893 search results found for “Broker Misconduct”

Nov 12, 2020

FINRA Complaint filed against SW Financial Stockbroker William James W. Flower for Misconduct

James W. Flower of Melville, New York was named respondent of a FINRA complaint alleging that he allegedly churned/excessively traded customer’s accounts in violation Section 10(b) of the securities Exchange Securities Act of 1934, Rule 10b-5 and FINRA Rules 4511, 2111, 2020 and 2010. From January 1, 2016 and July 31, 2018, James W. Flower was registered with SW Financial as a General Securities Representative. According to the FINRA findings, Flower allegedly exercised de-facto control in five customer accounts without authorization or approval which resulted in excessive and quantitatively unsuitable trading. The FINRA findings stated that the trading made it near impossible for any customers to make a profit due to the cost-to-equity ratios, high annualized turnover rates, losses totaling over $220,000. In addition, FINRA’s complaint further alleges that Flower received more than $210,000 in commissions and fees and caused his firm’s books and records to be inaccurate by mismarking the transactions as unsolicited. James William Flower is currently registered with FINRA and is therefore subject to FINRA’s jurisdiction. Churning is a manipulative and deceptive device that violates Section 10(b) of the Exchange Act, Securities Exchange Act Rule 10b-5, and FINRA Rules 2020 and 2010. It is fraudulent conduct that occurs in a broker-customer relationship when (i) a broker controls his customer’s account; (ii) the trading in the account is excessive in light of the customer’s investment objectives; and (iii) the broker acts with scienter, i.e., with intent to defraud or with reckless disregard of the customer’s interests. Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their 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 measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from churning/excessive trading and/or other misconduct by their broker can file claims to recover damages against broker-dealers, like SW Financial, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct. Have you suffered losses in your SW Financial account due to churning/excessive trading by your broker? 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 SW Financial stockbrokers who may have engaged in broker 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 40 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 pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.

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Nov 12, 2020

Former NEXT Stockbroker Charles Lawrence Doraine Barred for Misconduct

Charles Lawrence Doraine of Corpus Christi, Texas submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was barred for allegedly refusing to provide information and appear for on-the-record testimony in violation of FINRA Rules 8210 and 2010. In March 2007, Charles Lawrence Doraine joined NEXT Financial Group, Inc. as a General Securities Representative. FINRA stated that in September 2019, NEXT filed a Form U5 disclosing Doraine’s voluntary termination. According to the findings, FINRA began an investigation shortly after regarding Doraine’s suspected unsuitable recommendations in several customer’s accounts. The findings stated that the recommendations had resulted in short-term trading in mutual fund shares, municipal bonds, and overconcentration in Puerto Rico municipal bonds. In connection with the investigation, FINRA sent out a request to Doraine to provide and appear for on-the-record testimony in which he allegedly acknowledged but ultimately refused. Charles Lawrence Doraine is no longer associated with any FINRA member firm but remains under FINRA’s jurisdiction.   FINRA Rule 8210 states, in relevant part, that FINRA has the right to require a “person subject to FINRA’s jurisdiction to provide information orally, in writing, or electronically . . . with respect to any matter involved in the investigation, complaint, examination or proceeding.” FINRA Rule 8210 also specifies that “no person shall fail to provide information . . . pursuant to this Rule.” A failure to provide information and/or documents requested by FINRA pursuant to Rule 8210 violates Rule 8210. Conduct that violates FINRA Rule 8210 also violates FINRA Rule 2010, which requires associated persons to “observe high standards of commercial honor and just and equitable principles of trade.” Without admitting or denying FINRA findings, Charles Lawrence Doraine was barred from association with any FINRA member in all capacities. Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures.  In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system.  The implementation of these industry rules requires supervisors to monitor their 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 measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from misconduct by their broker can file claims to recover damages against broker-dealers, like NEXT, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct.  Have you suffered losses in your NEXT account due to misconduct by your broker?  Was Charles Lawrence Doraine your stockbroker?  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 NEXT stockbrokers who may have engaged in broker 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 40 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 pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.

