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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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  • FINRA Accuses NSM Securities Of Churning Accounts

    In November 2013, in a Letter of Acceptance, Waiver and Consent, Case No. 2011027667401, Irving Marvin Burstein, Chief Compliance Officer of NSM Securitiesagreed to a one year suspension from association with any member of FINRA in a principal capacity. Burstein, who has been with 15 different broker-dealers during his career and was a registered principal with NSM from 9/2005-7/2011.

    FINRA alleged that while acting as chief compliance officer, Burstein failed to supervise the activities of NSM's registered representatives and failed to implement the firm's Written Supervisory Procedures (WSP). Moreover, the FINRA filing, which can be viewed here, alleges that:

    "NSM's business model is to solicit customers who are high net worth individuals of Indian descent, and then engage in a highly active trading strategy in their accounts involving only a few securities. During the relevant period, many NSM customer accounts were excessively traded in order to generate large fees for NSM registered representatives and the firm. Burstein's failure to supervise the activities of the firm's registered representatives, coupled with his failure to enforce the firm's WSPs helped to create a culture of noncompliance at NSM that resulted in the rampant churning of customer accounts, unsuitable recommendations, unauthorized trading, and significant customer harm."

    If you had an account at NSM Securities that suffered damages, call to discuss your legal rights.

    Nationwide representation.

    Rex Securities Law

    561 391 1900

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Apr 04 2:49 PM | Link | Comment!
  • Texas Residents Charged By SEC For Sale Of Fraudulent Oil & Gas Working Interests

    On March 28, 2014, The Securities & Exchange Commission (SEC) charged Jason A. Halek of Southlake, TX, andPatrick J. Booths of Forth Worth with securities fraud in a case filed in U.S. District Court in Dallas, Texas. SEC v Jason A. Halek, Joshua D. Spivey, Patrick J. Booths and Steven J. Little, Civil Action No. 3:14-cv-01106-D (NDTX).

    In the complaint the SEC alleges that from September 2009 to June 2010, Halek and Booths fraudulently conducted unregistered securities offerings of working interests in oil and gas projects owned and operated by Halek Energy, LLC.

    The projects were offered to investors by Joshua Spivey of Morristown, Tennessee and Steven Little of Southlake, TX.

    The complaint alleges that Halek conceived a straw man scheme to avoid the scrutiny of the SEC which was already investigating a prior scheme. See this for the SEC press release.

    In August 2013, the Dallas Observer reported that Halek had lost an appeal on the earlier SEC case and was found liable for $26 million.

    If you lost money as a result of investing in any of these projects and if you made your investment with the assistance of a registered broker or brokerage firm you may be able to recover losses through FINRA arbitration. Contact us to discuss your legal rights.

    Nationwide representation.

    Rex Securities Law

    561 391 1900

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Apr 01 2:11 PM | Link | Comment!
  • Rex Securities Law Investigates Former Broker David A. Duhn

    Rex Securities Law is investigating former registered representative David A. Duhn of Staples, Minnesota, on behalf of a retired Minnesota investor who was sold a very large concentration of Wells REIT II (now known as Columbia Property Trust).

    Wells REIT II is a non publicly traded real estate trust that was initially sold for $10 per share. Our client was not advised that the investment was illiquid. In October 2013 in an initial public offering shares of Wells REIT II were converted to Columbia Property Trust in a reverse four-to-one split. Investors in Wells REIT II have suffered losses of up to 40% of the original purchase price.

    FINRA records indicate that Duhn was registered with Crown Capital Securities from 10/2003-12/2010. As of March 2014, Duhn is not currently registered with any FINRA broker dealer.

    Non publicly traded REITs were sold to investors with the promise of regular and dependable distributions and with representations that the principal value of the investment was protected.

    If you have information related to this investigation, we would appreciate hearing from you. If you suffered losses as a result of investing David Duhn, you may be able to recover all or a part of those losses through FINRA arbitration. Contact us to speak with an experienced securities attorney to discuss your legal rights.

    Nationwide representation.

    Rex Securities Law

    561 391 1900

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Mar 31 2:43 PM | Link | Comment!
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