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Robert Rex
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This blog is written by Robert H. Rex, Esq. who is a securities attorney and a passionate advocate for investors rights. With over 30 years of legal experience, 25 of which have dealt almost exclusively with the recovery of stockmarket and investment losses for mostly elderly clients, he and his... More
My company:
Rex Securities Law
My blog:
Rex Investment Loss Recovery Blog
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  • Bethel Fisher Broker Thomas Charbonneau Barred From Securities Industry

    Thomas Neil Charbonneau of Arden Hills, MN, was barred from the securities industry to resolve FINRA allegations that between October 2008 and May 2013, he sold 1.7 million shares of a speculative penny stock from his own account, which generated $400,000, while he was recommending to his customers that they buy the stock without disclosing to them that he was selling.

    Charbonneau had obtained his shares in 2004 when he helped the company emerge from bankruptcy. His cost basis was less than a penny a share. The customers who took his recommendation and purchased the stock paid up to 65 cents a share.

    In addition in 2013, while employed by Berthel Fisher, Charbonneau caused a customer to sign in blank an Alternative Investment Suitability Questionaire and other related documents for the purchase of a REIT.

    FINRA records indicate Charbonneau was registered with Berthel Fisher & Company Financial Services from 11/2010-12/2013. Prior to that he was with Feltl & Company.

    If you had an account with Charbonneau that suffered losses, contact us to learn how you may be able to recover damages.

    Rex Securities Law provides nationwide representation to investors 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.

    Rex Securities Law

    561 391 1900

    Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Nov 17 3:25 PM | Link | Comment!
  • FINRA Fines Stifel Nicolaus& Co. $300,000

    The Financial Industry Regulatory Authority (FINRA) censured Stifel Nicolaus & Company and assessed a $300,000 fine to resolve allegations that the firm failed to establish an adequate Anti Money Laundering (AML) program and failed to establish, maintain and enforce a supervisory system to achieve compliance with securities laws and rules.

    FINRA found that from September 1, 2009 to December 31, 2013, Stifel Nicolaus executed unsolicited purchase and sales of at least 2.5 billion shares of 'penny stocks", generating at least $320 million in proceeds. FINRA found that the firm's AML compliance program did not routinely monitor unsolicited penny stock trades and that they did not routinely conduct due diligence on penny stocks.

    If you have questions about losses in an account that was handled by Stifel Nicolaus, contact us to learn how you may be entitled to damages.

    Rex Securities Law provides nationwide representation to investors 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.

    Rex Securities Law

    561 391 1900

    Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Nov 17 3:05 PM | Link | Comment!
  • FINRA Sanctions Parkland Securities (Formerly Sammons) For Lack Of Supervision

    Parkland Securities, Ann Arbor, MI, (formerly known as Sammons Securities Company) was censured and fined $100,000 by FINRA to resolve allegations that it violated FINRA and NASD rules related to supervision of its brokers and other matters.

    The FINRA findings noted that from March 8, 2010 to October 8, 2012, Sammons supervisory and compliance functions were conducted by B/D OPS, LLC, a related company, which also provided supervisory and compliance services to another broker-dealer.

    The 35 person staff of BD OPS was responsible for supervising a total of 1,274 brokers and 854 branch offices, an undertaking which FINRA found to be unreasonable. With only 3 people serving as field auditors, they were performing 5-10 branch inspections per week. Simmons system of supervision was found to be inadequate.

    FINRA also found the Sammons failed to properly review broker emails for red flags, and failed to conduct any independent due diligence for structured products sold to customers.

    If you lost money in an account at Parkland Securities (Sammons) contact us to learn how you may be able to recover damages.

    Rex Securities Law provides nationwide representation to investors 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.

    Rex Securities Law

    561 391 1900

    Nov 17 2:52 PM | Link | Comment!
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