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Nov 12, 2020

Former Janney Montgomery Scott LLC Stockbroker Charles James Euler Jr. Barred for Misconduct

Charles James Euler Jr. of Villanova, Pennsylvania submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was barred for allegedly refusing to appear for on-the-record testimony in violation of FINRA Rules 8210 and 2010. In December of 1984, Charles James Euler Jr. joined Janney Montgomery Scott LLC as a General Securities Representative, General Securities Principal, and a Financial and Operations Principal. According to FINRA findings, a form U5 was filed reporting Charles James Euler Jr. voluntarily resigned from the firm in April of 2018. The FINRA findings stated that a request was sent to Euler on March 12, 2020 for an on-the-record testimony regarding an investigation reporting Euler allegedly made unsuitable recommendations. In addition to these findings, an email was sent to FINRA staff the following day which allegedly stated that Euler refused to appear for the on-the-record testimony at any time. Although Charles James Euler Jr. is no longer registered with any FINRA member firm, he remains under FINRA’s jurisdiction. FINRA Rule 8210(a)(1) states that FINRA may require persons subject to its jurisdiction “to testify at a location specification by FINRA staff, under oath with respect to any matter involved in [an] investigation” authorized by the FINRA By-Laws or rules. FINRA Rules 8210(c) states that “[n]o person shall fail to provide testimony pursuant to this Rule.” A violation of FINRA Rule 8210 is also a violation of FINRA Rule 2010. Without admitting or denying FINRA’s findings, Charles James Euler Jr. was barred from association with any FINRA member in all capacities. Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their 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 measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from misconduct by their broker can file claims to recover damages against broker-dealers, like Janney Montgomery Scott LLC, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct. Have you suffered losses in your Janney Montgomery Scott LLC account due to misconduct by your broker? Was Charles James Euler Jr. your stockbroker? 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 Janney Montgomery Scott LLC stockbrokers who may have engaged in broker 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 40 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 pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.

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Nov 12, 2020

PFS Investments Inc. Stockbroker Albert Harkless III Barred for Misconduct

Albert Harkless III of Oxon Hill, Maryland submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was barred for conversion and misrepresentations in violation of FINRA Rules 2150 and 2010. In July of 1996, Albert Harkless III joined PFS Investments Inc. in which he was licensed as an Investment Company and both a Variable Contracts Products Representative and Principal. According to FINRA findings, a Form U5 was filed in October 2018 communicating the termination of Harkless for participating in the alleged unauthorized transactions and making misrepresentations. The FINRA findings state that Albert Harkless III allegedly solicited a customer to invest $6,100 to secure 406 shares in the firm’s parent company. Without the customer’s agreement or consent, he only purchased 150 shares for Company 1 for $2,980 and transferred the balance of the customer’s funds of $3,120 to his personal account. In addition, Harkless allegedly stated company shares were only obtainable for purchase by employees and there is a five-year sale limitation on purchases of Company 1 shares which is inaccurate. FINRA Rule 2150 provides that no person associated with a member firm shall make improper use of a customer’s securities or funds. Conversion is the intentional and unauthorized taking of and/or exercise of ownership over property by one who neither owns the property nor is entitled to possess it. FINRA Rule 2010 requires FINRA members and associated persons to observe high standards of commercial honor and just and equitable principles of trade. Without admitting or denying FINRA’s findings, Albert Harkless III was barred from association with any FINRA member firm. Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their 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 measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from unauthorized transactions and/or other misrepresentation by their broker can file claims to recover damages against broker-dealers, like PFS Investments Inc., which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct. Have you suffered losses in your PFS Investments Inc. account due to unauthorized transactions and/or misrepresentations by your broker? Was Albert Harkless III your stockbroker? 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 PFS Investments Inc. stockbrokers who may have engaged in broker 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 40 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 pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.

