#newyork - Law Offices of Robert Wayne Pearce

Jun 23, 2021

Brooklyn, New York FINRA 8210 Defense Lawyer

Do You Need a FINRA 8210 Defense Attorney? You may have read that Alexander William Schifter of Brooklyn, New York was permanently barred by the Financial Industry Regulatory Authority (“FINRA”) from working in the securities industry because he failed to comply with FINRA Rule 8210 and 2010. In March 2020, Alexander William Schifter joined Pharus Securities, LLC while registered as an Investment Banking Representative (IB). The firm later filed a Uniform Termination Notice (Form U5), disclosing that he had been terminated for violating the policies. According to the findings, FINRA sent a request to Schifter in connection with their investigation into whether Schifter improperly accessed the confidential information of a previous bank employer. The findings state that Schifters counsel responded to FINRA, stating that he allegedly received, acknowledged, and refused to provide any of the documents and information requested. Although Alexander William Schifter is no longer associated with any FINRA member firm, he remains subject to FINRA’s jurisdiction. FINRA Rule 8210(a)(1) states, in relevant part, that FINRA staff shall have the right to “require a member, person associated with a member, or any other person subject to FINRA’s jurisdiction to provide information orally, in writing, or electronically…with respect to any matter involved in the investigation, complaint, examination, or proceeding.” A failure to comply with a request for documents and information issued pursuant to FINRA Rule 8210 is a violation of FINRA Rule 2010, which requires associated persons to “observe high standards of commercial honor and just and equitable principles of trade.” Unfortunately, Alexander William Schifter might have avoided that FINRA 8210 bar from the securities industry with a skilled and experienced FINRA 8210 defense attorney. It is important, early on, to have a FINRA defense attorney advise you on how not to make matters worse and resolve the dispute with the least amount of sanctions which could range from censures to fines, suspensions, permanent bars, and/or referrals to federal or state prosecutors. You will need an experienced FINRA defense lawyer who not only has knowledge of FINRA rules and procedures, the securities laws and the appropriate sanction for the alleged misconduct but also has an excellent reputation and credibility with the FINRA attorneys to negotiate the best outcome. Free Initial Consultation With FINRA 8210 Defense Attorney Serving Financial Advisors Throughout Brooklyn, New York And Nationwide The Law Offices of Robert Wayne Pearce, P.A. understands what is at stake in FINRA securities law matters and works tirelessly to secure the best possible result for you and your case. Attorney Pearce’s FINRA defense skills are highly regarded throughout New York and across the nation. For dedicated representation by an attorney with over 40 years of experience and success in all kinds of FINRA disputes serving New York citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889, or via e-mail.

