Broker Misconduct - Page 3 of 90 - Law Offices of Robert Wayne Pearce

893 search results found for “Broker Misconduct”

Feb 21, 2020

Former Wells Fargo Stockbroker Elizabeth Ann Guarino Suspended for Misconduct

Elizabeth Ann Guarino of East Meadow, New York submitted a Letter of Acceptance, Waiver, and Consent (AWC) in which Guarino was fined and suspended by the Financial Industry Regulatory Authority (FINRA) for alleged unsuitable recommendations and unauthorized transactions in violation of FINRA Rules 2111 and 2010. From May 2008 until November 2017, Elizabeth Ann Guarino was registered with Wells Fargo as a General Securities Representative. According to FINRA, Guarino recommended that an elderly customer invest $85,000 in oil and natural gas limited partnerships that were speculative securities transactions. The FINRA findings stated that the partnerships’ earnings were inadequate to cover fixed charges and proceeds raised from the preferred securities would be applied to reduce outstanding debt. As a result of declining oil and gas prices, the company filed for bankruptcy and the customer sustained loses of over $150,000. The firm compensated the customer for her losses and filed a Uniform Termination Notice for Securities Industry Registration (“Form U5”) terminating Guarino.

Feb 19, 2020

Former NYLife Stockbroker David Q. Kendrick Suspended for Misconduct

David Quentin Kendrick of Shreveport, Louisiana submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was fined and suspended for allegedly engaging in private transactions in violation of NASD Rule 3040 and FINRA Rules 3270, 3280 and 2010. From May 2002 until May 2018, David Quentin Kendrick was registered with NYLife as a General Securities Representative. According to FINRA from November 2011 through January 2017, Kendrick engaged in an outside business activity with an investment club and also engaged in 9 separate private securities transactions without notice or approval from his firm. The FINRA findings stated in November 2011, Kendrick became officer and manager of an investment club, TC, but did not disclose his participation to his firm until August 2015. FINRA also stated that NYlife denied approval, and Kendrick continued his business with TC. According to FINRA Kendrick recommended and facilitated investments totaling $290,000 in three private placements and personally invested $106,297 in six different private placements. In addition, FINRA found, Kendrick failed to disclose all of his personal investments away from his firm and made false statements on six annual compliance questionnaires and five branch audit questionnaires concerning his private securities transactions.

Feb 14, 2020

Former Cetera Stockbroker Roger Owens Suspended for Misconduct

Roger Lee Owens of Elkton, Maryland submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was fined and suspended for allegedly engaging in private securities transactions in violation of FINRA Rules 3280 and 2010. In July 2007, Roger Lee Owens registered with Cetera Advisors as an Investment Company Products Variable Contracts Representative. According to FINRA, Owens was discharged by his firm for allegedly engaging in private securities transactions without approval from Cetera. The findings stated that Owens sold $1,170,000 in promissory notes to 14 investors, four of whom were Cetera customers, relating to Woodbridge, a purported real-estate investment fund. The findings also stated that he received $59,471 in commissions and personally invested $75,000 in the notes. In addition, Owens falsely attested in compliance questionnaires that he had not engaged in any private securities transactions without the approval from Cetera.

Feb 10, 2020

Former UBS Broker Suspended for Misconduct

David Adam Rookasin of Monroe, Connecticut submitted a Letter of Acceptance, Waiver, and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) for allegedly engaging in private transactions in violation of FINRA Rules 2320(g)(1) and 2010. From October 2012 to August 2017, David Adam Rookasin was registered with UBS as a General Securities Representative. According to FINRA, Rookasin recommended that a customer exchange a $1.3 million fixed rate annuity that his firm rejected. The findings stated that upon the rejection, Rookasin helped another representative at a different firm in executing the transaction after the customer opened the account. The findings also stated that he stayed involved in the transactions by being the point of contact between the representative and customer. In addition, Rookasin never notified his firm of this arrangement and received half of the commission in the amount of $50,318.86.

Jan 29, 2020

Former Morgan Stanley and Ameriprise Stockbroker Suspended for Misconduct

Steven Tarasius Yellen of El Paso, Texas submitted a Letter of Acceptance Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) for allegedly exercising discretion and engaging in unauthorized trading in violation of NASD Rule 2510(b) and FINRA Rules 4511 and 2010. From August 1984 until February 2016, Steven Tarasius Yellen was registered with Morgan Stanley as a General Securities Representative. According to FINRA, during his time with Morgan Stanley, Steven Yellen exercised discretion in a customer’s account without written authorization or acceptance of the account as discretionary and engaged in unauthorized trading. The findings stated that he opened a second account for the same customer without knowledge and transferred $30,000 from the original account to execute two unauthorized transactions. The firm did settle with the customer and filed a Uniform Termination Notice for Securities Industry Registration (“Form U5”) terminating Yellen.