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Nov 11, 2020

LPL Financial LLC Stockbroker William Andrew Wimberly Suspended for Misconduct

William Andrew Wimberly of Madison, Mississippi submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was fined and suspended for allegedly engaging in outside business activity and private transactions all in violation of NASD Rule 3040 and FINRA Rules 3280 and 2010. In November 2008, William Andrew Wimberly joined LPL Financial LLC as a General Securities Representative and a General Securities Principal. According to the FINRA findings, from November 2012 until August 2018, Wimberly allegedly engaged in an outside business activity and participated in private securities transactions without approval from his firm. The FINRA findings stated that during the relevant period, Wimberly created a limited liability company and served as the officer, director, and manager. The findings also stated that Wimberly contributed a total of $70,000 and purchased multiple shares of the company. In addition, FINRA found that Wimberly allegedly signed and submitted LPL Financial LLC annual compliance questionnaires where he failed to disclose his participation in the company and transactions.   FINRA Rule 3270 states, in relevant part, that “no registered person may be an employee, independent contractor, sole proprietor, officer, director or partner of another person, or be compensated, or have the reasonable expectation of compensation, from any other person as a result of any business activity outside the scope of the relationship with his or her member firm, unless he or she has provided prior written notice to the member, in such form as specified by the member.” A violation of FINRA Rule 3270 is also a violation of FINRA Rule 2010, which requires FINRA members and associated persons to “observe high standards of commercial honor and just and equitable principles of trade.” NASD Rule 3040, requires that prior to participating in a private securities transaction, a person associated with a member firm shall provide written notice to his or her firm “describing in detail the proposed transaction and the person’s proposed role therein[.]” Without admitting or denying FINRA’s findings, William Andrew Wimberly was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in all capacities for three months. The suspension was in effect from April 20, 2020, through July 19, 2020. Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures.  In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system.  The implementation of these industry rules requires supervisors to monitor their 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 measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from unauthorized outside business activity, private transaction, and/or other misconduct by their broker can file claims to recover damages against broker-dealers, like LPL Financial LLC, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct.  Have you suffered losses in your LPL Financial LLC account due to unauthorized outside business activity or private transaction by your broker?  Was William Andrew Wimberly your stockbroker?  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 LPL Financial LLC stockbrokers who may have engaged in broker 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 40 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 pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.

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Nov 11, 2020

Former Wells Fargo Clearing Services LLC Stockbroker Bryan Edwin Benson Barred for Misconduct

Bryan Edwin Benson of Tucson, Arizona submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was barred for allegedly refusing to provide requested information and documents to FINRA in violation of FINRA Rules 8210 and 2010. In September of 2007, Bryan Edwin Benson joined Wells Fargo Clearing Services LLC in which he was registered as a General Securities Representative. According to FINRA findings, a form U5 was filed reporting Bryan Edwin Benson voluntarily resigned from the firm in December of 2019. In April 2020, FINRA sent a request to Benson for documents in connection with an investigation into a customer complaint. The FINRA finding stated that Bryan Edwin Benson allegedly acknowledged and refused to supply the requested information. Although Bryan Edwin Benson is no longer registered with any FINRA member firm he remains under FINRA’s jurisdiction. FINRA Rule 8210(a)(1) states, in relevant part, that FINRA may “require a member, person associated with a member, or any other person subject to FINRA’s jurisdiction to provide information orally, in writing, or electronically with respect to any matter involved in a FINRA investigation” FINRA Rule 8210(c) further states that “[n]o person shall fail to provide information pursuant to this Rule.” A violation of FINRA Rule 8210 is also a violation of FINRA Rule 2010, which requires member firms and their associated persons to “observe high standards of commercial honor and just and equitable principles of trade.” Without admitting or denying FINRA’s findings, Bryan Edwin Benson was barred from association with any FINRA member in all capacities. Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their 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 measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from misconduct by their broker can file claims to recover damages against broker-dealers, like Wells Fargo Clearing Services LLC, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct. Have you suffered losses in your Wells Fargo Clearing Services LLC account due to misconduct by your broker? Was Bryan Edwin Benson your stockbroker? 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 Wells Fargo Clearing Services LLC stockbrokers who may have engaged in broker 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 40 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 pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.

