Boca Raton Florida Stockbroker Misconduct Attorney - Page 5 of 51

508 search results found for “Boca Raton Florida Stockbroker Misconduct Attorney”

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 22, 2020

FINRA Complaint Filed Against Former Huntington Investment Company Stockbroker William Joseph Kielczewski

William Joseph Kielczewski was named a respondent in a FINRA complaint alleging that he falsely attested to his firm compliance questionnaires, participated in private securities transactions and caused his firm to file five misleading form U4’s all in violation of NASD Rule 3040, Article V, Section 2 of FINRA’s By-Laws and FINRA Rules 3280, 2010 and 1122. In January 2014, William Joseph Kielczewski joined Huntington Investment Company (Huntington) as a general securities representative until his involuntary termination on April 26, 2017. According to the FINRA findings, Kielczewski was involved in an outside business activity, a hedge fund called Mariemont, promoting it to potential investors and participated in multiple private transactions through which four Firm customers invested over $10 million. The findings also stated that Kielczewski allegedly caused his member firm to submit five false U4 forms stating he was a silent minority partner, had a passive position with the company and described himself as a passive investor in which he was not. William Joseph Kielczewski is no longer registered or associated with a FINRA member and remains subject to FINRA’s jurisdiction.

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 15, 2020

Former Cape Securities Stockbroker Kevin Kimball Meadows Suspended for Excessive and Unsuitable Trading

Kevin Kimball Meadows of Columbus, Georgia 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 excessive and unsuitable transactions in violation of FINRA Rules 2111 and 2010. In June 2013, Kevin Kimball Meadows joined Cape Securities as a general securities representative. According to the FINRA findings, Meadows excessively and unsuitably traded three accounts of a customer. FINRA found that during the relevant period, one account had a turnover rate as high as 10.10 and a cost-to-equity ratio as high as 53 percent, the second account had a turnover rate as high as 7.93 and a cost-to-equity ratio as high as 44 percent and the third account had a turnover rate as high as 6.93 and a cost-to-equity as high as 37 percent resulting in a total loss of approximately $39,671. In addition to the FINRA findings, the customer represented to FINRA that his risk tolerance was never aggressive, although his documents with Cape reflected that his investment objective was capital appreciation/growth with an aggressive risk tolerance.

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.

May 14, 2020

Joseph Stone Capital Representative David Braeger Barred for Misconduct

David Braeger of Bayside, Wisconsin was issued a complaint from the Financial Industry Regulatory Authority (FINRA) that outlined several alleged misconducts. While registered with Joseph Stone Capital, FINRA alleged that Braeger converted customer funds that were intended to be invested. The FINRA findings stated that an elderly customer gave a $200,000 check to Braeger to be invested in a private placement, but instead transferred the money to a bank which he later deposited in his account. FINRA further alleged that Braeger used this money to buy a home and continued to lie to his customer about their investment. According to FINRA’s investigation, Braeger provided false or misleading testimony in connection to the case in violation of FINRA Rule 8210. Additionally, the FINRA investigation concluded that Braeger converted customer funds in violation of FINRA Rules 2150 and 2010. Without admitting or denying the FINRA findings, Braeger was barred from association with any FINRA member in any capacity.

May 1, 2020

Thrivent Investment Stockbroker Paul W. Petrillo Barred By Securities Industry

Paul William Petrillo of Volo, Illinois submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) for alleged misconduct. While serving as a General Securities Representative for Thrivent Investment Management, FINRA alleged Paul Petrillo made at least 333 discretionary orders to buy or sell in customers’ accounts without his firm’s knowledge. This conduct is in violation of NASD Rule 3050 and FINRA Rule 2010. Furthermore, FINRA alleged that Petrillo participated in 14 private securities transactions in customer accounts without his firm’s knowledge in violation of FINRA Conduct Rule 3280. Finally, while FINRA was conducting its investigation, Paul Petrillo was questioned to identify the customers he had done the trades with but failed to do so by providing false responses. Without admitting or denying the FINRA findings, Paul Petrillo agreed to be barred from association with any FINRA member in any capacity.

Apr 29, 2020

Allstate Financial Stockbroker Jesse Gil Barred By FINRA for Conversion

Jesse Gil of Corpus Christi, Texas accepted an offer of settlement from the Financial Industry Regulatory Authority (FINRA) for his alleged misconduct while associated with Allstate Financial Services as a General Securities Representative (GSR). FINRA alleged that while Gil was associated with FINRA member Allstate Financial Services, he converted approximately $2,500 from a senior customer without their knowledge for his own personal gain. FINRA alleged that Jesse Gil used the converted funds on spa trips, sporting goods and even using it to pay his own credit cards. Additionally, FINRA’s investigators alleged Gil persuaded the customer to add him to their credit card as part of the bank’s policy and would even exchange financial advice for compensation. This was while Gil was associated with another firm and in direct violation of FINRA Conduct Rules. Furthermore, FINRA found that Jesse Gil gave false answers on compliance certifications in correlation with the investigation. Without admitting or denying the FINRA findings, Jesse Gil agreed to the sanctions and was barred from association with any FINRA member in any capacity.

Apr 24, 2020

Janney Montgomery Scott Stockbroker John J. Cahill Barred from FINRA

Mahwah, New Jersey stockbroker John Joseph Cahill submitted a Letter of Acceptance, Waiver and Consent (AWC) in which he was barred from association with the Financial Industry Regulatory Authority in all capacities for failing to appear for an on-the-record testimony or provide documentation in connection to an ongoing FINRA investigation. FINRA alleged that while Mr. Cahill was a General Securities Representative (GSR) for Janney Montgomery Scott LLC, he allegedly converted funds belonging to an elderly customer. After being terminated from his firm, an investigation began which required Cahill to provide documents, information, and testimony in connection with the investigation. While Cahill acknowledged he received the requests from FINRA to provide this information, he refused to provide anything. In refusing to produce documents and information as requested, Cahill violated FINRA Rules 8210 and 2010. Without admitting or denying the FINRA findings, Cahill also consented to the imposed sanctions and was barred from association with any FINRA member in any capacity.

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.

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508 search results found for “Boca Raton Florida Stockbroker Misconduct Attorney”