Legend Securities Inc.

Beware this is a very bad businessI may not be able to speak for everyone, so let explain that “he” means investment adviser I dealt with investment adviser and compliance person He lies about experience and ability and claims to be investment advisor who would never mislead you as he would not want to lose business You tell him you want to improve your income but you do not want to lose your retirement and college money He pushes you to immediately invest without even verifying your ability, income, experienceHe puts you in risky investments that do not even pay dividends He tells you that an investment will be worth $10,more in a week and that he and compliance person are invested in it also in his retirement account He states that they get all the subscriptions and has knowledge that you do not He states that important news is coming out and that is why investment will go up As far as I know that was just a sales pitch He invests in loosing funds and then refuses to sell before you have a significant loss He says the investment will recover and you will not lose money if you do not sell He then pushes to invest more even though the investment is still going down He tells you that he makes money whether the investment goes down or up Once the investment has already lost most value, he tells you to short the investment because it is going to go down Where was he when it was going down and still not recommending too sell it? Once you sign paper they refuse to do investment anyway Then they sell option and do not explain or manage and you lose the value because you have to adjust or sell to avoid loss He got you to sign a paper to take away your rights to take action against him
He tells you to buy more on margin for a short period of time and that it will not cost that much Then he refuses to get you out of it as you are losing more and more money each month When the fund recovers significantly in a period of three days, he does not even call you and recommend selling it before it goes down again When you call him and ask limits to be set as to when an investment should be sold on an upturn or downturn, he refuses and claims; you should not call him, or tell him how to invest
Once margined, he can sell your margin account at any time and threatens to sell it so you will have a loss, if you do not do what he recommends He had the nerve to tell me that my account was worth more than originally invested No it is not because I do not own the investment, and owe more than it is worth in margin interest He inflated the value of my investment to cover losses and then lied about it He did not seem to care my retirement or college funds
He simply will not listen He would buy investments even when you say no many times He did not want to sell an investment without buying another He did not want me in cast was hard to get away from him because I did not know what to do with funds When you want to sell he says no it will be worth more and then it goes bankrupt Then he calls and says there is nothing you can do because you signed a paper that he pushed on you at the last minute
The final insult is they try to get you to sell everything remaining and invest in some form of investment with a high fee, while he states, “You will get all of your losses back in three years.” I need funds to pay college tuition I was told by others that the investments were no longer marginable He says they will not charge on initial investments and then they charge anyway He over charges in fees and does not disclose fees He says you will not care about fee because you will be making good money He keeps recommend changing investment, gathering more fees
If they call, ask that your name and number be taken off their list You will also get calls from lawyers seeking fees to sue them They must sell their list Different investment advisers call you and you find they work for same company or used to They even call and threaten you and call you names when you file a complaint with their compliance officer Worst of all, you hear the compliance person advising them on what they should sell you next
It is true that they fill out the forms and insist you sign immediately When you change the forms to better reflect your investment interests and abilities, he insist that you sign as fill our or they will sell all of your funds at a loss It is true they do not roll over your Retirement account, but invest funds first and then loose the funds in a bad investment Then you have to invest more to protect retirement Worst yet it appears that they also improperly report retirement accounts and you will get wacked with fines if you transfer Advice is very bad and you will lose if you listen to them
I need a real good lawyer! I cannot sleep and need to find a good paying job I must have lost about $156, Worst yet, I without any experience told new broker to sell fund at a specific price above previous advisers recommendation and sold it within cent of its current highest high in a matter of days This Legend investment adviser was absolutely useless

