Articles Tagged with Stockbroker Misconduct Lawyer

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John Regan, a registered representative formerly employed with Guggenheim Securities, LLC, has been permanently barred by the Financial Industry Regulatory Authority (FINRA) amid findings that he converted funds for his personal use.

According to FINRA, John Emmett Regan, of New York, New York, converted approximately $25,000 in firm funds between September 2012 and March 2014.  Mr. Regan allegedly falsely submitted approximately 90 personal expenses for reimbursement as business expenses.  Conversion of funds is a violation of FINRA Rule 2010.  Conversion is the intentional and unauthorized taking of ownership over property by one who neither owns the property nor is entitled to have it.  Without admitting or denying FINRA’s findings, Mr. Regan was permanently barred from association with any FINRA member in any capacity. Continue reading →

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Keith Testaverde, a registered representative with Network 1 Financial Securities, Inc. has been fined $25,000 and suspended from association with any Financial Industry Regulatory Authority (FINRA) member in any capacity for six months for allegedly failing to disclose the existence of outside securities accounts which he owned or controlled at another firm.

Without admitting or denying FINRA’s findings, Keith Testaverde consented to the findings that he neglected to disclose to his member firm, Network 1 Financial Securities (Network 1 Financial), that he maintained control over and executed trades in a securities accounts which were held at another member firm.  According to FINRA, Mr. Testaverde made approximately 121 trades in one of the accounts, many of which were on Network 1 Financial’s “watch list,” meaning that they required preapproval.  FINRA found that 12 of the trades made by Mr. Testaverde were prohibited outright.  Further, Mr. Testaverde falsely represented on his firm’s annual compliance questionnaire that he did not have any undisclosed outside securities accounts.  Due to the foregoing misconduct, FINRA assessed a fine of $25,000 and suspended Mr. Testaverde for six months.  The suspension is in effect from January 17, 2017 through July 16, 2017. Continue reading →