H. Beck

There are Recent Customer Complaints with Broker John Tweardy in Firm H. Beck, INC.

November 11, 2025 | by Staff Attorney

Previously financial advisor John Tweardy (Tweardy), previously employed by brokerage firm H. Beck, INC. has been subject to at least one disclosable event. These events include one customer complaint. According to a BrokerCheck reports most of the recent customer complaints concern either corporate debt securities or alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements. The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $39,000.00 on July 25, 2022.

Client alleges that Financial Professional misrepresented the risks associated with BDCs and that the investments were unsuitable. Dates of activity: 6/1/12 to 8/16/13.

There are Recent Customer Complaints with Broker Eugene Robinson in Firm H. Beck, INC.

July 14, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Eugene Robinson (Robinson), previously associated with H. Beck, INC., has at least one disclosable event. These events include one customer complaint, alleging that Robinson recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $882,557.00 on August 08, 2023.

Claimant alleges unsuitability, breach of fiduciary duty and negligence related to Centerpointe tenant in common interests offered by ColeCapital Partners, LLC. Activity occurred July 31, 2007 to November 19, 2019.

There are Recent Customer Complaints with Broker Richard Poston in Firm H. Beck, INC.

June 13, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Richard Poston (Poston), previously associated with H. Beck, INC., has at least one disclosable event. These events include one customer complaint, alleging that Poston recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $300,000.00 on December 19, 2023.

The Statement of Claim was filed on behalf of nine claimants against Grove Point Investments, LLC involving the same investment – NorthStar Healthcare Income REIT. Claimants allege unsuitability, overconcentration, breach of fiduciary duty and negligence. Activity occurred March 24, 2014 to February 12, 2016.

Broker Rick Larson in H. Beck, INC. Firm Has Customer Complaint

June 13, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Rick Larson (Larson), previously associated with H. Beck, INC., has at least one disclosable event. These events include one customer complaint, alleging that Larson recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $300,000.00 on December 19, 2023.

The Statement of Claim was filed on behalf of nine claimants against Grove Point Investments, LLC involving the same investment – NorthStar Healthcare Income REIT. Claimants allege unsuitability, overconcentration, breach of fiduciary duty and negligence. Activity occurred March 24, 2014 to February 12, 2016.

Broker Steven Orr – A Case Study For Investor Complaint Expungement Abuse

October 21, 2019 | by Staff Attorney

Recently, Steven Orr’s (Orr) attorney reached out to our firm to inform us our posts on Orr was inaccurate. The post detailed that Orr had been subject to five customer complaints concerning allegations of securities law violations including unsuitable investments and misrepresentations among other claims. Many of the complaints involve direct participation products (DPPs) and private placements including oil and gas partnerships, non-traded real estate investment trusts (REITs), and other alternative investments.

Orr’s attorney has brought it to our attention that Orr has succeeded in using The Financial Industry Regulatory Authority (FINRA) flawed expungement process system to remove all five complaints from his BrokerCheck record. As shown in Orr’s expungement “award”, Orr sued his own employer, H. Beck, Inc. (H. Beck) for damages of $1.00 due to the placement on his record of five customer complaints. The “hearing” that took place appears to have been perfunctory at best. The hearing concerning five customer complaints took only one hearing session to complete. Usually there are two hearing sessions a day – meaning in this case five cases were probably decided in time for the arbitrator to catch lunch. The total cost to Mr. Orr by FINRA to expunge five customer complaints from his record was $100 – excluding any fees he privately paid his counsel.

During this less than four hour hearing to decide five cases, H. Beck did not contest the request for expungement. In FINRA expungement cases, brokerage firms like H. Beck profit from being sued by their own brokers to clean their records. Of the five investors that complained concerning Orr’s investment recommendations – four of which resulted in documented settlements and compensation for the victims – none of the investors participated in the short hearing. Only one investor submitted a letter to the arbitrator opposing expungement. In sum, there was no meaningful opposition to Orr’s expungement request.

Without any significant opposition, the arbitrator found that there was “credible evidence presented demonstrated that Claimant made suitable recommendations to each of the Customers, fully and accurately representing the recommended investments including, but not limited to, any associated risks.” Further, “public disclosure of the false and clearly erroneous allegations made by the Customers does not offer any public protection and has no regulatory value.” In other words, the arbitrator found that Orr was the subject of lies by five of his clients – all of which astonishingly appear to have told the same or similar lie concerning Orr’s investment advice. From the record, it appears the arbitrator made this determination without ever speaking to a single client.

Broker George Oldoerp Sanctioned for Obstructing FINRA Investigation

July 3, 2018 | by Staff Attorney

The investment lawyers of Gana Weinstein LLP are investigating the regulatory action brought by the Financial Industry Regulatory Authority (FINRA) against George Oldoerp (Oldoerp). According to BrokerCheck records, Oldoerp was suspended by FINRA in May 2018. In addition, Oldoerp has been subject to one pending customer complaint and a tax lien.

In November 2017, a customer alleged that from August 2003 to November 2017, Oldoerp recommended the customer to invest in illiquid securities in oil and gas, equipment leasing, Business Development Companies(BDCs), and non-traded Real Estate Investment Trusts (REITs), which were unsuitable investments for the customer. The customer is requesting $500,000 in damages. This complaint is currently still pending.

