Boca Raton Florida Stockbroker Misconduct Attorney - Page 8 of 51

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

Feb 7, 2020

Hornor, Townsend & Kent Stockbroker Suspended for Unauthorized Transactions

Clay Gavin Erickson of Ogden, Utah 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 unauthorized transactions in violation of FINRA Rule 2010. In January 2011, Clay Gavin Erickson joined Hornor, Townsend & Kent as an Investment Company and Variable Contracts Products Representative. While associated with his firm, Clay Erickson effected 494 unauthorized transactions, totaling $5,317,233.32, in his customers’ variable annuity accounts. According to FINRA, Erickson anticipated an imminent market downturn, so he transferred funds held by 57 customers to a money market sub-account in an effort to protect the customers’ account value. The findings stated that Erickson did not obtain authorization from the customers therefore violating FINRA Rule 2010. In addition, Clay Erickson was terminated shortly after his firm received a complaint from one of the customers regarding the transactions.

Feb 5, 2020

Morgan Stanley Stockbroker Suspended for Engaging in Private Transactions

Ken Kavanagh of Hawley, Pennsylvania submitted a Letter of Acceptance, Waiver, and Consent (AWC) in which he was fined and suspended by the Financial Industry Regulatory Authority (FINRA), for allegedly engaging in private transactions and falsely answering compliance questionnaires in violation of NASD Rules 3030 and 2110 and FINRA Rules 3270 and 2010. In April 2006, Ken Kavanagh was registered as a General Securities Representative with Morgan Stanley. According to FINRA, from October 2007 through March 2018 Kavanagh engaged in outside business activities without providing prior written notice to Morgan Stanley. The findings stated that Kavanagh managed the personal affairs of professional athletes, 40 of whom were clients of both Kavanagh and Morgan Stanley. The findings also stated that Kavanagh formed two entities to facilitate his activities and had separate bank accounts for the personal services he provided, generating $5 million. In addition, Kavanagh concealed his relationship with his two entities by naming a relative the sole owner and falsely attested on compliance questionnaires that he was not involved in any outside activities.

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.

Jan 27, 2020

Wells Fargo Stockbroker Suspended for Engaging in Private Securities Transactions

Robert David Meyers of Kiawah Island, South Carolina submitted a Letter of Acceptance, Waiver, and Consent (AWC) in which Meyers was fined and suspended by the Financial Industry Regulatory Authority (FINRA) , for allegedly engaging in private securities transactions in violation of FINRA Rules 3280 and 2010. In July 2007, Meyers registered with Wells Fargo as a General Securities Representative (GS). According to FINRA, between February 2016 and October 2017, Meyers participated in private securities transactions by soliciting, facilitating and recommending private equity investments. The findings stated that the securities were offered by three private equity funds to 26 Wells Fargo customers who made investments totaling $1.9 million without written notice or consent from his firm. On November 2, 2017, Wells Fargo filed a Uniform Termination Notice for Securities Industry Registration (Form U5) stating that Meyers was discharged due to the recommendations not offered through the firm. Meyers did not receive any compensation from the private equity funds as a result of his participation.

Jan 23, 2020

Maxim Group Stockbroker Suspended for Unauthorized Trading

Murry Meir Shapero of Aventura, Florida submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was fined and suspended for violating NASD Rule 2510(b) and FINRA Rule 2010. NASD Rule 2510(b) prohibits registered representatives from exercising discretion in a customer’s account unless the customer gives prior written authorization to the registered representative and the registered representative’s member firm provides written acceptance of the account as discretionary.’ FINRA Rule 2010 requires that member firms and registered representatives “observe high standards of commercial honor and just and equitable principles of trade.” A violation of NASD Rule 2510(b) is also a violation of FINRA Rule 2010.

May 10, 2019

U.S. Bancorp Stockbroker Engaged in Private Securities Transactions

On November 1, 2018, an OHO (Office of Hearing Officers) decision became final and James Randall Clay has been barred for allegedly engaging in private securities transactions and misrepresenting facts to his member firm and FINRA in violation of FINRA Rules 3270 and 2010. James Randall Clay was employed with U.S Bancorp from August 2012 until December 2013 when his firm filed a Uniform Termination Notice of Securities Registration (“Form U5”) for violating the firm’s Code of Ethics. FINRA stated that Clay engaged in private securities transactions without written notice or approval from his member firm. On December 7, 2013, while associated with U.S. Bancorp, he started a company under the name “Clay Enterprises, LLC” which he intended to use to manage rental properties. According to FINRA, Clay purchased real estate from an elderly customer from his member firm under terms that only benefited himself. Clay allegedly drafted and signed an agreement to purchase the customers property for $1 million, with the customer financing the amount and borrowed an additional $500,000 to fund the down payment on the property. In addition, Clay established a limited liability company to manage the rental and began collecting rent. The findings stated that Clay never provided notice to his member firm and when the customer’s family complained, he claimed he was not the purchaser and only helped his sister purchase the property.

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 11, 2019

Quest Capital Stockbroker Barred for Engaging in Private Securities Transactions

Frank Roland Dietrich of Fairfax Station, Virginia submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) and agreed to be barred for allegedly engaging in private securities transactions in violation of NASD Rule 3040 and FINRA Rules 3280 and 2010. Frank Roland Dietrich was registered with Quest Capital Securities as a General Securities Representative from March 2013 through April 2019. According to FINRA, Dietrich engaged in private securities transactions totaling more than $10.8 million without written notice or approval from his firm. The FINRA findings stated Dietrich solicited investors to purchase promissory notes relating to the Woodbridge Group of Companies LLC (“Woodbridge”), a purported real estate investment fund, which later filed a voluntary Chapter 11 Bankruptcy petition. FINRA stated that he sold $10,831,645 in the funds’ notes to 58 investors, 30 of whom were customers of Quest Capital and received $260,864 in commissions in connection with the transactions.

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.

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