Dexter P Cube – and the firm that employs him or her – is regulated by the Financial Industry Regulatory Authority (FINRA).
If you are like most people, before you go out to dinner at a new restaurant, you probably take a quick look at the reviews. This makes sense; you are going to pay for an expensive dinner, and you need to be sure that you are getting a good value.
Yet, when choosing a financial advisor, many people fail to conduct this same level of due diligence. Before turning over access to your money, you need to be sure that you have found a financial advisor that you can trust. Here, our audit report, including details of allegations, complaints, and sanctions will help you decide whether or not to invest with Dexter P Cube.
BrokerComplaints.com is currently investigating allegations related to Dexter P Cube. We provide a free platform for investors to help them in their claims against negligent brokers and brokerage firms.
About Dexter Cube
Dexter P Cube is an Investment Adviser. Dexter P Cube’s Central Registration Depository (CRD) number is 2363205 and the FINRA Profile can be found at – https://brokercheck.finra.org/individual/summary/2363205.
Click here to download a Detailed Audit Report for Dexter P Cube.
Dexter P Cube has previously been reprimanded and has disclosures and/or client dispute(s) listed at FINRA BrokerCheck.
Accusations and Disclosures
You can find below, a quick snapshot of Dexter P Cube’s regulatory actions, arbitrations, and complaints.
DISCLOSURE 1 –
- Event Date: 4/24/2002
- Disclosure Type: Regulatory
- Disclosure Resolution: Final
- Disclosure Detail :: DocketNumberFDA:
- Initiated By: UNITED STATES SECURITIES AND EXCHANGE COMMISSION
- Allegations: SEC ADMINISTRATIVE PROCEEDING RELEASE NOS. 33-8094 AND 34-45815, DATED APRIL 24, 2002: THE SEC FILED AN ORDER INSTITUTING PUBLIC ADMINISTRATIVE AND CEASE-AND-DESIST PROCEEDINGS PURSUANT TO SECTION 8A OF THE SECURITIES ACT OF 1933 AND SECTIONS 21A AND 15(B) OF THE SECURITIES EXCHANGE ACT OF 1934 (ORDER), AGAINST EMMANUEL P. DEXTER CUBE (CUBE). IN THE ORDER, THE DIVISION OF ENFORCEMENT (DIVISION) ALLEGES THAT THE REGISTERED REPRESENTATIVE ENGAGED IN FRAUDULENT SALES PRACTICES IN THE ACCOUNTS OF CUSTOMERS. ACCORDING TO THE DIVISION, BETWEEN JUNE 1997 AND DECEMBER 1998, THE REGISTERED REPRESENTATIVE MADE UNAUTHORIZED TRADES, MADE UNSUITABLE TRADES, MADE MATERIAL MISSTATEMENTS AND OMITTED TO STATE MATERIAL FACTS CONCERNING STOCKS, CHURNED CUSTOMERS’ ACCOUNTS AND FAILED TO EXECUTE SELL ORDERS OR OTHER INSTRUCTIONS FROM CUSTOMERS. THE DIVISION FURTHER ALLEGES THAT CUBE WILLFULLY VIOLATED SECTION 17(A) OF THE SECURITIES ACT OF 1933 (SECURITIES ACT), AND SECTION 10(B) OF THE SECURITIES EXCHANGE ACT OF 1934 (EXCHANGE ACT) AND RULE 10B-5 PROMULGATED THEREUNDER.
