Articles Tagged with Westminster Financial Securities

AdobeStock_112465076-1-300x164Stoltmann Law Offices is investigating Richard Cody, a former broker with Westminster Financial Securities. Cody has been accused by the Securities and Exchange Commission (SEC) of masterminding a scheme in order to defraud investors. At least three clients were allegedly told by Cody that their accounts were doing well, when, in fact, their accounts had balances that were nearly zero dollars. Clients were also lied to about their depleting retirement accounts through monthly deductions that were unsustainable. In 2013, Cody was suspended from the securities industry by the Financial Industry Regulatory Authority (FINRA) from January of that year until January of 2014 for allegedly sending clients inflated account statements while he was registered at Westminster and at Concorde Investment Services. While he was suspended, he allowed his wife Jill to manage the accounts. Jill was also registered with Westminster and Concorde and this also violates securities laws. Richard Cody was also accused of selling away and forgery. Selling away is when a broker sells notes or other investments that are not held or offered by his firm. He does this in order to generate large commission for himself, which he does not have to share with his brokerage firm. His firm may be liable for investment losses if they allow the broker to sell away from the firm.
Richard Grant Cody was previously registered with Merrill Lynch, Salomon Smith Barney, Leerink Swann & Company, Gunnallen Financial, 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 17 customer disputes against him, 14 of which are currently pending. He is not currently registered within the industry, according to public records online. If you suffered losses with Mr. Cody and would like a free consultation with one of our Chicago-based securities attorneys, please call our firm at 312-332-4200 today. There is no obligation and attorneys are standing by. We may be able to help you bring a claim against Westminster or Concorde Investment Services on a contingency fee basis to help you recover your losses.

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.

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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