Articles Tagged with Florida Stockbroker Fraud Attorney

Michael Jason Gamez of Corsicana, Texas submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he has been fined and suspended for allegedly engaging in unauthorized trading and unsuitable recommendations in violation of NASD Conduct Rules 2510(b) and FINRA Rules 2111 and 2010.

From October 29, 2007 to December 15, 2014, Michael Jason Gamez was registered with Edward Jones as a General Securities Representative. According to the FINRA findings, Gamez exercised discretion in 15 customer accounts without obtaining prior written authorization from the customers. Gamez also allegedly executed 4,448 unsuitable trades in 74 customer accounts. FINRA stated that Gamez did not discuss with the customers the shares he intended to purchase, the amount of funds available in the account. Further, he did not consider how the deposited funds limited the transaction size in a given month. In addition, Gamez did not inform the customers on the actual trade date and only notified them after he purchased the securities. FINRA concluded Gamez did not understand the potential risks and rewards associated with the recommended trades and lacked a reasonable basis for his recommendations. Continue Reading

Jose Luis Paula submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) for allegedly violating FINRA Rule 2010.

Jose Paula joined NYLife Securities LLC as an Investment Company and Variable Contracts Products Representative in March 2010 until his termination in January 2017. According to FINRA, Paula attempted to settle a customer complaint related to losses in her account by agreeing to refund her the total principal associated with the trades. The findings stated that when Mr. Paula issued a check in the amount of $10,000, he told the customer not to cash it until he could fund his checking account, but never did. The findings also stated that Mr. Paula never informed his firm of the complaint nor did he obtain authorization to settle the complaint, thereby violating FINRA Rule 2010. Continue Reading

Richard A. McGuire, of Bay Shore, New York, has been permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public for allegedly taking $95,000 from a customer under false pretenses and refusing to give the money back when the customer requested it.

The National Adjudicatory Council (NAC) of the Financial Industry Regulatory Authority (FINRA) affirmed the findings and sanctions imposed by the Office of Hearing Officers (OHO) which found that Richard McGuire converted $95,000 of a former customer’s money by using the money for his personal use and forged her signature on two loan agreements. FINRA’s Department of Enforcement had found that Mr. McGuire was allegedly given the money to invest in an annuity-like product and neither loaned him the money nor signed any loan documents. Continue Reading