FINRA alleged that it initiated an investigation into Hugo Hernandez of El Paso, Texas, regarding allegations that he “failed to return investment funds, engaged in undisclosed private securities transactions and outside business activities, or borrowed money from customers in violation of FINRA rules”.  He previously worked with MML Investor Services.  Generally, under FINRA Rules 3270 and 3280, brokers must disclose all business activities that they are involved in, and they must disclose all securities that they are selling.

In response, Hernandez refused to appear for an on-the-record interview, which led to him being barred from the securities industry.

Hugo Hernandez Industry History

Hugo Hernandez was affiliated with MML Investors Services from May 2017 to July 2024.  He was also previously licensed with NYLife Securities.  He worked in an El Paso, Texas office.  In addition, Hernandez also was licensed to sell insurance through Mass Mutual Life Insurance, an affiliate of MML Investors Services.

Potential Responsibility MML Investors Services

Pursuant to FINRA Rule 3110, broker-dealers like MML Investor Services must reasonably supervise the activities of their representatives.  If a firm does not adequately supervise Hernandez, it could be liable for any investor harm.

Israels & Neuman represents investors throughout the country including Texas, who have been victims of broker misconduct, unsuitable investment recommendations, and fraud.  If you were a client of Hugo Hernandez and believe he acted improperly, you may be entitled to recover losses through FINRA arbitration.

• View Hugo Hernandez FINRA AWC
• View his BrokerCheck Report

Contact Us for a Free Case Evaluation

All of our FINRA Arbitration cases are taken on a contingency basis, meaning no recovery, no fees and no up-front costs.

Call us today at (720) 599-3505 or (206) 795-5798

According to FINRA’s Disciplinary Database, George Cairnes of Wells Fargo in Houston, TX was named in a FINRA Enforcement action.  FINRA alleged that Cairnes engaged in an undisclosed outside business activity with a customer of Wells Fargo without providing prior notice to his firm.  In particular, Cairnes was alleged to have partnered with a firm customer to identify, buy, manage, and sell real estate and even incorporated an LLC to engage in this conduct. To settle these allegations, Cairnes agreed to a four-month suspension and a $2,500 fine.

If you suffered investment losses with Cairnes, you may be able to recover your losses. Contact the securities and investment fraud law firm at 720-599-3505 or 206-795-5798 for more information.

Background on George Cairnes

George Cairnes had been a representative of Wells Fargo between April 2009 to July 2023.  He worked at a Houston, Texas office.  Cairnes was also the subject of three customer complaints, including an April 2023 complaint in which a customer alleged that “she set up a line of credit to loan money to [Cairnes], his family members and his friends, and a portion of which has not been repaid, resulting in her line of credit having an outstanding balance”.   Two months later, Wells Fargo discharged Cairnes.

Cairnes has also been the subject of an investigation by the Texas Securities Board.

Can I Recover Investment Losses?

Texas investors have the right to pursue claims through FINRA arbitration, a legal forum designed to help recover funds lost due to broker misconduct or unsuitable investment recommendations.

George Cairnes may be individually liable for misrepresentation, unsuitable advice, or breach of fiduciary duty. However, Wells Fargo may also bear responsibility if they failed to properly supervise Cairnes or ignored warning signs.

We Represent Investors in Houston and Across Texas

At Israels & Neuman, we have helped thousands of investors nationwide recover money lost to financial advisor misconduct and represent investors throughout Texas. Our attorneys have extensive experience handling claims involving Wells Fargo.

Find Cairnes’s FINRA AWC here

Find Cairnes’s BrokerCheck report here

Free Case Review — Speak to a Securities Fraud Attorney Today

If you invested with George Cairnes, contact us . We always offer Free and confidential Consultations. If we take your case, we do so on a contingency fee basis—which means there are no attorney fees unless we recover money for you!

