Former products representative barred for alleged unethical business-related conduct
The representative converted customers’ premium payments deposited into a customer account for her own personal and business use while also creating inaccurate deposit records.
FINRA Rule 2010
Former securities representative barred for allegedly refusing to produce documents and information
FINRA Rule 8210
Gary Goldberg & Co. (formerly Bruderman Brothers) censured for alleged supervisory system failures
Because of inadequate supervisory procedures the firm failed to detect that its representatives were recommending the purchase of variable annuities through brokerage rather than advisory accounts. This resulted in the customers who were affected paying $966,000 in unnecessary fees. Because customers suffered losses as a result of these recommendations a partial restitution of $500,000 has been ordered in addition to the censure.
The firm was also censured for a failure to include a loan, taken out by an affiliate but guaranteed by it, when calculating its indebtedness. This resulted in the firm’s net capital falling below the required minimum thresholds as well as the filing of inaccurate FOCUS reports.
Exchange Act § 15(c) Exchange Act § 17(a) Exchange Act Rule 15c3-1 Exchange Act Rule 17a-11 Exchange Act Rule 17a-3 Exchange Act Rule 15a-5 FINRA Rule 2010 FINRA Rule 2330 FINRA Rule 3110 FINRA Rule 4110 FINRA Rule 4511 NASD Notice to Members 03-68
Former securities representative suspended and fined for allegedly improperly removing personal customer information from his employer
Nonpublic personal information of approximately 135 customers was photographed and removed from representative’s former firm without its consent or the consent of the customers in question. Interestingly, this information was uncovered and secured by the representative’s new employer and returned to his former employer.
FINRA Rule 2010
| Unless otherwise noted all respondents accepted and consented to FINRA’s findings without admitting or denying them. |
