#robertpearce - Law Offices of Robert Wayne Pearce

Nov 11, 2020

State Farm VP Management Stockbroker Steven Todd Gary Suspended for Falsifying and Forging Documents

Steven Todd Gary of Burleson, Texas 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 forging signatures and falsifying documents in violation of FINRA Rule 2010. From March 1998 until October 2018, Steven Todd Gary was registered as an Investment Company and Variable Contracts Products Limited Representative with State Farm VP Management Corp. According to the FINRA findings, State Farm filed a Form U5 disclosing that he had been terminated for not following internal processes in connection with life insurance policies. During the relevant period, the findings stated that Gary allegedly forged his parents’ signature on 60 checks totaling $332,650, provided three falsified and backdated power of attorney forms, and impersonated his father during three calls with his life insurance company. The FINRA findings stated that Gary created, backdated, and provided the insurance company with the falsified power of attorney forms during an investigation into his forgery. In addition, FINRA stated that Gary allegedly had his employees sign witness certifications that falsely attested the forms had been executed on the dates provided. FINRA Rule 2010 requires associated persons to observe high standards of commercial honor and just and equitable principles of trade. Rule 2010 articulates a broad ethical principle that applies to business-related conduct. Forgery, falsifying documents and providing false information to a FINRA regulated broker dealer is a violation of FINRA Rule 2010. Without admitting or denying FINRA’s findings, Steven Todd Gary was assessed a deferred fine of $12,500 and suspended from association with any FINRA member in all capacities for one year. The suspension is in effect from May 4, 2020, through May 3, 2021. Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker-dealers and/or their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from misconduct by their broker can file claims to recover damages against broker-dealers, like State Farm VP Management, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct. Have you suffered losses in your State Farm VP Management account due to misconduct by your broker? Was Steven Todd Gary your stockbroker? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against State Farm VP Management stockbrokers who may have engaged in broker misconduct and caused investors’ losses. The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 40 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.

Nov 11, 2020

Former NYLife Securities IR Piero B. DiLorenzo Barred for Misconduct

Piero B. DiLorenzo of Glen Cove, New York submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was barred for failing to appear for on-the-record testimony in violation of FINRA Rules 8210 and 2010. From February 2014 to July 2019, Piero B. DiLorenzo was registered with NYLife Securities as an Investment Company and Variable Contracts Products Representative (IR). According to the FINRA findings, NYLife Securities filed a Form U5 disclosing DiLorenzo’s termination due to alleged unauthorized trading. In March 2020, FINRA sent a request to DiLorenzo to appear for on-the-record testimony regarding whether he submitted eight electronic variable annuity applications and other documents without customer authorization. The FINRA findings stated that DiLorenzo acknowledged that he received the Rule 8210 request but ultimately refused to appear for on-the-record testimony. Piero B. DiLorenzo is no longer associated with any FINRA member firm but remains under 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 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 failure to comply with a request for information 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.” Without admitting or denying FINRA’s findings, Piero B. DiLorenzo has been barred from association with any FINRA member in all capacities. Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker-dealers and/or their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from misconduct by their broker can file claims to recover damages against broker-dealers, like NYLife Securities, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct. Have you suffered losses in your NYLife Securities account due to misconduct by your broker? Was Piero B. DiLorenzo your stockbroker? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against NYLife Securities stockbrokers who may have engaged in broker misconduct and caused investors’ losses. The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 40 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.

Nov 11, 2020

Did Ohio and Florida UBS Touchstone Wealth Partners Sell You a UBS Credit-line Investment Strategy?