(720) 599-3505 or (720) 599-3505

Jose Gamez also known as “Joe Gamez”, an advisor in San Antonio, Texas, was fired by Raymond James regarding allegations that he “used client funds for personal reasons”.  When individuals like Gamez are terminated by their brokerage firm for cause, the firm is required to file a form (called a Form U-5) with regulators that explains why the advisor was fired.  If you suffered losses, contact Israels & Neuman to see if you are eligible to file a claim.

Background on Jose Gamez

Jose Gamez was licensed with Raymond James from April 2017 to June 2025.  He had been in the securities industry since 2000.  Joe Gamez operates Security Service Investment Group and Security Service FCU in San Antonio, Texas.

Can Raymond James Be Liable for Gamez’s Conduct?

FINRA standards provide that brokerage firms like Raymond James must reasonably supervise the activities of their financial advisors.   Firms that fail to do so could be responsible for investor losses. 

We Help Investors in Texas

We represent investors throughout the United States as well as Texas, who have been victims of broker misconduct, unsuitable investment recommendations, and fraud. If you were a client of Jose Gamez and believe your financial advisor acted improperly, you may be entitled to recover losses through FINRA arbitration.

• View Gamez’s BrokerCheck Report

Contact Us for a Free Case Evaluation

We always offer Free Consultations. If we take your case, we do so on a contingency fee basis—which means there are no attorney fees unless we recover money for you!

Call us today at (720) 599-3505 or (206) 795-5798 or fill out our contact form to learn more about your rights.

Allegations of FINRA

Patrick Pistor of New Braunfels, Texas was discharged by Equitable Advisors in February 2025.  Equitable Advisors disclosed that he was “discharged for failure to comply with the Firm’s Outside Business Activity policy”.  Generally, under FINRA Rule 3270, stockbrokers must get permission from their brokerage firm to engage in any business activities that fall outside the employment with the brokerage firm.

Subsequently, FINRA started its own investigation into the allegations regarding Pistor.  He has been indefinitely suspended from the securities industry since July 11, 2025 because he allegedly failed to respond to the FINRA investigation.

Background

Patrick Pistor worked in aNew Braunfels, Texas office while he was registered with Equitable Advisors from September 2022 to February 2025. 

Can I Recover My Investment Losses?

Yes—investors have the right to pursue claims through FINRA arbitration, a legal forum designed to help recover funds lost due to broker misconduct or unsuitable investment recommendations.

Financial advisors may be individually liable for misrepresentation, unsuitable advice, or breach of fiduciary duty. However, Equitable Advisors may also bear responsibility if they failed to properly supervise Pistor or ignored warning signs.

We Represent Investors in Texas

Israels & Neuman has helped thousands of investors nationwide recover money lost to financial advisor misconduct and we represent investors throughout Texas.  Our attorneys have extensive experience handling claims involving investment schemes.

Free Case Review — Speak to a Securities Fraud Attorney Today

If you invested with Patrick Pistor, contact Israels & Neuman for a free and confidential case evaluation. Our attorneys are here to help you understand your rights and determine whether a claim through FINRA arbitration is right for you.

(720) 599-3505 or (206) 795-5798

Background on Stephen Parks

Stephen G. Parks has been a registered representative of Skystone Securities from June 2020 to the present.  He was with a number of other firms between 2006 and 2020 and works in a Dallas, Texas office.

Liability for Bad Conduct

FINRA Rule 3110 provides that Skystone Securities is required to reasonably supervise the activities of its financial advisors.  Securities firms must also comply with Rule 2111, providing that investment recommendations are suitable for its customers.  Violations of these rules could lead to liability for a broker-dealer.

Israels & Neuman Represents Victims in Dallas, TX

Our securities arbitration law firm represents investors throughout the country, including in Texas and the Dallas area.  If you were a client of Stephen Parks and believe he acted improperly, you may be entitled to recover losses through FINRA arbitration.

• View his BrokerCheck Report

Contact Us for a Free Case Evaluation

Our arbitration cases are taken on a contingency fee basis – meaning you pay no fees unless we recover money for you!

Call us today at (720) 599-3505 or (206) 795-5798 or fill out our contact form to learn more about your rights.

