Articles Tagged with Stockbroker Fraud Attorney

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Guy Conger, a registered representative with Money Concepts Capital Corp. (Money Concepts), submitted a Letter of Acceptance, Waiver, and Consent (AWC) in which he consented to, but did not admit to or deny, the Financial Industry Regulatory Authority’s (FINRA) findings that he exercised discretion more than 200 times in two customer accounts without the necessary written authorization.

FINRA found that Guy Charles Conger, of San Antonio, Texas, improperly used discretion in two customer accounts to place trades without written authority or acceptance from his member firm of the account as discretionary.  According to FINRA, Mr. Conger also mismarked approximately 2,000 order tickets as “unsolicited” when they were “solicited,” and mismarked at least 200 order tickets as not discretionary when they were discretionary.  Further, FINRA’s findings state that Mr. Conger made misleading and unwarranted statements in his e-mail communications with customers. Continue reading →

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Kim Dee Isaacson, a former registered representative with Morgan Stanley, submitted an Offer of Settlement to the Financial Industry Regulatory Authority (FINRA) in which he consented to, but did not admit to or deny, FINRA’s findings that he knowingly misrepresented his customer’s account value by more than $3.1 million and willfully executed trades in his customer’s accounts despite express orders not to do so.

During the relevant period, Kim Dee Isaacson, of Farmington, Utah, earned nearly $400,000 in commissions and fees from his customer’s accounts, which were valued at approximately $27 million.  Although Mr. Isaacson and his client spoke on the phone nearly every day regarding the accounts’ performance, Mr. Isaacson began providing false and inflated account values to hide the accounts’ losses.  According to FINRA, Mr. Isaacson’s customer believed his accounts held $3.1 million more than their actual value because of his misrepresented account valuations.  Further, FINRA found that Mr. Isaacson continued to purchase securities and long-term bonds despite his customer’s instructions not to do so.  FINRA also found that Mr. Isaacson engaged in unauthorized trading in the accounts, effecting approximately 360 transactions without consent.  Consequently, Kim Dee Isaacson was permanently barred from association with any FINRA member in any capacity.  Continue reading →

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Eric Ott, a broker formerly registered with MML Investors Services, LLC, submitted a Letter of Acceptance, Waiver, and Consent (AWC) in which he consented to, but did not admit to or deny, the Financial Industry Regulatory Authority’s (FINRA) findings that he forged a customer’s signature on life insurance applications without the customer’s knowledge or consent.

According to FINRA, Eric Eugene Ott, of Union Kentucky, discussed the possibility of his customer applying for life insurance, but had not gotten her consent or approval to submit the applications.  Mr. Ott, however, allegedly signed the customer’s name to the applications and paid the initial premiums without the customer’s knowledge.  The customer became aware of the fraudulently obtained insurance policies only when she received correspondence from the issuing company, whereupon she called to complain. Continue reading →

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Craig David Dima, a stockbroker formerly employed with K.C. Ward Financial, submitted an Offer of Settlement to the Financial Industry Regulatory Authority (FINRA) in which he was barred from association with any FINRA member.  Without admitting or denying FINRA’s allegations, Craig Dima consented to the entry of findings that he made unauthorized and unsuitable trades in the IRA account of an elderly retiree.

According to FINRA, Mr. Dima sold nearly all of his 73-year old customer’s Colgate-Palmolive stock, which she had accumulated during her 28 years of employment with the company.  FINRA alleged that on 11 occasions, Mr. Dima sold the customer’s shares without permission and even after the customer told him not to sell the stock.  When Mr. Dima’s elderly customer confronted him about the sales, he misrepresented to her that the transactions were caused by a computer glitch.  As a result of Mr. Dima’s unauthorized sales, the customer was charged more than $375,000 in mark-ups, mark-downs, and fees.  Further, the customer was deprived of substantial dividends she would have received had she held the Colgate shares as she had intended. FINRA found that the unauthorized, unsuitable trades executed by Mr. Dima totaled approximately $15 million in his customer’s retirement account.  In the Order Accepting Offer of Settlement, Mr. Dima was barred from association with any FINRA member in any capacity. Continue reading →