Foresters Equity Services Stockbroker John Dale Ernst Suspended for Engaging in Private Transactions
John Dale Ernst of Milwaukee, Wisconsin submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was fined and suspended for allegedly engaging in unapproved private transactions in violation of FINRA Rules 3280 and 2010. From January 4, 2011 through March 12, 2018, John Dale Ernst was registered with Foresters Equity Services as an Investment Company Products/Variable Contracts Representative. According to FINRA’s findings, John Dale Ernst engaged in unapproved private securities transactions totaling $509,000 in Woodbridge promissory notes to four investors, three of whom were customers of his firm. The findings stated that Ernst received $35,252 in commissions in connection with the transactions. In addition to those FINRA findings, Ernst allegedly stated on his annual compliance questionnaires for 2015, 2016, and 2017 that he had not sold promissory notes or participated in any private securities activities without approval from his firm.
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