Articles Tagged with Stockbroker Fraud Lawyer

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Richard Seefried, of Spokane, Washington, submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was fined and suspended for unsuitable recommendations of convertible notes.

FINRA found that while employed with Spencer Edwards, Inc., Richard Seefried failed to adequately investigate representations made by the issuer of convertible promissory notes.  According to the FINRA AWC, Mr. Seefried failed to investigate discrepancies in materials provided by the issuer of the notes and failed to investigate the background of the officers of the issuer, who had prior litigation alleging securities fraud.  Mr. Seefried made unsuitable recommendations to two of his customers, sold $200,000 of the notes and received commission of $13,600. Continue reading →

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Michael Guilfoyle, a stockbroker previously registered with Legend Securities, Inc., submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was suspended for 10 months and assessed a deferred fine of $10,000.00.  Without admitting or denying FINRA’s allegations, Michael Nicholas Guilfoyle, of Old Bridge Township, New Jersey, consented to the entry of FINRA’s findings that he engaged in unsuitable excessive trading in customers’ accounts, resulting in cumulative losses to his customers of nearly $56,000.00.

According to FINRA, Mr. Guilfoyle exercised control over the accounts of two customers, one of whom was a senior citizen, due to the customers’ limited investment experience.  Mr. Guilfoyle’s trading strategy generated excessive commissions or markups/markdowns.  For example, during the 18 month time period in which his 73 year old customer’s account was open, Mr. Guilfoyle executed 77 transactions;  90% were solicited.  As a result of the excessive trading, the customer suffered losses of $27,821.22, while generating sales charges of over $35,000.00.  The other customer, FINRA found, suffered losses of more than $28,000.00 and sales charges for Mr. Guilfoyle of $26,150.00.  The suspension is in effect from December 18, 2017 through October 17, 2018. Continue reading →

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Thomas Leone, 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 and falsified a payment authorization form without the customer’s authorization.

Thomas John Leone, of West Simsbury, Connecticut, was found by FINRA to have forged his customer’s signature on a life insurance application by electronically affixing a signature copy onto multiple documents.  Further, Mr. Leone arranged for payment of the insurance premiums by completing a payment authorization form that the customer’s husband had previously pre-signed on an unrelated policy application and submitted this form without customer authorization, causing payments to be debited from his bank account.  For violating FINRA Rule 2010, which requires FINRA members to observe high standards of commercial honor, FINRA fined Mr. Leone $5,000 and suspended him for 12 months.  Continue reading →