What Was Alleged Regarding Arbeit

Jeffrey Arbeit was “discharged” by Farmers Financial in March 2025.  In particular, Farmers Financial alleged that it terminated Arbeit’s registration after it became aware that Arbeit allegedly engaged in private securities transactions without prior approval or review, according to FINRA’s BrokerCheck.  Specifically, Farmers Financial disclosed that Arbeit was allegedly involved with “promissory notes”.

Under FINRA Rule 3280, all financial products sold by advisors must be approved by the brokerage firm prior to the sales.  If the advisor violates Rule 3280, it often is grounds for termination or suspension from the firm and is commonly referred to as “selling away”.  Promissory notes are often used in selling away.

Farmers Financial is required to notify FINRA when an advisor is terminated, especially if it alleges potential violations of securities rules and regulations.  This notice likely led to FINRA’s investigation.  After Arbeit refused to cooperate with FINRA’s investigation, it led to him being barred from the securities industry.

Background on Jeffrey Arbeit

From March 2016 to March 2025, Jeffrey Arbeit had been a representative of Farmers Financial.  He was assigned to an Austin, Texas office.  BrokerCheck also discloses that Arbeit was a doctor of natural medicine in Bee Creek, Texas.

Responsibility for Arbeit’s Conduct

As discussed above, pursuant to Rule 3280, financial advisors must disclose all business activities to their brokerage firm, especially if it involves securities or investments.  Failures to disclose outside business activities are often grounds for termination from a firm.  Moreover, firms cannot simply rely on disclosures from advisors – they must adequately supervise the advisor’s conduct.  If the firm fails to do so, it could be responsible for any investor losses.

We Help Investors in all 50 States, Including in Texas

Our securities arbitration law firm represents investors throughout the country, including in Texas and the Austin area.  If you were a client of Jeffrey Arbeit and believe he acted improperly, you may be entitled to recover losses through FINRA arbitration.

• View Jeffrey Arbeit FINRA AWC
• View his BrokerCheck Report

Contact Us for a Free Case Evaluation

(720) 599-3505 or (206) 795-5798 or fill out our contact form online to learn more about your rights.

FINRA’s BrokerCheck discloses that Todd Roggen has been the subject of eight customer complaints, one of which was made in 2025. The 2025 complaint alleges that Roggen recommended two private placement investments between 2021 and 2025.  There are also allegations that the investments were unsuitable for the client and led to financial losses of at least $5,000.  At least one of the investments was related to real estate.

Todd Roggen’s History in the Securities Industry

Todd Roggen was licensed with Raymond James between 2010 and November 2024, working out of the firm’s Houston, Texas branch. Since then, Roggen has been affiliated and is a “managing director” with a company called OneSeven, which is a registered investment advisory (RIA) firm.

In addition to the 2025 complaint, Roggen has been the subject of seven other customer complaints.  The customers in those seven cases either settled or were awarded a combined $680,000. 

Did Raymond James Properly Supervise Todd Roggen?

Brokerage firms like Raymond James must supervise the actions of their registered representatives, especially if the advisor has several past customer complaints.  Only a small percentage of licensed financial advisors have as many complaints as Todd Roggen. When a financial advisor allegedly engages in misconduct—such as mismanaging accounts or making unsuitable investment recommendations—the brokerage firm that employs them may also be held liable for failing to adequately supervise their conduct.

In the securities industry, this is known as “failure to supervise,” and it plays a crucial role in many investor recovery cases. FINRA Rule 3110 requires brokerage firms to establish and maintain a system to monitor the activities of their financial advisors.  Firms are required to consider certain factors when supervising a financial advisor, including the types of investments that the advisor is selling, as well as the complaint history of the broker.

At Israels & Neuman, we frequently represent clients in failure to supervise cases involving firms that allowed inappropriate conduct to continue unchecked.

How Israels & Neuman Can Help You Recover Money

Our firm has recovered millions of dollars for wronged investors across the country. We have brought claims against a wide range of brokerage firms.

