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Articles Tagged with Southeast Investments

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AdobeStock_99700100-2-300x200Stoltmann Law Offices is investigating John Billy Kakonikos, a former broker with Southeast Investments in East Meadow, New York. Kakonikos is accused of recommending and executing securities transactions in the client’s account, over which he had control. The Financial Industry Regulatory Authority (FINRA) alleged that he Kakonikos’ trading was excessive and quantitatively unsuitable for the client. A broker must take into account a client’s age, net worth, and investment objectives when recommending or selling a security, and, if he does not, his investment firm can be held liable for losses. We are Chicago-based securities attorneys who bring cases in the FINRA arbitration forum in order for investors to recover their losses. Please call 312-332-4200 for a free consultation with one of our attorneys. There is no obligation and we take cases on a contingency fee basis only, so we do not make money unless you recover yours.

Kokonikos was registered with JP Turner, Hunter Scott Financial, Caldwell International Securities, John Thomas Financial, and Southeast Investments in East Meadow, New York from February 2014 until February 2016. He has five customer disputes against him, according to his online FINRA BrokerCheck report. He is currently suspended from the industry.

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According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), John Kakonikos allegedly engaged in excessive and unsuitable trading in the account of a customer. This allegedly caused trading losses of $72,524.53, while generating $41,617.56 in fees and commissions, and 55 of the trades that Kakonikos effected were allegedly unauthorized by the customer. Excessive trading occurs when a registered representative exercises control over a customer’s account and the level of activity in that account is inconsistent with the customer’s investment objectives, financial situation and needs. It is a particularly egregious tactic often used by a broker to generate large commissions for himself. It is against securities rules and regulations. For this, Kakonikos was fined $10,000 and suspended for 18 months.

Kakonikos was registered with JP Turner & Co., Hunter Scott Financial, Caldwell International Securities, John Thomas Financial, Caldwell International Securities and Southeast Investments in East Meadow, New York from February 2014 until February 2016. He has five customer disputes against him and is not licensed within the industry, according to his online, FINRA BrokerCheck report.

If you invested money with John Kakonikos, please call our Chicago-based securities law offices today to speak to an attorney about your options of bringing legal action against his former firm, Southeast Investments, in the FINRA arbitration process. The call to us is free with no obligation and we take cases on a contingency fee basis only. 312-332-4200.

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According to a recent Disciplinary Proceeding with the Financial Industry Regulatory Authority (FINRA), Johnny Burris, while registered with Chase Investment Services, failed to execute a trade for his customers, a married elderly couple. The failed trade resulted in their IRS tax payment to be rejected for insufficient funds. Burris then created and sent unapproved misleading correspondence to the customers and the IRS. This is against securities rules and regulations. Burris was registered with BA Investment Services in Oakland, California from April 1997 until July 1999, Banc of America Investment Services in Boston, Massachusetts from July 1999 until October 1999, Investors Capital Corp in Sun City West, Arizona from January 2000 until December 2005, Chase Investment Services Corp in Sun City West from July 2010 until October 2012, JP Morgan Securities in Sun City West from October 2012 until December 2012, Oppenheimer & Co. in Scottsdale, Arizona from February 2013 until March 2014 and Southeast Investmnets in Charlotte, North Carolina from March 2014 until June 2015. He has three customer disputes against him. Please call our securities law firm today to find out how you might be able to sue Chase Investment Services for financial losses. The call is free with no obligation.

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Stoltmann Law Offices is investigating brokerage firm Southeast Investments N.C. Inc., headquartered in Charlotte, North Carolina, alleging that the firm disregarded a retired client’s stated objective of income with moderate risk, recommending instead Cornerstone Total Return Fund (CRF). This was an aggressive total return fund, focused on capital appreciation concentrated in equities. The fund’s high distribution rate was not tied to the fund’s investment income, or capital gains, and did not represent yield or investment return. Southeast Investments omitted material facts regarding the fund, and did not understand, or worse, acted with intent to defraud by putting client’s investments into it. Please call our securities law firm based in Chicago to speak to an attorney for free about your options of suing Southeast Investments in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis to recover your losses. 312-332-4200.

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Did you lose money with John Kakonikos, a former broker with Southeast Investments? If so, please call our Chicago-based securities law firm today to speak to an attorney. Kakonikos was accused of acting negligently, churning accounts, breaching fiduciary duty, breaching contract, and executing excessive trades, among other transgressions. He was registered with JP Turner & Company, Hunter Scott Financial, Caldwell International Securities, John Thomas Financial, and Southeast Investments in East Meadow, New York and was registered there from February 2014 until February 2016. He is not currently registered with any member firm. He has five customer disputes against him.

