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FINRA January 2017 Disciplinary Actions

FINRA takes disciplinary actions against firms and individuals for violations of FINRA rules; federal securities laws, rules, and regulations; and the rules of the Municipal Securities Rulemaking Board. Below are a number of penalties announced by the regulator in January 2017. If you have been a victim of any of the below behavior, you may have legal recourse. Please contact attorney Richard Frankowski today at 888-741-7503 for a free consultation. FINRA censured and fined VFG Securities, Inc. of Culver City, California $50,000, $10,000 of which is joint and several with Jason Bryce Vanclef. According to FINRA, the firm and Vanclef distributed and listed for sale online Vanclef's self-published book, which contained, false, exaggerated, unwarranted, or misleading statements, and omitted material facts or qualifications where the omissions caused the communication to be misleading. The findings also state they provided customers with misleading personalized recommendation spreadsheets. Advisors Clearing Network, Inc. of Pasadena, California was also censured and fined $50,000. FINRA found that it [...]

By |January 24th, 2017|Broker Check, FINRA, Fraud, Legal Matters, Press Releases & News, SEC|
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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. Smit entered the securities industry in April 2010, when he became associated with LPL Financial, LLC and registered with FINRA as a General Securities Representative. On August 24, 2015, LPL filed a Uniform Termination Notice for Securities Industry Registration, also known as a Form U-5, disclosing that Smit's association with LPL had been terminated on August 3, 2015 as a result of participating in unapproved private securities transactions in violation of LPL's policy. In February 2016, FINRA requested that Smit appear and provide on-the-record testimony related to allegations he participated in an unapproved private securities transaction. Smit refused to provide said testimony, violating FINA Rules 8210 and 2010. The nature of Smit's private transactions is presently unclear. According to [...]

By |June 14th, 2016|FINRA, Press Releases & News|
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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 to provide documents and information requested by FINRA during the course their investigation into allegations that he borrowed funds from multiple customers. At this time it unclear the nature and scope of Tolmacs’ outside business activities and private securities transactions.  However, according to Tolmacs’ public records his outside business activities includes Harbinger Financial Group, Inc., listed as an insurance agency, and Harbinger Asset Management, Inc., which is listed as a registered investment advisory firm.  Many times, brokers sell promissory notes and other investments through side businesses as accountants, lawyers, or insurance agents to clients of those side practices. In addition, Tolmacs has been [...]

By |June 9th, 2016|FINRA, Press Releases & News|
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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 to the investors that their funds would be deposited with the FDIC member financial institutions represented. Instead, the funds were deposited into accounts owned and controlled by Wanner for his own purpose. Subsequently, on December 31, 2015, the NDSD revoked Wanner’s securities license in the state. On January 11, 2016, FINRA permanently barred Wanner form the securities industry. Wanner was barred from engaging in the business of insurance and from withdrawing any moneys from any banking or financial accounts. The order alleges that two people were given fraudulent certificates of deposit which could not be authenticated by the banks listed on the documents. Warner's alleged [...]

By |February 17th, 2016|FINRA, Fraud, Press Releases & News|
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