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Guggenheim Securities Broker Permanently Barred by FINRA for Conversion

John Regan, a registered representative formerly employed with Guggenheim Securities, LLC, has been permanently barred by the Financial Industry Regulatory Authority (FINRA) amid findings that he converted funds for his personal use.

According to FINRA, John Emmett Regan, of New York, New York, converted approximately $25,000 in firm funds between September 2012 and March 2014.  Mr. Regan allegedly falsely submitted approximately 90 personal expenses for reimbursement as business expenses.  Conversion of funds is a violation of FINRA Rule 2010.  Conversion is the intentional and unauthorized taking of ownership over property by one who neither owns the property nor is entitled to have it.  Without admitting or denying FINRA’s findings, Mr. Regan was permanently barred from association with any FINRA member in any capacity.

Stockbrokers, registered representatives, and other financial industry professionals have been known to engage in many types of fraudulent and unlawful behavior, such as conversion of funds, which violate industry rules and procedures.  In order to protect investors from such misconduct, FINRA rules require broker-dealers to establish and implement a reasonable supervisory system.  The implementation of the rules requires supervisors to monitor employees to ensure they comply with federal and state securities laws, securities industry rules and regulations, as well as the brokerage firm’s own policies and procedures.  If brokerage firms and their supervisors do not establish and implement these protective measures, they may be liable to account holders for losses flowing from the misconduct.  As a result, investors who have suffered losses stemming from stockbroker misconduct can bring forth claims to recover damages against broker-dealers, like Guggenheim Securities, which have a duty to supervise its employees in order to prevent stockbroker misconduct.

Have you suffered losses in your Guggenheim Securities investment account due to stockbroker 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 Guggenheim Securities financial professionals for conversion of funds and/or other kinds of stockbroker 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 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 post a comment, call (800) 732-2889, send Mr. Pearce an email at pearce@rwpearce.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.