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Nov 10, 2020

Former Morgan Stanley Stockbroker Peggy Jean Doherty-Punderson Barred for Misconduct

Peggy Jean Doherty-Punderson of Hill, New Hampshire submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which she was barred for refusing to provide information and documents in violation to FINRA Rules 8210 and 2010. In May 2013, Peggy Jean Doherty-Punderson joined Morgan Stanley as a General Securities Representative until being discharged in September of 2019. According to FINRA, a form U5 was filed by Morgan Stanley in which Peggy Jean Doherty-Punderson was discharged due to a pending review which stated that she allegedly acknowledged and refused to provide documents requested by FINRA. The FINRA findings stated that the request was sent concerning a mortgage deed executed by Punderson and a customer. In addition, Ms. Punderson allegedly violated FINRA Rule 8210 and 2010, is no longer registered with any FINRA member firm, and remains under FINRA’s jurisdiction. FINRA Rule 8210(a)(1) states, in relevant part, that FINRA may “require a member, person associated with a member, or any other person subject to FINRA’s jurisdiction to provide information orally, in writing, or electronically … with respect to any matter involved in [a FINRA] investigation.” FINRA Rule 8210(c) further states that “[n]o member or person shall fail to provide information pursuant to this Rule.” A violation of FINRA Rule 8210 is also a violation of FINRA Rule 2010, which requires member firms and their associated persons to “observe high standards of commercial honor and just and equitable principles of trade.” Without admitting or denying FINRA’s findings, Peggy Jean Doherty-Punderson consented to the sanctions and has been barred from association with any FINRA member in all capacities. Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their 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 measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from misconduct and/or other misconduct by their broker can file claims to recover damages against broker-dealers, like Morgan Stanley, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct. Have you suffered losses in your Morgan Stanley account due to misconduct by your broker? Was Peggy Jean Doherty-Punderson your stockbroker? 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 Morgan Stanley stockbrokers who may have engaged in broker 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 40 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 pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.

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Nov 10, 2020

Former U.S. Brokerage, Inc. Stockbroker Timothy Brent Hetrick Barred for Misconduct

Timothy Brent Hetrick of Wilder, Idaho submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was barred for allegedly refusing to appear for on-the-record testimony requested by FINRA in violation of FINRA Rules 8210 and 2010. From 2002 until his voluntary termination in 2019, Timothy Brent Hetrick was registered as General Securities Representative with U.S. Brokerage, Inc. In March of 2020, FINRA started an investigation concerning potential customer signature forgeries over penny stock disclosure and other forms. According to FINRA, Timothy Brent Hetrick was sent a request to appear for on-the-record testimony. The findings stated that Timothy Brent Hetrick acknowledged this request by email but allegedly refused to appear at any time. Although Mr. Hetrick is not registered with any FINRA member firm, in compliance to Article V, Section 4, FINRA retains jurisdiction over him. FINRA Rule 8210(a)(1) states, in relevant part, that FINRA has the right to “require a member, person associated with a member, or any other person subject to FINRA’s jurisdiction to provide information orally, in writing, or electronically…with respect to any matter involved in the investigation…” FINRA Rule 8210(c) states that “[n]o member or person shall fail to provide information or testimony or to permit inspection and copying of books, records, or accounts pursuit to this Rule.” A failure to comply with FINRA Rule 8210 is a violation of FINRA Rule 2010, which requires associated persons to observe high standards of commercial honor and just and equitable principles of trade. Without admitting or denying the findings, Mr. Hetrick consented to the sanction and to the entry of findings and has been barred from association with any FINRA member in all capacities. Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their 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 measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from misconduct, by their broker can file claims to recover damages against broker-dealers, like, U.S. Brokerage, Inc. which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct. Have you suffered losses in your U.S. Brokerage, Inc. account due to misconduct by your broker? Was Timothy Brent Hetrick your stockbroker? 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 U.S. Brokerage, Inc. stockbrokers who may have engaged in broker 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 40 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 pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.

