South Florida Arbitration & Litigation Lawyer Blog
FINRA Negligent Supervision and Selling Away Arbitration Attorney, Russell L. Forkey, Esq.
July, 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.
Recently, FINRA posted a new online data base which provides access to copies of documents underlying certain of the matters discussed herein. Read More.
July, 2011:
Brookstone Securities, Inc. (CRD #13366, Lakeland, Florida) and David William Locy (CRD #4682865, Registered Principal, Overland Park, Kansas) submitted a Letter of Acceptance, Waiver and Consent in which the firm and Locy were censured and fined $25,000, jointly and severally. Read More.
FMSbonds, Inc. (CRD #7793, Boca Raton, Florida) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $100,000. Read More.
The GMS Group, LLC (CRD #8000, Livingston, New Jersey) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $50,000. Read More.
Janney Montgomery Scott LLC (CRD #463, Philadelphia, Pennsylvania) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $75,000. Read More.
Kiley Partners, Inc. (CRD #37814, Palm Beach Gardens, Florida) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $17,500. Read More.
Morgan Stanley & Co. Incorporated (CRD #8209, New York, New York) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured, fined $100,000 and ordered to provide remediation to customers who purchased Unit Investment Trusts (UITs) and qualified for but did not receive a larger breakpoint discount (i.e., a better price) based on a unit calculation or a larger breakpoint discount (i.e., a better price) under the relevant sponsors’ rules for aggregate purchases. Read More.
Renee Marie Brown (CRD #3221618, Registered Principal, Golden Valley, Minnesota) submitted a Letter of Acceptance, Waiver and Consent in which she was barred from association with any FINRA member in any capacity. Read More.
Bart Chad Christensen (CRD #2956167, Registered Representative, South Jordan, Utah) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Read More.
Patrick Shawn Kennedy (CRD #3005062, Registered Supervisor, Raleigh, North Carolina) submitted a Letter of Acceptance, Waiver and Consent in which he was fined $5,000 and suspended from association with any FINRA member in any capacity for nine months. Read More.
Thomas Michael Kinser (CRD #1435579, Registered Representative, Southlake, Texas) was barred from association with any FINRA member in any capacity. Read More.
Ryan Jeffrey Kirkpatrick (CRD #4459488, Registered Representative, Granbury, Texas) was fined $25,000, suspended from association with any FINRA member in any capacity for six months, and ordered to disgorge $91,466, which represents the commissions earned on the sales of unregistered securities. Read More.
John Francis Means (CRD #2263604, Registered Representative, Lutherville, Maryland) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Read More.
David Allen Naefke (CRD #1349960, Registered Representative, Palm Beach Gardens, Florida) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Read More.
Sammy Gail Page (CRD #1640203, Registered Representative, Spurger, Texas) submitted a Letter of Acceptance, Waiver and Consent in which she was barred from association with any FINRA member in any capacity. Read More.
Al Joseph Romani (CRD #5000071, Registered Principal, Apopka, Florida) 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 45 days, required to requalify by examination before acting in a FINOP capacity with any FINRA registered broker-dealer, and agreed to continue to cooperate in any investigation or litigation in related matters. Read More.
Jose Luis Vinas (CRD #4014454, Registered Representative, Houston, Texas) was barred from association with any FINRA member in any capacity. Read More.
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