We offer free case evaluations, and if we take your case, we do so on a contingency fee basis—which means there are no attorney fees unless we recover money for you.

Contact Us for a Free Consultation

If you lost money investing with Todd Roggen or Raymond James, you may be entitled to compensation.

Call us at (720) 599-3505 or (206) 795-5798 or
Visit our website to learn more and schedule your free consultation.

FINRA alleged that VALIC Financial Advisors failed to adequately supervise rates of variable annuity exchanges and for corrective action in the case of inappropriate exchanges. FINRA also alleged that the firm failed to review transactions where customers added additional funds to an existing variable annuity. Finally, it was alleged that there were failures to timely report 174 customer complaints. To settle these allegations, a $350,000 fine was imposed.

Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Seattle, Washington; Ann Arbor, Michigan; and Phoenix, Arizona. We represent investors in FINRA arbitration proceedings in all 50 states. Our attorneys have recovered millions of dollars for investors against many brokerage firms in the past.

If you lost money with VALIC Financial Advisors, contact the law firm of ISRAELS & NEUMAN at (616) 280-4303 or (206) 795-5798 for a Free evaluation of your case.

FARMERS BRANCH, TEXAS Did you invest with financial advisor Kenneth Judd in Farmers Branch, Texas? Our securities arbitration law firm is looking into claims made against this advisor, who previously worked for Valkyrie Equities. He was expelled from the securities brokerage industry by FINRA after he refused to cooperate with a FINRA investigation.

Mr. Judd was allowed to resign by Valkyrie Equities in December 2023, regarding allegations of his “knowingly breaking escrow when funds were not raised and questions being raised around two key violations” in connection with the sale of a Reg. D or private offering. That led to the investigation by FINRA.

Kenneth Joseph Judd was registered with Valkyrie Equities from May 2019 to December 2023. He worked in Farmers Branch, Texas.

Securities brokerage firms have to properly supervise their financial advisors. If the firm fails to do so, they could be liable for investor losses. Our law firm has represented over 1,000 investors in the past, including numerous investors in Texas.

VIEW FINRA AWC HERE

VIEW BROKERCHECK REPORT HERE

If you lost money with Kenneth Judd, or Valkyrie Equities, contact the law firm of ISRAELS & NEUMAN at (616) 280-4303 or (206) 795-5798 for a Free evaluation of your case.

DALLAS, TEXAS Did you invest with financial advisor Rajesh Markan in Dallas, Texas? The securities and investment fraud law firm of Israels & Neuman is reviewing claims made against Rajesh Markan, who previously worked with Merrill Lynch from 2009 to October 2022, and with Hilltop Securities from October 2022 to August 2024. He was recently barred from the securities brokerage industry by FINRA when he refused to respond to a FINRA investigation.

Rajesh Markan was being investigated by FINRA regarding allegations from former customers that he sold an outside investment that was fraudulent, including in a bogus hedge fund. Another customer alleged that he borrowed money from the customer, which generally is not allowed in the securities industry.

Rajesh Markan was registered with Merrill Lynch, as well as Hilltop Securities. He worked in Dallas and Flower Mount, Texas. He was also allowed to resign by Merrill Lynch in 2022.

Securities broker-dealers like Merrill Lynch and Hilltop Securities must reasonably supervise the conduct of their financial advisors. If the firm fails to do so, they could be liable for investor losses. Israels & Neuman has represented thousands of investors in the past, including numerous investors in Texas.

VIEW FINRA AWC HERE

VIEW BROKERCHECK REPORT HERE

If you lost money with Rajesh Markan, or Merrill Lynch, contact the law firm of ISRAELS & NEUMAN at (720) 599-3505 or (206) 795-5798 for a Free evaluation of your case.

WEATHERFORD, TEXAS Did you invest with Debra Mae Carter in Weatherford, Texas? She previously worked with KMS Financial, and was recently sentenced to life in prison for her role in William “Doc” Gallagher’s Ponzi scheme. Over $30 million was stolen from victims in Gallagher’s scheme.

