FINRA January 2017 Disciplinary Actions
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FINRA Bars Broker Over Private Securities Transactions
Former broker Brian Smit entered a Letter of Acceptance, Waiver, and Consent, accepting a bar from being associated with any FINRA member in any capacity over engaging in unapproved private securities transaction in violation of his firm’s policy. [su_spacer size=”10″]Smit entered the securities industry in April 2010, when he became associated with LPL Financial, LLC […]
FINRA Bars Broker For Borrowing Client Funds
FINRA has barred Christopher Tolmacs of Portage, Michigan, alleging that the broker borrowed client funds. The providing of loans or selling of promissory notes and other investments outside of a brokerage firm constitutes impermissible private securities transactions, a practice called “selling away.” According to FINRA, Tolmacs consented sanctions in the form of a permanent bar because he failed […]
Questar Advisor Allegedly Sold Fraudulent Securities
The Frankowski Firm is investigating complaints regarding and the termination of former Questar Capital Corporation advisor Kevin Wanner. The complaints allege that The North Dakota Securities Department issued a cease and desist order claiming that Wanner sold time certificate of deposit securities purporting to represent an investment in an FDIC insured interest bearing account and further misrepresented […]
Frankowski Firm Investigating Former Raymond James Broker
The Frankowski Firm is currently investigating the potential claims of people of who lost money investing with Glenn Guthrie, a former broker with Raymond James Financial Services in Birmingham, Alabama. According to FINRA’s BrokerCheck report, Guthrie is the subject of a customer complaint and an employment separation after allegations of selling away. In 2015, a […]
FINRA Interested In Disciplining, Not Punishing
FINRA emphasized that the regulatory authority’s first goal is the “blocking and tackling” of enforcing its rules, not collecting massive financial penalties, stated Russell Ryan, FINRA Senior Vice President and Deputy Chief of Enforcement, at the Securities Docket Securities Enforcement Forum in Washington. FINRA does levy some hefty fines every once in a while, but […]
FSC Securities To Pay $1.28M In Ponzi Case
FSC Securities will pay a $1.28 million arbitration award to investors who were defrauded by Aubrey Lee Price, who had feigned his death in 2012 to avoid being investigated for his $40 million Ponzi scheme. FSC, a broker-dealer in the AIG Advisor Group, was alleged by 8 investors to have failed to supervise a number […]
FINRA Investigating National Securities Broker
FINRA has filed a complaint against broker Vito Balsamo alleging that Balsamo was “selling away” ownership interests in a limited liability company named V.W. Industries, LLC without getting prior written approval from his member firm. Selling away occurs when an investment professional sells or offers securities not held or offered by the brokerage firm with […]
Alabama Man Arrested For Alleged Securities Violations
Timothy Lowell Franks of Winfield, Alabama was arrested earlier this month for allegedly violating the Alabama Securities Act. The arrest was the result of a March 2015 Marion County Grand Jury indictment, which charged him with six counts of violations: one count of Sale of Unregistered Securities, one count of Sale of Securities by an […]
Alabama Man Pleads Guilty In Ponzi Scheme Case
Over a five year span, former Hoover, Alabama financial broker Bryan Anderson found eighteen people to invest $8.4 million in a number of investments and guaranteed that the investments were completely risk free. Roughly two thirds of those investors watched Anderson at the federal courthouse in downtown Birmingham plead guilty to operating a Ponzi scheme […]
