South Florida Arbitration & Litigation Lawyer Blog
April 2011 FINRA Account Executive Enforcement Action:
Joey Wade Dean (CRD #3061136, Registered Representative, Hot Springs, Arkansas formerly licensed with Morgan Stanley & Co. Incorporated) was barred from association with any FINRA member in any capacity. The sanction was based on findings that Dean willfully made material misrepresentations and omissions to customers that were either intentional or reckless in connection with the purchase of securities. The findings stated that Dean sold the customers unsecured firm debts and misrepresented that their principal was protected and falsely guaranteed the customers a rate of return. The findings also stated that Dean executed unauthorized sales of shares of the securities from customers’ accounts. The findings also included that Dean recommended and effected unsuitable transactions in customers’ accounts because of the extraordinary concentration of a single issuer’s securities in the customers’ accounts. (FINRA Case #2008012833801)
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