Seeking Alpha

Robert Rex's  Instablog

Robert Rex
Send Message
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
View Robert Rex's Instablogs on:
  • Worth Financial Group Of Dallas Receives Sanction From Securities Regulator

    January 9, 2015

    Worth Financial Group entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that it failed to establish adequate supervisory systems and written supervisory procedures to supervise sales of life settlement investments by the firm's registered representatives and non-associated individuals for whom the firm received override commissions.

    FINRA alleged that from July 2008 to April 2011 Worth sold fractional interests in life settlements issued by Life Partners, Inc., and collected override commissions on those sales.

    Worth Financial Group was censured and fined $10,000.

    FINRA Case # 2011025625101

    Worth Financial Group has been registered with FINRA since 1983 and is headquartered in Dallas, Texas.

    Rex Securities Law , located in Boca Raton, FL, provides representation to investors nationwide who are 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

    Mar 28 1:18 PM | Link | Comment!
  • Texas Securities Regulator Issues Cease And Desist Vs. Sale Of Unregistered Oil/Gas Royalty Interests

    March 25, 2015-Austin, TX

    John Morgan, Securities Commissioner for the State of Texas, entered an Emergency Cease and Desist Order against Lonestar Mineral Assets or Dallas and Colleyville, TX, and its owner Kenneth W. McKay of Dallas/Ft. Worth, TX.

    The Order alleges that Lonestar and McKay have been offering investments in mineral royalty rights in Texas though a publicly accessible website to non accredited investors. In addition the investments they are offering have not been registered. McKay and Lonestar are charged with failing to disclose prior securities problems involving McKay:

    • In 1997, McKay consented to a final judgement with the SEC in which he was found liable for disgorgement of over $1 million and enjoined from selling securities in the form of interests in oil, gas or other minerals without filing a registration statement with the SEC. SEC v. Offshore Financial Corp., Kenneth McKay, et al.
    • In 1998 McKay was found guilty of securities fraud, sentenced to serve 12 months and a day in prison and to pay restitution of $7.6 million. As of April 2012, the outstanding balance of restitution was over $12 million. United States v. William D. Brosseau and Kenneth McKay.
    • From April 2004-June 2012 the United States filed several applications for writs of garnishment or execution seizing a motorcycle and a truck from McKay as well as freezing one of his bank accounts.

    Rex Securities Law , located in Boca Raton, FL, provides representation to investors in Texas and nationwide who are 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

    Mar 28 1:10 PM | Link | Comment!
  • Donald Saccomano/Source Capital Group Investigation- Feb 2015 Update

    February 20, 2015

    A few months ago, we commenced an investigation of Donald Saccomano, a broker with Source Capital Group on behalf of an elderly couple and last month filed an arbitration against Source Capital Group for that couple who are seeking damages in excess of $250,000.

    The Financial Industry Regulatory Authority (FINRA) initiated a regulatory action against Donald Saccomano on January 7, 2015. Although the full details have not yet been made available, Saccomano's FINRA record indicates this regulatory matter involves municipal debt , direct investment products, limited partnership interests and allegations of unsuitable investments, misrepresentations and failure to supervise.

    The case we recently filed involves a direct investment product, Greenbacker Renewable Energy. Our elderly clients have made similar allegations that the investments Saccomano sold them were unsuitable , that he misrepresented the investments and that Source Capital Group failed to supervise Saccomano.

    Source Capital Group was formed in 1994 and has its main office in Westport, Connecticut. In July 2014 they were sanctioned and fined $100,000 in connection with the sale of oil and gas investments Blue Ridge Securities and Argyle Securities.

    If you have losses in an account handled by Donald Saccomano, contact us to discuss how you may be able to recover damages for your losses.

    Rex Securities Law , located in Boca Raton, FL, provides representation to investors in New England and nationwide who are 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

    Feb 20 11:07 AM | Link | Comment!
Full index of posts »
Latest Followers

StockTalks

More »

Latest Comments


Posts by Themes
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.