Jul 21, 2021

San Juan, Puerto Rico Attorney Lawyer Who Sues Stockbrokers For Selling Away (Selling Unauthorized Investments)

Did Sean Daniel McDevitt Cause You Investment Losses? Sean Daniel McDevitt of San Juan, Puerto Rico submitted a Letter of Acceptance, Waiver, and Consent to the Financial Industry Regulatory Authority in which he was fined $10,000 and suspended from association with any FINRA member in all capacities for six months. The sanctions were based on findings that he engaged in private securities transactions in violation of NASD Rule 3040 and FINRA Rules 3280 and 2010. The suspension remains in effect from March 1, 2021, through August 31, 2021.  In November 2015, Sean Daniel McDevitt joined Woodrock Securities L.P. while registered as a General Securities Representative. The firm later filed a Uniform Termination Notice for Securities Industry Registration (Form U5) in December 2016, disclosing that he had been terminated due to alleged misconduct. According to FINRA’s findings, McDevitt allegedly engaged in private securities transactions when he solicited four investors to purchase promissory notes in the amount of $600,000. The findings state that McDevitt had signed the promissory notes on behalf of the company and had not disclosed to his firm that he was engaged in the private securities transactions. Although Sean Daniel McDevitt is not currently registered or associated with a FINRA member firm, he remains subject to FINRA’s jurisdiction. FINRA Rule 3280, and its predecessor NASD Rule 3040, generally define a private  securities transaction as any securities transaction outside the regular scope of an  associated person’s employment with a member. FINRA Rule 3280(b) and NASD  3040(b) both state that “prior to participating in any private securities transaction, 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 and stating whether he has received or may receive selling compensation in connection with  the transaction.” A violation of FINRA Rule 3280 or NASD Rule 3040 is also a violation of FINRA Rule 2010, which requires associated persons, in the conduct of their business, to observe high standards of commercial honor and just and equitable principles of trade. Do You Need a Puerto Rico Selling Away Attorney? Did your Puerto Rico stockbroker or investment advisor recommend an investment that turned out to be an investment that was never reviewed or approved by their stockbrokerage firm employer? The stockbrokers who stoop to that level are usually insolvent or uncollectible. And so, the investor’s only recourse is against the brokerage firm employer. But stockbrokerage firms always claim ignorance of the stockbroker’s activities and deny liability for the sale of unauthorized investments which they call Selling Away as if that was an absolute defense. Not so! You will definitely need an experienced attorney who knows the securities laws and how to hold the stockbrokerage firm responsible for their employees Selling Away under legal principles of actual authority, apparent authority, estoppel and failure to supervise. If your attorney knows where to look he/she can often find Red Flags of the alleged unauthorized sales that the firm did not look for, missed, or saw and just ignored. Free Initial Consultation With  Experienced Selling Away Attorneys Representing San Juan, Puerto Rico Residents in FINRA Arbitrations 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 Puerto Rico, 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. Se habla español 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 Puerto Rico citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.

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May 10, 2021

Clarence Center, New York Attorney Who Sues Stockbrokers For Selling Away (Selling Unauthorized Investments)

Did Stephen Anthony Nappo Cause You Investment Losses? Stephen Anthony Nappo of Clarence Center, New York submitted a Letter of Acceptance, Waiver and Consent to the Financial Industry Regulatory Authority in which he was fined $5,000 and suspended from association with any FINRA member for a period of 20 business days. The sanctions were based on findings that he allegedly participated in private securities transactions in violation of FINRA Rules 3280 and 2010. The suspension is in effect from January 4, 2021, through February 1, 2021. In January 2015, Stephen Anthony Nappo joined Cadaret Grant and became registered as an Investment Company and Variable Contracts Products Representative. According to the FINRA findings, Nappo allegedly participated in a private security transaction by purchasing a $50,000 promissory note without seeking or obtaining approval from Cadaret Grant. The FINRA findings state that the promissory note was a security, and it was outside the scope of his employment with his firm. In addition, the findings state that Nappo falsely attested on his firm’s annual compliance questionnaires that he had not participated in any private securities transactions. FINRA Rule 3280 requires that prior to “participating in any manner” 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.” FINRA Rule 3280 defines a private securities transaction as “any securities transaction outside the regular course or scope of an associated person’s employment with a member.” A violation of FINRA Rule 3280 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.” Do You Need a New York FINRA Securities Arbitration Attorney? Did your New York stockbroker or investment advisor recommend an investment that turned out to be an investment that was never reviewed or approved by their stockbrokerage firm employer? The stockbrokers who stoop to that level are usually insolvent or uncollectible. And so, the investor’s only recourse is against the brokerage firm employer. But stockbrokerage firms always claim ignorance of the stockbroker’s activities and deny liability for the sale of unauthorized investments which they call Selling Away as if that was an absolute defense. Not so! You will definitely need an experienced attorney who knows the securities laws and how to hold the stockbrokerage firm responsible for their employees Selling Away under legal principles of actual authority, apparent authority, estoppel, and failure to supervise. If your attorney knows where to look, he/she can often find Red Flags of the alleged unauthorized sales that the firm did not look for, missed, or saw and just ignored. Free Initial Consultation With  Experienced Attorneys Representing Clarence Center, New York Residents in FINRA Arbitrations 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. Se habla español 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. 

