Brokers Thomas Joseph Logue, Bradley Carl Mascho, Clifford Ronald Reid, and John Joseph Koorey are the subject of numerous client complaints involving their mishandling of customer portfolios.
Below are the details for each broker.
Broker Thomas Joseph Logue
FINRA has barred Thomas Joseph Logue from the securities industry after he failed to comply with the organization’s investigation on him. Logue was being investigated following allegations that he engaged in federal securities rules or FINRA regulation-breaking conduct.
In late 2017, FINRA was performing a routine examination of American Independent Securities. FINRA began to investigate Logue’s trade activities while he was registered with the firm to determine whether or not he was engaging in conduct that violated securities laws or regulations through FINRA or federally. Logue declined to provide on-the-record testimony to FINRA, which violated a FINRA rule and resulted in his barring.
Logue was barred in all capacities as of September 14, 2018.
Logue represented organizations such as American Independent Securities, Investors Capital, First Midwest Securities, and Edwin C. Blitz Investments.
Of the nine customer complaints that Logue is the subject of, many of them allege that Logue participated in:
- Unsuitable transactions
- Recommended unsuitable investments
- Unauthorized trading
- Selling a client’s bonds for a loss
These allegations against Logue amount up to over $4.5 million in damages.
Broker Bradley Carl Mascho
The Financial Industry Regulatory Authority as well as the U.S. Securities and Exchange Commission have barred Bradley Carl Mascho from acting as a broker or investment advisor. Macho also cannot associate with firms that sell securities or provide investment advice to the public. Mascho had 20 years of experience spanning five different firms before he was barred, these firms include:
- Western International Securities, Inc. (10/01/2009 – 12/05/2017)
- Royal Alliance Associates, Inc. (2/16/2006 – 10/06/2009)
- Legg Mason Wood Walker, Incorporated (9/16/1999 – 2/23/2006)
- IDS Life Insurance Company (3/18/1997 – 7/27/1999)
- American Express Financial Advisors (3/18/1997 – 7/27/1999)
According to Mascho’s plea agreement, Mascho began working with Dawn J. Bennett at Bennett Group Financial Services, LLC (“BGFS”) beginning in at least 2009. Bennett used BGFS to provide financial services to clients in Maryland and elsewhere. Bennett formed BJB Holdings in 2013, an online retailer for luxury sportswear, and Mascho acted as the chief financial officer of DJB holdings.
Bennett and Mascho solicited BGFS clients to invest in DJB Holdings between December 2014 and April 2017 offering an annual interest rate of 15% via convertible or promissory notes, according to the plea agreement. During this period, the pair solicited and received over $20 million from more than 40 investors. Evidence showed that Mascho and Bennett were using these funds to pay for personal expenses and repay previous investors with funds from newer investors. These alleged actions are similar to a Ponzi scheme. Following these actions, Mascho was sentenced to federal prison for conspiracy in 2019.
Mascho was charged with conspiracy to commit securities fraud as well as making a false statement. Mascho has also been the subject of over a dozen customer complaints. According to available records, over $2 million has been paid out in settlements for claims that have been resolved.
A Ponzi scheme often promises high returns with little or no risk. These schemes use money from new investors to pay earlier investors and organizers may even steal some of the money for themselves.
Broker Clifford Ronald Reid
Clifford Ronald Reid is a broker with 29 years of experience with four different firms throughout his career. Currently, Reid is employed by his own brokerage firm and is associated with seven disclosures on his BrokerCheck profile:
On October 16, 2019, Reid was accused of sales practice violations including false and misleading statements, excessive trading, and failure to supervise a client’s investments. Damages for this claim amount to $220,542.
In September 2019, two separate clients accused Reid of excessive trading, failing to supervise investments, and negligent supervision. These allegations combined for a total of over $300,000 in damages.
Another client accused Reid of violating FINRA rules, breaching his contract, and being negligent with his supervision in August 2019. These allegations claim to amount to $499,999 in damages.
A claim that alleged that Reid failed to place a stop loss order on their trades settled for $120,000 in January 2019.
Reid was accused of breaching his fiduciary duties and making unsuitable recommendations in two separate disputes from June 1997 and December 1998, these two allegations combined for alleged damages of nearly $300,000.
Customers who were recommended unsuitable investments or received improper advice from Clifford Ronald Reid may have a right to file a claim and recover damages due to unsuitable or negligent advice.
Broker John Joseph Koorey
John Joseph Koorey is a previously registered broker and investment adviser with 29 years of experience from seven different firms. Koorey has nine customer disputes filed against him ranging from complaints made from 2018 through 2020.
Mr. Koorey has been registered with firms like John Hancock Distributor, Inc., Lord Abbett Distributor LLC., and Western International Securities.
The following three disputes against Koorey are pending:
- In March 2018, a client alleged Koorey of unsuitable recommendations and misrepresentation, the alleged damages requested is $5,000
- In March 2020, a client alleges that Koorey recommended unsuitable investments and is requesting $500,000 in damages
- Another allegation from March of 2020 also alleges unsuitable recommendations; this client is requesting $180,000 in damages.
- The six other disputes that have settled against Koorey allege:
- Breach of fiduciary duty
- Unsuitable recommendations
- Omission of material fact
These disputes have settled for a combined $1,485,783.
Customers who were recommended unsuitable investments or received improper advice from John Joseph Koorey may have a right to file a claim and recover damages due to unsuitable or negligent advice.
What Our Clients Say
Below are some of the emails and letters that our clients have sent us.
At a time in our life when we were most vulnerable we lost control of our finances. We fell victim to a broker that took huge commissions and did not disclose that we were not able to access our money. Peter Mougey and his wonderful staff worked with us to make us whole again and got our money released. I cannot say enough about their work ethic, professionalism, and kindness during this stressful time for us. We had a 100% positive conclusion to our case and we strongly recommend Peter and the firm. We can now sleep at night! Fred & Pat H.
My husband and I were very pleased with the work that Peter and his team provided. He was very knowledgeable of the circumstances of our case and kept us informed throughout the process. He is extremely qualified and worked diligently on our behalf. We are positive that this case would not have been resolved in our favor had it not been for Peter's expertise and his passion. He definitely cares about his clients and we sincerely appreciate his efforts. Rachel C.
FRS is a governmental body. FRS retained the services of Peter Mougey of the LP law firm in a multimillion dollar lawsuit involving extremely complex issues. Mr. Mougey quickly mastered the issues and gave advice that was vital in bringing about a successful resolution. Two of the most important features of Mr. Mougey’s representation was his understanding of government and his ability to communicate complicated legal concepts to a 10-member board of trustees in language that was easily understood by all. I did not know Mr. Mougey before FRS retained him and, fortunately, have not experienced circumstances where the system would need his services again. However, if needed, I would have no hesitation in retaining his services again. Please let me know if you need any additional information or assistance. Steven S.
Edison's famous adage can't ever be ignored of course: 1 part inspiration and 99 parts perspiration. However the two attitudes must be present indissolubly--both are essential--if results are to be obtained. Peter Mougey’s group is aware of such a requirement, they work very hard at the latter, and the former comes easily to them, a rare combination anywhere to be found indeed. Raphael B.
I would like to express my sincere gratitude to Peter Mougey and your entire team on behalf of my family for the amazing job done during your representation. From day one I received kindness, rapid responses to all of my questions, with polite and patient encounters with all of your staff assistants. You are the best- and I will be eternally grateful to you and your entire team. Michelle E.