Franklin Ihendu Ogele of Hillside, New Jersey submitted a Letter of Acceptance, Waiver and Consent (AWC) in which Ogele was fined and suspended by the Financial Industry Regulatory Authority (FINRA) for allegedly failing to supervise in violation of NASD Rule 3010 and FINRA Rules 3110 and 2010.
In May 2004, Ogele joined BlackBook Capital, LLC. During the relevant period, he was registered as BlackBook’s Chief Executive officer and Chief Compliance Officer. The findings stated that Ogele was responsible for supervising a representative who was the top-producing broker in the firm’s branch. According to FINRA, Ogele failed to supervise the trading activities of the representative and instead permitted him to self-supervise his own activities. FINRA stated that the representative’s trading in the customer’s account incurred significant losses and a cost-to-equity ratio and turnover rate that should have resulted in an investigation by Ogele.
Without admitting or denying FINRA’s findings, Franklin Ihendu Ogele was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in all capacities for 45 days. The suspension was in effect from June 4, 2018 through July 18, 2018.
Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their employees to ensure compliance 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 fail to establish and implement these protective measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from failure to supervise, excessive trading and/or other misconduct by their broker can file claims to recover damages against broker-dealers, like BlackBook Capital, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct.
Have you suffered losses in your BlackBook Capital account due to excessive trading and/or failure to supervise? Was Franklin Ihendu Ogele your stockbroker? 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 BlackBook Capital LLC stockbrokers who may have engaged in broker misconduct and caused investors’ losses.
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 35 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 visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at email@example.com for answers to any of your questions about this blog post and/or any related matter.