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Gregory Bauer Barred By FINRA

FINRA barred former Waddell & Reed Inc. broker Gregory Bauer from the securities industry for making over $400,000 in unauthorized withdrawals from his parents' accounts. Bauer, was registered with Waddell & Reed from 2004 to 2013. According to the settlement, for numerous years at the firm, Bauer was the registered representative serving his parents accounts. His parents were identified as WB and CB in the FINRA document. Without notifying them or getting their permission, Bauer forged their signatures on withdrawal request forms he submitted, according to the settlement. “Several of the forged withdrawal requests caused securities to be sold from his parents' accounts and caused checks to be issued to WB and CB,” according to the settlement. “Bauer, however, intercepted the checks that had been mailed to his parents' home, deposited the checks into his personal bank account, and used the funds for his personal expenses without permission.” After leaving Waddell & Reed, Gregory Bauer joined [...]

By |October 17th, 2016|FINRA, Press Releases & News, SEC|
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Jeffrey Howell Barred From Securities Industry

Jeffrey Howell, formerly a broker with UBS Group AG's wealth management unit was barred from the securities industry for giving a client faux weekly account statements over a period of six years, according to FINRA.Howell sent these reports from September 2008 to November 2014, overvaluing the account by as much as $3 million, according to a settlement notice accepted by FINRA. He is believed to have changed three UBS account statements to conceal the inaccuracies in the reports.Jeffrey Howell created and sent the client over 300 weekly "Stock Tracking Reports" that were supposed to reflect the value of the customer's portfolio but actually misstated it in amounts ranging from $289,000 in September 2008 to about $3 million in November 2014, according to the notice. Howell used his personal e-mail account to send some of the false reports, leaving UBS with inaccurate books and records, FINRA said.According to FINRA's BrokerCheck, UBS terminated Howell in 2014, and he is no longer registered with [...]

By |October 14th, 2016|Broker Check, FINRA, Fraud, Press Releases & News|
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FINRA Bars Jay Jules Gruenebaum

FINRA has permanently banned former broker Jay Jules Gruenebaum, who was terminated by his most recent employer, Stifel Nicolaus, for making unauthorized payments to clients. FINRA began its investigation of Gruenebaum after his June 16 termination and two customer complaints about mishandled accounts and particular representations he made to them, in addition to the unauthorized payments. FINRA requested in person testimony, but Jay Jules Gruenebaum failed to appear. "I would point out that the ban was for his unwillingness to travel to DC for an OTR [on-the-record testimony.] He had already decided to leave the industry and did not want to spend additional time and money," wrote Gruenebaum's attorney. Gruenebaum neither admitted nor denied FINRA's findings. Gruenebaum began his employment with Stifel Nicolaus in March 2013 and was terminated on May 23, 2016. This was not Gruenebaum's first termination. He was terminated by Merrill Lynch after six years of employment for altering client documents on several occasions, according to his BrokerCheck, which [...]

By |October 11th, 2016|Broker Check, FINRA, Press Releases & News|
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Texas Broker-Dealer Fined Over Variable Annuities

An annuity exchange allows brokers to transfer an investor's funds in an annuity to a new policy without incurring tax penalties. IMS Securities, a small broker-dealer firm, was fined $100,000 by FINRA for failing to supervise their brokers who used the annuity exchange to benefit themselves, according to a recent Investment News article. The brokers at IMS were transferring investor funds to new investments under the annuity exchange, producing many more upfront commissions for themselves at the expense of their customers. IMS had a duty to supervise the brokers and the annuity exchange investments and were fined for failing to do so. The article stated that there are two other pending FINRA complaints against the owner and chief executive officer, as well as the chief financial officers and the compliance officers, over the sale of variable annuities, real estate securities and REIT sales. If you or someone you know has lost money as a result of an investment or broker misconduct, please [...]

By |October 7th, 2016|Uncategorized|
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