Unauthorized Loan - Russell L. Forkey

Unauthorized and/or Prohibited Loan Activity Between Client and Brokerage Firm Account Executive – Boca Raton, Florida FINRA Arbitration Attorney

Russell L. Forkey — Sun, 23 Aug 2015 13:35:31 GMT

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:

February 2015 Disciplinary and Other FINRA Actions

Broker Check: http://www.finra.org/Investors/ToolsCalculators/BrokerCheck/

Gloria Gonzalez Andrus (CRD #1178786, Austin, Texas) submitted an AWC in which she was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in any capacity for two months. Without admitting or denying the findings, Andrus consented to the sanctions and to the entry of findings that without prior notice to or approval from her member firm, she borrowed $390,000 from a brokerage customer to purchase a condominium. The findings stated that Andrus issued a promissory note to the customer promising to repay the loan within a specific period of time. Andrus has repaid $300,000 to the customer. The findings also stated that Andrus falsely certified on an annual compliance questionnaire that she had not received any loans from her brokerage customers.

The suspension was in effect from January 5, 2015, through March 4, 2015. (FINRA Case #2013037263701).

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With extensive courtroom, arbitration and mediation experience and an in-depth understanding of elder abuse, exploitation and 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.

At the Boca Raton Law Office of Russell L. Forkey, we represent clients throughout South and Central Florida, including Fort Lauderdale, West Palm Beach, Boca Raton, Sunrise, Plantation, Coral Springs, Deerfield Beach, Pompano Beach, Delray, Boynton Beach, Hollywood, Lake Worth, Royal Palm Beach, Manalapan, Jupiter, Gulf Stream, Wellington, Fort Pierce, Stuart, Palm City, Jupiter, Miami, Orlando, Maitland, Winter Park, Altamonte Springs, Lake Mary, Heathrow, Melbourne, Palm Bay, Cocoa Beach, Vero Beach, Daytona Beach, Deland, New Smyrna Beach, Ormand Beach, Broward County, Palm Beach County, Dade County, Orange County, Seminole County, Martin County, Brevard County, Indian River County, Volusia County and Monroe County, Florida. The law office of Russell L. Forkey also represents South American, Canadian and other foreign residents that do business with U.S. financial institutions, investment advisors, brokerage and precious metal firms.

Ricky Eugene Bell – Boca Raton, Florida Unapproved Private Security and Unauthorized Loan Transaction FINRA Arbitration Attorney

Russell L. Forkey — Thu, 01 Jan 2015 23:19:37 GMT

Ricky Eugene Bell – Boca Raton, Florida Unapproved Private Security and Unauthorized Loan Transaction FINRA Arbitration Attorney:

December 2014 Disciplinary and Other FINRA Actions

Broker Check: http://www.finra.org/Investors/ToolsCalculators/BrokerCheck/

Ricky Eugene Bell (CRD #2065556, Fayetteville, North Carolina) was barred from association with any FINRA member in any capacity and ordered to pay a total of $19,650, plus interest, in restitution to customers. The sanctions were based on findings that Bell engaged in private securities transactions through a lending program without providing notice to, or receiving approval from, his member firm. The findings stated that Bell solicited and received personal loans totaling $19,650 from customers without requesting or receiving his firm’s approval to solicit or receive the loans. The firm notified Bell of its policies and procedures against borrowing from customers. The findings also stated that Bell failed to respond to FINRA requests for information and documents and to provide on-the-record testimony. (FINRA Case #2013039439301).

Dawson James Securities, Inc. – Boca Raton, Florida Broker/Dealer Sales Practice Violations FINRA Arbitration and Litigation Attorney

Russell L. Forkey — Fri, 27 Jun 2014 00:51:37 GMT

June 2014 Disciplinary and Other FINRA Actions

Broker Check: http://www.finra.org/Investors/ToolsCalculators/BrokerCheck/

Dawson James Securities, Inc. (Boca Raton, Florida) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured, fined $75,000, and required to revise its WSPs. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that the firm’s WSPs failed to provide for one or more of the four minimum requirements for adequate WSPs in several subject areas, including registered representatives’ disclosure of potential conflicts of interests to clients; registered representatives’ trading in the opposite direction of solicited customer transactions, sales practice concerns, including unauthorized trading, suitability, excessive trading and free-riding; concentration of securities in clients’ accounts, sharing of profits or losses in clients’ accounts, wash sales, coordinated trading, marking the open and marking the close; cancel-rebill transactions in clients’ accounts and the review of registered representatives’ electronic communications. (Case # 2008012546802). To review the full release, please follow the above highlighted link.

