The Financial Industry Regulatory Authority, Inc. (FINRA) is a self-regulatory authority assigned the responsibility, by the Securities and Exchange Commission, to license, regulate and discipline securities broker/dealers and their employees, including account executives. In the event that FINRA elects to institute an enforcement action, firms and licensed individuals have the responsibility to reflect such action on their U-4 and/or U-5 filings, which can be viewed on the FINRA website under the broker-check section of the site or by viewing the monthly disciplinary information also provided on the FINRA site.
The monthly disciplinary information is referenced on the FINRA site generally in alphabetical order. This post relates to the following company or individuals. If the reader would like to review the entire FINRA release or the broker-check information concerning this matter, you can follow these highlighted links:
June 2014 Disciplinary and Other FINRA Actions:
World Trade Financial Corporation (San Diego, California), Jason Troy Adams (La Mesa, California), Frank Edward Brickell (Encinitas, California) and Rodney Preston Michel (San Diego, California). The firm was fined a total of $45,000 and is prohibited from receiving and selling unregistered securities until it obtains an independent consultant to review its procedures. Adams was fined $20,000 and suspended from association with any FINRA member in any principal capacity for 30 business days. Brickell was fined $15,000 and suspended from association with any FINRA member in any capacity for 30 business days. Michel was fined $30,000 and suspended from association with any FINRA member in any principal capacity for 45 days.
The sanctions were based on findings that the firm and Brickell sold unregistered shares of an entity’s security using interstate means, without a registration statement in effect or filed with the SEC. The findings stated that the firm sold 2.3 million shares of a thinly traded penny stock on behalf of customers who held accounts with the firm. (Case # 2005000075703). To review the full release, please follow the above highlighted link.
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