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Nov 24, 2020

DENNIS AYRE CONTINUES TO RACK UP CUSTOMER COMPLAINTS

By |November 24th, 2020|Legal Matters|

Dennis Phillip Ayre, of Van Nuys, California, continues to draw customer complaints in Financial Industry Regulatory Authority (“FINRA”) arbitration. Mr. Ayre’s FINRA BrokerCheck Report reveals that he is currently the subject of seven customer disputes totaling nearly $10 million in claimed losses. The complaints allege that Mr. Ayre made unsuitable investments involving excessive risk and [...]

Nov 20, 2020

MOLONEY SECURITIES CO. INC. FINED $100,000 FOR HAVING NO PROPER SYSTEM TO PREVENT PRICE MANIPULATIONS

By |November 20th, 2020|Legal Matters|

Moloney Securities Co. Inc. was recently censured and fined $100,000 and required to pay $15,574.13, in restitution to a customer. The FINRA findings stated that Moloney, from January 2013 through April 2015, violated FINRA Rules 3110 and 2010 and NASD Rule 3010 by failing to create and enforce a supervisory system to comply with FINRA’s [...]

Nov 19, 2020

LOUIS COOK BARRED FOR INTENTIONAL MISREPRESENTATIONS TO ELDERLY CUSTOMERS AND PARENTS OF DISABLED CHILDREN

By |November 19th, 2020|Legal Matters|

The Financial Industry Regulatory Authority (“FINRA”) has banned Louis Cook, who was a Staten Island, New York-based representative for National Planning Corporation and Securities Service Network. FINRA found that Cook induced elderly customers and parents of disabled children to sign third-party authorization forms through intentional misrepresentations, violating FINRA Rules 2010 and 2150(a). According to FINRA’s [...]

Nov 17, 2020

DEE DEE BROOKS BARRED FOR SOLICITING OVER $1.7 MILLION IN UNAPPROVED TRANSACTIONS

By |November 17th, 2020|Legal Matters|

The Financial Industry Regulatory Authority (“FINRA”) has barred Dee Dee Brooks, of Sarasota, Florida, based on findings that, while acting as an agent of Signator Investors, Inc., Brooks engaged in private securities transactions without any notice to or approval from her firm. According to FINRA’s findings, From July 2016 to December 2017, Brooks solicited investors [...]

Nov 9, 2020

APEX CLEARING CORPORATION FINED $250,000 FOR FAILING TO CONFIRM CUSTOMER RECEIPT OF INTEREST RATE DISCLOSURES

By |November 9th, 2020|Legal Matters|

The Financial Industry Regulatory Authority (“FINRA”) has censured and fined Apex Clearing Corporation for violations of Securities and Exchange Commission Rules. According to FINRA’s findings, Apex failed to establish procedures reasonably designed to assure that introduced customers received the initial margin interest rate disclosures and failed to establish, maintain, and enforce a supervisory system, including [...]

Nov 4, 2020

ERIK PICA BARRED BY FINRA FOR TAKING AN ELDERLY CLIENT’S MONEY AND BUYING A HOUSE

By |November 4th, 2020|Legal Matters|

The Financial Industry Regulatory Authority (“FINRA”) has barred Joseph Stone Capital, LLC representative Erik Pica following findings that Pica took a 76-year-old customer’s $200,000, and used the money to purchase a house for himself. According to FINRA’s findings, in 2019, Pica suggested to the customer that he should invest in pre-initial public offering (pre-IPO) shares [...]

Nov 2, 2020

TWO SIGMA SECURITIES, LLC FINED $225,000 FOR VIOLATING LOCATE REQUIREMENT

By |November 2nd, 2020|Legal Matters|

Recent Financial Industry Regulatory Authority ("FINRA") findings reveal that Two Sigma Securities, LLC failed to comply with the Locate Requirement of Rule 203(b)(1) of Regulation SHO pursuant to the Securities Exchange Act of 1934. While not in any formal arrangement to borrow securities, Two Sigma Securities, LLC effected short sale transactions from March 21, 2014 [...]

Oct 30, 2020

BNP PARIBAS SECURITIES CORPORATION FINED $650,000 FOR FAILED CREDIT AND ORDER CONTROLS

By |October 30th, 2020|Legal Matters|

BNP Paribas Securities Corporation was recently fined for failing to create or maintain a risk management system of controls or procedures to handle the financial risks of its market access business activity. Specifically, FINRA found that the firm made multiple supervisory failures, provided market access through its Global Execution Services (GES) Desk, and maintained unreasonable [...]

Oct 29, 2020

MOORS & CABOT, INC. FINED $250,000 FOR ERRONEOUS ORDER REPORTS AND PROCEDURES

By |October 29th, 2020|Legal Matters|

Moors & Cabot, Inc. has been fined by the Financial Industry Regulatory Authority ("FINRA") for failing to provide written disclosure to customers of around $7.5 million of compensation from earnings of about 11,500 trades in preferred securities. While acting in a principal capacity, Moors & Cabot, Inc. purchased preferred shares from one of its customers [...]

Oct 26, 2020

LOST MONEY INVESTING THROUGH ROBINHOOD? LEARN YOUR OPTIONS FOR RECOVERY WITH THE FRANKOWSKI FIRM

By |October 26th, 2020|Legal Matters|

According to the Consumer Financial Protection Bureau’s (CFPB) Consumer Complaint Database, the popular investing and trading platform Robinhood Markets, Inc. (“Robinhood”) received fifty-nine (59) consumer complaints so far in 2020, as of the date of writing. Customer complaints against Robinhood in the CFPB database include locked accounts, withdrawal delays, customer service responsiveness, among other issues. [...]

