Timothy Burke Ruggiero, a former Plantation, Florida-based registered principal employed by Lazarus Asset Management, LLC and Evora Capital, Inc., also from Plantation, Florida, has been permanently barred by the Financial Industry Regulatory Authority (FINRA). As we first reported back in December, 2012, FINRA had filed a complaint against the former Fort Lauderdale-based Brookshire Securities Corporation registered principal based on findings that Mr. Ruggiero intentionally manipulated stock prices, which violates Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934. FINRAs findings further found that Mr. Ruggiero engaged in unlawful trades and forgery on order paperwork to show that there was supervisory review when, if fact, there was not. FINRA also found that Mr. Ruggiero, as the firm’s President and CEO, failed to supervise the trading and electronic communications of the firm, which resulted in illegal trading in violation of Regulation M. As a result of his unlawful conduct, Timothy Ruggiero was barred from association with any FINRA member in any capacity.
Stockbrokers, registered representatives, and other financial industry professionals have been known to engage in many types of fraudulent and unlawful behavior which are in violation of industry rules and procedures. In order to protect customers from broker misconduct, FINRA rules require broker-dealers to establish and implement a reasonable supervisory system. The implementation of the rules requires supervisors to monitor employees to ensure they comply with federal and state securities laws, securities industry rules and regulations, as well as the brokerage firm’s own policies and procedures. If broker-dealers and their supervisors do not establish and implement these protective measures, they may be a liable to account holders for losses flowing from the misconduct. As a result, account holders who have suffered losses stemming from stock price manipulation, unauthorized trades and/or other types of misconduct by their broker or registered representative can bring forth claims to recover damages against broker-dealers like Brookshire Securities, which have a duty to supervise its employees in order to prevent these types of stockbroker misconduct.
Have you suffered losses in your investment account due to your registered representative or stockbroker’s unauthorized trades, price manipulations or other misconduct? 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 financial professionals for unsuitable recommendations, misrepresentations, and/or other unauthorized and illegal conduct.
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 , 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 post a comment, call (800) 732-2889, send Mr. Pearce an email at firstname.lastname@example.org, and/or visit our website at www.secatty.com for answers to any of your questions about this blog post and/or any related matter.