893 search results found for “Broker Misconduct”

Jan 4, 2014

Conflicts of Interest In 401(k) Retirement-Plan Rollovers Are Prevalent

The lawyers at Robert Wayne Pearce, P. A. are well aware of the conflicts of interest of financial advisors who recommend to prospective clients that they withdraw funds from their 401(k) retirement plans and roll them over into an IRA account at the brokerage firm when they terminate their employment. The Financial Industry Regulatory Authority (FINRA) has finally woken up and given notice to all registered financial advisors and their employers that the pitch to move funds to IRA rollover accounts must be “fair and balanced;” two words that are foreign to many financial advisors.

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Dec 31, 2013

Edward Scro Permanently Barred by FINRA for Unsuitable Recommendations To Elderly Customers

Edward Francis Scro, a former Registered Representative of the now un-registered financial advisory company NelsonReid, Inc., was permanently barred by the Financial Industry Regulatory Authority (FINRA) for making unsuitable recommendations to his elderly customers. According to FINRA’s findings, Mr. Scro, of Naples, Florida, advised his elderly customers, who needed a stable monthly income, to invest in risky, illiquid investments, sold primarily by Private Placement Memoranda (PPMs).

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Dec 27, 2013

Michael Barina Fined and Suspended by FINRA for Unsuitable Private Placement Recommendations

Longwood, Florida-based registered representative Michael Anthony Barina, employed by Altamonte Springs, Florida-based Merrimac Corporate Securities, Inc., submitted a Letter of Acceptance, Waiver and Consent in which he consented to, but did not admit to or deny, the Financial Industry Regulatory Authority’s (FINRA) sanctions and findings that he recommended an investment in a private placement investment pool without sufficiently understanding the entity’s investment strategy or its parameters. FINRAs findings stated that the entity’s investment strategy included investing up to 25% of its assets in a single security and engaging in options trading. According to FINRA, Mr. Barina allegedly “lacked a reasonable basis to believe that the entity was a suitable investment for the customers,” thereby making an unsuitable recommendation.

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