Mark Gregory Raezer of Colorado Springs, Colorado submitted a Letter of Acceptance, Waiver, and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was fined and suspended for participating in unapproved private transactions in violation of FINRA Rules 3280 and 2010.
In 2015, Mark Gregory Raezer joined Taylor Capital Management as an Investment Company and Variable Contracts Products Representative. According to the FINRA findings, Raezer participated in nine private securities transactions, $911,000 in securities issued by a purported real estate investment Company without notice or approval from his firm. The findings stated that Raezer discussed the investment and helped investors with complete applications and subscription paperwork. According to the FINRA findings, Raezer did not receive direct compensation but benefited indirectly from a profit-sharing arrangement he had with the leader representative in the retirement planning, life insurance, and tax preparation business.
FINRA Rule 3280(a) states that “no person associated with a member shall participate in any manner in a private securities transaction except in accordance with the requirements of this Rule.” FINRA Rule 3280(b) states, in relevant part, “prior to participating in any private securities transaction, an associated person shall provide written notice to the member with which he is associated describing in detail the proposed transaction and the person’s proposed role therein and stating whether he has received or may receive selling compensation in connection with the transaction.” A violation of FINRA Rule 3280 also is a violation of FINRA Rule 2010.
Without admitting or denying FINRA’s findings, Mark Gregory Raezer was assessed a deferred fine of $15,000 and suspended from association with any FINRA member in all capacities for 10 months. The suspension is in effect from July 1, 2019, through April 30, 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 private transactions, and/or other misconduct by their broker can file claims to recover damages against broker-dealers, like Taylor Capital Management, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct.
Have you suffered losses in your Taylor Capital Management account due to private transactions by your broker? Was Mark Gregory Raezer 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 Taylor Capital 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 email@example.com for answers to any of your questions about this blog post and/or any related matter.