Patrick Terrell of Mystic, Connecticut submitted a Letter of Acceptance, Waiver and Consent Agreement (AWC) for the purpose of settlement. Without admitting or denying the findings, Terrell was alleged by the Department of Enforcement for the Financial Industry Regulatory Agency (FINRA) to have falsified bank statements.
Terrell first became registered with FINRA as a General Securities Representative (GSR) in March 1998. From 1998 through November, 2011, Terrell acted as a GSR for several FINRA member firms. Beginning November 28, 2011, Terrell was a registered as a GSR through Stifel, Nicolaus, & Co until June 26, 2014.
In June 2014, Terrell submitted a personal loan application to a bank. The application included fabricated monthly statements. The statements indicated that Terrell and his wife had a brokerage account worth $247,519. Terrell had no such account. FINRA found that Terrell fabricated monthly statements by taking an actual customer’s account statement and then inserted his own name and address in place of the customer’s. This conduct is a violation of FINRA Rule 2010.
Due to Patrick Terrell’s alleged conduct, he was suspended from association with any FINRA member in any and all capacities for a period of one year and fined $5,000. Terrell has not been registered with FINRA since December 8, 2014.
Stockbrokers have been known to engage in many types of practices which violate industry and firm rules, practices, and procedures. In order to protect customers from stockbroker misconduct, FINRA rules require broker-dealers like Stifel, Nicolaus, & Co 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 firm, such as Stifel, Nicolaus, & Co own policies and procedures. If broker dealers and/or their supervisors do not establish and implement these protective measures, they may be liable to investors for damages which flow from the misconduct. As a result, investors who have suffered losses because of their stockbroker’s unlawful or prohibited conduct can file a claim to recover damages against broker dealers like Stifel, Nicolaus, & Co, which should consistently oversee its employees in order to prevent stockbroker misconduct.
Have you suffered losses in your Stifel, Nicolaus, & Co 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 prohibited 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 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 post a comment, call (800) 732-2889, send Mr. Pearce an email at firstname.lastname@example.org, 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.