South Florida Arbitration & Litigation Lawyer Blog
Selling Away and Unauthorized Outside Business Activity Fraud, Misrepresentation and Negligent Supervision FINRA Arbitration and Litigation Attorney, Russell L. Forkey, Esq.
December, 2011:
David Leroy Carlson (CRD #1071647, Registered Representative, Simi Valley, California) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Carlson consented to the described sanction and to the entry of findings that he facilitated securities investments away from his member firm. The findings stated that Carlson facilitated investments titled Secured Investment Notes through a company which totaled approximately $1.7 million, and he earned approximately $77,000 on the sales. The findings also stated that Carlson neither provided written notice to, nor obtained approval from, his firm prior to facilitating the investments. The findings also included that the company through which the investments were made was ultimately determined to be a fraudulent scheme, although Carlson has not been implicated in the scheme. (FINRA Case #2009018215701).