If you have lost money in the stock market due to fraud, misrepresentation, negligence, or for other reasons, we can help you. We have successfully recovered over $250 million in FINRA securities arbitrations.*
Need Legal Help? Contact Us. Call +1 (888) 997-9956
The Securities Arbitration Law Firm of KlaymanToskes announced today that it is investigating claims relating to the sale of ProfitStars Int’l Corp. by Tracy Spaeth, formerly of BrokersXpress, LLC. Spaeth entered into a Letter of Acceptance, Waiver and Consent (“AWC”) with FINRA concerning his sales of ProfitStars Int’l Corp.
According to FINRA, from October 2010 through December 2010, Spaeth participated in private securities transactions without providing prior written notice to, or receiving prior written approval from, his employing FINRA member firm. Specifically, Spaeth promoted to and assisted approximately 115 clients with purchasing limited partnership interests in ProfitStars Int’l Corp., a security, for a total investment of over $8,000,000. This conduct violated of NASD Rule 3040 and FINRA Rule 2010.”
FINRA added, “in connection with the private securities transaction described above, Spaeth provided a webinar to his clients regarding foreign exchange currency trading software. The webinar failed to provide a sound basis for evaluating the products and services being offered, failed to disclose the risks of the software and strategy being promoted, was exaggerated and misleading, and contained performance forecasts, all in violation of NASD Rule 2210 and FINRA Rule 2010.”
From July 2009 through December 2010, Spaeth was registered with BrokersXpress, LLC. Under FINRA Rules, BrokersXpress was obligated to properly supervise the activities of Spaeth during the time he was registered with the brokerage firm. Accordingly, BrokersXpress may be liable for failing to supervise Spaeth’s activities while registered at the firm, and could potentially be responsible for compensating customers of Spaeth for their losses.
Former customers of Tracy Morgan Spaeth are encouraged to contact KlaymanToskes to explore their legal rights and options. KlaymanToskes can be reached toll free at 888-997-9956.