South Florida Oil and Gas Suitability, Fraud and Misrepresentation FINRA Arbitration and Litigation Attorney.
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:
January 2014 Disciplinary and Other FINRA Actions
Benjamin Irby Cox (CRD #5761085, Registered Representative, Dallas, Texas) submitted a Letter of Acceptance, Wavier and Consent in which he was fined $5,000 and suspended from association with any FINRA member in any capacity for one year. The fine must be paid either immediately upo0n Cox’s reassociation with a FINRA member firm following his 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, Cox consented to the described sanctions and to the entry of findings that he cold-called potential investors as part of a process to identify investors for oil and gas offerings his firm offered and sold. The findings stated that during the cold calls, Cox was responsible for gathering and documenting suitability information about the potential investors. Cox was supposed to verify the potential investor’s name, address and occupation, and obtain financial investment experience information, and was also supposed to determine the potential investor’s interest in oil and gas investments. Upon obtaining this information, Cox was required to document the information he gathered on contact forms and submit them to the firm. The findings also stated that Cox falsified the suitability information on some contact forms he submitted to the firm. In particular, the contact forms contained false information about the potential investor’s address, occupation, financial status and/or investment experience. FINRA Case No. 2012030728501.
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