South Florida Arbitration & Litigation Lawyer Blog
FINRA Arbitration and Litigation Fraud, Mismanagement, Negligent Supervision and Selling Away Attorney Attorney, Russell L. Forkey, Esq.
August, 2011:
Periodically, the Financial Industry Regulatory Authority, Inc. (FINRA) publically announces, on its website, enforcement actions that have either recently been settled by or commenced against broker/dealers and/or associated persons.
We review these settlements and filed actions each month and provide a brief description of those matters which we believe will be of interest to investors.
Please keep in mind that the complaints issued by FINRA 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 have not yet been adjudicated, you may wish to contact the respondents before drawing any conclusions regarding the allegations in the complaint.
Bluechip Securities, Inc. (CRD® #45726, Houston, Texas) and Muhammad Akram Khan, (CRD #1400089, Registered Principal, Houston, Texas) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $15,000. Khan was fined $385,000 and suspended from association with any FINRA® member in any capacity for 18 months. In assessing the fine, financial benefits Khan obtained were considered. Read More.
Deutsche Bank Securities Inc. (CRD #2525, New York, New York) and Adrienne Barrett Tubridy (CRD #1570968, Registered Supervisor, Marblehead, Massachusetts) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $350,000. In assessing the fine, FINRA took into account financial benefits the firm obtained, and the firm’s discovery, reporting, investigation and corrective measures are reflected in the sanctions. Turbridy was fined $10,000, suspended from association with any FINRA member in any supervisory capacity for 10 days and required to cooperate with FINRA in its prosecution of any other disciplinary action related to these events by, among other things, meeting with and being interviewed by FINRA staff without the need of staff to resort to FINRA Rule 8210, and testifying truthfully at any related hearing. Read More.
Morgan Stanley & Co. Incorporated nka Morgan Stanley & Co. LLC (CRD #8209, New York, New York) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $575,000. Read More.
Scott Thomas Brandt (CRD #1211417, Registered Representative, Woodland Hills, California) submitted a Letter of Acceptance, Waiver and Consent in which he was fined $67,909.21, which includes a $57,909.21 disgorgement of commissions received, and suspended from association with any FINRA member in any capacity for 18 months. Read More.
Timothy D. Camarillo (CRD #5205051, Registered Representative, San Antonio, Texas) submitted an Offer of Settlement in which he was fined $10,000, suspended from association with any FINRA member in any capacity for four months, and ordered to pay $13,000 in restitution to a customer. Read More.
David Lee Cheviron (CRD #4031542, Registered Principal, Massillon, Ohio) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Read More.
Martin Robert Coyne (CRD #2401192, Registered Representative, Pittsburgh, Pennsylvania) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Read More.
James Patrick Cross (CRD #1946579, Registered Representative, Nossegem, Belgium) was barred from association with any FINRA member in any capacity. The sanction was based on findings that Cross failed to respond to FINRA requests for information and documents regarding his sale of certificates of deposit (CDs). (FINRA Case #2010025127301).
Joshua Albert Galiani (CRD #2864225, Registered Representative, Pelham Manor, New York) was barred from association with any FINRA member in any capacity. Read More.
Kirk Loring Gravelle (CRD #2580309, Registered Representative, Macclenny, Florida) was fined $10,000, suspended from association with any FINRA member in any capacity for five business days and required to requalify by examination. Read More.
Richard Arnold Hansen (CRD #236308, Registered Principal, Villanova, Pennsylvania) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Read More.
Faran S. Kassam (CRD #4816180, Foreign Associate, London, England) was barred from association with any FINRA member in any capacity. The sanction was based on findings that Kassam failed to respond to FINRA requests for information and documents in connection with his sale of CDs. (FINRA Case #2010025127401). Read More.
Leroy Henry Paris II (CRD #1130854, Registered Principal, Jackson, Mississippi) submitted a Letter of Acceptance, Waiver and Consent in which he was fined $10,000 and suspended from association with any FINRA member in any principal capacity for six months. Read More.
Jared Austin Poe (CRD #4884505, Registered Representative, Marina Del Rey, California) submitted a Letter of Acceptance, Waiver and Consent in which he was fined $10,000, suspended from association with any FINRA member in any capacity for 18 months and ordered to pay restitution in the total amount of $125,000, plus interest.k Read More.
Jose Salvador Rubio (CRD #1854133, Registered Representative, Miami, Florida) was barred from association with any FINRA member in any capacity. Read More.
Priscilla G. Sabado (CRD #4650234, Registered Representative, Irvine, California) submitted a Letter of Acceptance, Waiver and Consent in which she was barred from association with any FINRA member in any capacity. Read More.
Alan English Smith (CRD #2201854, Registered Principal, Los Altos, California) was barred from association with any FINRA member in any capacity. Read More.
Shane Anthony Sterling (CRD #4640502, Registered Representative, Pleasant Hill, Iowa) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Read More.
Joseph Andrew Sugg II (CRD #5061692, Registered Representative, Flower Mound, Texas) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Read More.
Cheryl Ann Villani (CRD #4662140, Registered Representative, Brookline, New Hampshire) submitted a Letter of Acceptance, Waiver and Consent in which she was barred from association with any FINRA member in any capacity. Read More.
Evely de Jesus Vivenes de Villalon (CRD #2957650, Foreign Associate, Caracas Mirowda, Venezuela) was barred from association with any FINRA member in any capacity. Read More.
Joseph James Sciarra Jr. (CRD #1576322, Registered Principal, Wellington, Florida) was named as a respondent in a FINRA complaint alleging that he received a total of $393,935 from a member firm customer for investment purposes, endorsed the checks and either cashed them or deposited them into a bank account. Read More.
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