Did Dwight L. Dykstra Cause You Investment Losses?
Dwight L. Dykstra of Orlando, Florida was fined $5,000 and suspended from association with any FINRA member for a period of one year and ordered to pay disgorgement in the amount of $67,500. The sanctions were based on findings that he participated in private securities transactions without notice or approval from his firm in violation of FINRA Rules 3280 and 2010. The suspension is in effect from October 19, 2020, through October 18, 2021.
In May 2013, Dwight L. Dykstra joined Vision Brokerage and became registered as a General Securities Representative and an Investment Company and Variable Contracts Products Representative and Principal. According to the FINRA findings, Dykstra solicited 21 investors to purchase promissory notes issued by a limited liability company worth $2 million. The findings state that Dykstra personally invested an additional $100,000 and received $67,500 for the sales of the notes. In addition, Dykstra allegedly failed to seek approval or provide any prior notice to his firm of the promissory notes transactions or of his role in those transactions.
FINRA Rule 3280 requires that prior to participating in a private securities transaction, a person associated with a member firm shall provide written notice to his or her firm “describing in detail the proposed transaction and the person’s proposed role therein[.]” FINRA Rule 3280 defines a private securities transaction as “any securities transaction outside the regular course or scope of an associated person’s employment with a member[1” A violation of FINRA Rule 3280 is also a violation of FINRA Rule 2010, which requires FINRA members and associated persons to “observe high standards of commercial honor and just and equitable principles of trade.”
Do You Need a Florida FINRA Securities Arbitration Attorney?
Did your Florida stockbroker or investment advisor recommend an investment that turned out to be an investment that was never reviewed or approved by their stockbrokerage firm employer? The stockbrokers who stoop to that level are usually insolvent or uncollectible. And so, the investor’s only recourse is against the brokerage firm employer. But stockbrokerage firms always claim ignorance of the stockbroker’s activities and deny liability for the sale of unauthorized investments which they call Selling Away as if that was an absolute defense. Not so! You will definitely need an experienced attorney who knows the securities laws and how to hold the stockbrokerage firm responsible for their employees Selling Away under legal principles of actual authority, apparent authority, estoppel and failure to supervise. If your attorney knows where to look he/she can often find Red Flags of the alleged unauthorized sales that the firm did not look for, missed, or saw and just ignored.
Free Initial Consultation With Experienced Attorneys Representing Orlando, Florida Residents in FINRA Arbitrations
At The Law Offices of Robert Wayne Pearce, P.A. we represent investors in all kinds of securities, commodities, and investment law disputes in FINRA, AAA and JAMS arbitration and mediation proceedings. Attorney Pearce and his staff represent investors throughout Florida, and across the United States on a CONTINGENCY FEE basis which means you pay nothing – NO FEES-NO COSTS – unless we put money in your pocket after receiving a settlement or FINRA arbitration award.
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For dedicated representation by Attorney Pearce with over 40 years of experience and success in all kinds of securities, commodities, and investment law disputes serving Florida citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.