Did Jay Howard Bluestine Cause You Investment Losses?
Jay Howard Bluestine of Brooklyn, New York was accessed a fine of $5,000 and suspended from association with any FINRA member in all capacities for a period of three months. The sanctions were based on findings that Howard accepted loans from a customer without seeking or obtaining approval in violation of FINRA Rules 3240 and 2010. The suspension was in effect from October 5, 2020, through January 4, 2021.
In August 2011, Jay Howard Bluestine joined UBS Financial Services Inc. and was registered as a General Securities Representative. According to the FINRA findings, Bluestine accepted three loans from a customer totaling $300,000 without requesting or obtaining approval from his firm. The findings stated that the firms written procedures prohibited registered representatives from borrowing money from a customer without written approval. FINRA further stated that the customer loaned the money to Bluestine without documentation or understanding as to the duration or interest rate of the loan. In addition, Bluestine allegedly falsely attested on his firm’s annual compliance questionnaires that he had not borrowed money from any customer. Although Bluestine is not currently registered or associated with a FINRA member, he remains subject to FINRA’s jurisdiction.
FINRA Rule 3240(a) provides that a registered representative may not borrow money from any customer unless his or her member firm has written procedures that allow for such borrowing and the borrowing arrangement meets certain other, specified conditions. If these requirements are met, FINRA Rule 3240(b) requires the registered representative to notify the member firm of the borrowing arrangement and obtain written pre-approval from the firm prior to borrowing from the customer, unless the customer is an immediate family member or financial institution, in which case other requirements apply. A violation of FINRA Rule 3240 is also a violation of FINRA Rule 2010.
Do you need a New York FINRA Securities Arbitration Attorney?
Are you a Brooklyn, New York investor who has suffered significant losses in your stock brokerage and investment accounts? Did your New York stockbroker or investment advisor misrepresent facts, fail to disclose facts making the statements made false and misleading, recommend unsuitable investments or strategies, excessively trade or churn, mismanage your investment account or engage in other kinds of stockbroker misconduct? If so, you need representation by an experienced, highly-rated and nationally recognized FINRA securities arbitration attorney—a lawyer who knows FINRA rules and procedures inside and out and how to handle these FINRA arbitration cases as well as other complex legal issues.
Free Initial Consultation With Experienced FINRA Securities Arbitration Lawyers Serving Brooklyn, New York Residents In FINRA Arbitration Proceedings
At The Law Offices of Robert Wayne Pearce, P.A. we represent investors in all kinds of securities, commodities and investment law disputes in FINRA, AAA and JAMS arbitration and mediation proceedings. Attorney Pearce and his staff represent investors throughout New York, and across the United States on a CONTINGENCY FEE basis which means you pay nothing – NO FEES-NO COSTS – unless we put money in your pocket after receiving a settlement or FINRA arbitration award.
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For dedicated representation by Attorney Pearce with over 40 years of experience and success in all kinds of securities, commodities and investment law disputes serving New York citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.