South Florida Arbitration & Litigation Lawyer Blog
FINRA Arbitration Attorney, Russell L. Forkey, Esq.
Paul James Marshall (CRD #1889692, Registered Supervisor, Atlanta, Georgia) was named as a respondent in a FINRA complaint alleging that he obtained the option to purchase shares of a company after he obtained bank financing for the company and offered to purchase shares for a member firm customer. The complaint alleges that the customer wired $38,200 to a bank account Marshall controlled to purchase the shares, but Marshall failed to exercise the option, did not forward the funds to the company and did not return the money to the customer because he made the unilateral decision that a joint business venture between himself and the customer owed him the money. The complaint also alleges that Marshall used the money for his personal expenses and not for the customer’s benefit. The complaint further alleges that Marshall borrowed $25,000 from the customer contrary to his firm’s written supervisory procedures that did not permit registered representatives from borrowing from customers. In addition, the complaint alleges that Marshall wrote a check payable to the customer’s business for $25,000 to pay back the loan, but it was not honored due to Marshall’s lack of funds in his bank account. Moreover, the complaint alleges that Marshall failed to completely respond to FINRA requests for information. (FINRA Case #2008014285801).
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