John Huey Neely 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 exercising discretion in customers’ accounts violating NASD Conduct Rule 2510(b) and FINRA Rule 2010.
From August 2009 until September 2018, Neely was registered with Berthel Fisher & Co. Financial Services (Berthel Fisher) as a General Securities Representative. The FINRA findings stated that between June 2014 and June 2015, Neely exercised discretion in effecting hundreds of transactions in two customers’ brokerage accounts without first obtaining written approval from the customers. FINRA further stated that although the customers did give him verbal consent, he did not seek approval from his firm to accept the accounts as discretionary.
Without admitting or denying FINRA’s findings, Mr. Neely, of Edmond, Oklahoma, was suspended from association with any FINRA member in all capacities for 15 days and assessed a fine of $5,000. His suspension was in effect from November 19, 2018, through December 10, 2018.
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 private transactions and/or other misconduct by their broker can file claims to recover damages against broker-dealers, like Berthel Fisher, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct.
Have you suffered losses in your Berthel Fisher account due to unlawful transactions by your broker? Was John Huey Neely 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 Berthel Fisher 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 email@example.com for answers to any of your questions about this blog post and/or any related matter.