The Florida Office of Financial Regulation recently filed a complaint in state administrative court against Regent Investment Advisors and Timothy C. Mingo, president and chief compliance officer of Aventura, Florida. They are seeking civil penalties and fines for allegedly overcharging clients and issuing false financial statements. The Office of Financial Regulation (OFR) has proposed a $69,000 fine against Regent Investment and a $35,000 fine against Timothy Mingo.
Florida's OFR found eight clients that had been overcharged $15,291 by Regent Investment Advisors in management fees. They found Regent had exceeded the terms listed in their contracts. The clients had paid $44,835 to Regent over several years. One client in particular was overcharged $3,388 in performance fees. Also, three clients were charged performance fees even though they shouldn’t have qualified under Securities and Exchange Commission (SEC) rules. Regent had deducted the management fees directly from their clients accounts during 2010-2012, but did not send out invoices, leaving the clients unaware.
According to the OFR, there were also inaccuracies in Regent's financial statements 2010-2012. These included overstated asset levels and incorrect figures for fixed assets.
Call the Ft. Lauderdale-based Soreide Law Group for a free consultation on how to recover your investment losses: 888-760-6552.
Without admitting or denying the findings, Howard Kavinsky (CRD: 5881623) consented to FINRA findings that he falsified at least 190 consolidated account statements, according to BrokerCheck. Those statements covered at least eight customers, some of whom were seniors.
Robert Burns (CRD: 1286211) faces a pending customer claim that alleges excessive trading and $200,000 in damages, according to BrokerCheck. The claim names Burns Financial Advisors, his outside RIA.
Gabriel Swan (CRD: 5821532) faces a pending customer claim that alleges $180,000 in damages, according to BrokerCheck. In it, the customer alleges Swan failed to stop him from withdrawing funds, and Swan denies any wrongdoing.
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