Dana Bruce Vietor of Dallas, Texas submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) and agreed to be barred for allegedly engaging in private securities transactions, also known as selling away.
Between January 1, 2014 and November 11, 2018, while registered with Cape Securities and Oakbridge Financial Services, Dana Vietor is alleged by FINRA to have engaged in private securities transactions totaling more than $3 million without written notice or approval from his member firms. The FINRA findings state that Mr. Vietor sold promissory notes to at least 40 customers. The promissory notes, called Deposit Agreements, were part of a start-up business venture for which Mr. Vietor was a member of the management team and, therefore, received indirect compensation for his involvement in the sale of the promissory notes, in violation of FINRA Rules 3280 and 2010.
FINRA Rule 3280(b), and its predecessor NASD Rule 3040(b), require 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 NASD Rule 3040 and FINRA Rule 3280 also constitutes a violation of FINRA Rule 2010. Without admitting or denying FINRA’s findings, Dana Bruce Vietor consented to the sanctions and has been barred from association with any FINRA member in all capacities.
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 private securities transactions, and/or other misconduct by their broker can file claims to recover damages against broker-dealers, like Cape Securities and Oakbridge Financial Services, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct.
Have you suffered losses in your Cape Securities or Oakbridge Financial Services account due to private transactions by your broker? Was Dana Vietor 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 Cape Securities and/or Oakbridge Financial Services 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 40 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.