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FINRA December 2015 Disciplinary Actions: Part III

Denny P. Darmodihardjo (Roswell, GA) submitted an AWC in which he was assessed a deferred fine of $25,000 and suspended from association with any FINRA member in any capacity for 18 months. FINRA found that he engaged in excessive and unsuitable trading in a customer’s accounts. The findings stated that Darmodihardjo made recommendations for the accounts of the customer who, at the time, was a retiree in his late seventies living on a fixed income and caring for his adult child. Darmodihardjo used this control to excessively trade the accounts in a manner that was inconsistent with the customer’s investment objectives, financial situation and needs. The findings also stated that Darmodihardjo recommended unsuitable short-selling and margin use in transactions for the same customer. Despite losses being incurred in the customer’s accounts, Darmodihardjo did not cease the active trading strategy. The suspension is in effect from October 19, 2015, through April 18, 2017. Anthony Clyde Gray (Baton Rouge, LA) submitted an AWC [...]

By |December 28th, 2015|FINRA, Fraud, Press Releases & News|
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History Of Investors Capital Corporation’s Malfeasance

Investors Capital Corporation, a dually-registered independent Broker/Dealer and Investment Advisory firm, has a long history of malfeasance. In the summer of 2014, Patricia S. Miller, a former financial adviser with ICC, was arrested for orchestrating a massive Ponzi scheme that cost her clients millions in savings. Through her scheme, she obtained $4.1 million from over 80 victims and was sentenced earlier this year to six years in prison. According to her indictment, “from in or about January 2002, through May 2014, [Ms.] Miller defrauded and obtained money and property from clients by means of materially false and fraudulent pretenses, representations and promises concerning purported investments that Miller never made on behalf of the clients.” This activity occurred while Miller was a registered representative of ICC. Another former ICC adviser, Haran Brucker, who was registered with ICC from May 2004 to December 2012, has been involved in seven customer disputes since 2002. Though two complaints were denied, the other five were settled for [...]

By |November 11th, 2015|FINRA, Fraud, Press Releases & News|
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FINRA Wants ‘Significant Fine’ From MetLife For Variable Annuity Sales

MetLife Inc., the biggest life insurer in the country, said that FINRA will seek a "significant fine" from the company's broker-dealer unit as part of an investigation into potential violations relating to variable annuities. MetLife stated that it is cooperating with the investigation. The examination centers on possible violations "regarding alleged misrepresentations, suitability, and supervision in connection with sales and replacements of variable annuities and certain riders on such annuities," according to MetLife. FINRA wants to protect against abuses in the sale of retirement and savings products. It told MetLife in late September that it would recommend disciplinary action. MetLife spokesman John Calagna stated, “We strongly disagree with the conclusions reached by FINRA, and we will defend ourselves vigorously.” 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 legal remedies or complete the contact form.

By |November 6th, 2015|FINRA, Press Releases & News|
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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 the majority of its enforcement efforts are focused on situations involving investor rip-offs. "It's a lot of cases that don't involve fraud, that don't involve a lot of big dollars," said Ryan. "Someone's got to enforce these rule violations. That's a space we're very good at." FINRA targets supervisory lapses, sales of unsuitable complex products - notably those aimed at elderly investors - and brokers engaging in outside business activities and "selling away" from the firm's list of products. The authority does not involve itself in areas handled by government agencies: “We're there really to discipline,” said Ryan. “We're not in the business of law enforcement [...]

By |November 5th, 2015|FINRA, Press Releases & News|
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