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At the Fort Lauderdale Law Office of Russell L. Forkey, we represent clients throughout South and Central Florida, including Fort Lauderdale, West Palm Beach, Boca Raton, Sunrise, Plantation, Coral Springs, Deerfield Beach, Pompano Beach, Delray, Boynton Beach, Hollywood, Lake Worth, Royal Palm Beach, Manalapan, Jupiter, Gulf Stream, Wellington, Fort Pierce, Stuart, Palm City, Jupiter, Miami, Orlando, Maitland, Winter Park, Altamonte Springs, Lake Mary, Heathrow, Melbourne, Palm Bay, Cocoa Beach, Vero Beach, Daytona Beach, Deland, New Smyrna Beach, Ormand Beach, Broward County, Palm Beach County, Dade County, Orange County, Seminole County, Martin County, Brevard County, Indian River County, Volusia County and Monroe County, Florida. The law office of Russell L. Forkey also represents South American, Canadian and other foreign residents that do business with U.S. financial institutions, investment advisors, brokerage and precious metal firms.

Stop Limit Order – Special Order and/or Trading Instruction – South Florida Broker/Dealer, Investment Advisor, Account Executive Breach of Fiduciary Duty, Breach of Contract, Mismanagement, Negligence and Negligent Supervision FINRA Arbitration Attorney

Russell L. Forkey — Sun, 20 Apr 2014 22:34:16 GMT

Special Orders and Trading Instructions – South Florida Broker/Dealer, Investment Advisor and Account Executive Breach of Fiduciary Duty, Breach of Contract, Mismanagement, Negligence and Negligent Supervision FINRA Arbitration and Litigation Attorney:

Special Orders and Trading Instructions:

In addition to market and limit orders, brokerage firms may allow investors to use special orders and trading instructions to buy and sell stocks. One common special order and trading instruction is the “stop-limit order.”

Stop-limit Order:

A stop-limit order is an order to buy or sell a stock that combines the features of a stop order and a limit order. Once the stop price is reached, a stop-limit order becomes a limit order that will be executed at a specified price (or better). The benefit of a stop-limit order is that the investor can control the price at which the order can be executed. Before using a stop-limit order, investors should consider the following: (a) as with all limit orders, a stop-limit order may not be executed if the stock’s price moves away from the specified limit price, which may occur in a fast-moving market, (b) short-term market fluctuations in a stock’s price can activate a stop-limit order, so stop and limit prices should be selected carefully, (c) the stop price and the limit price for a stop-limit order do not have to be the same price. For example, a sell stop limit order with a stop price of $3.00 may have a limit price of $2.50. Such an order would become an active limit order if market prices reach $3.00, although the order could only be executed at a price of $2.50 or better, (d) for certain types of stocks, some brokerage firms have different standards for determining whether the stop price of a stop-limit order has been reached. For these stocks, some brokerage firms use only last-sale prices to trigger a stop-limit order, while other firms use quotation prices. Investors should check with their brokerage firms to determine the specific rules that will apply to stop-limit orders.

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Stop Order – Special Order and/or Trading Instruction – South Florida Broker/Dealer, Investment Advisor and Account Executive Breach of Fiduciary Duty, Breach of Contract, Mismanagement and Negligent Supervision FINRA Arbitration and Litigation Attorney

Russell L. Forkey — Sun, 20 Apr 2014 22:04:01 GMT

Special Orders and Trading Instructions:

In addition to market and limit orders, brokerage firms may allow investors to use special orders and trading instructions to buy and sell stocks. One of the most common special orders and trading instructions is the “stop order.”

Stop Order: A stop order, also referred to as a stop-loss order, is an order to buy or sell a stock once the price of the stock reaches a specified price, known as the stop price. When the stop price is reached, a stop order becomes a market order. A buy stop order is entered at a stop price above the current market price. Investors generally use a buy stop order to limit a loss or to protect a profit on a stock that they have sold short. A sell stop order is entered at a stop price below the current market price. Investors generally use a sell stop order to limit a loss or to protect a profit on a stock that they own. Before using a stop order, investors should consider the following: short-term market fluctuations in a stock’s price can activate a stop order, so a stop price should be selected carefully. The stop price is not the guaranteed execution price for a stop order. The stop price is a trigger that causes the stop order to become a market order. The execution price an investor receives for this market order can deviate significantly from the stop price in a fast-moving market where prices change rapidly. An investor can avoid the risk of a stop order executing at an unexpected price by placing a stop-limit order, but the limit price may prevent the order from being executed. For certain types of stocks, some brokerage firms have different standards for determining whether a stop price has been reached. For these stocks, some brokerage firms use only last-sale prices to trigger a stop order, while other firms use quotation prices. Investors should check with their brokerage firms to determine the specific rules that will apply to stop orders.

