Firms We Have Pursued

During the more than two decades we have been representing investors seeking the recovery of investment losses, have  brought actions alleging broker misrepresentation, misconduct, negligence, unsuitability and/or fraud against most of the broker-dealers with whom you are familiar, including:


  Aragon Berman
Acument Securities
Advest, Inc.
A.G. Edwards, & Sons
Alex Brown & Sons
American Investors Life
Ameriprise Financial Services
Amerifinancial
Asset Management Securities Corp.
AXA Equitable
Bank of America
Barber & Bronson
Barry Financial Group
Bear Stearns
Berthel Fisher & Co.
Biltmore Securities, Inc.
Clearing Services of America
Charles Schwab
CIBC Oppenheimer
Clearing Services of America
Continental Broker Dealer
Corporate Securities Group
Costa Financial
DBC Rain Daucher
Donaldson Lufkin & Jenrette
Dreyfuss Service Corp.
Edward Jones & Co. LP
Essex Securities 
Fintegra LLC
First Atlantic Resources 
First Liberty Investment Group
First Union Securities
First United Equities
FSC Securities Corporation
FMS Bonds
G.A. Repple
Garden State Securities
Great Western Financial Securities 
Gruntal & Co., LLC
  GunnAllen Financial, Inc.
Halpert & Co.
Harris Trust
H. Beck 
H.J. Meyers
ING
Investacorp, Inc.
Investec Bank PLC
Invest Financial
Investment Centers of America
Investors Capital Corp.
Janney Montgomery Scott
Janssen Meyers
J.B. Hanauer
Jefferson Pilot
J.W. Charles
Joseph Charles
Josephthal
J.P. Turner
Legg Mason
Lehman Brothers
L.H. Ross & Company, Inc.
Liberty National Financial
Liberty National Life Insurance
Lincoln Financial Advisors
Linsco Private Ledger
LPL Financial
Maxim Group LLC 
Melhado Flynn
Merrill Lynch
Mesirow Financial Services, Inc.
Metlife
Moors & Cabot
Money Concepts Capital Corp.
Montauk Financial
Morgan Keegan
Morgan Stanley Wealth Management
Muriel Siebert & Co., Inc. 
National Securities Corp
Nelson Ivest Brokerage Services, Inc.
New England Securities 
  Newbridge Securities
NEXT Financial Group
Noble Investments
Northern Trust Securities
Olde Discount Corporation
Oppenheimer
PacVest
Penson Financial Services
Prime Charter
Prudential Equity Group
Prudential Securities
Questar Capital
Raymond James
RBC Capital Markets
Roan-Meyers Associates LP
Royal Alliance
Royce Investment Group, Inc.
Ryan Beck & Co.
Smith Barney
Samco Financial
Sanford Bernstein
Schneider Securities
Securities America
Sigma Financial
Shochet Securities
Somerset Financial Group, Inc.
Southtrust Securities, Inc.
Summit Brokerage Services
SunTrust Investment Services
SunTrust Securities
Tasin & Co.
Telaro Securities
UBS
UBS PaineWebber
U.S. Trust 
VSR Financial Services
Wachovia Securities
Waddell & Reed
Wells Fargo Advisors
West America Securities Corp.
Whale Securities 
 
             
 

HOW TO ACCESS FINANCIAL STATEMENTS OF A BROKERAGE FIRM AND HOW  TO RESEARCH THE REGULATORY HISTORY OF A BROKER AND/OR A BROKERAGE FIRM

There are around 5,000 registered broker-dealers in the United States. These firms range from the largest and most well known wirehouses, to large regional firms, down to the local broker-dealer that may have only one office.

It is quite possible that the firm or broker you are considering dealing with may have prior regulatory problems and/or prior customer complaints. Before you hand over your nest egg that you may have spent a lifetime accumulating, we suggest that you do two things: 
  • Go the the Edgar website of the Securities & Exchange Commision and take a look at the most recent financial statement for the company you intend to do business with. If it is one of the big well known national firms, you can probably skip this step since they likely have  adequate financial resources to cover any typical broker negligence or fraud. If however it is a regional firm or small local firm, you should definitely take a look at the financials to see if they have the wherewithal to cover investor claims should one of their brokers negligently handle customer accounts or in the case of stockbroker fraud. Input the name of the company you are considering trusting with your retirement funds on the SEC Edgar website.On the results page, look for the most recent X-17A-5 filing and take a look at the amount of shareholder equity on the balance sheet. Since many firms do not carry insurance for broker negligence and fraud, the amount of shareholder equity may be the limit of that firm's ability to cover customer losses. 
  • Next you should visit the FINRA BrokerCheck website and input the name of broker who will be handling your account. After confirming that you have the correct broker (look at the name of the firm he works for to be sure), follow the link to the Detailed Report and review it to see if there are any disclosure items, which may include disciplinary matters, terminations or customer complaints and arbitrations. Use this information, coupled with your assessment of the broker's integrity and the recommendations of trusted friends, to make your decision. 
  • You can obtain a similar report from FINRA on the company by performing another search on the FINRA BrokerCheck website.  

If you prefer, we are happy to obtain these reports for you at no charge.

Call 561-391-1900, and speak with Robert Rex, Esq. or his secretary Nan Thompson.



We do not charge for your initial consultation to determine if we can help you. 


A WORD TO THE WISE ABOUT SMALL LOCAL FIRMS-MOST ARE NOT INSURED
There is no regulatory requirement that brokerage firms carry insurance to cover losses for the inappropriate, negligent or fraudulent advice that may have resulted in the accounts you or your loved ones.

In September 2014, after studying the matter for a year, FINRA decided that it could not compel brokerage firms to carry insurance to cover awards and verdicts customers might obtain against them and their brokers for fraud and/or negligence in the handling of customer accounts. This means that if your account is at a firm with limited net capital (many have less than $100,000 in net capital) and the broker makes a mistake, or worse yet, commits fraud and your nest egg suffers, your case may put them out of business. Unfortunately, if they are forced to file bankruptcy because the $250,000 loss they have been ordered to pay exceeds their $75,000 net capital, that does not get any money back to you.


Often times these losses, when suffered by the elderly who are living on fixed income, are devastating to the individual as well as the  family, who now must figure out how to pay the health costs and living expenses with what now remains of the nest egg.

We routinely see cases where proving that the broker and the firm are liable for the losses is not really the issue, since often times the abuse is so flagrant. The problem is that the broker and firm may have very limited ability to pay damages. Unless the firm has insurance, which is not common, there is little that can be done to recover these losses.

Dealing with larger firms eliminates much, if not all of the risk associated with ability to pay. 
 
 
 









Robert H. Rex, Esq.
Rex Securities Law
Dickenson Murphy Rex & Sloan

Florida Office:
250 NW 4th Diagonal
Boca Raton FL 33432
561-391-1900

Texas Office: 
12600 Hill Country Blvd., Suite R-275
Austin, TX, 78738
512-329-2870

Toll free: 877-224-3199






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