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Apr 28, 2021

Jacksons Gap, Alabama Attorney Who Sues Stockbrokers For Selling Away (Selling Unauthorized Investments)

Did John Albert Westbrook Cause You Investment Losses? John Albert Westbrook of Jacksons Gap, Alabama submitted a Letter of Acceptance, Waiver and Consent to the Financial Industry Regulatory Authority in which he was fined $5,000 and suspended from association with any FINRA member for a period of five months. The sanctions were based on findings that he allegedly participated in private securities transactions in violation of FINRA Rules 3280 and 2010. The suspension is in effect from November 16, 2020, through April 15, 2021. On September 4, 2014, John Albert Westbrook joined Center Street Securities, Inc. and became registered as a General Securities Representative. According to FINRA’s findings, while associated with his firm, Westbrook allegedly solicited three investors to purchase securities in Future Income Payments (FIP) worth $350,335 and promised a 7% to 8% rate of return. FIP ceased to do business and owed $300 million in unpaid investor payments. The findings state that Westbrook received $14,013 in commissions. According to FINRA, he never sought or obtained approval from his firm to participate in the private transactions. In addition to FINRA’s findings, the company that offered the Although John Albert Westbrook is not currently registered or associated with a FINRA member firm, he remains subject to FINRA’s jurisdiction. FINRA Rule 3280 requires that prior to “participating in any manner” 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.” FINRA Rule 3280 defines a private securities transaction as “any securities transaction outside the regular course or scope of an associated person’s employment with a member.” A violation of FINRA Rule 3280 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.” Do You Need an Alabama Stockbroker Selling Away Attorney? Did your Jacksons Gap, Alabama stockbroker or investment advisor recommend an investment that turned out to be an investment that was never reviewed or approved by their stockbrokerage firm employer? The stockbrokers who stoop to that level are usually insolvent or uncollectible. And so, the investor’s only recourse is against the brokerage firm employer. But stockbrokerage firms always claim ignorance of the stockbroker’s activities and deny liability for the sale of unauthorized investments which they call Selling Away as if that was an absolute defense. Not so! You will definitely need an experienced attorney who knows the securities laws and how to hold the stockbrokerage firm responsible for their employees Selling Away under legal principles of actual authority, apparent authority, estoppel and failure to supervise. If your attorney knows where to look he/she can often find Red Flags of the alleged unauthorized sales that the firm did not look for, missed, or saw and just ignored. Free Initial Consultation With  Experienced Ponzi Scheme Attorneys Representing Jacksons Gap, Alabama Residents in FINRA Arbitrations 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 Alabama, 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. Se habla español 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 Alabama citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail. 

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Apr 26, 2021

Gilbert, Arizona Attorney Who Sues Stockbrokers For Selling Away (Selling Unauthorized Investments)

Did David T. Phillips Cause You Investment Losses? David T. Phillips of Gilbert, Arizona submitted a Letter of Acceptance, Waiver and Consent to the Financial Industry Regulatory Authority in which he was fined $5,000 and suspended from association with any FINRA member for a period of nine months. The sanctions were based on findings that he allegedly participated in private securities transactions in violation of FINRA Rules 3280 and 2010. The suspension is in effect from December 7, 2020, through September 6, 2021. From November 20, 2017, through November 30, 2018, David T. Phillips was registered with Moloney Securities Co., Inc. as a General Securities Representative. According to the FINRA findings, Phillips allegedly solicited eight investors to purchase securities in Future Income Payments (FIP) worth $876,636 and promised a 7% to 8% rate of return. FIP ceased to do business, owing nearly $300 million in unpaid investor payments. The findings state that Phillips received $33,184 in commissions. He allegedly never sought or obtained approval from his firm to participate in the private transactions. Although David T. Phillips is not currently registered or associated with a FINRA member firm, he remains subject to FINRA’s jurisdiction. FINRA Rule 3280 requires that prior to “participating in any manner” 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.” FINRA Rule 3280 defines a private securities transaction as “any securities transaction outside the regular course or scope of an associated person’s employment with a member.” A violation of FINRA Rule 3280 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.” Do You Need an Arizona FINRA Securities Arbitration Attorney? Did your Arizona stockbroker or investment advisor recommend an investment that turned out to be an investment that was never reviewed or approved by their stockbrokerage firm employer? The stockbrokers who stoop to that level are usually insolvent or uncollectible. And so, the investor’s only recourse is against the brokerage firm employer. But stockbrokerage firms always claim ignorance of the stockbroker’s activities and deny liability for the sale of unauthorized investments which they call Selling Away as if that was an absolute defense. Not so! You will definitely need an experienced attorney who knows the securities laws and how to hold the stockbrokerage firm responsible for their employees Selling Away under legal principles of actual authority, apparent authority, estoppel and failure to supervise. If your attorney knows where to look he/she can often find Red Flags of the alleged unauthorized sales that the firm did not look for, missed, or saw and just ignored. Free Initial Consultation With  Experienced Ponzi Scheme Attorneys Representing Gilbert, Arizona Residents in FINRA Arbitrations 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 Arizona, 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. Se habla español 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 Arizona citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail. 

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