Donald Dean Horras CRD# 1056123

Soreide Law Group is investigating claims on behalf of investors who were clients of Ft. Lauderdale broker, Donald Horras, who was with Morgan Stanley Smith Barney, and according to FINRA’s BrokerCheck, is currently with Raymond James and Associates of Ft. Lauderdale. Allegedly, Donald Horras, made unsuitable recommendations to elderly customers resulting in financial losses.

Horras is alleged to have recommended variable annuities that were inappropriate for the elderly clients’ portfolios and resulted in the loss of their retirement savings.

On FINRA’s BrokerCheck, Donald Horras’ record shows several client complaints, primarily relating to the sale of annuities.

If you or a family member were sold variable annuities by Donald Dean Horras and experienced financial losses, contact an attorney at Soreide Law Group for a free consultation on how to recover your investment losses. To speak with an attorney, call 888-760-6552, or visit http://www.securitieslawyer.com.

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Andrew James Aragona (CRD #1320844, Registered Representative, Deerfield Beach,Florida)

was fined $138,500 and suspended from association with any FINRA member in any capacity for one year. These sanctions were based on findings that Aragona recommended unsuitable variable annuity switches to an elderly customer.

The FINRA findings stated that Aragona failed to conduct an objective, quantitative analysis of the benefits of the recommended switches, so the customer incurred $130,000 in surrender fees, which was more than 10 percent of the value of her investment, but Aragona earned $123,500 from the switches.

The suspension is in effect from July 2, 2012, through July 1, 2013.
(FINRA Case #2010023963301)

This information was found on FINRA’s website under “Disciplinary and Other FINRA Actions, July, 2012.”

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, represents clients nationwide. Call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website at: http://www.securitieslawyer.com.

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Raymond James Financial Services Inc., has paid a $1.79 million arbitration award to an 87-year-old client after going to state court to appeal the judgment writes Darla Mercado, in a November 30, 2011, article for the InvestmentNews.com.

The Honorable Judge Emily Tobolowsky, of the 298th Judicial District Court in Dallas last month confirmed the award and denied the broker-dealer’s motion to vacate the payment, a move that few broker-dealers attempt to make.

The FINRA arbitration panel ordered Raymond James to pay some $1.7 million in May, plus interest, to elderly client Hurshel Tyler and the estate of his deceased wife, Mildred. The sum is thought to be the largest award ever against Raymond James.

Mercado writes that the Tylers, both in their late 80s when the case first went to arbitration, had some $3.5 million in bond funds. But they allegedly were encouraged by a former Raymond James broker, then based in Amarillo, Texas, to put the money into variable annuities and variable life insurance.

This variable life insurance policy was loaded down with $2 million in improper loans — along with continuing tax and interest obligations — that would have made it difficult to return the product to the broker-dealer, according to a transcript from a court hearing in September. “From a supervisory standpoint, the large loans taken out against the policy should have been red-flagged,” the Tylers’ attorney said in an interview with InvestmentNews. The couple had contended that the investments were unsuitable; an arbitration panel from the Financial Industry Regulatory Authority Inc. decided in their favor.

In appealing this decision, Raymond James claimed that the Tylers should have returned the annuities, which had grown by more than $958,000. Initially, the elderly couple had sought return of their money, but were instead awarded compensatory damages and were not instructed to return the annuities.

Raymond James had also argued that the $250,000 it was supposed to pay the Tylers in attorneys’ fees ought to be vacated because laws in Florida — where Raymond James is based — don’t allow for such awards.

The InvestmentNews.com article goes on to say that the attorney for the Tylers asserted that Raymond James never brought up that argument in the arbitration discussions in March this year, nor did it ever object to her presentation of the case under Texas law.

“Raymond James continues to believe that the award in this matter is a miscarriage of justice. The Tylers made a profit in excess of $800,000 during the period of time that the Tylers maintained accounts with Raymond James and suffered losses when they transferred their accounts to another broker-dealer,” said the director of litigation at Raymond James. He added,”Raymond James believes the panel erroneously held Raymond James responsible for those losses. Notwithstanding that fact, Raymond James has determined, after reviewing the anticipated time and resources necessary to continue to fight what we still believe to be an erroneous award, to put the matter behind us and move forward.”

Securities Attorney, Lars Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. If you or a family member have experienced losses through Raymond James Financial Services, Inc., call a Securities Arbitration Lawyer for a free consultation on how to potentially recover your losses. To speak with an attorney, call 888-760-6552, or visit www.securitieslawyer.com.

Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.

