Reginald Maurice Berthiaume Jr., a former Orlando, Florida-based registered representative formerly employed by Boston, Massachusetts-based Moors & Cabot, Inc. and later at Ft. Lauderdale, Florida-based Kovack Securities, Inc., was named a respondent in a Financial Industry Regulatory Authority (FINRA) complaint alleging that he failed to timely disclose to each of his member firms his involvement in outside businesses. The complaint alleges that Mr. Berthiaume failed to timely respond to FINRA requests for documents and information concerning known associates of one of the businesses and business-related electronic communications and correspondence relating to two businesses. The complaint also alleges that Mr. Berthiaume made an incomplete response to one request for information and documents by only providing some printed emails and copies of checks. FINRA received additional, but incomplete, production of documents after Mr. Berthiaume received a Wells notice – a letter that a regulator sends to people or firms when it is planning to bring an enforcement action against them. The complaint further alleges that Mr. Berthiaume failed to appear for on-the-record testimony.
Stockbrokers have been known to engage in many types of practices in violation of 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 reasonable supervisory system. The implementation of the rules require supervisors 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 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 unlawful activity can bring forth claims to recover damages against broker-dealers in order to prevent the above-described prohibited conduct.
Have you suffered losses in your investment account due to your stockbroker’s misconduct? 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 stockbrokers for unsuitable recommendations, misrepresentations, and/or other unauthorized and 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 , 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.