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Nov 10, 2020

Former NYLIFE Securities Stockbroker Alan Harold New Barred for Misconduct

Alan Harold New of Fort Wayne, Indiana submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was barred for allegedly failing to provide documents to FINRA in violation of FINRA Rules 8210 and 2010. From 2004 through 2016, Alan Harold New was registered as an Investment Company and Variable Contracts Products Representative with NYLIFE Securities LLC. According to FINRA, a request was sent to Mr. New regarding his participation in the sale of promissory notes related to the Woodbridge group of companies LLC. The findings stated that Mr. New allegedly raised approximately $15 million from the sale of the promissory notes and earned at least $1.5 million in commission. In addition, FINRA revealed nine days after the request was sent, Mr. New’s attorney responded stating that he allegedly received, acknowledged, and refused to provide the information and documents requested. Although Mr. New is not currently registered with any firm, he remains subject to FINRA’s jurisdiction. FINRA Rule 8210(a)(1) states, in relevant part, that FINRA has the right to “require a member, person associated with a member, or any other person subject to FINRA’s jurisdiction to provide information orally, in writing, or electronically . . . with respect to any matter involved in the investigation . . .” FINRA Rule 8210(c) states that “{n]o member or person shall fail to provide information or testimony or to permit inspection and copying of books, records, or accounts pursuant to this Rule.” A failure to comply with FINRA Rule 8210 is a violation of FINRA Rule 2010, which requires associated persons to observe high standards of commercial honor and just and equitable principles of trade. Without admitting or denying the findings, Mr. New consented to the sanction and has been barred from association with any FINRA member in all capacities. Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their 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 measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from misconduct, by their broker can file claims to recover damages against broker-dealers, like NYLIFE Securities LLC which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct. Have you suffered losses in your NYLIFE account due to misconduct by your broker? Was Alan Harold New your stockbroker? 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 NYLIFE stockbrokers who may have engaged in broker 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 40 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 pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.

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Nov 10, 2020

Former Voya Stockbroker Alexander Jon James Suspended for Unauthorized Trading and Other Misconduct

Alexander Jon James of Royal Palm Beach, Florida submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was fined and suspended for allegedly participating in outside business activities and unauthorized transactions in violation of NASD Rule 3040 and FINRA Rules 3270 and 2010. In January of 2012, Alexander Jon James joined Voya as an investment company products/variable contracts representative. According to FINRA, in April of 2020 it found that Alexander Jon James and two accomplices established a company in which they charged members monthly subscription fees for access to a website. Mr. James took part in business development and marketing, as well as running day to day operations for the company. The FINRA findings also stated that Mr. James participated in private security transactions with two firm customers who invested a total of $667,000 in the company’s shares and profited $16,000 for his contributed work. In addition to the FINRA findings, he allegedly made false statements regarding his participation in outside business activities and private security transactions on three of his members firms annual compliance questionnaires. NASD Rule 3040, states that “[n]o person associated with a member shall participate in any manner in a private securities transaction except in accordance with the requirements of this Rule.” The Rule further requires that an associated person “shall provide written notice to the member with which he is associated describing in detail the proposed transaction and the person’s proposed role therein” FINRA Rule 3270 provides, in relevant part, that “[n]o registered person may be an employee, independent contractor, sole proprietor, officer, director or partner of another person, or be compensated, or have the reasonable expectation of compensation, from any other person as a result of any business activity outside the scope of the relationship with his or her member firm, unless he or she has provided prior written notice to the member, in such form as specified by the member.” A violation of Rule 3270 is also a violation of FINRA Rule 2010. FINRA Rule 2010 requires associated persons, in the conduct of their business, to observe high standards of commercial honor and just and equitable principles of trade. Without admitting or denying FINRA’s findings, Alexander Jon James consented to the sanctions and to entry of findings that he took part in outside business activity without an initial written notice to his member firm. Alexander Jon James was assessed a deferred fine of $10,000 and suspended from association with any FINRA member in all capacities for one year. The suspension is in effect from April 6, 2020, through April 5, 2021. Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their 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 measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from unauthorized trading and/or other misconduct by their broker can file claims to recover damages against broker-dealers, like Voya, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct.Have you suffered losses in your Voya account due to unauthorized trading and/or other misconduct by your broker? Was Alexander Jon James your stockbroker? 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 Voya stockbrokers who may have engaged in broker 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 40 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 pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter

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