- Resolution: Order
- Sanction Details :: Sanctions: Monetary/Fine
- Sanction Details :: Amount: $27,000.00 Sanctions: Disgorgement/Restitution Sanctions: Cease and Desist/Injunction Sanctions: Bar
- Sanction Details: SEC ADMINISTRATIVE PROCEEDING RELEASE NOS. 33-8201 AND 34-47497, DATED MARCH 13, 2003: IT IS ORDERED: A. PURSUANT TO SECTION 8A OF THE SECURITIES ACT AND SECTION 21C OF THE EXCHANGE ACT, THAT RESPONDENT CEASE AND DESIST FROM COMMITTING OR CAUSING ANY VIOLATIONS AND ANY FUTURE VIOLATIONS OF SECTION 17(A) OF THE SECURITIES ACT, SECTION 10(B) OF THE EXCHANGE ACT AND RULE 10B-5 THEREUNDER. B. PURSUANT TO SECTION 15(B)(6) OF THE EXCHANGE ACT, RESPONDENT BE, AND HEREBY IS, BARRED FROM ASSOCIATION WITH ANY BROKER OR DEALER WITH THE RIGHT TO REAPPLY FOR ASSOCIATION AFTER FIVE (5) YEARS TO THE APPROPRIATE SELF-REGULATORY ORGANIZATION, OR IF THERE IS NONE, TO THE SEC. C. RESPONDENT SHALL PAY DISGORGEMENT AND PREJUDGMENT INTEREST IN THE TOTAL AMOUNT OF $22,745.28 TO THE UNITED STATES TREASURY. RESPONDENT SHALL ALSO PAY A CIVIL MONEY PENALTY IN THE AMOUNT OF $27,000.00. D. RESPONDENT SHALL PAY DISGORGEMENT, PREJUDGMENT INTEREST, AND THE CIVIL PENALTY PLUS POSTJUDGMENT INTEREST ON THE DISGORGEMENT AND PREJUDGMENT INTEREST PURSUANT TO THE FOLLOWING PAYMENT PLAN. RESPONDENT SHALL PAY $10,000 UPON ISSUANCE OF THIS ORDER. RESPONDENT SHALL PAY $12,773.56 WITHIN SIXTY (60) DAYS OF THE DATE OF ISSUANCE OF THIS ORDER. RESPONDENT SHALL NEXT MAKE FOUR QUARTERLY PAYMENTS OF $6750.00 EACH, WHICH PAYMENTS MUST BE HAND-DELIVERED OR POST-MARKED NO LATER THAN THE 30TH DAY OF JUNE, SEPTEMBER, AND DECEMBER 2003, AND ONE YEAR FROM THE DATE OF ISSUANCE OF THE ORDER. E. FAILURE BY RESPONDENT TO DELIVER ANY PAYMENT REQUIRED BY THIS ORDER ON THE DATES PRESCRIBED AND IN THE EXACT AMOUNTS DUE WILL, AT THE SOLE DISCRETION OF THE COMMISSION, RENDER THE ENTIRE REMAINING BALANCE OF THE DISGORGEMENT, PREJUDGMENT INTEREST AND CIVIL PENALTY AMOUNTS DUE AND PAYABLE, AND WILL CONSTITUTE GROUNDS FOR THE COMMISSION TO INSTITUTE PROCEEDINGS AGAINST RESPONDENT IN FEDERAL DISTRICT COURT TO ENFORCE COMPLIANCE WITH THE COMMISSION’S ORDER.
DISCLOSURE 2 –
- Event Date: 5/24/1998
- Disclosure Type: Customer Dispute
- Disclosure Resolution: Award / Judgment
- Disclosure Detail :: Allegations: UNSUITABLE RECOMMENDATIONS
- Damage Amount Requested: $100,000.00
- Damages Granted: $40,000.00
- Arbitration Claim Filed Detail: 97-06054
- Arbitration Docket Number:
- Broker Comment: NOT PROVIDED CUSTOMER ALLEGED UNSUITABLE RECOMMENDATIONS
DISCLOSURE 3 –
- Event Date: 8/27/1996
- Disclosure Type: Regulatory
- Disclosure Resolution: Final
- Disclosure Detail :: DocketNumberFDA: C10960117
- DocketNumberAAO: 10960117
- Initiated By: NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.
- Resolution: Acceptance, Waiver & Consent(AWC)
- Sanction Details :: Sanctions: Monetary/Fine
- Sanction Details :: Amount: $40,000.00 Sanctions: Censure Sanctions: Suspension
- Broker Comment: THE CLIENT WAS SOPHISTICATED AND ESSENTIALLY ENTRAPED ME
According to a study prepared for the FINRA Investor Education Foundation, 80 percent of American investors report that they have been solicited to participate in a fraud scheme, while 11 percent of American investors report that they personally lost money as a result of fraud.
FINRA notes that the rate of investment fraud is most likely much higher than it is reported. This is because many victims of financial advisor scams are too ashamed to come forward. Further, the study also found that a significant number of investors do not know how to spot common red flags of investment fraud. The least you should do is share your experience with other potential victims of investment scams.
Under federal securities law and securities industry regulations, registered investment firms have a legal duty to supervise their financial advisors. Section 15(b)(4)(E) of the Securities and Exchange Act of 1934 makes a securities firm liable for the conduct of representatives.
- CANTONE RESEARCH INC. (CRD#: 26314) :: 2/6/2001 – 5/7/2002 :: EATONTOWN, NJ
- J.W. BARCLAY & CO., INC. (CRD#: 23350) :: 9/19/1994 – 2/1/2001 :: WOODBRIDGE, NJ
- GRUNTAL & CO. INCORPORATED (CRD#: 372) :: 1/5/1994 – 9/27/1994 :: NEW YORK, NY
The duty to supervise securities representatives is a strong legal requirement. Registered investment firms must take many different steps to ensure that they are protecting their customers from irresponsible and criminal financial advisors.
