Daniel P. Glavin, a Country Capital Management Company (Country Capital) investor, from Orland Park Illinois, submitted an Acceptance Waiver and Consent (AWC), to settle, without admitting or denying the findings that he violated Financial Industry Regulatory Authority (FINRA) Rule 2010. In the AWC, FINRA found that Mr. Glavin converted customer funds and fabricated account statements. As a result, Mr. Glavin was permanently barred from any association with any FINRA member firm.
According to FINRA, while Mr. Glavin was registered with Country Capital, one of his customers gave him approximately $45,000 to invest in certificates of deposit. FINRA further alleged that the purported certificates Mr. Glavin recommended his customer invest in did not actually exist. FINRA alleged that Mr. Glavin did not use his customer’s funds to purchase any certificates of deposit. Instead, FINRA claims Mr. Glavin converted the customer’s funds for his personal use and benefit. As part of his scheme, Mr. Glavin allegedly fabricated account statements to mislead the customer. According to FINRA, Mr. Glavin eventually returned the funds, but only after several demands made by the customer.
FINRA charged that by converting customer funds and creating false account statements Mr. Glavin violated FINRA Rule 2010, which states that a member in the conduct of its business, shall observe high standards of commercial honor and just and equitable principles of trade. When FINRA requested Mr. Glavin provide them with the required documents for their investigation, he refused. As a result, FINRA concluded that Mr. Glavin also violated FINRA Rule 8210, for failure to provide documents and testimony in connection with the investigation.
Stockbrokers and other financial industry professionals have been known to engage in different types of misconduct which violate industry and firm rules, practices, and procedures. In order to protect customers from stockbroker misconduct, FINRA rules require broker dealers to establish and implement a supervisory system. The implementation of these rules require supervisors like Country Capital to monitor employees to ensure they comply 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 do not establish and implement these protective measures, they may be a liable to investors for damages flowing from the misconduct. As a result, investors who have suffered losses because of their stockbroker’s prohibited conduct can file a claim to recover damages against broker dealers like Country Capital, which should consistently oversee its employees in order to prevent stockbroker misconduct.
Have you suffered losses in your Country Capital investment account due to your stockbroker’s prohibited conduct? 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 Country Capital stockbrokers for conversion, misuse of investment accounts, and other unauthorized and/or illegal conduct.
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 33 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 post a comment, call (800) 732-2889, send Mr. Pearce an email at email@example.com, and/or visit our website at www.secatty.com for answers to any of your questions about this blog post and/or any related matter.