Jun 19, 2021

Plainview, New York Securities Account Churning Attorney

Did Steven Luftschein Cause You Investment Losses? An Office of Hearing Officers decision became final in which Steven Robert Luftschein of Plainview, New York was barred from association from any FINRA member in all capacities. The sanction was based on findings that Luftschein allegedly churned and excessively traded in three customers’ accounts in violation of Section 10(b) of the Securities Exchange Act of 1934 (the Exchange Act) and Rule 10b-5 thereunder, and also FINRA Rules 2111, 2020 and 2010. From June 2013 through early October 2016, Steven Robert Luftschein was registered with Aegis Capital Corp. as a General Securities Representative. According to FINRA’s findings, Luftschein executed approximately 430 trades in three firm customers’ accounts resulting in high annualized turnover rates ranging from 12.5 to 96.3 and annualized cost-to-equity ratios ranging from 35.6% to 123.8%. The findings state that Luftschein did not have a reasonable basis to believe that his excessive trading was suitable and caused more than $261,000 in combined losses and approximately $136,200 in sales and commissions. The findings further state that Luftschein allegedly failed to seek or obtain approval from the customers or his firm before trading in the accounts. Although Steven Robert Luftschein is no longer registered or associated with a FINRA member, he remains subject to FINRA’s jurisdiction. Do You Need a Plainview, New York Securities Account Churning Attorney? Section 10(b) of the Exchange Act, Rule l0b-5, and FINRA Rule 2020 are anti-fraud rules. They prohibit associated persons from using manipulative, deceptive or other fraudulent devices or contrivances in connection with the purchase or sale of any security (Rule 10b-5) or to induce the purchase or sale of any security (FINRA Rule 2020). FINRA Rule 2111 requires, among other things, an associated person “who has actual or de facto control over a customer account to have a reasonable basis for believing that a series of recommended transactions, even if suitable when viewed in isolation, are not excessive and unsuitable for the customer when taken together” in light of the customer’s investment profile. A violation of FINRA Rule 2111 also constitutes a violation of FINRA Rule 2010. Are you a Plainview, New York investor who has suffered significant losses in your stock brokerage and investment accounts? Did your Plainview, New York stockbroker or investment advisor excessively trade or churn or otherwise mismanage your investment account? If so, you will need to have representation from an experienced, highly-rated and nationally recognized FINRA arbitration securities churning law attorney—an attorney 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 Securities Churning Attorneys Serving Plainview, New York Residents In FINRA Arbitrations 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 New York, 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. Se habla español 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 New York citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.

Jun 9, 2021

Staten Island, New York Securities Account Churning Lawyer

Did Christian Frank Lucchetto Cause You Investment Losses? Christian Frank Lucchetto of Staten Island, New York submitted a Letter of Acceptance, Waiver and Consent to the Financial Industry Regulatory Authority in which he was fined $5,000 and suspended from association with any FINRA member for a period of three months. The sanctions were based on findings that he allegedly engaged in excessive and unsuitable trading in violation of FINRA Rules 2111 and 2010. The suspension is in effect from February 16, 2021, through May 15, 2021. From July 2016 to September 2019, Christian Frank Lucchetto was registered as a General Securities Representative with First Standard Financial Company LLC. According to the FINRA findings, Lucchetto allegedly engaged in excessive and unsuitable trading in a customer’s accounts. The findings state that while Lucchetto exercised de facto control over the account, his trading generated high cost-to-equity ratios of more than 71 percent and a turnover rate of 19.42. In addition to the findings, the customer paid a total of $30,454.86 in commissions and fees while incurring losses totaling $64,402.09. In addition, Lucchetto was ordered to pay $30,454.86, plus interest, in restitution to the customer. Do You Need a New York Securities Account Churning Attorney? FINRA Rule 2111, requires, among other things, an associated person “to have a reasonable basis for believing that a series of recommended transactions, even if suitable when viewed in isolation, are not excessive and unsuitable for the customer when taken together” in light of the customer’s investment profile. Excessive trading occurs, and is unsuitable, when a registered representative has actual or de facto control over trading in a customer’s account and the level of activity in that account is inconsistent with the customer’s investment needs and objectives. A violation of FINRA Rule 2111 is also a violation of FINRA Rule 2010, which requires associated persons to observe high standards of commercial honor and just and equitable principles of trade. Are you a Staten Island, New York investor who has suffered significant losses in your stock brokerage and investment accounts? Did your New York stockbroker or investment advisor excessively trade or churn or otherwise mismanage your investment account? If so, you will need to have representation from an experienced, highly-rated and nationally recognized FINRA arbitration securities churning law attorney—an attorney 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 Securities Churning Lawyers Serving Staten Island, New York Residents In FINRA Arbitrations 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 New York, 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. Se habla español 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 New York citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.

