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A Record Year for FINRA Fines

With the levying of some very hefty fines, FINRA is set to beat last year's amount by nearly 70%, according to a recent Investment News article. In the first half of 2016 alone, FINRA assessed four fines over $5 million dollars each. The article called attention specifically to the $20 million dollar fine MetLife Inc. agreed to pay as well at the $17 million dollar Raymond James Financial Inc. fine - the largest anti-money laundering fine in FINRA's history. However, the jump in fine amount is not attributed solely to these mega fines. The article states that the smaller FINRA fines are increasing. While the fines are increasing, the amount of restitution ordered is decreasing to an estimated total of $28 million, which is 71% less than last year. If you or someone you know has lost money as a result of an investment or broker misconduct, please contact Richard Frankowski at 888-741-7503 to discuss your potential legal remedies or [...]

By |October 5th, 2016|FINRA|
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FINRA Bars Broker Douglas Wayne Studer

FINRA has barred former broker Douglas Wayne Studer, who was named in estate documents to inherit his 91-year-old customer's waterfront condominium in Fort Lauderdale, Florida. FINRA investigated Studer for potentially violating his former employer's firm policy by being named in his customer's estate documents, according to a settlement notice accepted by FINRA's department of enforcement. FINRA started looking into the former broker in 2012. On August 2, FINRA asked Studer to provide on-the-record testimony, but he failed to appear. In settling the matter, he agreed to be barred without admitting or denying FINRA's findings. Studer, who had been a broker for 15 years, worked for Kovack Securities Inc., from October 8 until his termination in July. There are two customer disputes listed on his BrokerCheck profile, both of which have been closed. If you or someone you know has lost money as a result of an investment or Ponzi scheme, please contact Richard Frankowski at 888-741-7503 to discuss your potential [...]

By |September 22nd, 2016|Broker Check, FINRA, Press Releases & News|
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Brian James Egan Barred by FINRA

FINRA barred Brian James Egan from the securities industry after allegedly failing to disclose trading accounts he held beyond his employer, Independent Financial Group. According to a settlement notice accepted by FINRA, Egan did not disclose eighty-seven brokerage accounts he held with a separate firm from April 2010 to July 2015. He allegedly held trading authority over said accounts, which were owned by himself, family members, and clients of his accounting and tax preparation practice. FINRA further claims that Egan transferred funds and securities from particular customer accounts to his own. Brian James Egan agreed to be barred from the industry in his settlement. He was registered with Independent Financial Group in Laguna Niguel, California between April 2010 and July 2015. He was terminated on July 28, 2015 for allegedly failing to disclose the brokerage accounts he held away form the firm, violating the firm's policy. FINRA claims Egan made misrepresentations in compliance forms he submitted to Independent Financial Group [...]

By |August 5th, 2016|Broker Check, FINRA, Press Releases & News|
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FINRA Bars Broker Bernard McGee

FINRA barred broker Bernard McGee and ordered him to pay about $250,000 in penalties for fraudulent annuity recommendations he made to an elderly customer. According to FINRA, he surrendered four variable annuity policies owned by the 71 year old customer valued at roughly $500,000 and used the money to purchase a charitable gift annuity from a company that was later discovered to be a fraud. McGee allegedly made material misrepresentations to persuade the client to surrender the variable annuities, which made up approximately fifty percent of her net worth, and buy the charitable gift annuity by misrepresenting to her that she was facing a large tax liability, which the new annuity would offset. McGee also failed to disclose to his client that he would receive a ten percent commission of about $50,000 upon the purchase of the charitable gift annuity from the company 54Freedom, says FINRA. The client incurred about $36,000 in surrender charges. Because of the [...]

By |July 20th, 2016|FINRA, Fraud, Press Releases & News|
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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.