Kevin Edward Looser of Delphos, Ohio submitted a Letter of Acceptance, Waiver, and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) for allegedly participating in private securities transactions in violation of NASD Rule 3040 and FINRA Rule 2010.
In September 2005, Kevin Looser joined Sigma Financial Corporation (Sigma) as a General Securities Representative. According to FINRA, from September 2011 through July 2014, Looser allegedly participated in fourteen private securities transactions without providing prior written notice to his firm. The FINRA findings stated that Mr. Looser disclosed to his firm that he was a co-owner of a company that developed video platforms to connect on-call interpreters with deaf or limited language individuals and the firm approved. But FINRA alleged Mr. Looser also raised $430,000 for the company from thirteen firm investors and one non-firm investor. FINRA stated that he discussed agreements and received checks from two of the investors which he gave to the co-owner that were not disclosed to his firm.
Without admitting or denying FINRA’s findings, Kevin Edward Looser has been suspended from association with any FINRA member in all capacities for four months. The suspension was in effect from June 4, 2018 through October 3, 2018.
Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker-dealers and/or their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from private securities transactions and/or other misconduct by their broker can file claims to recover damages against broker-dealers, like Sigma Financial, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct.
Have you suffered losses in your Sigma Financial account due to private securities transactions by your broker? Was Kevin Edward Looser your stockbroker? 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 Sigma Financial stockbrokers who may have engaged in broker misconduct and caused investors’ losses.
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 40 years, 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 visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at email@example.com for answers to any of your questions about this blog post and/or any related matter.