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WASHINGTON —It was announced on FINRA’s website that The Financial Industry Regulatory Authority (FINRA) has suspended William Bailey, a former NEXT Financial Group, Inc. broker of Mesa, Arizona, from the securities industry for two years for unsuitable and excessive trading of mutual funds and variable annuities. Bailey also engaged in discretionary trading without receiving prior written approval from his customers.

In the article it stated that FINRA found between January 2006 and December 2007, Bailey recommended 484 short-term mutual fund switch transactions in seven customer accounts. In each of the accounts, Bailey, on his customers’ behalf, repeatedly sold mutual funds less than one year after purchasing them, and purchased new mutual funds with the proceeds. With Bailey’s frequent switches, on average, his customers held their mutual funds for only 60 days. The seven customers, who ranged in age from 66 to 93 and were all unsophisticated investors, incurred over $147,000 in sales charges and trading fees. Bailey received over $120,000 in commissions from these sales. To facilitate his mutual fund trading scheme, Bailey frequently traded in his customers’ accounts without first obtaining their permission and improperly completed customer account forms to make it appear the customers approved of the trading.

 Brad Bennett, FINRA Executive Vice President and Chief of Enforcement, said, “Brokers who engage in excessive trading will be held accountable. In this case, Mr. Bailey rapidly switched his elderly and unsophisticated customers in and out of mutual funds with high costs, providing a benefit to Bailey instead of to his customers.”

Additionally, FINRA also found that Bailey convinced three customers to switch their variable annuities for new ones after holding them for a short period of time. These exchanges were unsuitable based on the customers financial objectives and needs, and did not improve the customers’ financial situations.

 In settling this matter, Bailey neither admitted nor denied the charges, but consented to the entry of FINRA’s findings. This information was obtained on FINRA’s website.

Securities Attorney, Lars Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. If you feel you have become a victim of William Bailey of NEXT Financial Group, Inc., or a similar situation, please call a Securities Arbitration Lawyer for a free consultation on how to potentially recover your losses.  To speak with an attorney, call 888-760-6552, or visit www.securitieslawyer.com

Soreide Law Group, PLLC., representing investors nationwide before FINRA  the Financial Industry Regulatory Authority.

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A Financial Industry Regulatory Authority (FINRA) arbitration panel has ordered Wedbush Securities and one of its former brokers to pay $2.9 million in damages and fees to an elderly investor who allegedly fell victim to a faulty investment scheme. The founder Edward Wedbush, and broker Debbie Michelle Saleh were ordered to pay $2,865,885 in damages. The victim of this securities case, Rick Cooper, continued working with Debbie Michelle Saleh, who previously served as his mother’s broker, after she moved to Wedbush from Wachovia Securities LLC in 2004, stated Lorie Konish in an August 31, 2011, article in On Wall Street.

Cooper’s attorney alleges, Saleh sent him false monthly account statements while conducting unauthorized transactions and forging Cooper’s signature. That allegedly included buying unsuitable variable annuities products and selling them, then subsequently buying more unsuitable products.

Konish writes that while Saleh profited from fees and commissions from those transactions, funds in Cooper’s accounts ultimately dwindled to less than a third of the $1.86 million displayed in account statements.

It was noted in a strongly worded Aug. 26 decision, the FINRA arbitration panel concluded that Saleh intentionally misrepresented information about Cooper’s investments while making unauthorized redemptions or withdrawals.

“The panel determined that Respondent Saleh’s conduct was premeditated, egregious and unconscionable and part of a plan or scheme to defraud her customers,” the FINRA panel wrote in its decision. “Respondent Saleh’s conduct certainly borders on criminal misconduct, if not actually elevating her actions to actual criminal misconduct.”

Wedbush fought against the charges in the arbitration, arguing that the variable annuities sold to Cooper were suitable and that the firm’s supervision was adequate.

That supervision was not good enough, Cooper’s lawyer said, as the firm did not promptly respond to a Dec. 2007 letter from the Securities and Exchange Commission following an investigation on Saleh.

Saleh stepped down from her post at Wedbush in March, 2009. She was permanently barred from serving in the securities industry by FINRA in August, 2009. Her registration records show that she has also previously been named in other cases involving annuities she sold to customers.

The On Wall Street article reports that the $2.9 million award includes special damages for emotional distress, including $500,000 to be paid by Saleh, $300,000 by Wedbush and $200,000 by Wedbush Securities founder and President Edward Wedbush.

Including interest, the total award totals more than $3 million.

Securities Attorney, Lars Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. If you feel you have become a victim of stock/securities loss, call a Securities Arbitration Lawyer for a free consultation on how to potentially recover your losses.  To speak with an attorney, call 888-760-6552, or visit www.securitieslawyer.com

Soreide Law Group, PLLC., representing investors nationwide before FINRA  the Financial Industry Regulatory Authority.

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