South Florida Arbitration & Litigation Lawyer Blog
Variable and Fixed Annuity Fraud, Misrepresentation and Negligent Supervision FINRA Arbitration and Litigation Lawyer, Russell L. Forkey, Esq.
December, 2011:
Alan David Goddard Jr. (CRD #3019681, Reg. Representative, Boca Raton, Florida) submitted a Letter of Acceptance, Waiver and Consent in which he was fined $10,000 and suspended from association with any FINRA member in any capacity for 45 days. The fine must be paid either immediately upon Goddard’s reassociation with a FINRA member firm following his suspension, or prior to the filing of any application or request for relief from any statutory disqualification, whichever is earlier. Without admitting or denying the findings, Goddard consented to the described sanctions and to the entry of findings that he was actively engaged in a member firm’s investment banking and securities business as a principal without proper registration. The findings stated that Goddard signed selling agreements and consulting agreements with issuers on the firm’s behalf as an officer of the firm and worked closely with the firm’s outside counsel to establish the terms of selling agreements and private placement offerings that the firm conducted. Unbeknownst to Goddard, the firm’s CCO amended the firm’s Application for Broker-Dealer Registration (Form BD) to list Goddard as the firm’s CEO. The findings also stated that during Goddard’s entire association with the firm, he was only registered as a general securities representative; Goddard took the Series 24 examination but failed. Goddard erroneously believed that he could function in the capacities set forth above without a principal’s license.
The suspension was in effect from October 17, 2011, through November 30, 2011.
(FINRACase #2009016157802).