Saxony Securities

There are Recent Customer Complaints with Broker Peter Reinecke in Firm Saxony Securities, INC.

June 10, 2025 | by Staff Attorney

Previously financial advisor Peter Reinecke (Reinecke), previously employed by brokerage firm Saxony Securities, 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 pending customer complaint with a damage request of $13,000,000.00 on January 04, 2024.

Risky and speculative private placement investments, fraud and negligence

There are Recent Customer Complaints with Broker Zachary Taylor in Firm Saxony Securities, INC.

June 8, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Zachary Taylor (Taylor), previously associated with Saxony Securities, INC., has at least 3 disclosable events. These events include 3 customer complaints, alleging that Taylor 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 $426,000.00 on January 17, 2024.

Claimant asserts claims for breach of fiduciary duty, negligence, negligent supervision, breach of contract. Breach of covenant of good faith and fair dealing, misrepresentation, unauthorized trading, as well as violations of FINRA rules and state securities and elder abuse law. 08/2020 – 05/2023.

Broker Gavin Langley in Saxony Securities, INC. Firm Has Customer Complaint

June 3, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Gavin Langley (Langley), currently associated with Saxony Securities, INC., has at least one disclosable event. These events include one customer complaint, alleging that Langley 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 12, 2024.

GWG Holdings, Inc. filed Chapter 11 bankruptcy on April 20, 2022. No Statement of Claim filed by client or opposing counsel.

Broker Sanford Simmons in Saxony Securities, Inc. Firm Has Customer Complaint

March 10, 2025 | by Staff Attorney

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

FINRA BrokerCheck shows a final customer complaint on October 17, 2024.

Without admitting or denying the findings, Simmons 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 ongoing investigation that originated from a cause examination.

Gana LLP Investigates Regulatory and Investor Complaints Against Broker Glenn King

January 4, 2016 | by Staff Attorney

The securities fraud attorneys of Gana Weinstein LLP are investigating potential recovery options for investors with broker Glenn King (King). Recently The Financial Industry Regulatory Authority (FINRA) brought an enforcement action (FINRA No. 2015044444801). In addition, to the FINRA complaint, King’s BrokerCheck disclosures reveal an astonishing number of reported incidents including 1 investigation, 19 customer complaints, 1 firm termination, 2 financial disclosures – which includes a bankruptcy filing, and 1 judgement or lien.

The FINRA complaint alleges that from April 2008 through March 2011, while King was associated with brokerage firm Royal Alliance Associates, Inc. (Royal Alliance), King made fraudulent misrepresentations and omissions to seven Royal Alliance customers in connection with the sale of Unit Investment Trusts (UITs). FINRA found that King misrepresented to the customers that he would use their investment funds to purchase safe, no-risk bonds, and that King would not charge fees or commissions for the transactions. ln reality, King was alleged to have purchased 44 UITs that resulted in approximately $17,000 in realized losses to the customers, approximately $43,000 in unrealized losses, and approximately $38,000 in commissions to King.

FINRA also alleged that from January 2013 through December 2014, while King was associated with Buckman, Buckman & Reid (BBR), King engaged in a pattern of short-term trading in long-term investment products in the accounts of four customers. FINRA alleged that the pattern of trading was excessive and unsuitable, and resulted in approximately $163,000 in losses to the customers while profiting King by generating commissions of approximately $210,000.

Ralph Lord Disciplined Over Outside Business Activities in SigFX and Cranebrake

June 10, 2014 | by Staff Attorney

The Financial Industry Regulatory Authority (FINRA) recently sanctioned broker Ralph Lord (Lord) concerning allegations that the broker, from 2007 through 2013, engaged in three unapproved outside business activities in violation of NASD Rule 3030 and FINRA Rule 3270, participated in undisclosed private securities transactions, provided inaccurate information on compliance questionnaires, and failed to disclose an unsatisfied judgment.

Lord resides in Jackson, Mississippi and has been in the securities industry since 1988. From 2000 until June 2011, Lord worked at Sanders Morris Harris Inc. (f/k/a Harris Webb & Garrison, Inc.). Thereafter, Lord was associated with Abshier Webb Donnelly & Baker. Inc. from June 2011 until January 2012. Finally, from January 2012 until July 2013, Lord was associated with Saxony Securities. Inc (Saxony Securities). Lord was then terminated by Saxony Securities for violating the firm’s internal policies concerning disclosure of unpaid judgments. Previously Lord was the subject of an another FINRA disciplinary action in 1991 for exercising discretion without prior written authorization. According to Lord’s BrokerCheck, he has also been the subject of at least 15 customer complaints over his career.

FINRA alleged that Lord and two acquaintances created a called Canebrake Capital Management LLC (Cranebrake) in or about 2007 to make an investment in a spring water business. FINRA found that Lord and his acquaintances owned Canebrake and therefore a large position in the water company, were responsible for operating the water business, and that Lord personally invested at least $200,000 in Cranebrake. According to FINRA, in 2007, Lord created a private placement memorandum and a presentation to market partnership interests in Cranebrake to raise funds for the company. FINRA also alleged that Lord solicited several customers to invest in the water company but with the exception of one customer was largely unsuccessful.

Saxony Securities Fined by Securities Regulator Over Sale of Nontraditional ETFs

January 3, 2014 | by Staff Attorney

Broker-dealer Saxony Securities, Inc. (“Saxony”) was recently fined $15,000 over allegations by The Financial Industry Regulatory Authority (FINRA), the regulator of securities broker-dealers, that Saxony failed to establish and maintain a supervisory system, including written procedures, regarding the sale of leveraged or inverse exchange-traded ETFs that was reasonably designed to achieve compliance with the FINRA rules.

Saxony has been registered with FINRA since 2002. Saxony has its main offices in St. Louis, Missouri and employs approximately 100 registered representatives at the firm’s 50 branch offices.

Nontraditional ETFs are designed to return a multiple of some underlying index or benchmark such as the Dow Jones, S&P 500, or other targeted index. Some nontraditional ETFs return the inverse of that benchmark or index. These nontraditional ETFs are supposed to be held only for a one trading session – usually a single day. As a result, the performance of nontraditional ETFs over periods of time longer than a single trading session can be significantly different from the performance of their underlying index or benchmark. Accordingly, Nontraditional ETFs are inherently risky and complex products. FINRA has advised brokerage firms that nontraditional ETFs are typically not suitable for retail investors who plan to hold them for more than one trading session, particularly in volatile markets.