Richard David Jameison Jr., a former Registered Principal with New York-based Blackrock Investments, LLC (Blackrock) has been permanently barred by the Financial Industry Regulatory Authority (FINRA). According to FINRA, Richard Jameison, of Devon, Pennsylvania, converted $150,000 from an individual who was not a customer of Blackrock. FINRAs findings stated that Mr. Jameison had the individual, an acquaintance, wire $150,000 into a securities account which was jointly owned between Mr. Jameison and his wife. The money was supposed to be an investment in a business enterprise which Mr. Jameison alleged was along with a small group of investors, including himself. Mr. Jameison, however, never invested the money and instead allegedly converted the funds for his personal use. The acquaintance allegedly asked Richard Jameison repeatedly for the return of his investment plus earnings. Mr. Jameison gave the acquaintance two checks drawn from his jointly held personal accounts, alleging that the monies covered his original investment plus the return on the investment. FINRA found that the checks were dishonored due to insufficient funds. As a result of his unlawful conduct, Richard Jameison was terminated by Blackrock Investments and the acquaintance and his wife have filed a lawsuit against him.
Conversion is the unlawful practice of using, or converting, money that does not belong to you for a purpose for which it is not supposed to be used, e.g. for personal use or benefit. Conversion is a violation of FINRA Rule 2010, which relates to commercial honor and principles of trade.
Stockbrokers, registered representatives, and other financial industry professionals have been known to engage in many types of fraudulent and unlawful behavior, such as conversion of funds, which violate industry rules and procedures. In order to protect investors from such misconduct, FINRA rules require broker-dealers to establish and implement a reasonable supervisory system. The implementation of the rules requires supervisors to monitor employees to ensure they comply with federal and state securities laws, securities industry rules and regulations, as well as the brokerage firm’s own policies and procedures. If broker-dealers and their supervisors do not establish and implement these protective measures, they may be a liable to account holders for losses flowing from the misconduct. As a result, account holders who have suffered losses stemming from a broker or registered representative’s fraudulent and unlawful misconduct can bring forth claims to recover damages against broker-dealers like Blackrock Investments, which have a duty to supervise its employees in order to prevent these types of stockbroker misconduct.
Have you suffered losses in your Blackrock investment account due to your registered representative or stockbroker’s fraudulent and/or unlawful misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against financial professionals for unsuitable recommendations, conversion of funds, mismanagement of accounts, and/or other unauthorized and illegal conduct.
The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over , Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities, and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please post a comment, call (800) 732-2889, send Mr. Pearce an email at email@example.com, and/or visit our website at www.secatty.com for answers to any of your questions about this blog post and/or any related matter.