Legend does not open accounts or execute orders in customer accounts without the clients prior consent
Legend’s brokers utilize the
services of
several lead source or mailing list specialist companies to
generate potential client lists for future businessThe information on the
lead cards is extremely basic; contact name and title, telephone, company and
address, approximate sales volume, employees and year established. *** ***'s name and
company appeared on one of these lead source contact cards and he was contacted
on January *,
All other personal information
as stated on his new account documents was supplied by him; i.ecell phone,
SSN#, DOB, net worth and annual income. The broker did not use his imagination
to fill in these blanks as the information was accurate
After
reviewing all available information in regard to *** ***'s account (i.e. the broker's notes, phone records, etc.) Legend has concluded that he did in fact
approve his account opening and subsequent trade but then decided to not go
through with the purchaseRegardless of the facts stated within, Legend has cancelled
the trade in question with no cost to *** *** and placed his phone number on our
internal do not call list
With the
original trade being cancelled and *** ***'s concerns being addressed in this
response, Legend considers this matter closed

I've gotten a call from these mns on
June [redacted]
June [redacted]
June [redacted]
June [redacted]
June [redacted]
June [redacted] two times within 5 minutes
I have asked nice numerous times to be removed from their calling list but yet they continue to call.
I have a screenshot of all of the calls.
Here is their info [redacted] I have no idea who they are or what they want but the calls continue and I need them to stop.

Customer knew of trade and after refused to pay so account sold and closed. Bills and interest were due to a small debit balance in account which has been written off. Client will receive no further bills on the transaction.

Revdex.com:
I have reviewed the response made by...

the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me and the matter has been resolved.
Sincerely,
[redacted]

Beware this is a very bad business. I may not be able to speak for everyone, so let explain that “he” means investment adviser. I dealt with investment adviser and compliance person. He lies about experience and ability and claims to be investment advisor who would never mislead you as he would not want to lose business. You tell him you want to improve your income but you do not want to lose your retirement and college money. He pushes you to immediately invest without even verifying your ability, income, experience. He puts you in risky investments that do not even pay dividends. He tells you that an investment will be worth $10,000 more in a week and that he and compliance person are invested in it also in his retirement account. He states that they get all the subscriptions and has knowledge that you do not. He states that important news is coming out and that is why investment will go up. As far as I know that was just a sales pitch. He invests in loosing funds and then refuses to sell before you have a significant loss. He says the investment will recover and you will not lose money if you do not sell. He then pushes to invest more even though the investment is still going down. He tells you that he makes money whether the investment goes down or up. Once the investment has already lost most value, he tells you to short the investment because it is going to go down. Where was he when it was going down and still not recommending too sell it? Once you sign paper they refuse to do investment anyway. Then they sell option and do not explain or manage and you lose the value because you have to adjust or sell to avoid loss. He got you to sign a paper to take away your rights to take action against him.

He tells you to buy more on margin for a short period of time and that it will not cost that much. Then he refuses to get you out of it as you are losing more and more money each month. When the fund recovers significantly in a period of three days, he does not even call you and recommend selling it before it goes down again. When you call him and ask limits to be set as to when an investment should be sold on an upturn or downturn, he refuses and claims; you should not call him, or tell him how to invest.

Once margined, he can sell your margin account at any time and threatens to sell it so you will have a loss, if you do not do what he recommends. He had the nerve to tell me that my account was worth more than originally invested. No it is not because I do not own the investment, and owe more than it is worth in margin interest. He inflated the value of my investment to cover losses and then lied about it. He did not seem to care my retirement or college funds.

He simply will not listen. He would buy investments even when you say no many times. He did not want to sell an investment without buying another. He did not want me in cash. It was hard to get away from him because I did not know what to do with funds. When you want to sell he says no it will be worth more and then it goes bankrupt. Then he calls and says there is nothing you can do because you signed a paper that he pushed on you at the last minute.

The final insult is they try to get you to sell everything remaining and invest in some form of investment with a high fee, while he states, “You will get all of your losses back in three years.” I need funds to pay college tuition. I was told by others that the investments were no longer marginable. He says they will not charge on initial investments and then they charge anyway. He over charges in fees and does not disclose fees. He says you will not care about fee because you will be making good money. He keeps recommend changing investment, gathering more fees.

If they call, ask that your name and number be taken off their list. You will also get calls from lawyers seeking fees to sue them. They must sell their list. Different investment advisers call you and you find they work for same company or used to. They even call and threaten you and call you names when you file a complaint with their compliance officer. Worst of all, you hear the compliance person advising them on what they should sell you next.

