Paul William Petrillo of Volo, Illinois submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) for alleged misconduct. While serving as a General Securities Representative for Thrivent Investment Management, FINRA alleged Paul Petrillo made at least 333 discretionary orders to buy or sell in customers’ accounts without his firm’s knowledge. This conduct is in violation of NASD Rule 3050 and FINRA Rule 2010. Furthermore, FINRA alleged that Petrillo participated in 14 private securities transactions in customer accounts without his firm’s knowledge in violation of FINRA Conduct Rule 3280. Finally, while FINRA was conducting its investigation, Paul Petrillo was questioned to identify the customers he had done the trades with but failed to do so by providing false responses. Without admitting or denying the FINRA findings, Paul Petrillo agreed to be barred from association with any FINRA member in any capacity.
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 false disclosures and/or other misconduct by their broker can file claims to recover damages against broker-dealers, like Thrivent Investment Management, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct.
Have you suffered losses in your Thrivent Investment Management account due to false disclosures by your broker? Was Paul William Petrillo 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 Thrivent Investment 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.