Michael Bell, a former registered representative with the Boca Raton, Florida branch of Westpark Capital, Inc. 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) findings that he violated his member firm’s written supervisory procedures (WSPs) by sending misleading, promissory emails to clients from his personal email account.
According to FINRA, Michael Bell used his personal email account to communicate with customers, both current and prospective, without the approval of Westpark Capital and in violation of the firm’s WSPs. Mr. Bell had been disciplined previously by Westpark Capital for alleged email related misconduct. Therefore, FINRA stated that Mr. Bell knew that using his personal email for customer correspondence was prohibited.
FINRA found that Mr. Bell sent approximately 20 emails from his personal account. He allegedly sent 6 emails to 2 prospective customers about investing in a private placement, and FINRA found that such emails were misleading, promissory, and/or projected unreasonable performance. Consequently, Michael Bell was suspended from associating with any FINRA member for 3 months. No monetary sanctions were imposed due to Mr. Bell’s financial situation. The suspension is in effect from May 4, 2015 through August 3, 2015
Broker-dealers must establish and implement a reasonable supervisory system to protect their customers’ interests. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from broker misconduct. Have you suffered losses in your Westpark Capital brokerage account due to your broker’s misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is actively investigating and accepting clients with valid claims against Westpark Capital stockbrokers who may have engaged in misconduct and caused investors losses.
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 35 years, 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 visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at firstname.lastname@example.org for answers to any of your questions about this blog post and/or any related matter.