South Florida Arbitration & Litigation Lawyer Blog
South Florida, FINRA Fraud and Mismanagement Arbitration Attorney, Russell L. Forkey, Esq.
May, 2011
John Godfried Croes Jr. (CRD #2778261, Registered Representative, Davie, Florida, formerly licensed with Princor Financial Services Corporation) submitted a Letter of Acceptance, Waiver and Consent in which he was fined $5,000 and suspended from association with any FINRA member in any capacity for eight months. The fine must be paid either immediately upon Croes’ 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, Croes consented to the described sanctions and to the entry of findings that he sold EIAs outside the scope of his employment relationship with his member firm and received approximately $84,917.14 in compensation. The findings stated that Croes did not provide prompt written notice to his firm of his outside business activity, and represented on annual certification statements and/or outside business activity forms that he was either not engaged in outside business activity or that he had previously disclosed such activity; these representations were false. The findings also stated that despite a specific verbal warning by his firm to discontinue selling EIAs outside the firm’s agency, Croes continued to do so, despite the firm’s specific prohibition against doing so in its WSPs. The suspension is in effect from April 4, 2011, through December 3, 2011. (FINRA Case #2009017291201).
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