Southeast United States FINRA Frand and Mismanagement Arbitration Attorney, Russell L. Forkey, Esq.

May, 2011

FINRA issued the following complaint. Issuance of a disciplinary complaint represents FINRA’s initiation of a formal proceeding in which findings as to the allegations in the complaint have not been made, and does not represent a decision as to any of the allegations contained in the complaint. Because these complaints are unadjudicated, you may wish to contact the respondents before drawing any conclusions regarding the allegations in the complaint.

Andrew Joseph Longoria (CRD #2299271, Registered Representative, Hutto, Texas, formerly Inc.) was named as a respondent in a FINRA complaint alleging that a customer opened an account with a mutual fund company through Longoria, and Longoria had the customer write a $12,000 check payable to an unregistered entity he owned and controlled. The complaint alleges that although an account was opened for the customer, it was never funded and Longoria never returned the $12,000 to the customer. The complaint also alleges that when Longoria’s member firm learned of the situation from the customer, the firm repaid her the $12,000. The complaint further alleges that Longoria received $5,000 from an individual, not a firm client, to invest in what Longoria represented as an exchange-traded mutual fund tied to the performance of the S&P index, and instructed the individual to make the check payable to an entity and complete forms to open an account, but Longoria never opened the account. In addition, the complaint alleges that the individual made numerous requests that Longoria return the funds; Longoria eventually gave the individual a $5,820 check which was returned for insufficient funds. Moreover, the complaint alleges that Longoria failed to respond to FINRA requests for information and documents. (FINRA Case #2009019969101).

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