The White Law Group Files FINRA Claim Against PFS Investments Involving Next Level Holdings
November 11, 2025 – Chicago, Illinois — The White Law Group has filed a FINRA arbitration claim against PFS Investments, Inc. (CRD#: 10111) on behalf of a retired investor from Florida who suffered significant financial losses after investing in Next Level Holdings, LLC, an alleged Ponzi scheme.
The claim alleges that PFS Investments and its former registered representative, Jose Anthony Quinones (CRD#: 1310742), made unsuitable investment recommendations and failed to perform adequate due diligence before recommending the product. The retiree is seeking damages between $100,000 and $500,000 through FINRA Dispute Resolution Services.
According to public records, FINRA barred Quinones on June 10, 2025, after he failed to provide information requested in an investigation into his conduct.
Next Level Holdings Lawsuit: SEC and DOJ Allege $60 Million Ponzi Scheme
Next Level Holdings, LLC and its founder, Paul Regan, have been the focus of extensive SEC and Department of Justice enforcement actions alleging that the company operated a large-scale Ponzi scheme that defrauded more than 300 investors of over $60 million.
According to the SEC’s civil complaint and the criminal indictment filed by the U.S. Attorney’s Office for the Southern District of New York, the alleged scheme involved:
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Promises of “guaranteed” annual returns between 12% and 15%.
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False assurances of full insurance protections and surety bonds guaranteeing investors’ principal and interest.
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Use of new investor funds to make Ponzi-like payments to earlier investors.
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Substantial commissions paid to a network of salespeople, many of whom were insurance brokers.
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Unregistered securities offerings and forged insurance documents provided to investors.
Authorities allege that instead of investing in legitimate operations, Regan used investor funds to pay returns to earlier investors and to fund a network of promoters.
Paul Regan was arrested on September 4, 2025, and charged with conspiracy, securities fraud, and wire fraud. He was detained following extradition from Colombia. The criminal case, assigned to Judge Valerie E. Caproni, remains pending in the Southern District of New York.
The SEC’s parallel civil complaint charges Regan with violating key anti-fraud provisions of federal securities laws and seeks injunctions, disgorgement of ill-gotten gains, and civil penalties.
Claims Against PFS Investments
The FINRA claim filed by The White Law Group alleges that PFS Investments failed to supervise its broker and failed to ensure that the investment recommendation of Next Level Holdings was suitable for the retiree’s objectives and risk tolerance.
Broker-dealers have a duty to conduct adequate due diligence before recommending investments to clients. When they fail to meet this duty, they can be held financially responsible for investor losses through FINRA arbitration.
Recovering Investment Losses in Next Level Holdings
If you invested in Next Level Holdings or were advised to purchase similar high-risk or unregistered investments through PFS Investments or Jose Quinones, you may have a claim to recover your losses.
The White Law Group represents investors nationwide in claims involving fraudulent or unsuitable investment recommendations, including Ponzi schemes and unregistered securities offerings.
For a free consultation, please contact:
The White Law Group, LLC
(888) 637-5510
www.whitesecuritieslaw.com