May 12, 2021

Melville, New York FINRA 8210 Defense Lawyer

Do You Need a FINRA 8210 Defense Attorney? You may have read that Yousuf Saljooki of Melville, New York was permanently barred by the Financial Industry Regulatory Authority (“FINRA”) from working in the securities industry because he failed to comply with FINRA Rule 8210 and 2010. In December 2017, Yousuf Saljooki joined Worden Capital Management LLC and became registered as a General Securities Representative. The firm later filed a Uniform Termination Notice (Form U5), disclosing that he was terminated due to alleged misconduct. According to the findings, FINRA began an investigation and sent a request to Saljooki for information and documents or to appear for an on-the-record testimony regarding his alleged participation in undisclosed outside business activities. The findings state that Saljooki allegedly received, acknowledged, and failed to timely provide the requested information or appear for on-the-record testimony. Although Yousuf Saljooki is no longer associated with any FINRA member firm, he remains subject to FINRA’s jurisdiction. Rule 8210 requires persons subject to FINRA’s jurisdiction to provide information to FINRA upon request. Rule 8210(a)(1) authorizes FINRA, in the course of an investigation, to require persons subject to its jurisdiction to “provide information orally, in writing, or electronically and to testify at a location specified by FINRA staff, under oath or affirmation administered by a court reporter or a notary public if requested, with respect to any matter involved in the investigation.” Rule 8210(a)(2) authorizes FINRA to “inspect and copy the books, records, and accounts” of persons subject to its jurisdiction “with respect to any matter involved in the investigation that is in such person’s possession, custody, or control.” Rule 8210(c) provides that “[n]o member or person shall fail to provide information or testimony or to permit an inspection and copying of books, records, or accounts pursuant to this Rule.” Unfortunately, Yousuf Saljooki might have avoided that FINRA 8210 bar from the securities industry with a skilled and experienced FINRA 8210 defense attorney. It is important, early on, to have a FINRA defense attorney advise you on how not to make matters worse and resolve the dispute with the least amount of sanctions which could range from censures to fines, suspensions, permanent bars, and/or referrals to federal or state prosecutors. You will need an experienced FINRA defense lawyer who not only has knowledge of FINRA rules and procedures, the securities laws and the appropriate sanction for the alleged misconduct but also has an excellent reputation and credibility with the FINRA attorneys to negotiate the best outcome. Free Initial Consultation With FINRA 8210 Defense Attorney Serving Financial Advisors Throughout Melville, New York And Nationwide The Law Offices of Robert Wayne Pearce, P.A. understands what is at stake in FINRA securities law matters and works tirelessly to secure the best possible result for you and your case. Attorney Pearce’s FINRA defense skills are highly regarded throughout New York and across the nation. For dedicated representation by an attorney with over 40 years of experience and success in all kinds of FINRA disputes serving New York citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889, or via e-mail.

May 2, 2021

Woodmere, New York FINRA 8210 Defense Lawyer

Do You Need a FINRA 8210 Defense Attorney? You may have read that Najib Hossain Khan of Woodmere, New York was permanently barred by the Financial Industry Regulatory Authority (“FINRA”) from working in the securities industry because he failed to comply with FINRA Rule 8210 and 2010. In May 2017, Najib Hossain Khan joined Citigroup Global Markets Inc. and became registered as an Investment Company and Variable Contracts Product Representative. The firm later filed a Uniform Termination Notice (Form U5), disclosing that he had been terminated due to previous suspected involvement in theft from customer bank accounts. According to the findings, FINRA sent a request to Khan for information and documents regarding their investigation into the alleged misconduct. The findings state that Khan allegedly received, acknowledged, and failed to timely provide the requested documents and information. Although Najib Hossain Khan is no longer associated with any FINRA member firm, he remains subject to FINRA’s jurisdiction. FINRA Rule 8210(a)(1) states in relevant part that FINRA has the right to “require a person associated with a member, or any other person subject to FINRA’s jurisdiction to provide information orally, in writing or electronically” FINRA Rule 8210(c) similarly provides that “[n]o member or person shall fail to provide information pursuant to this Rule.” A violation of FINRA Rule 8210 is also a violation of FINRA Rule 2010, which requires associated persons to “observe high standards of commercial honor and just and equitable principles of trade.” Unfortunately, Najib Hossain Khan might have avoided that FINRA 8210 bar from the securities industry with a skilled and experienced FINRA 8210 defense attorney. It is important, early on, to have a FINRA defense attorney advise you on how not to make matters worse and resolve the dispute with the least amount of sanctions which could range from censures to fines, suspensions, permanent bars, and/or referrals to federal or state prosecutors. You will need an experienced FINRA defense lawyer who not only has knowledge of FINRA rules and procedures, the securities laws and the appropriate sanction for the alleged misconduct but also has an excellent reputation and credibility with the FINRA attorneys to negotiate the best outcome. Free Initial Consultation With FINRA 8210 Defense Attorney Serving Financial Advisors Throughout Woodmere, New York And Nationwide The Law Offices of Robert Wayne Pearce, P.A. understands what is at stake in FINRA securities law matters and works tirelessly to secure the best possible result for you and your case. Attorney Pearce’s FINRA defense skills are highly regarded throughout New York and across the nation. For dedicated representation by an attorney with over 40 years of experience and success in all kinds of FINRA disputes serving New York citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889, or via e-mail.

