Southeast United States FINRA Securities Fraud, Misrepresentation and Mismanagement Arbitration Attorney, Russell L. Forkey, Esq.
May, 2011 – Complanit:
FINRA has 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.
Bryan Lee Addington (CRD #2641975, Registered Representative, Ethel, Louisiana, formerly licensed with First Midwest Securities, Inc.) was named as a respondent in a FINRA complaint alleging that a customer instructed Addington to purchase shares of a common stock in his securities account at Addington’s member firm, and Addington instructed the customer to pay for the shares with a $34,019 check payable to an entity even though the check should have been made payable to Addington’s firm’s clearing firm. The complaint alleges that the customer provided the check to Addington, but he never deposited the funds into the customer’s account, thereby misappropriating and retaining the funds. The complaint also alleges that Addington placed an order to purchase shares of the common stock in the customer’s account, for a total amount of $34,019; afterward, Addington’s firm liquidated the shares in the customer’s account for non-payment. The complaint further alleges that the customer was not aware of this immediately, as the customer was not reviewing his confirmations and statements regularly. In addition, the complaint alleges that the customer instructed Addington to sell the shares, which the customer believed was still in his account, and to send the proceeds to him. Moreover, the complaint alleges that subsequently, the customer received a $35,500.98 check from Addington issued from an account with the name of the entity to which the customer’s check had been made payable, and made payable to a business the customer owned. Furthermore, the complaint alleges that the customer attempted to deposit the check in his account, but the check was returned by the customer’s bank due to insufficient funds. The complaint also alleges that the customer contacted Addington, and Addington stated that he had forgotten to change his account from “call to cover” and advised the customer to redeposit the check. The complaint further alleges that the customer attempted to re-deposit the check in his account, and was advised by the bank that the check would not clear. In addition, the complaint alleges that the customer called Addington and demanded his money be returned to him that day; Addington gave the customer $35,000 in cash that day. Moreover, the complaint alleges that Addington failed to respond to FINRA requests for information. (FINRA Case #2010021774001).
With extensive courtroom, arbitration and mediation experience and an in-depth understanding of securities law, our firm provides all of our clients with the personal service they deserve. Handling cases worth $25,000 or more, we represent clients throughout Florida and across the United States, as well as for foreign individuals that invested in U.S. banks or brokerage firms. Contact us to arrange your free initial consultation.