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Did you or someone you know lose money with Damon Vickers or Frank Black, both former brokers with Southeast Investments? If so, you may be entitled to recover your investment losses. Vickers had regulatory actions filed against him by the Sate of Washington Securities Division, alleging that he engaged in excessive trading in customer discretionary brokerage accounts. Allegedly, from 2009 until 2012, Vickers generated $5.3 million in commissions from these trading activities. The division found that the commissions were unreasonable compared to what customers would have been charged had they been offered fee-based accounts. This is often referred to as “churning” and is when a broker excessively trades in a customer’s account in order to generate commissions. It is when a broker frequently buys and sells securities that do little to meet the client’s investment objectives. It is an illegal and unethical practice that violates securities rules and regulations. A broker must take into account a client’s age, net worth, investment objectives, portfolio and investment sophistication before recommending a security.

During this time period, Frank Black was Vickers’ designated supervisor. The state found that Black violated the Securities Act of Washington by failing to reasonably supervise Vickers by approving his commission schedule and failed to maintain adequate supervisory policies regarding the review of discretionary accounts for signs of excessive trading, which is also against securities rules and regulations. Frank Black and Southeast Investments had a duty to reasonably supervise their representatives during the time they were employed there. Their lack of supervision could make them liable for investment losses and Southeast Investments can be sued to recover money.

Vickers was registered with the following firms: The Stuart-James Company, Madison Chapin Associates, Escalator Securities, Aurex Financial Corp, Melbourne GSI Corp, Securities America, Clearing Services of America, Laidlaw Equities, Janssen-Meyers Associates, Capital Securities of America, Westminster Financial Securities, LaSalle St. Securities, Brokersxpress LLC, International Financial Solutions, and Southeast Investments in San Juan, Puerto Rico from October 2008 until February 2014. He has three customer disputes against him and one criminal. He is not currently licensed within the industry.

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Stoltmann Law Offices is investigating Damon Vickers, a financial advisor with Southeast Investments. The Washington Division of Securities filed a complaint against him that alleged that he excessively traded in his customer accounts and earned over $5.3 million in commissions from 2009 until 2012. The complaint also alleged that he provided investment advisory services, despite having no advisory license or registration. The Washington Division of Securities seeks to impose fines on Vickers and to revoke his securities license.

Vickers was registered with The Stuart-James Company, Madison Chapin Associates, Escalator Securities, Aurex Financial Corp, Melbourne GSI Corp, Securities America, Clearing Services of America, Laidlaw Equities, Janssen-Meyers Associates, Capital Securities of America, Westminster Financial Securities, LaSalle St. Securities, Brokersxpress, International Financial Solutions, and Southeast Investments in San Juan, Puerto Rico from October 2008 until February 2014. He has three customer disputes against him and one criminal. He is not currently licensed within the industry, according to his Financial Industry Regulatory Authority (FINRA) BrokerCheck report.

If you invested money with Damon Vickers, please call our securities law firm at 312-332-4200 to speak to an attorney. The call is free with no obligation. You may be able to sue his former firm, Southeast Securities, for not reasonably supervising him while he was employed there. We take cases on a contingency fee basis.

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Stoltmann Law Offices is investigating Michael John Bombardier, a former broker with KCD Financial. Bombardier is accused of selling away, altering a customer document and failing to adequately disclose surrender charges associated with a variable annuity replacement. While Bombardier was registered with Southeast Investments in Colchester, Vermont, in 2014, he engaged in selling away practices, which is when an investment advisor recommends and sells a security that is not offered by his member firm. This is done to garner large commissions for the broker. It is against securities rules and regulations. He also submitted applications to a carrier without his home office approval. In 2012, Bombardier was fired from Woodbury Financial Services, also in Colchester, after allegations surfaced that he altered a document and failed to adequately disclose surrender charges associated with a variable annuity replacement.

Michael John Bombardier was registered with Franklin Financial Services Corp in Houston, Texas from January 1988 until October 2002, American General Securities Inc. in Colchester, Vermont from October 2002 until May 2007, Woodbury Financial Services in Colchester from May 2007 until March 2012, Southeast Investments in Colchester from March 2012 until July 2014 and KCD Financial in DePere, Wisconsin from August 2014 until September 2014. He is not currently licensed within the industry.

If you invested money with Michael John Bombardier, you may be entitled to recover some of your investment losses by suing his former firm, KCD Investments, in the FINRA arbitration forum. KCD Investments had a duty to reasonably supervise him while he was employed with them, and, because they did not, can be held liable for investment losses. Our number is 312-332-4200 and we are a securities law firm based in Chicago, Illinois. Please do not delay in contacting us, as many of the cases we deal with have a statute of limitations. The call is free with no obligation. We take cases on a contingency fee basis only.

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