Apr 12, 2021

New York, New York FINRA 8210 Defense Lawyer

You may have read that Jiong Gu of New York, New York was permanently barred by the Financial Industry Regulatory Authority (“FINRA”) from working in the securities industry because he failed to comply with FINRA Rules 8210 and 2010. Do You Need a FINRA 8210 Defense Attorney? In April 2020, FINRA sent a request to Jiong Gu for documents and information in connection with his alleged outside business activities. According to the findings, Gu requested an extension from FINRA due to a partial and incomplete response. The findings state that FINRA granted the request, however, Gu later responded to FINRA in a letter stating that he allegedly received, acknowledged, and refused to provide the requested documents and information. Although Jiong Gu is not registered with FINRA or associated with a FINRA member firm, he remains subject to FINRA jurisdiction. FINRA Rule 8210(a)(1) states, in relevant part, that FINRA has the right to “require a member, person associated with a member, or any other person subject to FINRA’s jurisdiction to provide information orally, in writing, or electronically . . . with respect to any matter involved in the investigation, complaint, examination or proceeding.” FINRA Rule 8210(c) states that “no member or person shall fail to provide information or testimony or to permit inspection and copying of books, records, or accounts pursuant to this Rule.” A violation of FINRA Rule 8210 is also a violation of FINRA Rule 2010, which requires associated persons to observe high standards of commercial honor and just and equitable principles of trade. Unfortunately, Jiong Gu might have avoided that FINRA 8210 bar from the securities industry with a skilled and experienced FINRA 8210 defense attorney. It is important, early on, to have a FINRA defense attorney advise you on how not to make matters worse and resolve the dispute with the least amount of sanctions which could range from censures to fines, suspensions, permanent bars, and/or referrals to federal or state prosecutors. You will need an experienced FINRA defense lawyer who not only has knowledge of FINRA rules and procedures, the securities laws and the appropriate sanction for the alleged misconduct but also has an excellent reputation and credibility with the FINRA attorneys to negotiate the best outcome. Free Initial Consultation With FINRA 8210 Defense Attorney Serving Financial Advisors Throughout New York And Nationwide The Law Offices of Robert Wayne Pearce, P.A. understands what is at stake in FINRA securities law matters and works tirelessly to secure the best possible result for you and your case. Attorney Pearce’s FINRA defense skills are highly regarded throughout New York and across the nation. For dedicated representation by an attorney with over 40 years of experience and success in all kinds of FINRA disputes serving New York citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889, or via e-mail.