May 8, 2019

Former Edward Jones Stockbroker Suspended for Misconduct

Michael Jason Gamez of Corsicana, 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 engaging in unauthorized trading and unsuitable recommendations in violation of NASD Conduct Rules 2510(b) and FINRA Rules 2111 and 2010. From October 29, 2007 to December 15, 2014, Michael Jason Gamez was registered with Edward Jones as a General Securities Representative. According to the FINRA findings, Gamez exercised discretion in 15 customer accounts without obtaining prior written authorization from the customers. Gamez also allegedly executed 4,448 unsuitable trades in 74 customer accounts. FINRA stated that Gamez did not discuss with the customers the shares he intended to purchase, the amount of funds available in the account. Further, he did not consider how the deposited funds limited the transaction size in a given month. In addition, Gamez did not inform the customers on the actual trade date and only notified them after he purchased the securities. FINRA concluded Gamez did not understand the potential risks and rewards associated with the recommended trades and lacked a reasonable basis for his recommendations.

Apr 17, 2019

Former General Securities Corp. Stockbroker Barred for Misconduct

Noel Carino of Blue Springs, Missouri submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he has been barred for allegedly refusing to provide documents and information requested violating FINRA Rules 8210 and 2010. From August 2006 until October 2017, Carino was registered with General Securities Corp. as a General Securities Representative. According to FINRA, Carino violated FINRA Rules 8210 and 2010 by failing to provide documents and information requested. FINRA stated that Carino refused to provide information during a FINRA investigation into whether he engaged in outside business activities without written notice to his firm, whether he engaged in private securities transactions, and whether he reported all outside brokerage accounts in which he had an interest in the firm. FINRA further stated that they sent out two letters on separate dates to acquire the information requested and Carino allegedly failed to comply both times.

Apr 4, 2019

Former Financial West Group Stockbroker Barred for Misconduct

Sean J. Waters of Hemet, California 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 churning and excessive and unsuitable trading in violation of Section 10(b) of the Exchange Act; Exchange Act Rule 10b-5; and FINRA Rules 2020, 2111, and 2010. From December 2010 until April 2017, Mr. Waters was registered with Financial West Group as a General Securities Representative. Between January 2013 and March 2016, Waters engaged in churning and excessive and unsuitable trading in two accounts held by one customer. FINRA stated that during the relevant period, Waters exercised de facto control over and made all trading decisions in the customer’s account including which specific securities to buy and sell, the quantity of securities to buy and sell, and when to buy and sell the securities. According to FINRA, Waters executed 540 purchase transactions and executed 510 sale transactions. FINRA further stated that Water’s trading resulted in more than $88,000 in losses of the $150,000 the customer initially transferred to the firm. Waters allegedly earned 40 percent of his commissions solely from the trading in the customer’s account totaling $115,000.

Feb 13, 2019

LPL Financial Stockbroker Barred for Misconduct

Bradley Everett Gardner of Fort Bragg, California submitted a Letter of Acceptance, Waiver and Consent (AWC) in which he was barred by the Financial Industry Regulatory Authority (FINRA) for allegedly converting customer funds in violation of FINRA Rules 2150(a) and 2010. In February 2012, Bradley Garner joined LPL Financial LLC as a General Securities Representative. According to FINRA, in a Form U5, the firm reported Mr. Gardner’s voluntary resignation following allegations that he accepted a client check made payable to himself. The findings stated that Mr. Garner allegedly told his customer she could pre-pay her fees at a discounted rate if she wrote a check payable to him in the amount of $7,400. FINRA also stated that when the customer accepted, he took the check and deposited it into his personal bank account for his own use. When the firm discovered what had happened, Mr. Garner reimbursed the customer the $7,400 and was then terminated.

Jan 28, 2019

Stifel Nicolaus And Company Stockbroker Barred for Misconduct

Mitchell Toby Yanow of Boynton Beach, Florida submitted a Letter of Acceptance, Waiver, and Consent (AWC) in which Yanow was barred by the Financial Industry Regulatory Authority (FINRA) for allegedly using a client’s funds in violation of FINRA Rules 2150(a) and 2010. In April 2015, Yanow joined Stifel Nicolaus and Company Inc. as a General Securities Representative. The findings stated that Yanow was terminated by his firm on May 10, 2018 for allegedly taking money from a client’s account and using it for his own personal use without authorization. According to FINRA an 87-year-old Firm customer provided Yanow with blank checks that were to be used specifically to pay the clients caregivers if the customer could not pay them. FINRA further found that without the customer’s knowledge or approval, Yanow allegedly used the checks to convert $205,586 in funds to pay for his own expenses, including his overdue homeowner’s association fees, his children’s summer camp and to purchase a 1976 Corvette.

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893 search results found for “Broker Misconduct”