Oct 23, 2020

KIMBERLEE LEVY & CONCORDE INVESTMENT SERVICES, LLC FINED $300,000 FOR ALLOWING SUSPENDED BROKER TO INTERFERE WITH TRANSACTIONS

By |October 23rd, 2020|Legal Matters|

Concorde Investment Services, LLC  and its Chief Compliance Officer, Kimberlee Elizabeth Levy, were recently censured and fined by the Financial Industry Regulatory Authority (FINRA) for failing to reasonably supervise a former representative who allowed her husband to conduct business transactions and trades with Concorde’s customers while he was serving a FINRA-imposed one-year suspension. While aware [...]

Oct 22, 2020

LEK SECURITIES CORPORATION FINED AND SUSPENDED FOR IMPROPER MICROCAP SECURITIES TRADING

By |October 22nd, 2020|Legal Matters|

Lek Securities Corporation was recently found by the Financial Industry Regulatory Authority (“FINRA”) to have failed in implementing Anti-Money Laundering (AML) policies and internal controls to detect suspicious transactions and comply with the Bank Secrecy Act and regulations from the Department of the Treasury. Samuel Lek was the firm’s CEO, chief compliance officer (CCO), and [...]

Oct 20, 2020

TROY BAILY, FORMERLY OF SAGEPOINT FINANCIAL INC., SUSPENDED AND FINED BY FINRA FOR TRADING WITHOUT WRITTEN APPROVAL

By |October 20th, 2020|Legal Matters|

On October 19, 2020, the Financial Industry Regulatory Authority fined and suspended former broker of SagePoint Financial, Troy Robert Baily, for engaging in four undisclosed and unapproved private securities transactions totaling $210,000. From November 2016 through March 2018, Baily was registered with FINRA as an investment company and variable contracts products representative, and associated with [...]

Oct 19, 2020

KEVIN BARLETTA, FORMER LPL BROKER, SUSPENDED AND FINED BY FINRA FOR FALSIFYING FORMS RELATED TO UNLISTED REIT SALES

By |October 19th, 2020|Legal Matters|

On October 15, 2020, Kevin Barletta, formerly registered as a general securities representative through an association with LPL Financial LLC,  submitted a Letter of Acceptance, Waiver and Consent for the purpose of proposing a settlement of alleged rule violations connected to prohibited cross trades of alternative investment products. According to his FINRA BrokerCheck report, Kevin [...]

Oct 16, 2020

MORGAN STANLEY SANCTIONED $949,000 FOR UNSUITABLE SHORT-TERM TRADING OF CORPORATE BONDS

By |October 16th, 2020|Legal Matters|

Morgan Stanley Smith Barney LLC was recently sanctioned for failing to reasonably supervise a representative for recommending short-term trades of corporate bonds and preferred securities for ten customer accounts. On hundreds of occasions, the representative at issue recommended the buying and prompt selling of preferred securities or corporate bonds to customers of Morgan Stanley, which [...]

Oct 15, 2020

SAGEPOINT FINANCIAL FOUND TO HAVE COST CUSTOMERS $1.3 MILLION IN AVOIDABLE SALES CHARGES

By |October 15th, 2020|Legal Matters|

From January 2013 through December 2017, SagePoint Financial Inc. failed to create or maintain a supervisory system or enforce WSPs to supervise the suitability recommendations to customers regarding early rollovers of Unit Investment Trusts (UITs), according to findings by the Financial Industry Regulatory Authority ("FINRA"). Generally, a Unit Investment Trust (UIT) is a non-actively managed [...]

Oct 14, 2020

NEWPORT COAST SECURITIES, INC. EXPELLED AND FINED FOR CHURNING AND TRADING CUSTOMER ACCOUNTS

By |October 14th, 2020|Legal Matters|

Newport Coast Securities, Inc. was recently expelled from FINRA membership fined $403,000 and ordered to pay $853,617.04 plus interest to customers in restitution for excessively trading in and churning customer accounts through five representatives and two registered principals. The FINRA findings stated that: Newport’s customers impacted by their misconduct were predominantly older, nearing retirement, had [...]

Oct 9, 2020

CITADEL SECURITIES SANCTIONED $700,000 FOR REMOVAL OF CUSTOMER ORDERS

By |October 9th, 2020|Legal Matters|

Citadel Securities established an Over-the-Counter equity trading desk in November 2011 to receive orders from the Firm’s clients on behalf of their customers. The firm’s stated objective was to comply with the Trading Ahead and Limit Order Display Rules by providing “automated order protection, quote display, and execution” for the customer orders. The OTC Desk, [...]

Oct 1, 2020

JASON K. WILLIAMS HIT WITH $45,000 FINRA ARBITRATION AWARD OVER UNSUITABLE AND OVER-CONCENTRATED INVESTMENTS.

By |October 1st, 2020|Legal Matters|

On September 22, 2020, an arbitration panel for the Financial Industry Regulatory Authority (“FINRA”) made findings against Jason K. Williams (CRD#: 4676003) and entered an award against him exceeding $45,000. The award followed a customer’s complaint of unsuitable investments and negligent account management, violations of the Indiana Securities Act, breach of contract, breach of fiduciary duty, violations [...]

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