Broker Misconduct - Page 2 of 90 - Law Offices of Robert Wayne Pearce

893 search results found for “Broker Misconduct”

Nov 10, 2020

Former UBS Financial Services Stockbroker Jeremy Joseph Cook Barred for Misconduct

Jeremy Joseph Cook of Lafayette, Louisiana submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was barred for failing to provide documents to FINRA in violation of FINRA Rules 8210 and 2010. From 2014 through 2019, Jeremy Joseph Cook was registered with UBS Financial Services as a General Securities Representative. According to the FINRA findings, a form U5 was received from UBS disclosing Jeremy Joseph Cook’s termination for allegedly administering commissions to his personal ID number rather than the team trading ID number that would split commissions with the co-brokers. In 2019, FINRA began an investigation concerning whether Jeremy Joseph Cook breached FINRA’s rules by performing the stated misconduct. Following the investigation on April 2, 2020, FINRA sent a request for on-the-record testimony in pursuant to Rule 8210. In addition, Jeremy Joseph Cook received a call and follow-up-email from FINRA at which point he allegedly acknowledged and refused to appear at any given time. FINRA Rule 8210 authorizes FINRA, in the course of its investigations, to require persons over whom FINRA possesses jurisdiction to “provide information orally, in writing, or electronically and to testify at a location specified by FINRA staff with respect to any matter involved in the investigation” FINRA Rule 2010 provides that “[a] member, in the conduct of its business, shall observe high standards of commercial honor and just and equitable principles of trade.” Without admitting or denying the FINRA findings, Mr. Cook consented to the sanction and was 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 misconduct by their broker can file claims to recover damages against broker-dealers, like UBS Financial Services, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct. Have you suffered losses in your UBS Financial Services account due to misconduct by your broker? Was Jeremy Joseph Cook 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 UBS 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 pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.

Nov 10, 2020

Former TD Ameritrade Stockbroker Kwasi Mensah Aggor Barred for Misconduct

Kwasi Mensah Aggor of Coventry, Rhode Island submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was barred for failing to appear for on-the-record and provide testimony in violation of FINRA Rules 8210 and 2010. In 2008, Kwasi Mensah Aggor joined TD Ameritrade Inc. as a General Securities Representative. According to FINRA’s findings, a form U5 termination notice was received from TD Ameritrade, Inc. disclosing his termination due to Kwasi Mensah Aggor allegedly engaging in private security transactions with a customer through an outside business that was not disclosed to his firm. In February of 2020, FINRA enforcement sent Kwasi Mensah Aggor an appeal for him to appear and issue an on-the-record testimony in relation to the violation of FINRA Rule 8210. The FINRA findings stated Mr. Aggor acknowledged that he obtained the request but ultimately refused to appear and provide on-the-record testimony. In addition, Kwasi Mensah Aggor is no longer associated with any FINRA member firm, but remains under FINRA’s jurisdiction. FINRA Rule 8210(a)(1) states, in relevant part, that FINRA may “require a person subject to FINRA’s jurisdiction to testify at a location specified by FINRA staff, under oath or affirmation with respect to any matter” concerting a FINRA investigation. FINRA Rule 8210(c) provides that “[n]o person shall fail to provide testimony pursuant to this Rule.” A failure to comply with a request for testimony pursuant to FINRA Rule 8210 is also a violation of FINRA Rule 2010, which requires associated persons to “observe high standards of commercial honor and just and equitable principles of trade.” Without admitting or denying FINRA’s findings, Kwasi Mensah Aggor was 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 misconduct by their broker can file claims to recover damages against broker-dealers, like TD Ameritrade which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct. Have you suffered losses in your TD Ameritrade account due to misconduct by your broker? Was Kwasi Mensah Aggor 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 TD Ameritrade 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 pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.

