ecurities America Customers Allege Unsuitability, Fraud
Soreide Law Group is investigating claims on behalf of those who purchased investments from Securities America Inc. brokers Wesley Scott Wilt, John Stanley Roginski and Thomas Keith Wormsley.
Securities America, Inc. (CRD#: 10205, Lavista, Nebraska) is a brokerage firm regulated by Financial Industry Regulatory authority. FINRA BrokerCheck shows that Securities America, Inc. has made 85 disclosures which consist of allegations and findings against the firm of regulatory infractions and sales practice violations. On many occasions, customers of Securities America, Inc. have named the firm or its brokers in investment-related disputes alleging the firm or its brokers engaged in sales practice violations. Significantly, some of those disputes, including those described below, allege that Park Avenue Securities or the broker was responsible for selling customers unsuitable investments, misrepresenting investments, or even committing fraud.
October 1, 2018 Complaint Regarding Wesley Scott Wilt
Wesley Scott Wilt (CRD#: 1346826, Knightstown, Indiana) has been working at Securities America Inc. since May 20, 2014 in Knightstown, Indiana and Ansonia, Ohio. He disclosed on his FINRA BrokerCheck profile that a customer complained about his sales practices. On October 1, 2018, a customer of both Securities America, Inc. and Dalton Strategic Investment Services, LLC (Wesley Scott Wilt’s former employer) filed a FINRA Arbitration #18-033358. Primarily, the customer alleged that Wesley Scott Wilt failed to supervise a securities representative, Michael Bastardi.
The customer claims that Wilt is responsible for unsuitable equity and options trades in the customer’s brokerage accounts. Additionally, the customer asserted claims of fraud, negligence, and the failure to treat the customer fairly. The alleged actions took place from March 2012 to February 2018. As a result, the customer made a request for $270,000.00 in damages, which consists of $150,000.00 in damages for a lost investment opportunity and $120,000.00 for the customer’s out-of-pocket losses. While this may be true, Wesley Scott Wilt denies the customer’s claims. Consequently, the matter is currently unresolved.
February 14, 2017 Arbitration Concerning John Stanley Roginski
Securities America Inc. broker John Stanley Roginski (CRD#: 2860790, Clarks Green, Pennsylvania) is another employee of the firm with allegedly bad sales practices. Particularly, a Securities America, Inc. customer brought a FINRA Arbitration #17-00493 on February 14, 2017. First, the customer contended that John Stanley Roginski made unsuitable trades. Second, the Arbitration stated that the firm or Roginski churned the customer’s investment account. Third, John Stanley Roginski or the firm allegedly breached fiduciary duties.
Fourth, according to the customer, there were misrepresentations about investments, possibly including information about stocks that the customer purchased. Fifth, the customer alleged John Stanley Roginski and/or Securities America Inc engaged in fraud. Finally, there was an alleged breached of contract. Given these allegations, Securities America, Inc. opted to pay the customer $130,000.00. Apparently, the firm settled this matter on October 9, 2018 without admission of liability. Securities America, Inc. disaffiliated with John Stanley Roginski on October 2, 2015. Apparently, he is now a MML Investors Services, LLC broker in Moosic, Pennsylvania.
February 14, 2018 Claim Concerning Thomas Keith Wormsley
Thomas Keith Wormsley (CRD#: 4976680, Knoxville, Tennessee) was a Securities America, Inc. broker involved in a lawsuit about misrepresentation. Principally, Wormsley reported on FINRA BrokerCheck that a customer filed lawsuit #1-39-18 in Knox, County, Tennessee Circuit Court on February 14, 2018, naming Thomas Keith Wormsley as a defendant. Allegedly, Thomas Keith Wormsley helped establish the plaintiff’s investment strategy. Notably, Thomas Keith Wormsley established an investment strategy which involved the customer investing in a private placement LLC. However, this private placement was misrepresented when it was recommended to her. Moreover, the customer indicated that the misrepresentation pertained to a promissory note investment.
Subsequently, Securities America Inc. settled the claim with the customer for $15,000.00 on April 26, 2018. Thomas Keith Wormsley worked for Securities America, Inc. from December 22, 2014 to December 20, 2018. Previously, Wormsley worked with Questar Capital Corporation (2012 to 2014).
Investors who have incurred losses from Wesley Scott Wilt, John Stanley Roginski and Thomas Keith Wormsley can contact Soreide Law Group at (888) 760-6552 for a free consultation. Our firm has recovered millions of dollars for investors who have suffered losses. We represent clients on a contingency fee basis and advance all costs.