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