Did RJJ Pasadena Securities Cause You Investment Losses?
RJJ Pasadena Securities submitted a Letter of Acceptance, Waiver and Consent to the Financial Industry Regulatory Authority in which the firm was censured, fined $5,000 and required to revise its WSP’s. The sanctions were based on findings that the firm allegedly failed to supervise one of their representatives in violation of NASD Rules 1021 and 1022 and FINRA Rules 1220, 3110, 2360, and 2010.
Since 1980, RJJ Pasadena Securities has been a FINRA member firm and employs 5 registered representatives in Las Vegas, Nevada and South Pasadena, California. According to the FINRA findings, the firm had allegedly committed three supervisory violations by failing to enforce its own written supervisory procedures (WSP’s). The findings state that RJJ Pasadena violated its registration rules and allegedly allowed a registered representative to conduct their own business without supervision by a properly registered principal.
FINRA Rule 1220(a)(8)(A) and its predecessor, NASD Rule 1022(0, require every firm that engages in options transactions with the public to have at least one registered options principal. Those rules further require any person engaged in the supervision of options sales practices to be registered as an options principal. FINRA Rule 2360(b)(20)(A) requires that “[e]ach member that conducts a public customer options business shall ensure that its written supervisory system policies and procedures pursuant to Rules 3110, 3120 and 3130 adequately address the member’s public customer options business.
NASD Rule 1021(d)(1) was in effect until October 1, 2018.3 The rule allowed a registered representative “whose duties [were] changed by the member so as to require registration in any principal classification” a period of 90 calendar days following the change in his or her duties to pass the appropriate qualification examination. The rule prohibited a representative from functioning in the principal classification beyond the initial 90 calendar-day period without having passed the appropriate qualification examination.
Do You Need a California FINRA Securities Arbitration Attorney?
Are you a South Pasadena, California investor who has suffered significant losses in your stock brokerage and investment accounts? Did your California stockbroker or investment advisor misrepresent facts, fail to disclose facts making the statements made false and misleading, recommend unsuitable investments or strategies, excessively trade or churn, mismanage your investment account or engage in other kinds of stockbroker misconduct? If so, you need representation by an experienced, highly-rated and nationally recognized FINRA securities arbitration attorney—a lawyer who knows FINRA rules and procedures inside and out and how to handle these FINRA arbitration cases as well as other complex legal issues.
Free Initial Consultation With Experienced FINRA Securities Arbitration Lawyers Serving South Pasadena, California Residents In FINRA Arbitration Proceedings
At The Law Offices of Robert Wayne Pearce, P.A. we represent investors in all kinds of securities, commodities and investment law disputes in FINRA, AAA and JAMS arbitration and mediation proceedings. Attorney Pearce and his staff represent investors throughout California, and across the United States on a CONTINGENCY FEE basis which means you pay nothing – NO FEES-NO COSTS – unless we put money in your pocket after receiving a settlement or FINRA arbitration award.
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For dedicated representation by Attorney Pearce with over 40 years of experience and success in all kinds of securities, commodities and investment law disputes serving California citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.