Articles Tagged with Boca Raton Florida Misrepresented Investment Lawyer

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James Edward Rooney Jr., a former registered representative with Carrollton, Texas-based Fox Financial Management Corp. (Fox Financial) submitted a Letter of Acceptance, Waiver and Consent in which he consented to, but did not admit to or deny, the entry of the Financial Industry Regulatory Authority’s (FINRA) sanctions in which he was permanently barred for refusing to provide documents and information requested in connection with an investigation regarding the suitability of his life settlement recommendation to a customer.

FINRA’s investigation arose from a customer complaint regarding a life settlement investment recommendation. According to FINRA, Mr. Rooney allegedly made the life settlement recommendation without conducting the proper due diligence and expecting to receive a commission. The findings also state that Mr. Rooney allegedly misrepresented the investment and provided the customer with misleading sales materials which were oversimplified and incomplete. Continue reading →

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A complaint filed by the Financial Industry Regulatory Agency (FINRA) against Jonathan Jay Greenfield of West Hills, California alleges the former representative of Arete Wealth Management (AWM) made fraudulent misrepresentations and omissions through emails with clients regarding features of renewable secured debentures. FINRA alleges that during the period of March 2012 to October 2012, Mr. Greenfield made material and sometimes intentional misrepresentations to three customers regarding connections with their purchases of GWG Renewable Secured Debentures.

According to FINRA, Mr. Greenfield made similar misrepresentations to more than fifty other clients who did not end up buying the debentures during this period. In addition, FINRA alleges that between September 2012 and November 2012, Mr. Greenfield “provided twelve customers with GWG sales literature that stated GWG was secured by life insurance policies owned by GWG.” However, the debentures were not secured by insurance policies. These alleged misrepresentations and omissions are violations of NASD Rule 2210 and FINRA Rule 2010. FINRA’s enforcement department has requested sanctions to be imposed and for further findings into which Mr. Greenfield willfully violated the Exchange Act. Continue reading →