Darrell Vanpamel of Cape Coral, Florida submitted a Letter of Acceptance, Waiver and Consent, in which he consented to, but did not admit to or deny, the described sanctions and the entry of the Financial Industry Regulatory Authority’s (FINRA) findings that he engaged in outside business activities for which he received compensation without the approval of member firm, USA Financial Securities Corporation.
Between April and May 2013, Mr. Vanpamel allegedly engaged in outside insurance activities with four clients without his firm’s approval. Mr. Vanpamel received approximately $1,400 in total from his four clients for “account set-up fees.” FINRA found that Mr. Vanpamel failed to provide written notice to USA Financial Securities Corp. (USA Financial) for his outside business activities or for his compensation. According to FINRA, Mr. Vanpamel violated FINRA Rules 3270 and 2010. Mr. Vanpamel was fined $5,000 and was suspended from association with any FINRA member in any capacity for one month.
Stockbrokers, financial advisors, and other financial industry professionals have been known to engage in many types of misconduct which are in violation of industry rules and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage dealers to establish and implement a reasonable supervisory system. The implementation of these rules requires supervisors to monitor employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker dealers and/or their supervisors fail to establish and implement these protective supervisory measures, they may be held liable to investors for losses flowing from the misconduct. As a result, investors who have suffered losses stemming from unauthorized and/or unapproved securities transactions or other misconduct by their broker can bring forth claims to recover damages against broker dealers like USA Financial Securities Corporation, which have a duty to supervise its employees to prevent broker misconduct.
Have you suffered losses in your USA Financial Securities account due to Darrel Vanpamel or another registered representative or stockbroker’s unauthorized securities transactions or other misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against financial professionals for unauthorized and/or fraudulent misconduct.
The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities, and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please post a comment, call (800) 732-2889, send Mr. Pearce an email at email@example.com, and/or visit our website at www.secatty.com for answers to any of your questions about this blog post and/or any related matter.