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Articles Posted in Stockbrokers In The News

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. Continue Reading

Melissa Ann Niederhauser of Smithfield, Utah submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which she was barred for allegedly forging account statements and other documents in violation of FINRA Rules 2150(a) and 2010.

In August 2014, Melissa Ann Niederhauser joined Horace Mann Investors, Inc in which she was licensed to sell insurance and perform as an office manager and administrative assistant for the firm. According to FINRA findings, between 2016 and 2017 Ms. Niederhauser withdrew $73,618.41 from two family members’ accounts who were also customers of her firm. The FINRA findings stated, Ms. Niederhauser made 13 withdrawals from one customer’s variable annuity that totaled out to $47,618.37 and 7 separate withdrawals from another customer’s variable annuity totaling $30,368.04. Ms. Niederhauser allegedly forged those customers’ signatures on the Horace Mann Annuity Surrender Withdrawal Request forms and then had the checks mailed to an address in which she could acquire them without the two customer’s knowledge. In addition, FINRA alleged that Melissa Ann Niederhauser would allegedly deposit the checks into a joint bank account with the customers and withdraw the funds for her personal use without their acknowledgment or authorization. Continue Reading

Jeremy Joseph Cook of Lafayette, Louisiana submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was barred for failing to provide documents to FINRA in violation of FINRA Rules 8210 and 2010.

From 2014 through 2019, Jeremy Joseph Cook was registered with UBS Financial Services as a General Securities Representative. According to the FINRA findings, a form U5 was received from UBS disclosing Jeremy Joseph Cook’s termination for allegedly administering commissions to his personal ID number rather than the team trading ID number that would split commissions with the co-brokers.  In 2019, FINRA began an investigation concerning whether Jeremy Joseph Cook breached FINRA’s rules by performing the stated misconduct. Following the investigation on April 2, 2020, FINRA sent a request for on-the-record testimony in pursuant to Rule 8210. In addition, Jeremy Joseph Cook received a call and follow-up-email from FINRA at which point he allegedly acknowledged and refused to appear at any given time. Continue Reading

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. Continue Reading

Ronald Walter Hannes of Spokane, Washington 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 produce documents and information requested by FINRA in violation of FINRA Rules 8210 and 2010.

From September 1986 to December 2019, Ronald Walter Hannes was registered as an Investment Company and Variable Contracts Products Representative (IR) with Woodbury Financial Services (Woodbury). According to the FINRA findings, Ronald Walter Hannes allegedly refused to provide documents and information to FINRA during their investigation regarding the allegations that he converted customer funds. The FINRA findings stated that Woodbury terminated Hannes after receiving notice from a client that funds were paid to Hannes for the purchase of life insurance that were not sent to the company. Without admitting or denying FINRA’s findings, Ronald Walter Hannes consented to the sanctions and has been barred from association with any FINRA member in all capacities. Continue Reading

Peter Douglas Monson of Blaine, Minnesota submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he allegedly exercised discretion and engaged in excessive and unsuitable trading in violation of NASD Conduct Rule 2510(b) and FINRA Rules 2111 and 2010.

In February 2014, Peter Douglas Monson joined Van Clemens & Co. as a General Securities Representative and General Securities Principal. According to the FINRA findings, Monson actively traded risky microcap stocks in a customer’s account without required authorization. The FINRA findings found that when Monson took control over the customer’s account, it had declined by 60% from investment losses, commissions charged for trades, and also from more than $138,000 in withdrawals that the customer used to help finance a family business. After the customer informed Monson of her cancer diagnosis he continued his frequent trading of microcap securities and did not curtail the amount of trading in her account or seek to reduce her risk exposure. In addition, FINRA stated that Monson allegedly had little contact with the customer and exercised discretion to decide what to trade, when to trade it, and what prices on more than 100 occasions during the same period. Continue Reading

Jody Ethan Thompson of Seaford, New York submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he allegedly exercised discretionary trading and made unsuitable recommendations in violation of NASD Rule 2510 and FINRA Rules 2111 and 2010.

From July 2015 to February 2019, Jody Ethan Thompson was registered with Alexander Capital as a General Securities Representative. According to the FINRA findings, Thompson made unsuitable recommendations to three different customers without understanding the potential risks and rewards of the various offerings. The findings stated that Thompson did not understand the restrictions on transfer and withdrawal of the investments, how the interest payments would be made to investors or the fee structure of the investments because he did not perform reasonable diligence. The FINRA findings also stated that Thompson allegedly exercised discretion by placing 40 trades in a customer’s account without written authorization from the customer or from Alexander Capital. Continue Reading

Jeffrey Scott Nimmow of Merrimac, Wisconsin submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was barred for allegedly engaging in unapproved private transactions and for not possessing the proper registration in violation of NASD Rule 1031 and FINRA Rules 3280 and 2010.

From August 2015 to March 2018, Jeffrey Scott Nimmow was registered as an Investment Company Products/Variable Contracts Representative with Forest Securities Inc. (FSI). According to the FINRA findings, he engaged in the sale of promissory notes of more than $3 million to 18 different investors without the proper registration. The findings stated that Nimmow submitted a request to FSI to add sales of promissory notes to his outside business activities but failed to provide notice of each proposed transaction. In addition, FINRA stated that Nimmow sold $3,365,000 in the promissory notes and received approximately $177,937 in commissions without being qualified or registered to offer or sell promissory notes to his customers. Without admitting or denying FINRA’s findings, Nimmow consented to the sanctions and has been barred from association with any FINRA member in all capacities. Continue Reading

David Francis Dalton of Chestnut Hill, Massachusetts 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 and causing his firm to create and maintain inaccurate books and records in violation of NASD Rules 2510(b) and 3110 and FINRA Rules 4511 and 2010.

In February 2002, David Francis Dalton joined Moors & Cabot as a General Securities Representative. According to the FINRA findings, Dalton exercised discretion 221 times in his firm’s customer accounts without first obtaining written approval. The findings stated that when Dalton transmitted the order information for those trades, he allegedly failed to disclose that he used his discretion, causing the firm to create and maintain inaccurate order memoranda. In addition to the FINRA findings, Dalton allegedly made false statements regarding his exercise of discretion for the transactions on three of his annual compliance questionnaires. Continue Reading

Thomas S. Martin of Glorieta, New Mexico 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 unauthorized transaction in violation of NASD Rule 2510 and FINRA Rule 2010.

In 2002, Thomas S. Martin joined Edward Jones as a General Securities Representative and General Securities Principle. According to the FINRA findings, Mr. Martin exercised discretion in four accounts held by four separate customers. The FINRA findings stated that although the customers knew Mr. Martin placed 19 discretionary trades in the accounts and the trades did not result in any losses, he did not have written authorization to do so. In addition to the findings, Mr. Martin allegedly failed to request or obtained approval from Edward Jones and had previously received written reprimands from the firm for exercising discretion without written authority. Continue Reading

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