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South Florida Broker/Dealer and/or Account Executive Negligent Supervision, Selling Away and Unapproved Outside Business Activity FINRA Arbitration, Litigation and Probate Estate Attorney

Russell L. Forkey — Wed, 26 Feb 2014 13:23:31 GMT

South Florida Broker/Dealer and/or Account Executive Negligent Supervision, Selling Away and Unapproved Outside Business Activity FINRA Arbitration, Litigation and Probate Estate Attorney.

January 2014 Disciplinary and Other FINRA Actions

Broker Check: http://www.finra.org/Investors/ToolsCalculators/BrokerCheck/

Rinnie KF Chan (CRD #4225956, Registered Representative, Edison, New Jersey) submitted a Letter of Acceptance, Wavier and Consent in which she was fined $5,000 and suspended from association with any FINRA member in any capacity for one month. The fine must be paid either immediately upon Chan’s reassociation with a FINRA member firm following her suspension, or prior to the filing of any application or request for relief from any statutory disqualification, whichever is earlier. Without admitting or denying the findings, Chan consented to the described sanctions and to the entry of findings that she sold fixed life insurance policies issued by a non-member firm-affiliated insurance company for which she was compensated approximately $69,000 in commissions. The findings stated that Chan did not submit the applications through the firm’s Enterprise General Agency or declare the sales to the firm as an outside business activity. In her annual attestation, Chan falsely certified to the firm that she had not been engaged in any outside business activities, except for those previously disclosed. FINRA Case No. 2011030533101

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Irving Marvin Burstein – South Florida Broker/Dealer and Account Executive Negligent Supervision FINRA Arbitration, Litigation and Probate Attorney

Russell L. Forkey — Wed, 26 Feb 2014 13:15:04 GMT

Irving Marvin Burstein – South Florida Broker/Dealer and Account Executive Negligent Supervision FINRA Arbitration, Litigation and Probate Estate Attorney.

January 2014 Disciplinary and Other FINRA Actions

Broker Check: http://www.finra.org/Investors/ToolsCalculators/BrokerCheck/

Irving Marvin Burstein (CRD #1218326, Registered Principal, Boynton Beach, Florida, formerly licensed with R.M. Stark & Co., Inc., Legend Securities, Inc., and MSM Securities, Inc. respectively) submitted a Letter of Acceptance, Wavier and Consent in which he was suspended from association with any FINRA member in any principal capacity for one year and required to cooperate with FINRA or any other regulator in any further investigation and hearing related to his member firm. In light of Burstien’s financial status, no monetary sanctions have been imposed. Without admitting or denying the findings, Burnstein consented to the described sanctions and to the entry of findings that he was his firm’s CCO, whose duties included reviewing customer accounts to detect and monitor for unsuitable transactions, excessive trading activity, unauthorized trading/transactions, excessive losses, wholesale recommendations, excessive securities concentrations, and large or routine debit balances. The findings stated that Burnstein failed to review customer accounts for any of these things and limited his daily activities to reviewing the trade blotter and order tickets, and listening to registered representatives make cold calls. FINRA Case No. 2011027667401.

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Promissory Notes – South Florida Promissory Note FINRA Arbitration and Litigation Attorney

Russell L. Forkey — Sun, 16 Feb 2014 00:26:10 GMT

Florida Promissory Note FINRA Arbitration and Litigation Attorney:

January 2014 Disciplinary and Other FINRA Actions

Broker Check: http://www.finra.org/Investors/ToolsCalculators/BrokerCheck/

Jinesh Pravin Brahmbhatt (CRD #2491299, Registered Representative, Potomac, Maryland) submitted a Letter of Acceptance, Wavier and Consent in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Brahmbhatt consented to the described sanctions and to the entry of findings that he failed to appear and testify at a disciplinary proceeding regarding a complaint FINRA filed against his member firm and its CEO/president alleging that they engaged in an $18 million offering fraud in connection with the sale of promissory notes. FINRA Case No. 2012034211303.

