South Florida Arbitration & Litigation Lawyer Blog
Securities Fraud and Mismanagement FINRA Arbitration Attorney, Russell L. Forkey, Esq.
June, 2011:
Chenying Lee Williamson (CRD #2753331, Registered Representative, Cincinnati, Ohio, formerly licensed with Chase Investment Services Corp.) submitted a Letter of Acceptance, Waiver and Consent in which she was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Williamson consented to the described sanction and to the entry of findings that she altered annuity contracts for customers at her member firm by cutting and pasting incorrect interest rates on the contracts without the firm’s knowledge or approval. The findings stated that Williamson made a misrepresentation to a firm customer and failed to disclose material information to the customer in connection with the customer’s purchase of mutual fund shares. The findings also included that Williamson misrepresented to the customer that her account would not be charged a fee for partially liquidating her mutual fund investment; subsequently, the customer purchased $156,000 in mutual fund shares; $29,346 of which the customer liquidated, and as a result, her account was assessed a contingent deferred sales charge (CDSC) of $299.82 for the liquidation of the shares. FINRA found that Williamson failed to respond to FINRA requests to provide a written statement. (FINRA Case #2009017861401).