Apr 6, 2021

North Woodmere, New York FINRA 8210 Defense Lawyers

You may have read that Brian Radoo of North Woodmere, New York was permanently barred by the Financial Industry Regulatory Authority (“FINRA”) from working in the securities industry because he failed to comply with FINRA Rule 8210 and 2010. Do You Need a FINRA 8210 Defense Attorney? In May 2008, Brian Radoo joined NEXT Financial Group, Inc. and became registered as a General Securities Representative. The firm later filed a Uniform Termination Notice (Form U5), disclosing that he had been terminated due to his alleged misconduct. According to the findings, FINRA sent a request to Radoo for information and documents regarding their investigation into whether he engaged in an outside business activity. The findings state that Alhadeff responded to FINRA through email stating that he allegedly received, acknowledged, and refused to provide the requested information. Although Brian Radoo is no longer associated with any FINRA member firm, he remains subject to FINRA’s jurisdiction. FINRA Rule 8210(a)(1) states, in relevant part, that FINRA may require a person subject to its jurisdiction “to provide information orally, in writing, or electronically with respect to any matter involved in [a FINRA] investigation [or] examination.” FINRA Rule 8210(c) further states that “no person shall fail to provide information pursuant to this Rule.” A violation of FINRA Rule 8210 is also a violation of FINRA Rule 2010, which requires member firms and their associated persons to “observe high standards of commercial honor and just and equitable principles of trade.” Unfortunately, Brian Radoo might have avoided that FINRA 8210 bar from the securities industry with a skilled and experienced FINRA 8210 defense attorney. It is important, early on, to have a FINRA defense attorney advise you on how not to make matters worse and resolve the dispute with the least amount of sanctions which could range from censures to fines, suspensions, permanent bars, and/or referrals to federal or state prosecutors. You will need an experienced FINRA defense lawyer who not only has knowledge of FINRA rules and procedures, the securities laws and the appropriate sanction for the alleged misconduct but also has an excellent reputation and credibility with the FINRA attorneys to negotiate the best outcome. Free Initial Consultation With FINRA 8210 Defense Attorney Serving Financial Advisors Throughout New York And Nationwide The Law Offices of Robert Wayne Pearce, P.A. understands what is at stake in FINRA securities law matters and works tirelessly to secure the best possible result for you and your case. Attorney Pearce’s FINRA defense skills are highly regarded throughout New York and across the nation. For dedicated representation by an attorney with over 40 years of experience and success in all kinds of FINRA disputes serving New York citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889, or via e-mail.

Feb 17, 2021

Plainview, New York FINRA 8210 Defense Lawyers

You may have read that Cristopher Anthony Fernan of Plainview, New York was permanently barred by the Financial Industry Regulatory Authority (“FINRA”) from working in the securities industry because he failed to comply with FINRA Rule 8210 and 2010. In 2015, Cristopher Anthony Fernan joined Salomon Whitney Financial and became registered as a General Securities Representative. The firm later filed a Uniform Termination Notice (Form U5) in February 2017, disclosing that he had been terminated due to alleged misconduct. According to the findings, FINRA began an investigation regarding a customer complaint disclosed by his firm stating that he might have engaged in conduct actionable under applicable statute, rule, or regulation. The findings state that FINRA sent a request to Fernan for on-the-record testimony regarding the allegations, however, he responded through email stating that he received the request but refused to appear at any time. Although Fernan is no longer registered with a FINRA member firm, he remains subject to FINRA’s jurisdiction. Do You Need a FINRA 8210 Defense Attorney? FINRA Rule 8210(a)(1) states, in relevant part, that FINRA may require any “person associated with a member, or any other person subject to FINRA’s jurisdiction … to testify at a location specified by FINRA staff … with respect to any matter involved in the investigation.” A violation of FINRA Rule 8210 is also a violation of FINRA Rule 2010, which requires associated persons, in the conduct of their business, to “observe high standards of commercial honor and just and equitable principles of trade.” By refusing to appear for on-the-record testimony as requested pursuant to FINRA Rule 8210, Respondent violated FINRA Rules 8210 and 2010. Unfortunately, Cristopher Anthony Fernan might have avoided that FINRA 8210 bar from the securities industry with a skilled and experienced FINRA 8210 defense attorney. It is important, early on, to have a FINRA defense attorney advise you on how not to make matters worse and resolve the dispute with the least amount of sanctions which could range from censures to fines, suspensions, permanent bars, and/or referrals to federal or state prosecutors. You will need an experienced FINRA defense lawyer who not only has knowledge of FINRA rules and procedures, the securities laws and the appropriate sanction for the alleged misconduct but also has an excellent reputation and credibility with the FINRA attorneys to negotiate the best outcome. Free Initial Consultation With FINRA 8210 Defense Attorney Serving Financial Advisors Throughout Plainview, New York And Nationwide The Law Offices of Robert Wayne Pearce, P.A. understands what is at stake in FINRA securities law matters and works tirelessly to secure the best possible result for you and your case. Attorney Pearce’s FINRA defense skills are highly regarded throughout New York and across the nation. For dedicated representation by an attorney with over 40 years of experience and success in all kinds of FINRA disputes serving New York citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889, or via e-mail.