How Do You Recover Your Investment Losses From Those Credit-line Margin Calls? If you are reading this Blog, UBS Financial Services, Inc. Touchstone Wealth Partners (Touchstone) may have recommended that you take out a variable or fixed line of credit instead of selling securities and withdrawing funds from your account in order to stay invested in what was supposed to be a safe, well-balanced investment portfolio. The next thing you may have heard in March this year was you needed to deposit cash by 1 pm or your securities were going to be sold at rock-bottom prices. Or maybe you didn’t even receive a margin call and securities were just sold in your account. You might have thought the problem was the composition of your portfolio, but the problem was very probably the leverage created by the credit-lines. Without the leverage, there might not have been any margin calls, and you would have been able to ride out the COVID-19 storm. You are not alone because that is just what other investors have told us about the pitch Touchstone made to them and their recent experience. In fact, we represent one such investor who has filed an arbitration claim against UBS Financial Services, Inc. for not only Touchstone’s alleged unsuitable recommendations, but for their alleged misrepresentations, misleading statements and mismanagement of her accounts. Please go to our website and read about our client’s allegations in our article titled “UBS Financial Services, Inc. Sued for Florida and Ohio Financial Advisor’s Alleged Misconduct Involving a Credit-Line Investment Strategy.”Did Touchstone Wealth Partners talk you into a UBS credit-line investment strategy? Did you receive margin calls and have your account liquidated by UBS without any notice or on very short notice? The recommendation of any leveraged investment strategy involves speculation and is not suitable for all investors. Securities-backed lending accounts are the same as a speculative margin account and perhaps more dangerous. Please read our article on our website titled “Securities-Backed Lines of Credit Can be More Dangerous Than Margin Accounts!” Regardless of the reason for the cause of the loss in your account (unsuitable recommendations, misrepresentation or mismanagement), there is no way you will recover your losses without some legal action. At the Law Offices of Robert Wayne Pearce, P.A., we represent investors who paid dearly for any unsuitable securities-backed lending strategies in FINRA arbitration and mediation proceedings. Among the claims we may file are for fraud and misrepresentation, breach of fiduciary duty, failure to supervise, and unsuitable recommendations in violation of FINRA rules and industry standards. Attorney Pearce and his staff represent investors 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 Contact Us For A Free Initial Consultation With Experienced UBS-YES Investment Attorneys In FINRA Arbitrations The Law Offices of Robert Wayne Pearce, P.A. have highly experienced lawyers who have successfully handled many managed account cases and other securities law matters and investment disputes in FINRA arbitration proceedings, and they will 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 structured product cases and all kinds of securities law and investment disputes, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.

Nov 11, 2020

Former LPL Financial LLC Stockbroker Patrick M. Coogan Barred for Misrepresentation & Unauthorized Transactions

Patrick M. Coogan of Baton Rouge, Louisiana submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was barred for misrepresentations in violation of FINRA Rule 2010. In 2009, Patrick M. Coogan joined LPL Financial LLC as a General Securities Representative and a General Securities Principal. According to FINRA findings, a Form U5 was filed reporting Patrick M. Coogan’s termination due to unauthorized signatures on LPL agreements. The FINRA findings stated that during the duration of September 2013 through May 2016, Coogan allegedly signed seven control agreements from three banks in connection with a customer’s loan without authorization or approval from his firm. FINRA stated that in order for the customer to obtain these loans, he over pledged his assets in his LPL brokerage account. In addition, FINRA found that Coogan allegedly was aware of the seven agreements containing material misrepresentations. FINRA Rule 2010 requires members and associated persons to observe “high standards of commercial honor and just equitable principles of trade.” A registered representative who makes reckless misrepresentations violates FINRA Rule 2010. Without admitting or denying FINRA findings, Patrick M. Coogan was barred from association with any FINRA member in all capacities and remains under FINRA’s jurisdiction pursuant to Article V, Section 4 of FINRA’s By-Laws. Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker-dealers and/or their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from misrepresentations, unauthorized transactions, or other misconduct by their broker can file claims to recover damages against broker-dealers, like LPL Financial LLC, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct. Have you suffered losses in your LPL Financial LLC account due to misrepresentations or unauthorized transactions by your broker? Was Patrick M. Coogan your stockbroker? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against LPL Financial LLC stockbrokers who may have engaged in broker misconduct and caused investors’ losses. The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 40 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.

Nov 11, 2020

Client Service Representative of National Securities Corporation Linda C. Milberger Suspended for Misconduct

An NAC decision has become final in which Linda C. Milberger of Orlando, Florida was suspended from association with any FINRA member in capacities for one year. The sanction was based on findings that Milberger allegedly falsified customer wire request forms and submitted false documents and information to FINRA in violation of FINRA Rules 4511 and 2010. From July 2012 until November 2016, Linda C. Milberger was registered with National Securities Corporation and served as a senior client services associate for Kyle Harrington. According to the findings, FINRA began an investigation and sent requests for documents and information to both Milberger and Harrington, regarding their involvement in undisclosed private securities transactions. The findings stated that Harrington allegedly asked Milberger to alter the requested documents and provide them to FINRA. In addition, Milberger allegedly caused her firm’s books and records to be inaccurate by providing two falsified wire request forms totaling $19,929.58 to a customer’s broker-dealer firm as if they were authentic. Lina C. Milberger remains under FINRA’s jurisdiction and is suspended until May 3, 2021. FINRA Rule 4511(a) requires FINRA members to “make and preserve books and records as required under the FINRA rules, the Exchange Act and the applicable Exchange Act rules.” Those applicable rules include Section 17(a) of the Securities Exchange Act of 1934, which requires broker-dealers to make and preserve certain books and records, and SEC Rule 17a-4(b)(4), which requires that a firm preserve records relating to communications concerning the broker-dealer’s business, including documents related to customer transactions. A violation of FINRA Rule 4511 constitutes a violation of FINRA Rule 2010. Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker-dealers and/or their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from misconduct by their broker can file claims to recover damages against broker-dealers, like National Securities Corporation, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct. Have you suffered losses in your National Securities Corporation account due to misconduct by your broker? Was Linda C. Milberger your stockbroker? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against National Securities Corporation stockbrokers who may have engaged in broker misconduct and caused investors’ losses. The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 40 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.

