (FINRA), James Larkin Powers, a former broker at du Pasquier & Co., was alleged to have violated securities laws. Powers allegedly created fictitious trades between his firm trading account and his personal account for his own profit, converted customer funds, caused his firm to create trade confirmations that misrepresented the prices of customers’ trades and hid a loss he incurred in a firm trading account by repeatedly entering unauthorized, fictitious customer trades and subsequently cancelled them before settlement. He allegedly received at least $388,133 in illicit trading profits from these transgressions. He also allegedly converted customer funds and made material omissions. These are all against securities rules and regulations.

Powers was registered with Kidder, Peabody & Co. in New York, New York from February 1994 until July 1994, Sharpe Capital in New York from June 1994 until October 2000, Magna Securities in New York from October 2000 until February 2005, Du Pasquier in New York from January 2005 until July 2014, Aegis Capital Corp in New York from July 2014 until December 2015, Celadon Financial Group in Chatham, New Jersey from January 2016 until February 2016 and IFS Securities in Atlanta, Georgia from February 2016 until September 2016. He is not licensed within the industry. Please call today for a free consultation with one of our attorneys. 312-332-4200.

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Peter Neary was accused of effecting approximately 130-140 discretionary transactions without written authorization in the account of one of his customers. For this he was fined $5,000 and suspended for 20 business days. Allegedly, from July 2012 through December 2014, Neary effected these transactions. This is against securities rules and regulations. According to his online FINRA BrokerCheck report, Neary was registered with John Hancock, Liberty Securities Corp, Independence One Brokerage Services, Comerica Securities, Ferris Baker Watts, RBC Capital Markets Corp and Wunderlich Securities in Plymouth, Michigan from October 2010 until February 2015. He is currently registered with IFS Securities in Livonia, Michigan and has been since Feburary 2015. He has one customer dispute against him. Please call our Chicago-based securities law firm today to speak to an attorney about your options of bringing legal action against Peter Neary and Wunderlich Securities. The firm may be responsible for losses on a contingency fee basis in the FINRA arbitration forum.

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