+1-888-741-7503

|Richard@frankowskifirm.com

FINRA Bars Broker For Borrowing Client Funds

FINRA has barred broker Christopher Burtraw of Lakewood, Colorado, alleging that he borrowed client funds. Burtraw accepted a permanent bar after he failed to provide documents and information sought by FINRA during the investigation into him borrowing client funds from multiple customers. Burtraw first entered the securities industry in 2003 when he was registered with Edward Jones. Between 2004 and 2014 Burtraw was registered with LPL Financial Corporation and Purshe Kaplan Sterling Investments before joining J.P. Turner & Company, LLC in 2014. On October 15, 2015, J.P. Turner filed a Form U5 Uniform Termination Notice for Securities Industry Registration with FINRA disclosing that Burtraw's employment was terminated on September 30, 2015. Burtraw's registration with FINRA ended on October 1, 2015. Though Burtraw is not currently associated with a FINRA member firm, he is still subject to FINRA's jurisdiction pursuant to Article V, Section 4 of FINRA's By-Laws. On February 2, 2016, during the investigation into allegations that Burtraw borrowed funds [...]

By |May 23rd, 2016|FINRA, Press Releases & News|
Read More

FINRA Bars Broker Miguel Hernandez

FINRA barred Miguel Hernandez from the securities industry after he allegedly lied to an elderly woman he met in church to acquire $25,000 in cash. While registered with Thrivent Investment Management Inc., the former broker told the client he needed the money to pay for expenses related to his tax business, according to a settlement notice accepted by FINRA. Hernandez, in fact, did not have a tax business and instead used the customer's money for personal expenses, said FINRA. Hernandez promised the elderly client a 2% stake in his nonexistent tax business after the fifth year of its existence in addition to quarterly payments of $1,081.56 for at least three years and for as many as ten, according to the notice. The former broker acquired the $25,000 in 2010 and repaid the woman in full in June 2015 after his wrongdoing was uncovered. According to FINRA's BrokerCheck, Hernandez was registered with Thrivent from May 2004 until he was discharged [...]

By |May 18th, 2016|Broker Check, FINRA, Press Releases & News|
Read More

FINRA Fines Raymond James $17M

FINRA has fined two units of Raymond James Financial Inc. with a record $17 million in fines for rampant compliance failures in the brokerage's anti-money laundering programs. The two units, Raymond James & Associates and Raymond James Financial Services, failed to implement systems to properly prevent, detect, and investigate suspicious activity for a number of years as the units saw "significant growth" from 2006 to 2014, according to a statement from the regulatory authority. Linda Busby, Raymond James' former anti-money laundering compliance officer, was fined $25,000 and suspended for three months. “This case demonstrates that when there are broad-based failures within specific areas of responsibility, we will seek individual liability where appropriate," said FINRA's Chief of Enforcement, Brad Bennett. The brokerage firm's $17 million fine is FINRA's biggest pertaining to anti-money laundering, according to Michelle Ong, FINRA's spokeswoman. FINRA was especially concerned about the failures as RJFS was sanctioned in 2012 for inadequate procedures and agreed to review its program [...]

By |May 18th, 2016|FINRA, Press Releases & News|
Read More

MetLife To Pay Record Fine Of $25M

MetLife has agreed to pay $25 million to settle an investigation of abuses pertaining to variable annuities. That penalty is the greatest amount ever paid for violations regarding those products. From that $25 million, $20 million will go to FINRA as a fine and $5 million will be paid to customers for negligent misrepresentations and omissions, said FINRA. MetLife neither admitted nor denied any wrongdoing. According to Brad Bennett, FINRA's Chief of Enforcement, “Variable annuities are complex and expensive products that are routinely pitched to vulnerable investors as a key component of their retirement planning. Firms engaging in this business must ensure that the information on the costs and benefits of these products provided to customers is accurate.” Regulators have been scrutinizing variable annuities more and more. These products can combine securities investments with guaranteed income, an arrangement that may create attractive fees for insurers. According to FINRA, the investigation related to abuses from 2009 to 2014, [...]

By |May 3rd, 2016|FINRA, Press Releases & News|
Read More

Fill Out The Form To Receive A Free Confidential Consultation

Consultation

The recoveries, verdicts, favorable outcomes, and testimonials described on this site are not an indication of future results. Every case is different, and regardless of what friends, family, or other individuals may say about what a case is worth, each case must be evaluated on its own facts and circumstances as they apply to the law. The valuation of a case depends on facts, the damages, the jurisdiction, the venue, the witnesses, the parties, and the testimony, among many other factors. No representation is made that the quality of the legal services performed is greater than the quality of the legal services performed by other lawyers.

Disclaimer: Mr. Frankowski is licensed in Alabama,Florida and Texas. He is not licensed in any other state including Nevada and California. Mr. Frankowski has represented investors from all over the country in securities cases including: Alabama, California, Colorado, Florida, Georgia, Illinois, Kentucky, Louisiana, Mississippi, Nevada, New Mexico New York, North Carolina, Tennessee, Texas.