Boca Raton Florida Stockbroker Misconduct Attorney - Page 7 of 51

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

Mar 16, 2020

Financial West Stockbroker Daniel G. Maughan Barred for Churning and Unsuitable Recommendations

Daniel Gordon Maughan submitted an Offer of Settlement to the Financial Industry Regulatory Authority (FINRA) in which he allegedly churned, excessively traded and made unsuitable recommendations in a customer’s account in violation of Section 10(b) of the exchange Act of 1934, Rule 10b-5, and FINRA Rules 2020 and 2010. From May 18, 2010 until August 17, 2017, Daniel Maughan was registered with Financial West as a General Securities Representative. According to FINRA, Mr. Maughan exercised de facto control over a customer’s trust account, executing approximately 1,648 trades, totaling $70 million. FINRA stated that Daniel Maughan’s churning and excessive trading generated commissions of $841,000 while causing the account to incur losses of $812,000. FINRA’s findings also stated the trading was inconsistent with the customer’s objectives and financial needs, and Mr. Maughan did not have a reasonable basis to believe the transactions were suitable. In addition, FINRA stated that by churning and seeking to maximize his own financial benefit Daniel Maughan acted either with intent to defraud the account or with reckless disregard for the customer’s interests. Daniel Maughan has been barred from association with any FINRA member in all capacities.

Mar 11, 2020

Kalos Capital Inc. Fined and Former Representative Darren Michael Kubiak Suspended for Misconduct

Kalos Capital Inc. and Darren Michael Kubiak submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which Kalos Capital was fined for allegedly failing to supervise Darren Michaels unsuitable recommendations all in violation of NASD Rules 3010(a) and 3010(b) and FINRA Rules 3110(a), 3110(b), 2111 and 2010. Darren M. Kubiak joined Kalos Capital as an investment company and variable contracts products representative in January 2007. According to FINRA Kubiak recommended the purchase of Leveraged and Inverse Exchange Traded Funds (LIETFs) to 17 customers without having a sufficient understanding of the risks and features. The FINRA findings stated that the customers only held the LIEFTs for 722 days during which they incurred losses of $98,000. FINRA also stated that the Kalos Capital Inc. failed to ensure Kobiak had reasonable basis to recommend the LIEFT’S and failed to enforce its supervisory system designed to ensure compliance of laws, regulation, NASD and FINRA Rules in relation to the sales. In addition, FINRA stated that Kalos Capital failed to provide training to all representatives before permitting them to sell the product.

Mar 6, 2020

NYLife Securities Censured and Fined for Misconduct

NYLife Securities submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which they allegedly failed to enforce its written supervisory procedures in violation of NASD Rule 3010(b) and FINRA Rule 3110(b), and consequently FINRA Rule 2010. NYLife Securities is a retail broker-dealer that has been a member of FINRA since 1970. According to the findings, NYLife failed to enforce it procedures for supervising the suitability of sales of higher risk mutual funds that were subject to volatility. According to those procedures, the firms representatives were required to reallocate or change risk tolerances and investment objectives for portfolios that were over-concentrated in higher risk securities. However, FINRA alleged that the firm did not seek the customers input to adjust the risk tolerances and investment objectives to accommodate sales of higher-risk mutual funds due partly to the workload of the reviewers and their supervisor, which prevented them from reasonably investigating each alert that Respondent’s automated surveillance generated. The findings stated that the adjustments permitted numerous customers to be over-concentrated in their portfolios, sustaining losses of $1.4 million.

Feb 26, 2020

Leaders Group Stockbroker Jun Zhou Barred for Engaging in Private Transactions

Jun Zhou of Chicago, Illinois 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 3280 and 2010. In November 2015, Jun Zhou joined Leaders Group as an Investment Company and Variable Contracts Products Representative. According to FINRA, between April 2017 and August 2018, Zhou’s real estate company received $179,000 in compensation from 27 private securities transactions, with sales of $16,050,000 without notice or approval from her Firm. The findings stated that Zhou also formed a private real estate fund that was managed by her real estate company and filed a notice of exempt offering of securities with the Securities and Exchange Commission related to 12 transactions through which they sold $2,000,000 in membership interests. In addition to the findings, Leaders Group filed a form U5 on August 2, 2018, reporting that Zhou had been discharged for unauthorized outside business activity that involves a private securities transaction.

Feb 24, 2020

Former Sigma Stockbroker Fredrick M. Randhahn Suspended for Engaging in Private Transactions

Fredrick Martin Randhahn of South Ogden, Utah 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 private securities transactions in violation of FINRA Rules 3280 and 2010. In January 2012, Randhahn joined Sigma Financial as a General Securities Representative. According to FINRA, Randhahn sold $625,000 in promissory notes related to a real estate investment fund to five investors, two of whom were also customers of Sigma Financial. The FINRA findings stated that Randhahn invested $125,000 in the promissory notes and received $33,167.67 in commissions in connection with these transactions. In addition, FINRA found that Randhahn denied participating in any private securities transactions or selling any non-securities investment products in response to firm questionnaires.

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 12, 2020

Former Worden Capital Stockbroker Barred for Churning and Unsuitable Recommendations

Gregory Thomas Dean of Seaford, New York submitted a Letter of Acceptance, Waiver, and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was barred for allegedly violating Section 10(b) of the Exchange Act and Rule 10b-5 and FINRA Rules 2020, 2111, and 2010 by churning and engaging in unsuitable trading. In November 2014, Gregory Thomas Dean joined Worden Capital as a General Securities Representative, General Securities Principal and an Operations Professional. According to FINRA, Dean churned and excessively traded seven customers’ accounts resulting in more than $1,834,832 in losses while he received more than $715,930 in commissions. The FINRA findings stated that Dean exercised de facto control over these customers’ accounts. The findings also stated that Dean’s trading in the customers’ accounts was conducted with reckless disregard for the customers’ interests resulting in high turnover rates and cost-to-equity ratios. According to FINRA, due to the level of trading in these accounts, it was impossible for customers to generate trading profits.

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.

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