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Adviser Loses Job Following Weekend Client Raid

An arbitration has been filed accusing Oppenheimer & Co. of overstepping its bounds during a three day weekend earlier in the summer during which it mounted a massive client raid. Industry experts claim that this is fairly common. However, details of the raids rarely become public, at least in part because of an industry agreement designed to reduce litigation that regulates broker job-hopping. The details in this matter, however, are quite telling. On the Friday before Memorial Day, Steven Savoy, at the time an investment adviser with Euro Pacific Capital, wrote a brief note to his CEO stating that he was resigning, effective immediately. Euro Pacific contends that this note was sent from inside an Oppenheimer officer in Saddle Brook, New Jersey, initiating a plan that had been in the works for weeks. Euro Pacific further claims that Savoy had left with confidential client lists that he and his new boss used to contact numerous people over the holiday weekend. Letters [...]

By |September 21st, 2015|FINRA, Press Releases & News|
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FINRA August 2015 Disciplinary Actions: Part IV

Mark Andrew Bullivant of Fort Myers, Florida submitted a letter of acceptance, waiver, and consent that banned him from associating with any FINRA member in any capacity. FINRA found that Bullivant refused to appear for FINRA-requested on-the-record testimony pertaining to an investigation into whether he had converted customer funds. Terry Wayne Burcin of Midlothian, Virgina submitted a letter of acceptance, waiver, and consent that fined him $5,000 and banned him from associating with any FINRA member in any capacity for ten business days. FINRA found that Burcin caused his member firm to keep inaccurate books and records by putting his name as the soliciting registered representative on variable annuity applications for clients, despite the fact the he not once met with the clients and was not involved in the sales of the annuities. Burcin acquired about $8,800 as compensation from the firm pertaining to the transactions. After receiving the compensation, Burcin wrote personal checks to the registered representative who actually [...]

By |September 18th, 2015|FINRA, Press Releases & News|
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FINRA August 2015 Disciplinary Actions: Part III

Edward D. Jones & Co., L.P. of St. Louis, Missouri submitted a letter of acceptance, waiver, and consent that censured the firm and fined it $10,000. FINRA found that it failed to report the right trade execution time for transactions in TRACE-eligible securitized products to TRACE and failed to show the right execution time on the memoranda of brokerage orders. Julian Luis Alfonso of Miami, Florida submitted a letter of acceptance, waiver, and consent that barred him from being associated with any FINRA member in any principal or supervisory capacity for a month and mandated to requalify by exam as a Financial and Operations Principal ("FINOP") before doing so. As a result of his financial status, Alfonso was not given a monetary fine. FINRA found that Alfonso failed to enforce his member firm's written supervisory procedures pertaining to financial controls as well as books and records. As a result, the firm had several incorrect entries in its books and records. [...]

By |September 17th, 2015|FINRA, Press Releases & News|
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FINRA August 2015 Disciplinary Actions: Part II

Newbridge Securities Corporation of Fort Lauderdale, Florida submitted a letter of acceptance, waiver, and consent that censured the firm, fined it $22,500, and mandated that it change its written supervisory procedures. According to FINRA's findings, Newbridge failed to report information pertaining to municipal securities transactions for clients to a real-time transaction reporting system within fifteen minutes of the trade time and failed to report the correct trade time on the memoranda of brokerage orders. The findings also showed that the firm's supervisory system did not provide for supervision reasonably designed to achieve compliance with respect to certain applicable securities laws and regulations. Prospera Financial Services, Inc. of Dallas, Texas submitted a letter of acceptance, waiver, and consent that censured the firm, fined it $12,500 and mandated that it change its written supervisory procedures. FINRA found that the firm failed to transmit reportable order events to the Order Audit Trail System on 140 business days. Further, the firm's supervisory system did not provide for [...]

By |September 16th, 2015|FINRA, Press Releases & News, SEC|
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