Jul 29, 2020

CV Brokerage Inc. Censured and Fined for Misconduct

CV Brokerage in Williamstown, New Jersey submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which the firm was censured and fined $100,000 for allegedly failing to establish and maintain a supervisory system, and written supervisory procedures (WSPs) reasonably designed to achieve compliance with applicable FINRA rules regarding the participation of Firm-registered representatives in private securities transactions in violation of FINRA Rules 3110(a) and (b), 3280, and 2010. According to the FINRA findings, a General Securities Principal with CV Brokerage, engaged in outside business activities and unapproved private securities transactions (PSTs). The FINRA findings stated that the representative formed an investment fund away from CV Brokerage and received substantial compensation from the transactions between multiple financial institutions and exchanges. During the same period, the WSPs permitted the representative to supervise her own compliance with the PSTs. CV Brokerage could have hired other principals to review or disapprove her participation in the PSTs but failed to do so. In addition, CV Brokerage allegedly failed to supervise the representatives participation in the PSTs, failed to supervise the securities trading conducted by the investment fund as if it was executed by the firm and failed to record the securities transactions for the fund on the Firm’s books and records.

Jun 24, 2020

Former First Standard Financial Stockbroker Michael Leahy Barred for Misconduct

Michael Leahy of Red Bank, New Jersey submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he has been barred for allegedly failing to reasonably supervise another representative in violation of FINRA Rules 3110 and 2010. In July 2017, Michael Leahy joined First Standard Financial General Securities Representative and General Securities Principal. According to FINRA, Michael Leahy failed to supervise a former registered representative with First Standard, who engaged in a pattern of unauthorized trading, used margin without authorization, recommended unsuitable transactions, and charged excessive commissions in dozens of customer accounts. The FINRA findings stated the Leahy was allegedly aware of the multiple red flags and failed to investigate or take action against the representatives misconduct. Due to Leahy’s failure to supervise, the representative’s misconduct continued until the New Jersey Bureau of Securities revoked the representative’s registration.

Jun 19, 2020

LPL Financial Stockbroker Brian Lawrence Stephan Suspended for Misconduct

Brian Lawrence Stephan submitted an Offer of Settlement to the Financial Industry Regulatory Authority (FINRA) in which he was fined and suspended for allegedly recommending unsuitable investments and provided false information on his firm’s mutual fund exchange forms in violation of FINRA Rules 4511, 2111 and 2010, and NASD Ruled 2310. From November 2003 through August 27, 2014, Brian Lawrence Stephan was registered with LPL Financial LLC as a General Securities Representative. According to the FINRA findings, from May 2012 through May 2014, Stephan recommended and caused the execution of unsuitable investments in 20 different mutual fund families for an elderly customer. The findings stated the recommendations were unsuitable because the customer could have received a discount in sales charges by approximately $30,000 if she were to invest in larger amounts across fewer fund families. Based on the FINRA findings, Stephan lacked any reasonable basis, caused the customer to incur excessive sales and received $60,000 in commissions for the transactions. In addition to the findings, Stephan allegedly mismarked the transactions as unsolicited and provided false information on his firm’s mutual fund exchange forms.

Jun 11, 2020

Former Janney Montgomery Scott Stockbroker John Joseph Cahill Barred for Misconduct

John Joseph Cahill of Mahwah, New Jersey submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he allegedly refused to appear and provide on-the-record testimony, documents and information requested regarding an investigation in violation of FINRA Rules 8210 and 2010. In October 2013, John Joseph Cahill joined Janney Montgomery Scott LLC (“Janney”) as a General Securities Representative. According to the FINRA findings, the Firm reported Cahill’s termination for failing to report his fiduciary relationship with a former client in a Uniform Termination Notice for Securities Industry Registration. The FINRA findings stated that following his termination, FINRA’s department of Enforcement commenced an investigation regarding certain allegations that he served as power-of-attorney and commingled and/or converted funds for a customer while associated with Janney. In addition, Cahill acknowledged and stated that he received the request and would not provide the documents and information or appear and provide testimony at any time.

