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FRANKOWSKI FIRM INVESTIGATING STEPHEN JOE WILLIAMS AND NEXT FINANCIAL GROUP, INC.

The Frankowski Firm is investigating potential claims against stockbroker Stephen Joe Williams, who works in the Madison, Alabama office of NEXT Financial Group, Inc. NEXT Financial Group is headquartered in Houston, Texas. Mr. Williams’ FINRA BrokerCheck report reveals six disclosures since 2004, including one regulatory action against Mr. Williams and five customer disputes. The two most recent customer disputes involve allegations of unsuitable sales of non-traded Real Estate Investment Trusts, or “REITs.” Non-traded REITs pool investor capital to purchase portfolios of investments in real estate properties. Unlike REITs which trade on a national securities exchange, non-traded REITS (as their name implies) are not publicly traded and are, therefore, difficult to value and carry significant illiquidity risk. These types of REITs also carry tax consequences and early redemption fees, of which an inexperienced investor may be unaware. Non-traded REITs typically come with high fees and commissions, which make them attractive products for brokers, even though a non-traded REIT would be a [...]

By |September 26th, 2017|Uncategorized|
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FINRA January 2017 Disciplinary Actions

FINRA takes disciplinary actions against firms and individuals for violations of FINRA rules; federal securities laws, rules, and regulations; and the rules of the Municipal Securities Rulemaking Board. Below are a number of penalties announced by the regulator in January 2017. If you have been a victim of any of the below behavior, you may have legal recourse. Please contact attorney Richard Frankowski today at 888-741-7503 for a free consultation. FINRA censured and fined VFG Securities, Inc. of Culver City, California $50,000, $10,000 of which is joint and several with Jason Bryce Vanclef. According to FINRA, the firm and Vanclef distributed and listed for sale online Vanclef's self-published book, which contained, false, exaggerated, unwarranted, or misleading statements, and omitted material facts or qualifications where the omissions caused the communication to be misleading. The findings also state they provided customers with misleading personalized recommendation spreadsheets. Advisors Clearing Network, Inc. of Pasadena, California was also censured and fined $50,000. FINRA found that it [...]

By |January 24th, 2017|Broker Check, FINRA, Fraud, Legal Matters, Press Releases & News, SEC|
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VFG Securities Settles Claims With FINRA

VFG Securities Inc., a small broker-dealer, and its owner, Jason Vanclef, reached a settlement agreement with FINRA regarding allegations that he and the firm had customers overly concentrated in illiquid investments and had used a book he had written to pump up these alternative investments. FINRA had filed a complaint claiming that the firm failed to supervise its brokers to ensure that customers' portfolios would not become overly concentrated in illiquid investments. Between November 2010 and June 2012, nearly 95% of VFG Securities' revenue was obtained through the sale of nontraded REITs and other direct participation programs, which are illiquid assets for retails investors, FINRA said. FINRA further accused Vanclef of using a book he had written, "The Wealth Code," as sales literature to promote investments in nontraded REITs and DPPs "to lure" potential investors to VFG Securities. Vanclef “repeatedly claimed in 'The Wealth Code' that nontraded DPPs and nontraded REITs offer both higher returns and [...]

By |January 2nd, 2017|FINRA, Press Releases & News|
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SEC Hits UDF With Wells Notice

The Frankowski Firm, LLC currently represents multiple investors who have invested in troubled United Development Funding REITs. Earlier this week, the Securities and Exchange Commission issued a Wells notice against the Texas company, which indicates that the SEC has made a preliminary determination to potentially recommend an enforcement action against it. Meanwhile, the NASDAQ stock market has delisted UDF IV shares. The UDF REITs have been in trouble for nearly a year. A hedge fund with a short position in UDF IV shares last December claimed the company had been operating as a Ponzi scheme for years. The FBI raided the REIT's headquarters in a suburb of Dallas in February. At that time, the NASDAQ stopped the trading of UDF IV shares at $3.20, which was down 81% over the previous year. During the last few months, UDF IV has publicly claimed that it was working to file its 2015 annual reports and its last three quarterly reports with the SEC [...]

By |October 19th, 2016|Fraud, Press Releases & News, SEC|
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