South Florida Arbitration & Litigation Lawyer Blog
FINRA Securities Misconduct and Fraud Arbitration Lawyer, Russell L. Forkey, Esq.
June, 2011:
Thaddeus Newel (CRD #2060528, Registered Representative, Farmington Hills, Michigan, formerly licensed with Equitas America, LLC.) was barred from association with any FINRA member in any capacity. The sanction was based on findings that Newel received checks totaling $135,000 made payable to an entity Newel owned from a customer to be invested on her behalf and instead converted the funds for his personal use. The findings stated that Newel concealed his misconduct from the customer by fabricating and providing her with a Statement of Positions that falsely reflected certain investments he claimed he made in her account, including an annuity valued at $137,714. The findings also stated that Newel failed to respond to FINRA requests for information and documents but sent an email to his firm’s compliance officer asking where he should turn himself in. (FINRA Case #2010021728601).