Recent Posts

Sep 18, 2015

Former Edward Jones Representative Barred for Converting Client Funds

Adam Bollinger of Chandler, Arizona submitted a Letter of Acceptance, Waiver and Consent (AWC) to The Department of Enforcement of the Financial Industry Regulatory Authority for allegedly converting client funds for his own personal use. Bollinger became registered through a FINRA member firm in August 2012. From August 2012 through December 2014, Bollinger was registered with Edward D. Jones & Co., L.P. (Edward Jones) as a General Securities Representative. On December 23, 2014 his registration was terminated as a result of his alleged actions. FINRA found, between February and December 2014, Bollinger converted $17,525 from seven individuals, six of whom were Edward Jones clients. FINRA alleged that Bollinger, sometimes under the guise of soliciting charitable contributions, requested individuals make out checks payable to him. Instead of using charitable contributions to his claimed cause, Bollinger allegedly converted and used the monies for his own personal use.

Continue Reading

Sep 17, 2015

The Law Offices of Robert Wayne Pearce P.A. Wins $600,000 Plus Interest Award Against UBS Puerto Rico

In an arbitration proceeding against UBS Financial Services, Inc. of Puerto Rico (UBS-PR), the Law Offices of Robert Wayne Pearce, P. A. won a $600,000 plus interest award for one of the firm’s clients this week. The case arose out of the alleged misrepresentations and unsuitable recommendations by a UBS PR financial advisor to our client that he purchase and then hold an excessive concentration of UBS-PR closed-end bond funds in his investment account. UBS-PR, through its representatives, made false representations and misleading statements to our client about both the nature and risk of the closed-end bond fund and investment strategy.

Continue Reading

Sep 16, 2015

Tallahassee Florida Edward Jones Representative Barred for Misusing Customer Funds

William Hardy of Tallahassee, Florida submitted a Letter of Acceptance, Waiver and Consent (AWC) to The Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) for allegedly misusing customer insurance premium funds. Hardy became registered in December 1985 and in 2002 became registered with NYLife Securities LLC (NYLife). Hardy was terminated from NYLife on March 12, 2014. FINRA found that from May 5, 2013 through July 17, 2013, while still associated with NYLife, Hardy misused customer insurance premium funds causing the clients policies to lapse.

Continue Reading

Sep 14, 2015

Wells Fargo Representative Suspended for Unauthorized Trades

William Campbell of Florence, South Carolina submitted a Letter of Acceptance, Waiver and Consent (AWC) to The Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) for allegedly making several trades for clients without written authorization. Campbell entered the securities industry in 2012 when he became associated with FINRA Member Frim Wells Fargo Advisors, LLC (Wells Fargo) and within a year became a General Securities Representative (GSR). On July 17, 2014 Wells Fargo filed a Uniform Termination Notice for Securities Industry Registration (Form U5) terminating Campbell’s registration.

Continue Reading

Sep 11, 2015

New York Chase Investment Services Corporation Representative Suspended for Falsifying Signatures

Andres Rubert of New York submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) for allegedly falsifying several client signatures. Rubert entered the securities industry in 2006 and became associated with a FINRA-member firm. Between June 2010 and March 2012, Rubert was registered with Chase Investment Services Corporation (CISC).

Continue Reading

Sep 9, 2015

LPL Financial Fined for MSRB and FINRA Rule Violations

The Department of Market Regulation of the Financial Industry Regulatory Authority (FINRA) received a Letter of Acceptance, Waiver and Consent (AWC) from LPL Financial LLC (LPL Financial) for allegedly purchasing from and selling municipal securities to customers at prices that were not fair or reasonable. The Department of Market Regulation conducted two reviews of LPL Financial related to the firm’s compliance with municipal bond fair pricing requirements and corporate bond fair pricing requirements. During the municipal bond review between January and March 2009, FINRA found that for twelve transactions. LPL Financial purchased municipal securities for its own account from a customer and/or sold municipal securities for its own account to a customer at an aggregate price that included and commissions or service charges. FINRA alleged that such actions were not fair or reasonable and did not represent the best judgment of the broker as they didn’t express the fair market value of the securities.

Continue Reading

Sep 7, 2015

LPL Financial Fined for Trade Order and Execution Violations

The Department of Market Regulation of the Financial Industry Regulatory Authority (FINRA) received a Letter of Acceptance, Waiver and Consent (AWC) from LPL Financial LLC (LPL Financial) for allegedly failing to execute several trade orders fully and promptly, reporting improper data and failing to properly supervise. The Department of Market Regulation conducted two reviews of LPL Financial in 2012 to examine its trading and reporting methods. During its Trading and Market Making Surveillance (TMMS) review, FINRA found that in four instances, LPL Financial failed to execute orders fully and promptly. During the review, FINRA also found that LPL Financial transmitted to OATS eights reports that contained inaccurate, incomplete, or improperly formatted data. Additionally, the TMMS review found that LPL Financial failed to transmit two Reportable Order Events to OATS and failed to show the correct order receipt time on the memorandum of ten brokerage firms.

Continue Reading

Sep 4, 2015

LPL Financial Fined for Failing to Comply with MSRB and TRACE Requirements

The Department of Market Regulation of the Financial Industry Regulatory Authority (FINRA) received a Letter of Acceptance, Waiver and Consent (AWC) from LPL Financial LLC (LPL Financial) for allegedly failing to report securities transactions and failing to show the correct time of execution of several brokerage orders. The Department of Market Regulation conducted two reviews on LPL Financial in 2010 regarding the firm’s compliance with Municipal Securities Rulemaking Board (MSRB) and Trade Reporting and Compliance Engine (TRACE) requirements.

Continue Reading

Sep 2, 2015

LPL Financial Ordered to Pay $6.3 Million in Restitution for Supervision Failures

FINRA censured and ordered LPL Financial LLC (LPL Financial) to pay $6.3 million for failures related to sales charge waivers. LPL Financial submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) for the alleged widespread supervisory failures. LPL Financial is a brokerage and investment advisory firm with a principal place of business in Boston, Massachusetts. LPL Financial has been conducting securities business related activities since 1973. LPL Financial has over eighteen thousand registered representatives operating from nearly eleven thousand branch office locations.

Continue Reading