South Florida Arbitration & Litigation Lawyer Blog
Stock Broker Misconduct, Borrowing of Money from Customer, FINRA Arbitration and Litigation Attorney, Russell L. Forkey, Esq.
January, 2012:
Toni Leynett Bowen (CRD #4021430, Registered Representative, Lubbock, Texas) submitted a Letter of Acceptance, Waiver and Consent in which she was suspended from association with any FINRA member in any capacity for 10 business days. In light of Bowen’s financial status, no monetary sanctions have been imposed. Without admitting or denying the findings, Bowen consented to the described sanction and to the entry of findings that while registered with her member firm, Bowen’s company borrowed $25,000 from an individual who was not her firm’s customer. The findings stated that later on, the entire $25,000 due to the individual was rolled over into a new loan agreement, which was entered into after the individual became Bowen’s customer at her firm. The findings also stated that the firm’s WSPs do not allow a registered representative to borrow from a customer. The findings also included that Bowen’s company paid off the loan. The suspension was in effect from December 5, 2011, through December 16, 2011. (FINRA Case #2009017068501).