James Rooney - Law Offices of Robert Wayne Pearce

Nov 6, 2015

Fox Financial Representative Barred Amid Allegations of Unsuitable Life Settlement Recommendation

James Edward Rooney Jr., a former registered representative with Carrollton, Texas-based Fox Financial Management Corp. (Fox Financial) submitted a Letter of Acceptance, Waiver and Consent in which he consented to, but did not admit to or deny, the entry of the Financial Industry Regulatory Authority’s (FINRA) sanctions in which he was permanently barred for refusing to provide documents and information requested in connection with an investigation regarding the suitability of his life settlement recommendation to a customer. FINRA’s investigation arose from a customer complaint regarding a life settlement investment recommendation. According to FINRA, Mr. Rooney allegedly made the life settlement recommendation without conducting the proper due diligence and expecting to receive a commission. The findings also state that Mr. Rooney allegedly misrepresented the investment and provided the customer with misleading sales materials which were oversimplified and incomplete.

Jul 8, 2015

Carrollton Texas REIT Viatical Brokerage Expelled From FINRA

Fox Financial Management Corporation (Fox Financial) of Carrollton, Texas, Brian Murphy of Frisco, Texas and James Rooney of Carrolton, Texas were all fined and suspended by the Department of Enforcement for the Financial Industry Regulatory Authority for allegedly failing to supervise a registered representative and for failing to establish, maintain and enforce written supervisory procedures. Fox Financial’s primary business was selling private placements in real estate investment trusts (REITs) and life insurance settlement funds (viaticals) issued by a Fox Financial affiliate. Rooney and Murphy were both General Securities Principals and General Securities Representatives. Rooney was the firm’s President from 2005 until Fox Financial ceased to be a FINRA member. Murphy was Fox Financial’s Chief Compliance Officer (CCO) from 2008 until Fox Financial ceased to be a FINRA member. Rooney and Murphy shared supervisory responsibilities for Fox Financial registered representatives.