NEXT Financial Group

There are Recent Customer Complaints with Broker Charles Kulch in Firm Next Financial Group, INC.

March 16, 2026 | by Staff Attorney

Previously financial advisor Charles Kulch (Kulch), previously employed by brokerage firm Next Financial Group, INC. has been subject to at least 6 disclosable events. These events include 5 customer complaints, one regulatory event. 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 $5,000.00 on December 16, 2020.

Alleged unsuitable recommendation of investments in registered, non-traded real estate investment trusts (REITs) between September 2015 to June 2020.

Broker Richard Minichino in Next Financial Group, INC. Firm Has Customer Complaint

February 21, 2026 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Richard Minichino (Minichino), previously associated with Next Financial Group, INC., has at least one disclosable event. These events include one customer complaint, alleging that Minichino 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 $120,000.00 on April 20, 2021.

Claimants allege Mr. Minichino gave unsuitable recommendations and breached his fiduciary duty and that the Firm failed to supervise. The clients collectively had 4 accounts with the Firm and with Mr. Minichino as the Rep on all of them between October 2014 (and December 2014) until early 2016.

Broker Thomas Reyes in Next Financial Group, INC. Firm Has Customer Complaint

January 9, 2026 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Thomas Reyes (Reyes), previously associated with Next Financial Group, INC., has at least 2 disclosable events. These events include one customer complaint, one regulatory event, alleging that Reyes recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on June 24, 2024.

Without admitting or denying the findings, Reyes consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony requested by FINRA in connection with an investigation into the circumstances giving rise to Form U5 Amendments filed by his member firm. The findings stated that the first Form U5 Amendment disclosed an internal review concerning potential undisclosed OBAs by Reyes and a second amendment disclosed that the internal review concluded that Reyes sold annuities that were not on the firm’s approved product list away from the firm.

Broker Robert Edgecombe in Next Financial Group, INC. Firm Has Customer Complaint

July 17, 2025 | by Staff Attorney

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

FINRA BrokerCheck shows a settled customer complaint on July 19, 2023.

Customer alleges that her investment in a fixed index annuity on July 15, 2021 was not in her best interest.

Broker Mark Tevebaugh in Next Financial Group, INC. Firm Has Customer Complaint

July 10, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Mark Tevebaugh (Tevebaugh), previously associated with Next Financial Group, INC., has at least one disclosable event. These events include one customer complaint, alleging that Tevebaugh 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 $500,000.00 on September 01, 2023.

CLAIMANT ALLEGES THEIR FINANCIAL ADVISER RECOMMENDED INVESTMENTS THAT WERE UNSUITABLE.

Broker Peter Hafner in Next Financial Group, INC. Firm Has Customer Complaint

June 26, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Peter Hafner (Hafner), currently associated with Next Financial Group, INC., has at least one disclosable event. These events include one customer complaint, alleging that Hafner 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 $5,000.00 on November 21, 2023.

Customers allege that their investments in a business development company and a real estate investment trust were unsuitable.

Next Financial Group Advisor Brian Radoo Terminated Over Undisclosed Business Activities

May 26, 2020 | by Staff Attorney

The law offices of Gana Weinstein LLP are currently investigating claims that advisor Brian Radoo (Radoo) has been accused by his former employer engaging in unapproved outside business activities and by a client for selling a non-approved investment among other allegations. According to records kept by The Financial Industry Regulatory Authority (FINRA) Radoo was terminated by his prior employer, Next Financial Group, Inc. (Next Financial) concerning his outside business activities. If you have been a victim of Radoo’s alleged misconduct our firm may be able to assist you in recovering funds.

In April 2020 a customer complained that Radoo violated the securities laws by alleging that Radoo engaged in sales practice violations related to offering the investor an investment in an unapproved outside business activity that involved a cannabis cultivation company. Claimant states that the firm, failed to supervise the representative’s outside business activity. The claim is currently pending.

In December 2019 Next Financial Investments terminated Radoo after alleging that he engaged in unreported, unapproved outside business activities.

Radoo’s outside business activities disclosed on his publicly available BrokerCheck report include Energy Consulting, Legal Cannabis Cultivation, and real estate rental properties.

Advisor Charles Kerker Barred by Regulator Over Borrowing Customer Funds

December 17, 2019 | by Staff Attorney

The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that financial advisor Charles Kerker (Kerker), formerly employed by Next Financial Group, Inc. (Next Financial) was has been subject to at least one customer complaint and one employment termination for cause during the course of his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), Westenbarger’s customer complaint alleges that Kerker recommended unsuitable investments among other allegations of misconduct relating to the handling of their accounts.

In June 2019 Kerker’s employer, Next Financial, discharged Kerker alleging failure to adequately respond to a compliance inquiry regarding equity transactions in 12 customer accounts. Specifically, the date and time that clients were contacted regarding each transaction, the rationale for the transactions, the suitability analysis conducted for each customer and copies of investment research.

Next Financial Advisor Charles Doraine Subject to Multiple Customer Complaints

December 4, 2018 | by Staff Attorney

According to BrokerCheck records former financial advisor Charles Doraine (Doraine), currently employed by Next Financial Group, Inc. (Next Financial) has been subject to at least six customer complaints and one regulatory action. According to records kept by The Financial Industry Regulatory Authority (FINRA), many of the complaints against Doraine concern allegations of unsuitable investments in Puerto Rican bonds and mutual funds.

In September 2018 a customer filed a complaint alleging that during the period 2012 through 2015, Doraine excessively traded bonds and mutual funds and recommended an unsuitable concentration in Puerto Rican bonds causing $10,000,000 in damages. The complaint is currently pending

In May 2018 a customer filed a complaint alleging that from October 2012 through 2017, Doraine made in and out mutual fund trades that were unsuitable for a low risk tolerance account. The customer alleged $2,500,000 in damages and the claim is currently pending.

Stephen Williams Subject to Multiple Customer Disputes over REITs and Alternative Investments

June 30, 2018 | by Staff Attorney

The securities attorneys at Gana Weinstein LLP are investigating claims against Next Financial Group Inc. (Next Financial) broker Stephen Williams (Williams). According to BrokerCheck records, Williams has been subject to six customer complaints, one of which is still pending. The majority of these claims involve the misrepresentation of Real Estate Investment Trusts (REITs).

Most recently, in February 2018, a customer alleged that Williams misrepresented the nature of various non-traded REITs and didn’t properly disclose the high risk associated with private investments. The customer has requested damages of $350,000. This dispute is currently still pending.

In February 2018, a customer alleged that Williams recommended the customer to invest $50,000 in United Development Funding III (UDF lll) while misrepresenting and failing to disclose UDF III’s highly risky and illiquid nature. The customer requested $50,000 for damages.