Stoltmann Law Offices continue to investigate Securities America, after it was fined $175,000 by FINRA. Between August 2014 and January 2016, FINRA charged that brokers with Securities America, overlooked or violated suitability concerns with two classes of variable annuities that were sold. During this time frame, FINRA alleged that Securities America received close to $53 million from sales of share class variable annuities, including over $6 million from the sale of 1,904 L-share contracts. These products have shorter surrender periods, and are therefore more expensive. Investors pay a higher fee in exchange for increased liquidity which is unsuitable for many investors. Firms that fail to disclose to investors these risks and fees, are more likely to be confronted with allegations of misconduct in the course of their business.
Stoltmann Law Offices is investigating Kestra Investment Services broker Mitchell Walk. According to his publicly available records with the Financial Industry Regulatory Authority (FINRA), Mitchell Walk has been subject to five customer complaints, two of which are currently pending. These allege that Walk misrepresented material facts about variable annuities in his investment recommendations to customers, and that Walk made unsuitable investment recommendations to a customer and that Kestra Investment Services failed to properly supervise this activity. Brokers have an obligation to treat investors fairly which includes obligations such as making only suitable investment recommendations for the client. In order to do so, the broker must meet certain requirements, such as take into account the customer’s age, net worth, investment objectives and investment risk tolerance, among other factors, and must disclose all risks and benefits associated with that investment. If he does not, his brokerage firm may be liable for losses because the firm has a duty to reasonably supervise its employees.
Before Kestra, Mitchell Walk was employed with Securities America in Lavista, Nebraska from March 2000 until January 2001. He is currently registered with Kestra Investment Services in Sarasota, Florida, Longwood, Florida and St. Augustine, Florida, and has been since January 2001. He has five customer disputes against him, one of which is currently pending. This is according to records available online.
Stoltmann Law Offices is investigating Richard Fichter, a registered representative with Securities America in Williamsville, New York. Mr. Fichter allegedly acted negligently in connection to alleged improper sales practices employed by the account’s previous representative, made unsuitable recommendations and trades, failed to follow instructions, executed unauthorized trades, placed trades for the primary purpose of generating commissions, failed to follow instructions, engaged in deceptive acts and practices and did not cancel a trade as requested, among other things. These are all against securities laws. Mr. Fichter was previously registered with First Investors Corp from June 1983 until November 1983, William Cadden from October 1983 until September 1985 and Dean Witter Reynolds in Purchase, New York from September 1985 until February 1991. He is currently registered with Securities America in Williamsville, New York and has been since March 1991. He has four customer disputes against him, one of which is currently pending.
Stoltmann Law Offices is investigating Scott Cody, a Securities America broker in Denver, Colorado. Mr. Cody allegedly sold an unsuitable variable annuity product for the purpose of increasing his commissions. He also failed to follow instructions to liquidate an account before a wire transfer. These are against securities laws, and internal firm rules. Mr. Cody, according to the Financial Industry Regulatory Authority (FINRA), was previously registered with New England Securities in New York, New York from September 1997 until May 2004 and Hornor, Townsend & Kent in Denver, Colorado from May 2004 until August 2008. He is currently registered with Securities America in Denver, and has been since July 2008. He has two customer disputes against him.
Bruce Page Barber, a former financial advisor with Securities America in Colorado Springs, Colorado, was barred from the securities industry. Barber allegedly solicited 15 firm customers to purchase an unapproved securities product in ABC, LLC, a company for which he served on the Board of Directors. Barber was terminated from Securities America in February 2017 after being investigated by the Financial Industry Regulatory Authority (FINRA) for this misconduct. If you would like to speak to an attorney about your options of recovering your losses with the firm on a contingency fee basis in the FINRA arbitration forum, please call our Chicago-based law offices today for a no-cost, no-obligation consultation. Attorneys are standing by.
According to online, public records with FINRA, Mr. Barber was previously registered with Lincoln Investment Planning, Inc. in Fort Washington, Pennsylvania from August 1998 until December 2000, and Securities America in Colorado Springs, Colorado from December 2000 until February 2017. He is currently not registered within the industry, and was barred by FINRA in September 2017.