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Financial Elder Abuse – Financial Elder Exploitation – Florida Litigation and FINRA Arbitration Attorney

Russell L. Forkey — Mon, 25 Nov 2013 23:47:38 GMT

Financial Elder Abuse and Elder Exploitation – Boca Raton, Delray Beach, West Palm Beach and Fort Lauderdale, Florida Litigation and Arbitration Attorney:

Florida Statute Section 415.1111 grants to vulnerable (elder) adults a cause of action as a result of financial and other types of abuse. It provides that a vulnerable adult who has been abused, neglected, or exploited as specified in the law has a cause of action against any perpetrator and may recover actual and punitive damages for such abuse, neglect, or exploitation. The action may be brought by the vulnerable adult, or that person’s guardian, by a person or organization acting on behalf of the vulnerable adult with the consent of that person or that person’s guardian, or by the personal representative of the estate of a deceased victim without regard to whether the cause of death resulted from the abuse, neglect, or exploitation. The action may be brought in any court of competent jurisdiction to enforce such action and to recover actual and punitive damages for any deprivation of or infringement on the rights of a vulnerable adult. A party who prevails in any such action may be entitled to recover reasonable attorney’s fees, costs of the action, and damages. The remedies provided in this section are in addition to and cumulative with other legal and administrative remedies available to a vulnerable adult.

As the elder population in Florida has increased, incidents of financial elder abuse has accelerated at an alarming rate. An area of financial elder abuse that has recently exploded is the twisting (unnecessary sale and purchase of annuities) of variable and fixed annuities.

Please keep in mind that this information is being provided for informational purposes only. It is not designed to be complete in all material respects. Thus, it should not be relied upon as legal or investment advice. If after reviewing this post you have any questions, you should contact a qualified professional.

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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.

Fraudulent Promissory Note Offering – South Florida Securities and Investment Fraud FINRA Arbitration and Litigation Attorney

Russell L. Forkey — Tue, 10 Sep 2013 09:53:44 GMT

SEC Files Civil Injunctive Action Against Alleged Perpetrator and Unregistered Broker in Fraudulent Promissory Note Offering

Recently, the Securities and Exchange Commission filed a civil injunctive action in the United States District Court for the District of Colorado against Brian G. Elrod for allegedly conducting a fraudulent offering of promissory notes for which Nova Dean Pack acted as an unregistered broker. Elrod and Pack reside in Buffalo Creek, Colorado and Highland, California, respectively.

The Complaint alleges that, from at least March 2009 through November 2009, Elrod and Pack raised approximately $2 million from 12 investors who invested in high-yield promissory notes issued by CFS Holding Company LLC (“CFS”), a Colorado company owned and managed by Elrod. According to the Complaint, Elrod told investors that their investments were secured and guaranteed and would generate annual returns ranging from 12% to 24%. According to the Complaint, Elrod further represented to investors that the proceeds from their promissory notes would be used to expand a group of financial services companies owned and managed by Elrod. The Complaint alleges that the foregoing representations, among others, were false and misleading when made, and that Elrod, rather than use investor money for legitimate business purposes, improperly used most of the investor funds to make substantial payments to himself and family members and to pay for personal expenses, to pay Pack significant commissions for referring investors, and to make interest payments back to investors. According to the Complaint, the CFS note offering was not registered with the Commission, and Pack was not an associated person of a registered broker or dealer at the time he participated in the CFS note offering.

Without admitting or denying the SEC’s allegations, Elrod and Pack agreed to settle the case against them. The settlement is pending final approval by the court. Specifically, Elrod consented to the entry of a final judgment permanently enjoining him from future violations of Sections 5 and 17(a) of the Securities Act of 1933 (“Securities Act”) and Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”) and Rule 10b-5 thereunder, and requiring him to pay disgorgement of $1,720,491, the amount of his ill-gotten gains, plus prejudgment interest of $295,817, and a civil penalty of $1,720,491. Pack consented to the entry of a final judgment permanently enjoining him from future violations of Section 5 of the Securities Act and Section 15(a) of the Exchange Act, and ordering disgorgement of $171,500 plus prejudgment interest of $25,177, but waiving payment and not imposing a civil penalty based upon his financial condition.

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Blake Richards – South Florida Retirement Funds Misappropriation and Theft FINRA Arbitration and Litigation Attorney

Russell L. Forkey — Wed, 21 Aug 2013 00:26:01 GMT

South Florida Retirement and Elder Care Misappropriation and Theft FINRA Arbitration and Litigation Attorney:

Securities and Exchange Commission v. Blake Richards, Civil Action No. 1:13-CV-1729 (N.D. Ga.)

Federal Court Permanently Enjoins Atlanta-Area Registered Representative Blake Richards from Securities Fraud Violations

Recently, the Honorable Julie E. Carnes of the United States District Court for the Northern District of Georgia, entered an order of permanent injunction against Blake Richards of Buford, Georgia enjoining the defendant from further violations of the securities laws in connection with allegations that the registered representative misappropriated investor funds. Specifically, Richards is permanently enjoined from further violations of the antifraud provisions of the federal securities laws, Section 17(a) of the Securities Act of 1933 (“Securities Act”), Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”) and Rule 10b-5 thereunder, and Sections 206 (1) and Section 206 (2) of the Investment Advisers Act of 1940 (“Advisers Act”). The Order further provides that the issues of disgorgement and civil penalties will be resolved on motion of the Commission at a later date, and that in response to that motion, Richards is precluded from arguing that he did not violate the federal securities laws. Further, for purposes of that motion, the Order also provides that the allegations of the Complaint shall be accepted as and deemed true by the Court. Richards consented to the entry of the order of permanent injunction, without admitting or denying the allegations of the Commission’s complaint.

