Articles Tagged with Hornor Townsend & Kent

shutterstock_102242143-300x169Advisor Alex Blanco (Blanco), currently employed by MML Investors Services, LLC (MML Investors) has been subject to at least three customer complaints during the course of his career.  According to a BrokerCheck report some of the customer complaints concern variable annuities and alternative investments such as direct participation products (DPPs) like non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and equipment leasing programs.  The attorneys at Gana Weinstein LLP have extensive experience handling investor losses caused by these types of products.

In December 2018 a customer complained that Blanco violated the securities laws by alleging that the financial advisor made unsuitable investments as well as overstating assets and inadequate accounts to statement causing $315,000 in damages.  The claim is currently pending.

In May 2018 a customer complained that Blanco violated the securities laws by alleging that the financial advisor recommended investments purchased in 2015 were not suitable and he is requesting to liquidate the account.  The claim was denied by the firm.

Our firm often handles cases involving annuities and direct participation products, Non-Traded REITs, oil and gas offerings, equipment leasing products, and other alternative investments.  These products are almost always unsuitable for investors.  In addition, the brokers who sell them are paid additional commission in order to hype inferior quality investments which provides a perverse incentives by brokers to create an artificial market for products that no honest advisor would sell.

Continue Reading

shutterstock_103681238-300x300According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) advisor Thomas Sova (Sova), formerly associated with Hornor, Townsend & Kent, Inc. (Hornor Townsend) in Baton Rouge, Louisiana was terminated by his firm concerning allegations that Sova violated firm policies and procedures regarding disclosure of outside business activities relating to the outside sale of an unapproved and unregistered security.  That termination came on the heels of an arbitration complaint filed a couple of months earlier in April 2018.  The customer complaint alleged that Sova sold and unregistered security in May 2016 and seeks $100,000 in damages.  The claim is currently pending.

At this time, the claims against Sova are unclear as to the exact nature and extent of the activity other than that it involves a mortgage investment fraud or real estate security.  Sova has outside business disclosures including Sova Financial Group – his investment d/b/a.  Sova also discloses that he is the owner of rental property.

Continue Reading