Nov 11, 2020

Former Clinger & Co. Representative Jonathan Scot Zwickel Barred for Misconduct

Jonathan Scot Zwickel submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was barred for failing to appear for on-the-record testimony in violation of FINRA Rules 8210 and 2010. In January 2011, Jonathan Scot Zwickel joined Clinger & Co. as a General Securities Representative and General Securities Principal. According to the FINRA findings, Zwickel remained with Clinger until the firm was expelled in 2020 and his association was terminated. The findings stated that FINRA opened an investigation and sent a request for on-the-record testimony as to whether Zwickel engaged in an undisclosed outside business activity. The findings also stated that Zwickel allegedly acknowledged the misconduct but ultimately refused to appear for on-the-record testimony during his phone conversation with FINRA staff. Jonathan Scot Zwickel is no longer associated with any FINRA member firm but remains under FINRA’s jurisdiction. FINRA Rule 8210 authorizes FINRA, in the course of its investigations, to require persons over whom FINRA possesses jurisdiction to “…provide information orally, in writing, or electronically…and to testify at a location specified by FINRA staff…with respect to any matter involved in the investigation.” FINRA Rule 2010 provides that “[a] member, in the conduct of its business, shall observe high standards of commercial honor and just and equitable principles of trade.” Without admitting or denying FINRA’s findings, Jonathan Scot Zwickel was barred from association with any FINRA member in all capacities. Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker-dealers and/or their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from misconduct by their broker can file claims to recover damages against broker-dealers, like Clinger & Co., which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct. Have you suffered losses in your Clinger & Co. account due to misconduct by your broker? Was Jonathan Scot Zwickel your stockbroker? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against Clinger & Co. stockbrokers who may have engaged in broker misconduct and caused investors’ losses. The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 40 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.

Nov 11, 2020

Former Wells Fargo Clearing Services LLC Stockbroker Bryan Edwin Benson Barred for Misconduct

Bryan Edwin Benson of Tucson, Arizona submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was barred for allegedly refusing to provide requested information and documents to FINRA in violation of FINRA Rules 8210 and 2010. In September of 2007, Bryan Edwin Benson joined Wells Fargo Clearing Services LLC in which he was registered as a General Securities Representative. According to FINRA findings, a form U5 was filed reporting Bryan Edwin Benson voluntarily resigned from the firm in December of 2019. In April 2020, FINRA sent a request to Benson for documents in connection with an investigation into a customer complaint. The FINRA finding stated that Bryan Edwin Benson allegedly acknowledged and refused to supply the requested information. Although Bryan Edwin Benson is no longer registered with any FINRA member firm he remains under FINRA’s jurisdiction. FINRA Rule 8210(a)(1) states, in relevant part, that FINRA may “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 a FINRA investigation” FINRA Rule 8210(c) further states that “[n]o 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.” Without admitting or denying FINRA’s findings, Bryan Edwin Benson was barred from association with any FINRA member in all capacities. Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker-dealers and/or their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from misconduct by their broker can file claims to recover damages against broker-dealers, like Wells Fargo Clearing Services LLC, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct. Have you suffered losses in your Wells Fargo Clearing Services LLC account due to misconduct by your broker? Was Bryan Edwin Benson your stockbroker? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against Wells Fargo Clearing Services LLC stockbrokers who may have engaged in broker misconduct and caused investors’ losses. The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 40 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.

Nov 10, 2020

Former Dawson James and Spartan Securities Stockbroker Mack Leon Miller Suspended for Unsuitable Recommendations and Excessive Trading

Mack Leon Miller of Brooklyn, New York 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 making unsuitable recommendations and participating in excessive trading in a customer’s account in violation of FINRA Rules 2111 and 2010. In 2017, Mr. Miller was registered as a General Securities Representative (GSR) with both Dawson James Securities and then Spartan Capital Securities. According to the FINRA findings, during his time of employment with Dawson James and Spartan, Mr. Miller allegedly made unsuitable recommendations and engaged in excessive trading in a customer’s account. The findings stated that the customer lacked knowledge as an investor and followed all of Mr. Miller’s recommendations. Due to mounting commissions and fees, it became impossible for the customer to benefit from the exchange. Mr. Miller’s alleged excessive trading, including the commissions and margin interest, caused the customer to lose $69,633. FINRA Rule 2111(a) provides in pertinent part that “(a) member or an associated person must have a reasonable basis to believe that a recommenced transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile.” As explained in Supplementary Material 2111.05(c): A violation of FINRA 2111 also constitutes a violation of FINRA Rule 2010, which required associated persons to observe high standards of commercial honor and just and equitable principles of trade in the conduct of their business. Without admitting or denying FINRA’s findings, Mack Leon Miller was assessed a deferred fine of $2,500 plus interest in partial restitution to the customer and suspended from association with any FINRA member in all capacities for five months. The suspension was in effect from May 4, 2020, through October 3, 2020. Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker-dealers and/or their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from excessive trading, and/or unsuitable recommendations by their broker can file claims to recover damages against broker-dealers, like Dawson James and Spartan, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct. Have you suffered losses in your Dawson James and Spartan account due to excessive trading and/or unsuitable recommendations by your broker? Was Mack Leon Miller your stockbroker? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against Dawson James and Spartan stockbrokers who may have engaged in broker misconduct and caused investors’ losses. The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 40 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.

