Last Updated: March 2024
NEXT Financial Group Investigation Summary
Here’s what you need to know about Houston, Texas, headquartered brokerage firm NEXT Financial Group:
- Name: NEXT Financial Group
- Related Registered Investment Advisor (RIA): NEXT Financial Group Inc.
- Function: Stock Brokerage Firm/ Registered Investment Advisory Firm
- Location: Offices nationwide
- CRD 46214
- Can NEXT Financial Group be sued in FINRA arbitration: Yes
- Sanctioned by Securities Regulators: Yes- 32 Disclosures, see below.
- Have any brokers at NEXT Financial Group been sanctioned by regulators: Yes, see below.
- Have any customers made complaints against brokers at NEXT Financial Group: Yes, see below.
Discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
NEXT Financial Group
According to their website, NEXT Financial Group was founded in 1999, is headquartered in Houston, TX, and claims to be “one of the industry’s most recognized independent financial services firms” with more than $14 billion in individual, business, trust and retirement assets.
NEXT Financial Group- Regulatory Sanctions
NEXT Financial Group discloses 26 prior regulatory events on their CRD, including:
- 2021-FINRA fine of $750,000- failure to establish, maintain, and enforce a supervisory system designed to detect and prevent unsuitable shor-term trading of mutual funds and municipal bonds in customer accounts and over-concentration of customer accounts in Puerto Rican municipal bonds.
- 2020-Texas State Securities Board- $100.000 fine for violations related to short term trading of Class A mutual fund shares.
- 2019- New Hampshire Bureau of Securities Regulation- Cease and desist, $235,000 fine and restitution. Sale of non-traded REITs to clients over the age of 80, sold non-traded REITs to clients in excess of concentration guidelines, sold REITs to clients that did not have the annual income required by prospectus, and sold REITs to clients that did not have the requisite risk profile for such a product.
NEXT Financial Group- Arbitration of Customers’ Complaints
NEXT Financial Group discloses three arbitration complaints on their CRD.
Note that most arbitrations involving financial advisors are reported on the CRD of that individual broker. See below for our prior investigations of NEXT Financial brokers.
The largest award reported on the NEXT Financial Group CRD is an arbitration award of $225,000 in 2012 in which the customer alleged a failure to supervise accounts causing losses in mutual fund and annuity investments.
Should you have a claim for stockbroker malpractice, fraud or negligence for the mishandling of your account, the broker dealer where the stockbroker is registered is liable for those losses under theory that a principal is liable for the damages caused by his agents acting within the scope of their employment.
If your NEXT Financial Group broker or financial advisor causes damages due to the mishandling of your account, NEXT Financial Group can be held liable.
See “How to Research Your Broker-What is a CRD?” for instructions on how to access FINRA and SEC regulatory records and learn more about a broker or a broker-dealer firm.
Rex Securities Law Investigations of Registered Representatives Who Have Worked for NEXT Financial Group-Lawsuits, Arbitrations & Customer Disputes
- Abernathy, Joshua – Virginia
- Borgfeldt, Keith – Sugar Land, TX
- Cole, George – Toms River, NJ
- Cotter, Joseph – Charlotte, NC
- Diaz, Eddie – Ocean Springs, Mississippi
- Doraine, Charles – Corpus Christi, TX
- Golden, Shaun – Riverhead, NY
- Haack, Gary – San Antonio, TX
- Hernandez, Hector – San Antonio, TX
- Ho, Nghi Thanh – Houston, TX
- Hussain, Arshad – Jasper, Alabama
- Kemp, Mark – Corpus Christi, TX
- Kulch, Charles – Nashua, NH
- Marcom, Betty – Georgetown, TX
- Marcom, Michael – Georgetown, TX
- McAniff, Danielle – Albuquerque, NM
- McGilvrey, Jeremy – San Antonio, TX
- Meehleis, Rick – Fort Collins, CO
- Minichino, Richard – Wappingers Falls, NY
- Padilla, Dion – San Antonio, TX
- Parker, Brian – Timberlake, NC
- Rabenold, Dirk – Williamsville, NY
- Rodriguez, Jimmy – Hockley, TX
- Richardson, William “Frank” – Houston, TX
- Simanski, Douglas – Altoona, PA
- Strickland, Darrell – Mount Pleasant, SC
- Walker, Joeann – Brockton, MA
- Westbrook, John – Jackson Gap, AL
- Williams, Tye – Frisco, TX
- Wivolin, Heidi – West Palm Beach, FL
Recover Your Investment Losses With NEXT Financial Group With Rex Securities Law
If you have suffered investment losses in an account handled by a broker or financial advisor who is currently employed by or previously worked for NEXT Financial Group, contact us for a complimentary consultation with an experience securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
With offices in Boca Raton, FL and Austin, TX, stockbroker fraud attorney Bob Rex provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors and broker dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