In April 2018, Oldoerp refused to respond to information requested by FINRA regarding the pending customer dispute. Thus, Oldoerp is undergoing suspension indefinitely until he requests termination of the suspension. If he does not respond by July 16 to FINRA’s Notice of Suspension, he will automatically be barred from the industry.

Sonhee Cho Subject to Customer Complaint Alleging Unsuitable REIT Investments

July 1, 2018 | by Staff Attorney

The securities attorneys at Gana Weinstein LLP have been investigating H. Beck, Inc. (H Beck) broker Soonhee Cho (Cho). According to BrokerCheck records, Cho has been subject to a customer dispute and a permitted resignation from employment.

In November 2017, a customer alleged that from June 2013 to November 2017, Cho recommended non-traded Real Estate Investment Trusts (REITs) which were unsuitably risky to the customer and that he also failed to disclose the illiquidity of the investment to the customer. The customer has requested $193,000 in damages.

In addition, Cho has been subject to permitted resignation from member firms. In September 1999, Cho was permitted to resign from Waddell & Reed, Inc. for failing to comply with the firm’s correspondence procedures.

Advisor Peter Doyle Sanctioned by FINRA Over Unauthorized Trading

October 13, 2017 | by Staff Attorney

According to BrokerCheck records financial advisor Peter Doyle (Doyle), formerly associated with Morgan Stanley, has been subject to three customer complaints, one employment termination for cause, and one regulatory action. According to records kept by The Financial Industry Regulatory Authority (FINRA) Doyle has been accused by customers of unsuitable investment advice and unauthorized trading among other claims.

Doyle was barred by FINRA in July 2017 when he refused to appear for FINRA testimony in connection with its investigation into the conduct that led to his termination from Morgan Stanley. Morgan Stanley had terminated Doyle in June 2016 after it made allegations involving adherence to industry rules and use of trading discretion. The most recent complaint filed in February 2017 alleged unsuitable recommendations from June 2008 through June 2016. The claim settled for $600,000.

Brokers have a responsibility treat investors fairly which includes obligations such as making only suitable investments for the client. In order to make a suitable recommendation the broker must meet certain requirements. First, there must be reasonable basis for the recommendation the product or security based upon the broker’s investigation and due diligence into the investment’s properties including its benefits, risks, tax consequences, and other relevant factors. Second, the broker then must match the investment as being appropriate for the customer’s specific investment needs and objectives such as the client’s retirement status, long or short term goals, age, disability, income needs, or any other relevant factor.

Broker Investigation: Financial Advisor James Dresselaers

October 3, 2017 | by Staff Attorney

According to the BrokerCheck records kept by Financial Industry Regulatory Authority (FINRA) broker James Dresselaers (Dresselaers) is under FINRA investigation and subject to one customer complaint. Dresselaers is currently employed by H. Beck, Inc. (H. Beck). The FINRA investigation is looking into potential violations of NASD Rules 2310 and 2110 or Rules 2111 and 2010 relating to the suitability of recommendations to purchase securities made to one customer. In December 2015 a customer filed a complaint alleging Dresselaers that recommended unsuitable investments in exchange traded funds and equity securities.

A common problem with exchange traded funds is a subset of investments called leveraged exchanged traded funds (Non-Traditional ETFs). As a background, Non-Traditional ETFs behave drastically different and have different risk qualities from traditional ETFs. While traditional ETFs seek to mirror an index or benchmark, Non-Traditional ETFs use a combination of derivatives instruments and debt to multiply returns on underlining assets, often attempting to generate 2 to 3 times the return of the underlining asset class. Non-Traditional ETFs are also used to earn the inverse result of the return of the benchmark.

However, the risks of holding Non-Traditional ETFs go beyond merely multiplying the return on the index. Instead, Non-Traditional ETFs are generally designed to be used only for short term trading as opposed to traditional ETFs. The use of leverage employed by these funds causes their long-term values to be dramatically different than the underlying benchmark over long periods of time. For example, between December 1, 2008, and April 30, 2009, the Dow Jones U.S. Oil & Gas Index gained two percent while the ProShares Ultra Oil and Gas, a fund seeking to deliver twice the index’s daily return fell six percent. In another example, the ProShares UltraShort Oil and Gas, seeks to deliver twice the inverse of the index’s daily return fell by 26 percent over the same period.

Broker Dan Droeg Subject to Unsuitability Complaints

August 2, 2017 | by Staff Attorney

Our law firm, Gana Weinstein LLP, is investigating claims made by Financial Industry Regulatory Authority (FINRA) against broker Dan Droeg (Droeg). According to BrokerCheck, Droeg’s record contains two customer complaints filed against him regarding alleged unsuitability.

The most recent customer complaint was filed against Droeg in November 2016. During the period of July 2012 to November 2016, Droeg allegedly recommended over-concentrated and illiquid investments in variable annuities for numerous profit sharing plans. The client also claimed that the broker allegedly incorrectly reported the values and performances of the investments. The alleged damages are worth $250,067. The case is currently pending.

During January 2005, another customer complaint was filed against Droeg concerned alleged unsuitability. The broker allegedly recommended variable annuities, which were highly unsuitable for an elderly customer with low risk tolerance. The alleged damages were worth $6,000 and the case settled for $18,043.79.