Debra Mae Carter was licensed in the securities industry from 1983 to April 2018 and worked in Weatherford, Texas. She was a representative of KMS Financial from April 2015 to April 2018.

KMS Financial was a securities brokerage firm based in Seattle and had obligations to reasonably supervise Ms. Carter’s conduct under FINRA rules. If they failed to do so, the brokerage firm can be liable for investor losses.

View BrokerCheck Report HERE.

If you lost money with Debra Mae Carter or KMS Financial, please Contact Us at 206-795-5798 for a free evaluation of your case.

SAN ANTONIO, TEXAS Are you a former customer of financial advisor Eric Anthony Dupre from San Antonio, Texas? The securities and investment fraud law firm of Israels & Neuman is reviewing allegations made against this advisor. He was fired by Ameriprise Financial Services in March 2024.

Ameriprise terminated Mr. Dupre in December 2023. According to BrokerCheck, he allegedly borrowed money from clients, which is generally not allowed under FINRA Rules. Additionally, he has been the subject of a $4 million customer complaint, in which the customer alleges that Dupre recommended to the customer to make cryptocurrency investments and other unsuitable investments.

Eric Anthony Dupre had been with Ameriprise from June 2020 to December 2023. He worked in a San Antonio, Texas branch office, and was previously with Raymond James.

Ameriprise is a FINRA member firm and must have written supervisory and compliance procedures, under securities rules and regulations. If the firm failed to reasonably supervise its financial advisors, it may be liable for customer losses.

Our firm has represented numerous investors throughout Texas and have sued many brokerage firms in the past.

View BrokerCheck report here.

If you lost money with Eric Anthony Dupre or Ameriprise, please Contact Us at 206-795-5798 for a free evaluation of your case.

SOUTHLAKE, TEXAS Did you invest with advisor Reuben Brown of Edward Jones in Southlake, Texas? After he failed to respond to a FINRA inquiry, he was barred from the securities industry pursuant to FINRA Rule 8210. This rule generally provides that financial advisors must respond to FINRA investigations or face consequences.

FINRA began its investigation after Brown was allegedly involved in private securities transactions. Essentially, he was alleged to have sold investments that were not approved by his former brokerage firm, Edward Jones. He was also fired by the firm in August 2022.

Reuben Brown was licensed with Edward Jones between August 2019 and August 2022. He worked in Southlake, Texas, and was also the subject of a 2023 customer complaint alleging $180,000 in losses.

Brokerage firms must sufficiently monitor the acts of its representatives. If the firm fails to do so, it could be held responsible for investor losses. Our law firm that has recovered millions of dollars for investors in the past, including numerous investors in Texas.

View FINRA AWC HERE View BrokerCheck Report HERE

If you lost money with Reuben Brown, or Edward Jones, contact the law firm of ISRAELS & NEUMAN at (206) 795-5798 for a Free evaluation of your case.

We are investigating allegations made by FINRA, the FINRA, the Financial Industry Regulatory Authority, against Eric Carl Willer. FINRA suspended Willer from the securities industry for nine months. It was alleged that Willer recommended to 13 potential investors to purchase bonds in two private placements without having a reasonable basis to believe that the bonds were suitable for any investor.

Eric Carl Willer was a financial advisor and registered representative of Fusion Analytics Securities from August 2015 to June 2020. He worked at a branch office in Dallas, Texas. He was also affiliated with Kestra Investment Services from June 2020 to April 2021.

Brokerage firms like Fusion Analytics Securities have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.

Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Ann Arbor, Michigan; Phoenix, Arizona; and Seattle, Washington. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in Texas. Our attorneys have represented over one thousand investors against many brokerage firms in the past.

Click HERE to view Willer, E. BrokerCheck Report

Click HERE to view Willer FINRA AWC

If you lost money with Eric Willer or Fusion Analytics Securities, please Contact Us at 720-599-3505 for a free evaluation of your case.