The Securities Law Firm of Menzer & Hill, P.A., www.suemyadvisor.com, announced today it filed an arbitration claim against NEXT Financial Group (“NEXT”), for its failure to supervise one of its financial advisors who engaged in unauthorized and excessive trading within an investor’s account.

Consistent with the arbitration claim this Firm just filed, the Financial Industry Regulatory Authority’s (“FINRA”) BrokerCheck website, on November 10, 2010, states that NEXT “did not have a reasonable system for reviewing the transactions of its registered representatives for excessive trading.”

Gary Menzer, co-founder and managing partner of Menzer & Hill, P.A., says “the $400K fine and regulatory action FINRA assessed against NEXT is not surprising considering the activity we uncovered in the account of one of our clients and customer of NEXT.”  Investors are encouraged to contact Menzer & Hill, P.A. if they believe their accounts are being excessively traded by their brokers or are subject to other abuses.

The attorneys at the Securities Law Firm of Menzer & Hill, P.A. are dedicated to pursuing claims on behalf of investors who have suffered investment losses. 

For a free case evaluation or to discuss this matter, please contact the Securities Law Firm of Menzer & Hill, P.A., at 888-923-9223, or visit us on the web at www.suemyadvisor.com

Apollo Group Inc, the parent company of the University of Phoenix, said the company and several of its executives have been named defendants in a purported class action lawsuit.

The lawsuit states that the company made misleading statements between Dec 2009 and Aug 2010 about Apollo and its business "in violation of federal securities laws."

These statements artificially inflated the trading price of the company's shares, the lawsuit states and is seeking compensatory damages.

In June this year, the company had to pay damages as an appeals court reversed a lower court judgment related to a securities class action lawsuit.

The company, which is considered the bellwether of the for-profit education group in the U.S., has been under pressure along with its peers as the U.S. government is scrutinizing the sector.

Rules in the education sector are being overhauled to ensure that students do not graduate with unwieldy debt and the programs undertaken prepare them for the jobs in the field.