Feb 3, 2021

Brooklyn, New York FINRA Securities Arbitration Lawyer

Did Jay Howard Bluestine Cause You Investment Losses? Jay Howard Bluestine of Brooklyn, New York was accessed a fine of $5,000 and suspended from association with any FINRA member in all capacities for a period of three months. The sanctions were based on findings that Howard accepted loans from a customer without seeking or obtaining approval in violation of FINRA Rules 3240 and 2010. The suspension was in effect from October 5, 2020, through January 4, 2021. In August 2011, Jay Howard Bluestine joined UBS Financial Services Inc. and was registered as a General Securities Representative. According to the FINRA findings, Bluestine accepted three loans from a customer totaling $300,000 without requesting or obtaining approval from his firm. The findings stated that the firms written procedures prohibited registered representatives from borrowing money from a customer without written approval. FINRA further stated that the customer loaned the money to Bluestine without documentation or understanding as to the duration or interest rate of the loan. In addition, Bluestine allegedly falsely attested on his firm’s annual compliance questionnaires that he had not borrowed money from any customer. Although Bluestine is not currently registered or associated with a FINRA member, he remains subject to FINRA’s jurisdiction. FINRA Rule 3240(a) provides that a registered representative may not borrow money from any customer unless his or her member firm has written procedures that allow for such borrowing and the borrowing arrangement meets certain other, specified conditions. If these requirements are met, FINRA Rule 3240(b) requires the registered representative to notify the member firm of the borrowing arrangement and obtain written pre-approval from the firm prior to borrowing from the customer, unless the customer is an immediate family member or financial institution, in which case other requirements apply. A violation of FINRA Rule 3240 is also a violation of FINRA Rule 2010. Do you need a New York FINRA Securities Arbitration Attorney? Are you a Brooklyn, New York investor who has suffered significant losses in your stock brokerage and investment accounts? Did your New York 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 Brooklyn, New York 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 New York, 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. Se habla español 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 New York citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.