Apr 20, 2020

EDI Financial Stockbroker William Stafford Thurmond Suspended for Misconduct

William Stafford Thurmond of El Paso, Texas submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he has been fined and suspended for allegedly making unsuitable recommendations and unauthorized transactions in violation of NASD Rule 2310 and FINRA Rules 2111, 4511, and 2010. From October 1997 until his termination in November 2016, William Stafford Thurmond was registered with EDI Financial as a general securities representative and general securities principal. According to FINRA’s findings, Thurmond recommended unsuitable transactions and executed various unauthorized trades in a customer’s account totaling approximately $328,000. The findings stated that Mr. Thurmond placed eighteen trades without obtaining authorization or approval from the customer or his power of attorney. FINRA also stated that the customer’s desire was to achieve higher returns than he would receive in a savings account, but wanted limited risk to his principal. Instead, the account held the leveraged and inverse leveraged ETFs for an average of over 150 days, which exceeded the recommendations in the ETFs’ prospectuses and FINRA’s NTM 09-31. In addition, Thurmond received $42,724 in commissions from the unsuitable recommendations and caused the customer to generate losses of $212,731.00.

Apr 15, 2020

Taylor Capital Management Stockbroker Mark Gregory Raezer Suspended for Misconduct

Mark Gregory Raezer of Colorado Springs, Colorado submitted a Letter of Acceptance, Waiver, and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was fined and suspended for participating in unapproved private transactions in violation of FINRA Rules 3280 and 2010. In 2015, Mark Gregory Raezer joined Taylor Capital Management as an Investment Company and Variable Contracts Products Representative. According to the FINRA findings, Raezer participated in nine private securities transactions, $911,000 in securities issued by a purported real estate investment Company without notice or approval from his firm. The findings stated that Raezer discussed the investment and helped investors with complete applications and subscription paperwork. According to the FINRA findings, Raezer did not receive direct compensation but benefited indirectly from a profit-sharing arrangement he had with the leader representative in the retirement planning, life insurance, and tax preparation business.

Apr 10, 2020

Former America Northcoast Securities Stockbroker Dominic A. Tropiano Barred for Misconduct

Dominic Anthony Tropiano of Lyndhurst, Ohio submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he has been barred for allegedly engaging in unauthorized transactions and making unsuitable recommendations in violation of FINRA Rules 2111 and 2010. In February 2004, Dominic Anthony Tropiano entered the securities industry in February 2004 as a General Securities Representative. In May 2015, Tropiano became an associated person with America Northcoast. According to the findings, while not properly registered with FINRA, Dominic Anthony Tropiano made certain recommendations to at least 47 customers in 866 separate transactions without having a reasonable basis to believe those transactions were suitable in light of their investment profiles. In addition, FINRA also stated that Tropiano placed 52 unauthorized transactions in two additional customers’ accounts.

Mar 18, 2020

Former Aegis Capital Stockbroker James B. Schwartz Barred for Misconduct

James Bradley Schwartz of New York, New York submitted an Offer of Settlement to the Financial Industry Regulatory Authority (FINRA) in which he allegedly churned, excessively traded and engaged in unauthorized transactions in willful violation of Section 10(b) of the Securities Exchange Act, Rule 10b-5, and FINRA Rules 2111, 2020 and 2010. From June 2013 through June 2016, James Bradley Schwartz was registered with Aegis Capital Corp. as a General Securities Representative. According to the FINRA findings, James Bradley churned and excessively traded customer accounts. He executed approximately 535 trades in four customers’ accounts resulting in a combined loss of more than $660,000. The findings also stated that Schwartz’s received more than $194,000 of the generated gross sales and commissions of approximately $277,705. In addition to the FINRA findings, James exercised de facto control over the customers’ accounts and executed 261 trades with a value of approximately $10 million without his customers’ authorization, including unauthorized trades in a deceased customers account. FINRA stated that Schwartz did not have a reasonable basis to believe that his trading in the customers’ accounts were suitable.

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893 search results found for “Broker Misconduct”