Stoltmann Law Offices is investigating Michael Crowe, a former financial advisor with Securities America in Mesa, Arizona. Crowe was alleged to have solicited an investor to invest $50,000 in Simply Smart Homes, LLC, which was purported to invest in and flip residential property. Richard Smart, who ran Smart homes, had several tax liens against him in Utah, and the company had defaulted on at least two loans. Securities America allegedly did not give Crowe permission to sell investments in Simply Smart Homes, yet he did anyway. This is against securities laws. To find out how you may be able to sue Securities America for Michael Crowe losses, please call 312-332-4200 today. We are securities attorneys based in Chicago, Illinois and we sue firms in the FINRA arbitration forum on a contingency fee basis. The call is no-cost and no-obligation. Brokerage firms like Securities America have a duty to reasonably supervise their brokers in order to make sure that they do not do anything outside securities laws. If the firm does not, it can be held liable for losses. Crowe was also registered with Verus Capital Partners in Mesa. He was subject to two financial compromises, according to public records.
Stoltmann Law Offices is investigating Jesus Rodriguez, a broker with IMS Securities. Rodriguez is accused of acting negligently, misrepresenting material facts, and breaching fiduciary duty in connection to real estate investment trusts. These are all against securities rules and regulations. IMS Securities can be sued in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis in order to recover losses. Please call our securities law firm today to speak to an attorney about your options. The call is free with no obligation and we take cases on a contingency fee basis. Rodriguez was registered with Securities America in Lavista, Nebraska from November 1997 until March 2000 and is currently registered with IMS Securities in Miami, Florida and has been since March 2000. He has two customer disputes against him, one of which is currently pending.
They are, through the Financial Industry Regulatory Authority (FINRA) arbitration process. Did you lose money because of Robert “Rusty” Tweed? If so, the attorneys at Stoltmann Law Offices may be able to help you recover your investment losses on a contingency fee basis. Robert Tweed allegedly obtained more than $1.6 million from his retail customers through a false and misleading private placement memorandum (PPM) he used to offer and sell interests in his Athenian Fund LP, a pooled investment fund he both created and controlled, according to a recent Disciplinary Proceeding with FINRA. He also allegedly dragged and circulated the PPM, which misrepresented and failed to disclose material information to investors, and 23 customers invested in the fund without the complete and accurate information between November 2009 and March 2010. These are against securities rules and regulations.
According to his online FINRA BrokerCheck report, Robert Tweed was registered with Securities America, Wealth Resource Capital Corp, Laguna Securities, InterSecurities, National Planning Corp, United Securities Alliance, Capwest Securities, MAM Securities, and Concorde Investment Services in San Marino, California from August 2011 until November 2015. He his currently registered with Cabot Lodge Securities in San Marino, California and has been since October 2015. He has twelve customer disputes against him, four of which are currently pending.
We are securities attorneys who bring arbitration claims against firms such as Cabot Lodge Securities on a contingency fee basis. Please call 312-332-4200 today to find out how you may be able to bring a claim against Cabot Lodge for Robert Tweed losses. The call to us is free with no obligation. There is a statute of limitations on most of these cases.
Stoltmann Law Offices continues to investigate J. Randall Gladden, a financial advisor in Aliso Viejo, California. The Financial Industry Regulatory Authority (FINRA) and the Arizona Corporation Commission alleged that Gladden sold $2.1 million worth of notes or “units” in the Church Development Fund, LLC and the Church Fund, LLC. Mr. Gladden managed and operated both. At the time of the sales, Gladden was registered with Securities Equity Group and did not have permission from this firm to sell the notes. This is against securities laws. FINRA fined him $15,000 and suspended him for one year. The Arizona Corporation Commission revoked his license as a securities salesman and investment advisory representative in March 2017.
According to his FINRA public records, Gladden was registered with Securities America in Lavista, Nebraska from August 1995 until May 1997, Securities Service Network in Knoxville, Tennessee from May 1997 until February 2002, and Securities Equity Group in El Cajon, California from April 2002 until March 2016. He has two customer disputes against him and is currently not registered within the industry. Please call our Chicago-bases securities law offices today at 312-332-4200 to find out how you may be able to bring a claim against Securities Equity Group in the FINRA arbitration forum on a contingency fee basis. The call is free with no obligation.
Were you a client of Timothy D Ballard? Did he recommend that you take out a margin loan in order to purchase stocks or other investments? If so, this recommendation may be unsuitable and inappropriate for you and it might entitle you to damages. Margin is a high risk investment strategy that simply isn’t suitable for many investors, especially those who are elderly, retired or otherwise conservative. Mr. Ballard’s previous firms include Securities America and National Planning Corporation and they may be liable or responsible for any investment losses that resulted from the utilization of margin. To learn whether margin related investment losses might be recoverable please call our securities firm in Chicago, Illinois at 312-332-4200.