Nov 10, 2020

Horace Mann Stockbroker Melissa Ann Niederhauser Barred for Forged Documents

Melissa Ann Niederhauser of Smithfield, Utah submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which she was barred for allegedly forging account statements and other documents in violation of FINRA Rules 2150(a) and 2010. In August 2014, Melissa Ann Niederhauser joined Horace Mann Investors, Inc. in which she was licensed to sell insurance and perform as an office manager and administrative assistant for the firm. According to FINRA findings, between 2016 and 2017 Ms. Niederhauser withdrew $73,618.41 from two family members’ accounts who were also customers of her firm. The FINRA findings stated, Ms. Niederhauser made 13 withdrawals from one customer’s variable annuity that totaled out to $47,618.37 and 7 separate withdrawals from another customer’s variable annuity totaling $30,368.04. Ms. Niederhauser allegedly forged those customers’ signatures on the Horace Mann Annuity Surrender Withdrawal Request forms and then had the checks mailed to an address in which she could acquire them without the two customer’s knowledge. In addition, FINRA alleged that Melissa Ann Niederhauser would allegedly deposit the checks into a joint bank account with the customers and withdraw the funds for her personal use without their acknowledgment or authorization. FINRA Rule 2150(a) provides that “[n] member of person associated with a member shall make improper use of a customer’s securities of funds.” FINRA Rule 2010 requires that associated persons, in the conduct of their business, “shall observe high standards of commercial honor and just and equitable principles of trade.” Conversion is an intentional and unauthorized taking of and/or exercise of ownership cover property by one who neither owns the property nor is entitled to possess it. Conversion of customer funds is a violation of FINRA Rules 2150(a) and 2010. Without admitting or denying FINRA’s findings, Melissa Ann Niederhauser was barred from association with any FINRA member firm. Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker-dealers and/or their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from forged account statements and/or other misconduct by their broker can file claims to recover damages against broker-dealers, like Horace Mann Investors which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct. Have you suffered losses in your Horace Mann account due to forged account statements and documents by your broker? Was Melissa Ann Niederhauser your stockbroker? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against Horace Mann stockbrokers who may have engaged in broker misconduct and caused investors’ losses. The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 40 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities, and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.

Nov 10, 2020

Former Morgan Stanley Stockbroker Peggy Jean Doherty-Punderson Barred for Misconduct

Peggy Jean Doherty-Punderson of Hill, New Hampshire submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which she was barred for refusing to provide information and documents in violation to FINRA Rules 8210 and 2010. In May 2013, Peggy Jean Doherty-Punderson joined Morgan Stanley as a General Securities Representative until being discharged in September of 2019. According to FINRA, a form U5 was filed by Morgan Stanley in which Peggy Jean Doherty-Punderson was discharged due to a pending review which stated that she allegedly acknowledged and refused to provide documents requested by FINRA. The FINRA findings stated that the request was sent concerning a mortgage deed executed by Punderson and a customer. In addition, Ms. Punderson allegedly violated FINRA Rule 8210 and 2010, is no longer registered with any FINRA member firm, and remains under FINRA’s jurisdiction. FINRA Rule 8210(a)(1) states, in relevant part, that FINRA may “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 [a FINRA] investigation.” FINRA Rule 8210(c) further states 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 member firms and their associated persons to “observe high standards of commercial honor and just and equitable principles of trade.” Without admitting or denying FINRA’s findings, Peggy Jean Doherty-Punderson consented to the sanctions and has been barred from association with any FINRA member in all capacities. Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker-dealers and/or their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from misconduct and/or other misconduct by their broker can file claims to recover damages against broker-dealers, like Morgan Stanley, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct. Have you suffered losses in your Morgan Stanley account due to misconduct by your broker? Was Peggy Jean Doherty-Punderson your stockbroker? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against Morgan Stanley stockbrokers who may have engaged in broker misconduct and caused investors’ losses. The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 40 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.