It is true that they fill out the forms and insist you sign immediately. When you change the forms to better reflect your investment interests and abilities, he insist that you sign as fill our or they will sell all of your funds at a loss. It is true they do not roll over your Retirement account, but invest funds first and then loose the funds in a bad investment. Then you have to invest more to protect retirement. Worst yet it appears that they also improperly report retirement accounts and you will get wacked with fines if you transfer. Advice is very bad and you will lose if you listen to them.

I need a real good lawyer! I cannot sleep and need to find a good paying job. I must have lost about $156,000. Worst yet, I without any experience told new broker to sell fund at a specific price above previous advisers recommendation and sold it within .01 cent of its current highest high in a matter of days. This Legend investment adviser was absolutely useless.

Review: Legend Securities recently made charges now requiring an annual $50 maintenance fee. I received no notification of the charge, other than a statement after the fee had been charged. I then receive a 2nd notice informing me of shares being sold with a transaction fee. I called Legend Securities and was told the transaction was completed by Legend to create a cash account from which the annual fee could be deducted. At no time was I informed that a cash account was necessary or that funds would be moved without my consent to "cover" the annual fee or that it is considered a transaction that would include a transaction fee.Desired Settlement: Restitution of the annual fee and transaction charge and a reasonable time frame for me to decide if I wish to continue or close the account.

Business

Response:

Due to an increase in regulatory fees and clearing costs being imposed on all Broker Dealers, Legend Securities, Inc. was forced to impose an annual maintenance fee to all accounts in order to cover these costs. All clients were forwarned 2 months prior that this fee was being charged by way of an annoucement included with each monthly statement. In accordance with the new account agreement and the margin agreement the client signed in February 2011, Legend can sell out a position in order to cover costs incurred by the account. Regardless of all the stated facts, Legend is refunding the annual $50.00 maintenance fee and the $49.00 charges that were incurred when the position was sold to cover the accounts debit.

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory and the matter is resolved as long as payment stipulated by business is made.

Sincerely,

Review: I received a call soliciting my business for investments. I told [redacted] that I needed to speak to my wife before I could agree to send him any money for investing. He then went ahead a completed an application in my name without my authorization and with information that I did not provide him with. When he sent me the package from Fed Ex. I called and explained that I had not agreed to this. Since then I have been receivinginvoices telling me to pay. I am certain that this whole process was done improperly.Desired Settlement: Please contact Legend Securities and tell them to cease contacting me and to cease all invoices and phone calls. I trust that Revdex.com has sanctions that you can enforce and this information should be made available to potential clients.

Business

Response:

Legend does not open accounts or execute orders in customer accounts without the clients prior consent.

Legend’s brokers utilize the

services of several lead source or mailing list specialist companies to

generate potential client lists for future business. The information on the

lead cards is extremely basic; contact name and title, telephone, company and

address, approximate sales volume, employees and year established. [redacted]'s name and

company appeared on one of these lead source contact cards and he was contacted

on January *, 2014.

Review: I was solicited by telephone by [redacted] who claimed to have a long term record of 20% returns in the stock market. I told him I was interested, but would need more information before I invested. He opened a brokerage account with Legend Securities and bought 50 shares of Opko Health-opk without my filing any paperwork to open a brokerage account. He made no disclosure of his fee structure. I received a trade confirmation charging a "handling fee" of $49 on a $453 trade. I called him and told him I had no interest in doing any business with him and he told me I had to pay him for the transaction. I told him I was not paying since I had never filed any paperwork to open an account. I continue to receive bills for the handling fee plus interest of $1 plus a month.Desired Settlement: Stop sending me bills for this transaction and if a report was made to a credit agency for non-payment have it recinded.

Business

Response:

Customer knew of trade and after refused to pay so account sold and closed. Bills and interest were due to a small debit balance in account which has been written off. Client will receive no further bills on the transaction.

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me and the matter has been resolved.

Sincerely,