Feb 2, 2021

Ogden, Utah Securities Arbitration Attorney Who Sues Stockbrokers For Selling Away (Selling Unauthorized Investments)

Did Fredrick Randhahn Cause You Investment Losses? Fredrick Martin Randhahn of South Ogden, Utah 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 private securities transactions in violation of FINRA Rules 3280 and 2010. While employed by Sigma Financial as a General Securities Representative, FINRA alleged that Mr. Randhahn sold $625,000 in promissory notes related to a real estate investment fund to five investors, two of whom were also customers of Sigma Financial.  FINRA found that Mr. Randhahn invested $125,000 in promissory notes and received $33,167.67 in commissions regarding these transactions.  FINRA also found that Mr. Randhahn denied his participation in any private securities transactions or selling any non-securities investment products in response to firm questionnaires. Fredrick Martin Randhahn, without admitting or denying FINRA’s findings, was assessed a fine of $5,000, ordered to pay $33,167 for deferred disgorgement of commissions received and was suspended from association with any FINRA member in all capacities for nine months. Do You Need an Attorney for an Unauthorized Investment? Utah has hundreds of stock brokerage firms and investment advisory offices.  With so many stock brokerage firms and investment advisor offices, comes the potential for their stockbrokers, financial advisors, and other representatives to recommend investments that were never reviewed nor authorized by their employers and engage in many other types of misconduct which violates Federal and Utah securities laws, Financial Industry Regulatory Authority (FINRA) rules as well as stock brokerage firms policies and procedures.  Experienced Securities Lawyers Who Represent Investors Sold Unauthorized Investments (Selling Away) In FINRA Arbitrations Throughout Utah and Nationwide. Did your Utah stockbroker or investment advisor recommend an investment that turned out to be an investment never reviewed or approved by their stockbrokerage firm employer. The stockbrokers who stoop to that level are usually insolvent or uncollectible. And so, the investor’s only recourse is against the brokerage firm employer. But stockbrokerage firms always claim ignorance of the stockbroker’s activities and deny liability for the sale of unauthorized investments which they call Selling Away as if that was an absolute defense. Not so! You will definitely need an experienced attorney who knows the securities laws and how to hold the stockbrokerage firm responsible for their employees Selling Away under legal principles of actual authority, apparent authority, estoppel and failure to supervise. If your attorney knows where to look he/she can often find Red Flags of the alleged unauthorized sales that the firm did not look for, missed or saw and just ignored. You also need a lawyer knowledgeable of FINRA rules and procedures to handle these FINRA arbitration Selling Away cases involving complex legal issues.  By hiring a top rated attorney like Robert Wayne Pearce with over 40 years of experience practicing securities law on both sides of the table in FINRA arbitration proceedings, you will clearly see that Attorney Pearce aggressively represents investors and is one of the best attorneys to help you recover your unauthorized investment losses from stockbrokers, investment advisors and their employers in FINRA arbitration proceedings! At The Law Offices of Robert Wayne Pearce, P.A., we represent investors in not just Selling Away cases but all kinds of securities law and investment disputes in FINRA arbitration and mediation proceedings. We handle a wide range of practice areas such asstockbrokerfraud and securities misrepresentation, breach of fiduciary duty, failure to supervise, and unsuitable recommendations.  Attorney Pearce and his staff represent investors throughout Utah, 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 Selling Away Attorney Representing Utah Residents in FINRA Arbitrations The Law Offices of Robert Wayne Pearce, P.A.  are highly experienced attorneys who successfully handle Selling Away and other securities investment cases 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 all kinds of securities law and investment disputes in FINRA arbitrations serving Utah citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.

Continue Reading

Jan 29, 2021

Ogden, Utah FINRA Securities Arbitration Attorney

Did Clay Erickson Cause You Investment Losses? Clay Gavin Erickson of Ogden, Utah submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he received a fine and suspension for allegedly engaging in unauthorized transactions in violation of FINRA Rule 2010. While employed with Hornor, Townsend & Kent as an Investment Company and Variable Contracts Products Representative, Clay Erickson effected 494 unauthorized transactions, totaling $5,317,233.32 in his customers’ variable annuity accounts.  FINRA found that Mr. Erickson, in anticipation of an imminent market downturn, transferred funds held by 57 customers to a money market sub-account in an effort to protect the customers’ account value.  FINRA’s findings stated that Erickson did not obtain authorization from the customers in violation of FINRA Rule 2010.  Additionally, Clay Erickson was terminated shortly after one of his customers made a complaint to the firm concerning the transactions. Clay Gavin Erickson, without admitting or denying FINRA’s findings, consented to the sanctions and was suspended from association with any FINRA member in all capacities for nine months.  Do You Need a Securities Arbitration Attorney? Utah has hundreds of stock brokerage firms and investment advisory offices.  With so many stock brokerage firms and investment advisor offices, comes the potential for their stockbrokers, financial advisors, and other representatives to engage in all kinds of stockbroker misconduct which violates Federal and Utah securities laws and Financial Industry Regulatory Authority (FINRA) rules and stock brokerage firms policies and procedures.  Experienced Lawyers Who Handle Securities Claims In FINRA Arbitrations Throughout Utah and Nationwide. Are you a Utah investor who has suffered significant losses in your stock brokerage and investment accounts?  Did your Utah 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.  By hiring a top rated attorney like Robert Wayne Pearce with over 40 years of experience 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 for 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 securities law and investment disputes in FINRA arbitration and mediation proceedings. We handle a wide range of practice areassuch asfraud and misrepresentation, breach of fiduciary duty, failure to supervise, and unsuitable recommendations.  Attorney Pearce and his staff represent investors throughout Utah, 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 Experienced FINRA Securities Arbitration Lawyers Serving Utah Residents In FINRA Arbitration Proceedings The Law Offices of Robert Wayne Pearce, P.A.  are highly experienced lawyers who successfully handle 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 an attorney with over 40 years of experience and success in all kinds of securities law and investment disputes in FINRA arbitrations serving Utah citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.

Continue Reading