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FINRA December 2015 Disciplinary Actions: Part III

Denny P. Darmodihardjo (Roswell, GA) submitted an AWC in which he was assessed a deferred fine of $25,000 and suspended from association with any FINRA member in any capacity for 18 months. FINRA found that he engaged in excessive and unsuitable trading in a customer’s accounts. The findings stated that Darmodihardjo made recommendations for the accounts of the customer who, at the time, was a retiree in his late seventies living on a fixed income and caring for his adult child. Darmodihardjo used this control to excessively trade the accounts in a manner that was inconsistent with the customer’s investment objectives, financial situation and needs. The findings also stated that Darmodihardjo recommended unsuitable short-selling and margin use in transactions for the same customer. Despite losses being incurred in the customer’s accounts, Darmodihardjo did not cease the active trading strategy. The suspension is in effect from October 19, 2015, through April 18, 2017. Anthony Clyde Gray (Baton Rouge, LA) submitted an AWC [...]

By |December 28th, 2015|FINRA, Fraud, Press Releases & News|
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FINRA December 2015 Disciplinary Actions: Part II

Wunderlich Securities, Inc. (Memphis, TN) submitted an AWC in which the firm was censured and fined $50,000. FINRA found that it failed to establish, maintain, and enforce an adequate supervisory system and written procedures regarding the preparation and dissemination of consolidated reports. The findings stated that although the firm’s WSPs expressly permitted the preparation and dissemination of consolidated reports, they did not adequately address how the firm would supervise the use of consolidated reports. The firm also failed to establish, maintain, and enforce an adequate supervisory system or written procedures to ensure the accuracy of any valuation information that was provided by a registered representative in a consolidated report and mandating the inclusion in consolidated reports of specific disclosures regarding the source and accuracy of any valuation information that was provided by a registered representative. In addition, the firm failed to establish, maintain, and enforce an adequate supervisory system and written procedures to ensure that supervisory reviews of consolidated reports were [...]

By |December 28th, 2015|FINRA, Press Releases & News|
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FINRA December 2015 Disciplinary Actions: Part I

Brookstone Securities, Inc. (Lakeland, FL) was censured, fined $1,000,000 and required to pay, jointly and severally with Christopher Dean Kline (Baraboo, Wisconsin) and Antony Lee Turbeville (Lakeland, FL) $1,620,100 plus prejudgment interest in restitution to their respective customers. Kline and Turbeville were barred from association with any FINRA member in any capacity. David William Locy (Overland Park, Kansas) was fined $25,000, barred from association with any FINRA member in any supervisory or principal capacity and suspended from association with any FINRA member in any capacity for two years. FINRA found that the firm, acting through Turbeville and Kline, fraudulently made material misrepresentations of fact and omitted material facts that misled senior and retired customers regarding the risks associated with CMOs, in willful violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. Monex Securities, Inc. (Houston, TX) submitted an AWC in which the firm was censured, fined $25,000, and required to pay $9,678.52 plus interest in [...]

By |December 23rd, 2015|FINRA, Press Releases & News|
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Canarsie Capital Founder Pleads Guilty To Fraud, Lost $57M In Two Weeks

Owen Li, founder of Canarsie Capital, managed to lose $57 million in only two weeks, leaving his investors with only $200,000 and a letter of apology. Li is now also a convicted felon after admitting that he lied to investors and regulators about his hedge fund's performance. He managed to do all of this before he turned thirty. Li surrendered to U.S. authorities Wednesday and pleaded guilty to a single count of securities fraud and making a false statement, according to Manhattan U.S. Attorney Preet Bharara. Li faces up to twenty years imprisonment. The hedge fund crumbled earlier this year after the firm lost $57 million, nearly all of the money held by its 41 investors from December 31, 2014 to January 16, 2015. According to the prosecution, Li lost roughly $18 million at the beginning of January when he started selling off long equity positions in the fund and eliminated all of its short positions. The resulting unhedged, long [...]

By |December 18th, 2015|Fraud, Press Releases & News, SEC|
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