Articles Tagged with Money Concepts Capital Corp.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker David Spellman (Spellman), currently associated with Money Concepts Capital CORP, has at least one disclosable event. These events include one customer complaint, alleging that Spellman 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 $250,000.00 on October 18, 2023.

CLIENT IS ALLEGING TEXAS DECEPTIVE TRADE PRACTICES ACCOUNT AND CHAPTER 541 OF THE TEXAS INSURANCE CODE

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Jefferson Dyer (Dyer), previously associated with Money Concepts Capital CORP, has at least one disclosable event. These events include one customer complaint, alleging that Dyer 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 $125,000.00 on December 14, 2023.

The customer alleges investments were unsuitable and misrepresented. Statement of Claim includes allegation of violation of Virginia Blue Sky Laws.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Christopher Passero (Passero), currently associated with Money Concepts Capital CORP, has at least one disclosable event. These events include one customer complaint, alleging that Passero 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 $35,000.00 on March 08, 2024.

Claimant alleged that the product failed and was unsuitable.

Previously financial advisor Terry Harris (Harris), previously employed by brokerage firm Money Concepts Capital CORP 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 pending customer complaint with a damage request of $132,000.00 on April 03, 2025.

On or around May 2015, our client purchased units of a Limited Partnership and REITs. The client transferred shares of the REITs to her spouse around September 2018. Spouse has attained an attorney alleging the investment was unsuitable. On April 3, 2025, firm became aware of allegations and intends to settle this matter instead of filing an arbitration claim.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Rodger Mcalister (Mcalister), currently associated with Money Concepts Capital CORP, has at least one disclosable event. These events include one customer complaint, alleging that Mcalister 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 $225,000.00 on April 03, 2024.

Client Alleges the recommendations were unsuitable

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Terry Harris (Harris), previously associated with Money Concepts Capital CORP, has at least 2 disclosable events. These events include 2 customer complaints, alleging that Harris 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 $31,000.00 on December 18, 2024.

Client attained an attorney to pursue a settlement instead of filing an arbitration claim. The firm determined the investment was suitable; however, made the decision to settle due to the cost of defense.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Robert White (White), currently associated with Money Concepts Capital CORP, has at least one disclosable event. These events include one customer complaint, alleging that White 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 $25,000.00  on February 14, 2025.

The firm was notified thru outside counsel that a customer had be retained and made a demand for compensation in connection with an investment with Atlas LP.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Juan Villalobos (Villalobos), previously associated with Money Concepts Capital Corp, has at least 4 disclosable events. These events include 4 customer complaints, alleging that Villalobos recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $480,000.00 on December 23, 2024.

The client alleges RR mismanaged his accounts and filed a claim for breach of fiduciary duty, breach of contract, and negligence.

shutterstock_183544004-300x200Money Concepts Capital Corp (Money Concepts) advisor Ray Reese (Reese) has been subject to at least three customer complaints.  According to a BrokerCheck report many of the customer complaints concern variable annuities or alternative investments and direct participation products (DPPs) such as 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 May 2018 a client alleged that Reese misrepresented the product as they were not informed it was not publicly traded and therefore illiquid.  The client alleged damages of $75,000 and the complaint was denied by the firm.

In May 2018 another client filed a dispute alleging unsuitability, negligence, breach of contract, and breaches of Missouri statutes in connection with the loss of assets they deposited for a whole life insurance policy.  The claim is currently pending and seeks $650,000 in damages.

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shutterstock_146470052This article follows up on a recent article reported in Reuters concerning Atlas Energy LP’s private placement partnerships in oil and gas. Atlas Resources LLC, a subsidiary the energy group, has filed documents with the SEC for Atlas Resources Series 34-2014 LP stating that it seeks to raise as much as $300 million by Dec. 31 of 2014. The deal allows investors to participate in investments where advances in drilling technology have turned previously inaccessible reservoirs of oil into viable prospects. In addition, Atlas promises to invest up to $145 million of its own capital alongside investors.

In the last article we explored how the house seems more likely to win on these deals over investors. But beyond the inherent risks with speculating on oil and gas and unknown oil deposits most investors don’t realize the deals are often unfair to investors. In a normal speculative investment as the investment risk goes up the investor demands greater rewards to compensate for the additional risk. However, with oil and gas private placements the risks are sky high and the rewards simply don’t match up.

In order to counter this criticism, issuers say that the tax benefits of their deals where the investor can write off more than 90 percent of their initial outlay the year they make it helps defray the risk and increase the value proposition. First, the same tax advantage claims are often nominal compared to the principal risk of loss of the investment as seen by Puerto Rican investors in the UBS Bond Funds who have now seen their investments decline by 50% or more in some cases. Second, often times brokers sell oil and gas investments indiscriminately to the young and old who have lower incomes and cannot take advantage of the tax benefits.

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