South Florida Arbitration & Litigation Lawyer Blog
FINRA Fraud and Mismanagement Attorney, Russell L. Forkey, Esq.
May, 2011
Irving Louis Adler (CRD #3175612, Registered Representative, Braintree, Massachusetts, formerly licensed with New England Securities) 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, Adler consented to the described sanction and to the entry of findings that he participated in private securities transactions when customers of his accounting firm and customers of his member firm purchased promissory notes an individual issued. The findings stated that Adler failed to provide written notice to his firm describing in detail the proposed transactions with the individual issuing the promissory notes, his proposed role therein, and stating whether he had received or might receive selling compensation in connection with the transactions. The findings also stated that Adler introduced his clients to the individual and they invested a total of approximately $2.5 million in the individual’s promissory notes as a result of Adler’s referrals. The findings also included that the individual paid Adler approximately $16,434 in selling compensation for his referral. FINRA found that the customers and the investors lost a total of approximately $2,103,375 and the firm made full restitution to Adler’s clients even though some were not customers of the firm. (FINRA Case #2010021436801).
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