Boca Raton Florida Stockbroker Misconduct Attorney - Page 6 of 51

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

Apr 17, 2020

Former Kestra Stockbroker Michael Thomas Lee Fined and Suspended for Engaging in Outside Business Activities

Michael Thomas Lee of Darien, Connecticut 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 an outside business activity in violation of FINRA Rules 3270 and 2010. From June 2014 until February 2017, Michael Thomas Lee was registered with Kestra Investment Services (Kestra) as a General Securities Representative. According to the FINRA findings, Lee engaged in an outside business activity known as the Origin Fund, a prospective ETF fund, without notice or approval from his firm. The findings stated that Lee allegedly solicited potential investors and distributed written materials prepared by his business partner using his personal e-mail and an e-mail address associated with the fund. FINRA stated that although none of the individuals invested in the fund, the materials falsely represented that the Origin Fund was a hybrid registered investment advisor with $20 million in assets and that Kestra was sponsoring and providing services to the fund. In addition to those FINRA findings, Lee allegedly falsely attested his use of an undisclosed email address to conduct securities business on two annual compliance questionnaires.

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 13, 2020

Former Independent Financial Group Stockbroker Jeffrey Schwebach Suspended for Engaging in Private Transactions

Jeffrey Schwebach of Sioux Falls, South Dakota submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he has been suspended for allegedly engaging in unapproved private securities transactions in violation of FINRA Rules 3280 and 2010. From November 2010 to June 2018, Mr. Schwebach was registered with Independent Financial Group (IFG) as a General Securities Representative and Investment Company Products/Variable Contracts Representative. According to the FINRA findings, Jeffrey Schwebach sold $895,000 Woodbridge promissory notes to 18 investors, 13 of whom were his firm’s customers and received $19,534 in commissions. The findings also stated that Schwebach never sought approval from his firm to sell the promissory notes and instead disclosed Woodbridge as an outside business activity involving first position mortgages, not as private transactions. In addition to the FINRA findings, Schwebach allegedly falsely stated that he had not engaged in unapproved private securities transactions on annual compliance questionnaires.

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.

Apr 8, 2020

Foresters Equity Services Stockbroker John Dale Ernst Suspended for Engaging in Private Transactions

John Dale Ernst of Milwaukee, Wisconsin 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 unapproved private transactions in violation of FINRA Rules 3280 and 2010. From January 4, 2011 through March 12, 2018, John Dale Ernst was registered with Foresters Equity Services as an Investment Company Products/Variable Contracts Representative. According to FINRA’s findings, John Dale Ernst engaged in unapproved private securities transactions totaling $509,000 in Woodbridge promissory notes to four investors, three of whom were customers of his firm. The findings stated that Ernst received $35,252 in commissions in connection with the transactions. In addition to those FINRA findings, Ernst allegedly stated on his annual compliance questionnaires for 2015, 2016, and 2017 that he had not sold promissory notes or participated in any private securities activities without approval from his firm.

Apr 6, 2020

Former Merrill Lynch Stockbroker Michael M. Tanha Suspended for Engaging in Outside Business Activities and Private Transactions

Michael Milad Tanha of Los Angeles, California 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 outside business activities and unapproved private transactions in violation of NASD Rule 3040 and FINRA Rules 3270, 3280 and 2010. From October 2014 to June 2017, Michael Milad Tanha was registered with Merrill Lynch as an Investment Company Products/Variable Contracts Representative and a General Securities Representative. According to the FINRA findings, Tanha engaged in five outside business activities and participated in private securities transactions totaling $500,000 without notice or approval from his firm. The FINRA findings stated that Tanha co-founded a corporation created to enable its clients to communicate with celebrities on social media for a fee and was responsible for marketing, capital raising, and working with lawyers and accountants to incorporate Entity A and pay its taxes. The findings stated that in connection to the transactions, Tanha received commissions, referral fees and introduction fees. In addition to those FINRA findings, Tanha allegedly falsely attested that he did not recommend or refer any sales, purchases, or private securities transactions on the compliance questionnaire submitted to Merrill Lynch without approval.

Apr 3, 2020

Former LPL Financial LLC Representative Scott Patrick Klor Suspended for Misconduct

Scott Patrick Klor of Midlothian, Texas 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 unapproved private transactions in violation of NASD Rule 3040 and FINRA Rule 2010. In March 2011, Scott Patrick Klor registered with LPL Financial LLC as a General Securities Representative and General Securities Principal. According to FINRA , Klor solicited investors, including some of his firm customers, to form an LLC to purchase a variable life insurance policy for $1.4 million on the life of an elderly individual with a terminal illness. The findings stated that the transaction was structured as a viatical settlement and Klor did not notify his firm of his involvement. FINRA stated that Klor used his Firm email account to communicate with investors and received a four-percent interest in the LLC. According to FINRA, when the insured passed away the death benefit on the policy was worth less than invested and the investors who owned 90 percent of the LLC lost over $200,000. Additionally, Klor allegedly made false statements on the Firm’s annual compliance questionnaires when asked whether he had ever participated in a viatical settlement.

Apr 1, 2020

Former American Portfolio Stockbroker Gary A. Forrest Suspended for Engaging in Private Transactions

Gary Arthur Forrest of Swartz Creek, Michigan 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 unapproved private transactions in violation of FINRA Rules 3280 and 2010. In February 2007, Gary Arthur Forrest joined American Portfolio as a General Securities Representative where he remained until his termination on November 16, 2016. According to the FINRA findings, Forrest engaged in private securities transactions involving the sale of Woodbridge promissory notes totaling $826,986 to 15 investors, 13 of whom were his firm’s customers. The findings stated that Forrest sold the promissory notes, despite being denied approval from his firm upon request. In addition, Woodbridge later filed a voluntary Chapter 11 bankruptcy petition and subsequent judgment required Woodbridge and it former owner to disgorge their ill-gotten gains.

Mar 30, 2020

Former Ameriprise Stockbroker Cory Lee Mireau Suspended for Engaging in Private Transactions

Cory Lee Mireau of Eden Prairie, Minnesota 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 unapproved private transactions in violation of NASD Rule 3040 and FINRA Rules 3240, 3270 and 2010. In July 2006, Cory Lee Mireau joined Ameriprise as a General Securities Representative and Investment Company/Variable Contracts Products Representative. According to the FINRA findings, Mireau borrowed $150,500 from two customers and used $140,000 to personally invest in private transactions without notice or approval from his firm. The findings stated that Mireau allegedly failed to repay the principal within two years with a 10 percent interest and the agreed shared 10 percent of his initial profits with one of the customers. The FINRA findings also stated that Mireau also performed outside consulting work for one of the customers and received $1,250 in compensation without approval from his firm. In addition to those findings, Mireau also allegedly falsely attested on annual compliance questionnaires that he had not engaged in unapproved private transactions and disclosed all outside business activities to his firm.

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