Former securities representative barred for allegedly churning and excessively trading customer accounts and providing false statements and testimony to FINRA
This is an Order Accepting an Offer of Settlement and not an AWC
Exchange Act Rule 10b-5 Exchange Act Rule 15l-1 FINRA Rule 2010 FINRA Rule 2020 FINRA Rule 8210 Reg BI
Securities representative suspended and fined for allegedly participating in a private securities transaction without approval from her employer
The representative also violated FINRA’s standards for communication with the public by sending a financial model that included a “prohibited internal rate of return projection for an investment” and did not disclose the risks or limitations that could prevent the projected forecasts being achieved.
FINRA Rule 2010 FINRA Rule 2210 FINRA Rule 3280
Former products representative barred for allegedly refusing to appear for on-the-record testimony
FINRA Rule 2010 FINRA Rule 8210
Former securities representative suspended and fined for allegedly sharing transaction commissions with an unregistered individual
The individual in question had previously been barred by FINRA from associating with any FINRA member in any capacity.
FINRA Rule 2010 FINRA Rule 2040
Securities representative suspended and fined for alleged negligent misrepresentation connected to variable annuity products
The representative told customers that a guaranteed death benefit was included in the product, but failed to select the optional rider or levy the fee required to trigger this.
In addition the representative falsified customer signatures by electronically signing 13 documents on behalf of three senior customers with their consent.
FINRA Rule 2010 FINRA Rule 4511
Former securities representative barred for allegedly refusing to appear for on-the-record testimony
FINRA Rule 2010 FINRA Rule 8210
Former securities representative suspended and fined for allegedly impersonating customers
The representative electronically signed some 12 forms without the permission of the eight customers in question, signed another approximately 110 forms with the permission of 70 customers and copied and reused ink signatures of three customers with their permission.
FINRA Rule 2010 FINRA Rule 4511
Products representative fined for alleged unsuitable trading in a customer’s account
The trading done by the representative “resulted in a high turnover rate and cost-to-equity ratio, as well as significant losses”. The trading was excessive, unsuitable and not in the customer’s best interest given their investment profiles.
Exchange Act Rule 15l-1 FINRA Rule 2010 FINRA Rule 2111 Reg BI
Former securities representative barred for refusing to appear for on-the-record testimony
FINRA Rule 2010 FINRA Rule 8210
Former securities representative suspended for allegedly making unsuitable investment recommendations
The trading undertaken by the representative “resulted in high turnover rates and cost-to-equity ratios that were well above the traditional guideposts” and resulted in significant customer losses. The trading was “excessive, unsuitable, and not in the best interest of the five customers given their investment profiles”.
A restitution of $58,082.50 plus interest has also been ordered.
Exchange Act Rule 15l-1 FINRA Rule 2010 FINRA Rule 2111 Reg BI
| Unless otherwise noted all respondents accepted and consented to FINRA’s findings without admitting or denying them. |