Feb 1, 2021

Woodbury, New York Securities Lawyer For Structured Product Investment Dispute

Did Trident Partners Ltd. Cause You Investment Losses? Trident Partners Ltd. submitted a Letter of Acceptance, Waiver, and Consent (AWC) in which it has been censured and received a fine of $50,000 by the Financial Industry Regulatory Authority (FINRA) for failing to properly supervise the sales and suitability of steepeners, a complex, structured product. According to FINRA’s findings, Trident Partners, headquarters in Woodbury, New York, failed to establish, maintain, and enforce a supervisory system to ensure that recommendations for its sale of steepeners were suitable. Steepeners are complex, structured products that are typically longer-term notes and certificates of deposit with maturities ranging from 10 to 30 years and are callable by the issuers after a short, pre-specified time. They pay higher interest rates, but if the steepener is not called after a year, the rates can fall as low as zero, earning no returns for the remainder of the term. FINRA alleged that during the relevant period, steepeners were a significant part of Trident Partners’ business, with approximately 1,600 transactions accounting for at least 10% of commissions generated. FINRA’s findings stated, Trident Partners’ supervisory system was unreasonable due to the following: (1) there were no written supervisory procedures (WSPs) specific to steepeners; (2) Trident Partners did not have a system in place to conduct due diligence and evaluate the steepeners it intended to sell; (3) Trident Partners did not provide its representatives with training or guidance necessary to determine the risks and suitability of these complex products; and (4) Trident Partners did not use a supervisory system for monitoring suitability and over-concentration of these products in customer accounts. Trident Partners, without admitting or denying FINRA’s findings, was censured and fined $50,000. Do You Need A Securities Lawyer For Structured Product Investment Dispute? New York has thousands of stock brokerage firms and investment advisory offices. With so many stock brokerage firms and investment advisory offices, comes the potential for their stockbrokers, financial advisors, and other representatives to misrepresent and mislead investors about investing in Structured Products and engage in all kinds of stockbroker misconduct which violates Federal and New York securities laws and Financial Industry Regulatory Authority (FINRA) rules and stock brokerage firms policies and procedures. Experienced Securities Attorneys For Investors With Structured Product Losses In FINRA Arbitrations Throughout New York and Nationwide. Structured products are complex investments and do not represent ownership of any portfolio of assets but rather are promises to pay made by the product issuers. If the issuer, like Lehman Brothers, goes bankrupt, the principal protected notes become worthless. Structured notes with principal protection typically reflect the combination of a zero-coupon bond, which pays no interest until the bond matures, with an option or other derivative product whose payoff is linked to an underlying asset, index or benchmark. In the past, they were only offered to sophisticated institutional investors in negotiated transactions. Today, more and more Structured Products are advertised to generate higher yields for income seeking retirees with promises of hedges to protect principal. The underlying asset, index or benchmark of Structured Products can vary widely from commonly cited market benchmarks to foreign equity indices, currencies, commodities, spreads between interest rates or “hybrid” baskets of various asset types which many stockbrokers do not fully understand and consequently misrepresent the risk associated with those investments. Did your New York stockbroker or investment advisor misrepresent or mislead you about the nature, mechanics or risks in making a Structured Product investment or make an unsuitable recommendation that you invest in a Structured Product or otherwise mismanage your investment account? If so, you need to hire an experienced, highly-rated and nationally recognized FINRA securities arbitration law attorney who understands these very complex and risky investments. You will also need an experienced lawyer who knows FINRA rules and procedures inside and out and how to handle these FINRA arbitration cases and other complex legal issues. By hiring a top rated and highly successful lawyer like Robert Wayne Pearce with over 40 years of experience with Structured Products by practicing securities law on both sides of the table in FINRA arbitration proceedings, you will clearly see that Attorney Pearce doesn’t just handle cases—he aggressively represents investors and is one of the best attorneys to recover your investment losses in Structured Products and all types of stockbroker misconduct in FINRA arbitration proceedings! At The Law Offices of Robert Wayne Pearce, P.A., we represent investors in all kinds of Structured Product investment disputes in FINRA arbitration and mediation proceedings. We handle a wide range of practice areas such as fraud and misrepresentation, breach of fiduciary duty, failure to supervise, and unsuitable recommendations of Structured Products. Attorney Pearce and his staff represent investors throughout New York, 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. Se habla español Free Initial Consultation With An Experienced Structured Product Investment Attorney Serving New York Residents In FINRA Arbitrations The Law Offices of Robert Wayne Pearce, P.A. are highly experienced attorneys who successfully handle Structured Product cases and other securities law matters and investment disputes in FINRA arbitration proceedings, and who work tirelessly to secure the best possible result for you and your case. For dedicated representation by a lawyer with over 40 years of experience and success in Structured Product cases and all kinds of securities law and investment disputes serving New York citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.