John Chrysadakis of Fairfield, Connecticut submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) for the purpose of settling his alleged misconduct. FINRA alleged that while Chrysadakis was an Investment Company and Variable Contracts Products Representative for Fidelity Masonic Temple Association, he converted approximately $100,000 unbeknownst to the firm. The firm upon discovery allowed Chrysasakis to resign, but FINRA’s investigation into fraudulent activity required oral testimony and documentation. While Chrysadakis acknowledged he received FINRAs requests, he failed to provide anything. For this conduct, FINRA found that John Chrysadakis violated FINRA Conduct Rule 8210 and 2010. Without admitting or denying the alleged conduct, John Chrysadakis accepted the sanctions and was barred from association with any FINRA member in any capacity.
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 converted funds and/or other misconduct by their broker can file claims to recover damages against broker-dealers, like Fidelity Masonic Temple Association, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct.
Have you suffered losses in your Fidelity Masonic Temple Association account due to converted funds by your broker? Was John Chrysadakis 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 Fidelity Masonic Temple Association 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.