The Commission’s complaint alleged that, since at least 2008, Richards, a registered representative of a broker dealer, misappropriated approximately $2 million from at least seven investors. The majority of the misappropriated funds constituted retirement savings and/or life insurance proceeds from deceased spouses. The Commission further alleged that Richards instructed investors to write out checks to entities under his control with the understanding that Richards would invest their funds in fixed income assets, variable annuities and/or common stock, and that none of these investments were made as represented. None of the investments appeared on the client’s brokerage account statements, and Richards received no commission income from these investments. The complaint further alleged that Richards siphoned off the funds entrusted to him for personal use.

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Scott Douglas Stephenson – Florida Misappropriation of Funds FINRA Arbitration and Litigation Attorney

Russell L. Forkey — Wed, 27 Feb 2013 10:53:43 GMT

Scott Douglas Stephenson – Registered Representative, Grants Pass, Oregon:

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 and enforcement action, firms and licensed individuals have the responsibility to reflect such action of 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 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 2012 Disciplinary and Other FINRA Actions

Broker Check: http://www.finra.org/Investors/ToolsCalculators/BrokerCheck/

FINRA Case No. 2010025769101 – In June of 2012, the Financial Industry Regulatory Authority, Inc. (FINRA) issued a release advising that Scott Douglas Stephenson submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. In order to view a copy of the full release, please follow above the referenced links.

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Marty Edward Paul – Florida Unauthorized Outside Business Activity FINRA Arbitration and Litigation Attorney

Russell L. Forkey — Tue, 26 Feb 2013 01:19:04 GMT

Marty Edward Paul – Registered Supervisor, Gig Harbor, Washington:

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 and enforcement action, firms and licensed individuals have the responsibility to reflect such action of 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.

June 2012 Disciplinary and Other FINRA Actions

Broker Check: http://www.finra.org/Investors/ToolsCalculators/BrokerCheck/

FINRA Case No. 2010024106101– In June of 2012, the Financial Industry Regulatory Authority, Inc. (FINRA) issued a release advising that Marty Edward Paul submitted a Letter of Acceptance, Waiver and Consent in which he was fined $20,000 and suspended from association with any FINRA member in any capacity for one year. In order to view a copy of the full release, please follow above the referenced links.

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Alison Marie Janke – Florida Securities and Investment Unapproved Loan FINRA Arbitration and Litigation Attorney

Russell L. Forkey — Sun, 27 Jan 2013 23:16:26 GMT

Alison Marie Janke – Registered Representative, Port Richey, Florida:

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 and enforcement action, firms and licensed individuals have the responsibility to reflect such action of 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.

June 2012 Disciplinary and Other FINRA Actions

Broker Check: http://www.finra.org/Investors/ToolsCalculators/BrokerCheck/

FINRA Case No. 2011027400401– In June of 2012, the Financial Industry Regulatory Authority, Inc. (FINRA) issued a release advising that Alison Marie Janke submitted a Letter of Acceptance, Waiver and Consent in which she was fined $7,500 and suspended from association with any FINRA member in any capacity for six months. In order to view a copy of the full release, please follow above the referenced links.

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Jon Edward Piwowarczyk – Delray Beach, Florida Broker/Dealer and Investment Advisor Unauthorized Loan FINRA, AAA and JAMS Arbitration and Litigation Attorney

Russell L. Forkey — Sun, 04 Nov 2012 18:02:15 GMT

Jon Edward Piwowarczyk – South Dartmouth, Massachusetts:

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 and enforcement action, firms and licensed individuals have the responsibility to reflect such action of 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 site generally in alphabetical order. This post relates to the following company or individual. If the reader would like to review the entire FINRA release or the broker-check information, you can follow these highlighted links:

May 2012 Disciplinary and Other FINRA Actions

Broker Check: http://www.finra.org/Investors/ToolsCalculators/BrokerCheck/

FINRA Case No. 2006005178801– In May of 2012, the Financial Industry Regulatory Authority, Inc. (FINRA) issued a release advising that Jon Edward Piwowarczyk submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. In order to view a copy of the full release, please follow above the referenced links.

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