Legit or Not?
Unfortunately, stockbroker fraud is more common than many investors would like to think. And yes, stockbrokers (including Dexter P Cube, but not limited to) can (and do) steal money from their clients. While it’s rare that a broker will literally steal his client’s money (though that does happen), typically the “theft” of investment funds comes in the form of other fraudulent violations of securities law and FINRA rules which leads to significant investment losses.
Investors generally understand that there are risks associated with buying and selling securities. The market can go up, and the market can go down. No matter how skilled of an investor you are, there are always risks. With that being said, sometimes investment losses cannot be blamed on simple back luck.
There are 10 major types of complaints we receive against Investment Brokers –
- Outright Theft (Conversion of Funds)
- Unauthorized Trading
- Misrepresentation or Omission of Material Facts
- Excessive Trading (Churning)
- Lack of Diversification
- Unsuitable Investment Recommendations
- Failure to Disclose a Personal Conflict of Interest
- Front Running of Transactions
- Breakpoint Sale Violations
- Negligent Portfolio Management
Do your due diligence before investing. Public records are available for everybody to review and decide on the safest bet.
How to Protect Yourself
We, as citizens, place a great deal of trust in the financial advisors who are tasked with helping us achieve and maintain financial security. Most of the time financial advisors and stockbrokers are honest folks who work diligently in their client’s best interests. However, on occasion financial advisors and the brokerage firms who employ them mess up and cause serious financial harm to their clients. Sometimes these losses are caused by simple negligence. Other times fraud or other serious misconduct is to blame.
Here are 5 signs that your broker needs to be reported –
- Breach of Fiduciary Duty: Under the Investment Advisers Act of 1940, certain investment professionals, known as registered investment advisors (RIAs), owe fiduciary obligations to their customers. Your investment broker must always look out for your best interests. If you lost money because of your broker’s breach of fiduciary duty, you may be entitled to compensation for the full value of your damages.
- Unsuitable Investments: Many financial advisors are not fiduciaries. Instead, they are held to the suitability standard. These stockbrokers and financial advisors can only sell and recommend financial products that are appropriate for a customer’s unique investment profile. If you lost money in unsuitable investments, you should consider reporting them.
- Material Misrepresentations or Omissions: Brokers have a duty to make fair and honest representations to their clients. If they fail to do so, and an investor loses money due to a misrepresentation or a material omission, the broker may be liable for the investor’s losses.
- Lack of Diversification: Brokers must also act with the appropriate level of professional skill. Pushing a customer into over-concentrated investments is highly risky. Brokers can be held liable for losses sustained because of an investor’s inappropriate lack of diversification.
- Excessive Trading (Churning): Stockbrokers and financial advisors must have a well-grounded, reasonable basis to execute all trades. Unfortunately, there are cases in which brokers will frequently trade on a customer’s account, simply to increase their own fees. This unlawful practice is known as churning.
- Unauthorized Trading: Brokers must have the proper legal authority to make transactions on behalf of a client. If you lost money because your broker made trades that you never approved of, you may have been the victim of unauthorized trading. You should consult with an experienced attorney.
Report Dexter Cube
In order to prevail in an investment fraud lawsuit or FINRA arbitration cases, you must be able to assert a viable ‘cause of action’.
Dexter P Cube – and the firm that employs this broker – is regulated by the Financial Industry Regulatory Authority (FINRA). FINRA provides an online form to allow investors to file a formal complaint against their financial advisor, stockbroker, or brokerage firm.
Click here to go to FINRA’s Online Complaint Form →
This form will ask you for specific information related to your complaint. Be prepared by gathering the following:
- Name and symbol for the investment product in question.
- The CRD number (2363205) for the broker – Dexter P Cube
- Your complete contact information.
Remember, it is advised to report your broker to FINRA, only after you have exhausted all of your other remedies and carefully prepared a compelling complaint. Once you file a complaint against your broker at FINRA, your case will be bound by FINRA’s rules and the arbitration panel’s eventual decision. The time clock will start, and your complaint will be served on your broker or broker-dealer.
The views and opinions expressed in these articles are those of the source BROKERCOMPLAINTS.COM and do not necessarily reflect the official position of ‘Complaints Bureau,’ which shall not be held liable for any inaccuracies presented. The information provided within this article is for general informational purposes only. While we try to keep the information up-to-date and correct, there are no representations or warranties, express or implied, about the completeness, accuracy, reliability, suitability or availability of the information in this article for any purpose.
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