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FINRA January 2017 Disciplinary Actions

FINRA takes disciplinary actions against firms and individuals for violations of FINRA rules; federal securities laws, rules, and regulations; and the rules of the Municipal Securities Rulemaking Board. Below are a number of penalties announced by the regulator in January 2017. If you have been a victim of any of the below behavior, you may have legal recourse. Please contact attorney Richard Frankowski today at 888-741-7503 for a free consultation. FINRA censured and fined VFG Securities, Inc. of Culver City, California $50,000, $10,000 of which is joint and several with Jason Bryce Vanclef. According to FINRA, the firm and Vanclef distributed and listed for sale online Vanclef's self-published book, which contained, false, exaggerated, unwarranted, or misleading statements, and omitted material facts or qualifications where the omissions caused the communication to be misleading. The findings also state they provided customers with misleading personalized recommendation spreadsheets. Advisors Clearing Network, Inc. of Pasadena, California was also censured and fined $50,000. FINRA found that it [...]

By |January 24th, 2017|Broker Check, FINRA, Fraud, Legal Matters, Press Releases & News, SEC|
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Henry Al Dean Watson Barred By FINRA

FINRA announced that it barred an ex-Hilliard Lyons broker, Henry Al Dean Watson, who recently settled a customer complaint accusing him of excessive trading and commissions, unauthorized trades, and portfolio mismanagement. Watson broke FINRA rules by failing to appear to give testimony before the regulator.Watson began in the securities business in 1984. He was registered with a number of firms before registering with Hilliard Lyons in January 2012. He worked there until October and is not currently licensed with any other firm.As happens quite regularly, FINRA wanted  Henry Al Dean Watson's testimony in relation to an inquiry about an arbitration claim filed by a customer against him, the settlement stated. Watson failed to appear to provide testimony, thus violating industry rules. He consented to the sanction without admitting or denying the findings.His FINRA BrokerCheck profile states that Watson made no contribution in a $166,500 arbitration award from 2015 in which a client alleged excessive trading and commissions, unauthorized trades and portfolio mismanagement. [...]

By |January 19th, 2017|Broker Check, FINRA, Press Releases & News|
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Registered Investment Advisors vs. Brokers: Who Do You Need?

Whether you are just beginning to build an investment portfolio, or have been investing for years, chances are you will need the guidance of a finance professional to ensure that your investments are sound and protected. Depending on your needs, risk tolerance and interests, you may find yourself working with a registered investment advisor (RIA) or a broker. There are differences in how these groups work in regards to their duties and the regulatory bodies they answer to, so we thought we would break those differences down for you. Registered Investment Advisors RIAs owe a fiduciary duty to their clients. This means they must put the interest of their clients ahead of their own when they recommend purchases, trades or sales. In short, a RIA cannot make a trade unless he or she: Discloses any conflicts of interest in regards to the trade with the client. Discloses any potential risks of the trade to the client. Has given the client [...]

By |January 17th, 2017|Fraud, Broker Check|
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Gregory Dean And Donald Fowler Charged By SEC

The SEC charged two brokers, Gregory Dean and Donald Fowler, with violations of securities laws for a fraudulent excessive-trading scheme designed to profit themselves at the expense of their clients. The SEC accused Dean and Fowler of using a “high-cost trading strategy consisting of the excessive buying and selling of stocks” that led to “enormous losses” for customers but profited them through “substantial commissions and other fees.” The complaint, which was filed by the SEC in New York district court, states that Dean and Fowler used this strategy in twenty-seven client accounts while registered at J.D. Nicholas & Associates Inc., a broker-dealer no longer in business that was based in Syosset, New York, without “having a reasonable basis for believing the strategy was suitable for anyone.” The SEC claims the two churned three of those twenty-seven accounts. “This case marks another chapter in the SEC's pursuit of brokers who deploy excessive trading as a strategy in customer accounts to enrich themselves at customers' [...]

By |January 11th, 2017|Broker Check, Fraud, Press Releases & News, SEC|
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