On July 25, 2023, the Financial Industry Regulatory Authority (FINRA) issued a Letter of Acceptance, Waiver, and Consent (AWC) against LPL Financial LLC, a prominent independent securities broker headquartered in Fort Mill, South Carolina. This disciplinary action followed a series of egregious violations that involved the conversion/theft of approximately $2.4…
FINRA has announced on its website that it has barred Tennessee financial advisor D. Wray Rodgers of Collierville. According to FINRA’s Letter of Acceptance, Waiver, and Consent, Mr. Rodgers was registered with the firm Vining-Sparks IBG, LLC, and FINRA had begun an investigation regarding “whether Rodgers engaged in an outside…
FINRA announced last month that it has barred Charlotte, North Carolina based financial advisor Christopher J. Carpenter. The FINRA Letter of Acceptance, Waiver, and Consent states that Mr. Carpenter failed to produce documents or information requested in response to a FINRA investigation. The investigation allegedly was initiated in response to…
The online FINRA Brokercheck report for former Western International broker Chris Kennedy shows eleven different customer complaints. These complaints include allegations of unauthorized trading, unsuitability, breach of fiduciary duty, and other wrongful conduct. Many of the complaints have been settled, with one settled for over 2.7 million dollars. The Brokercheck…
Former RBC and Ameriprise securities broker Scott Jay Matalon of Jericho, New York was recently barred from the industry by FINRA, a securities regulator. The Letter of Acceptance, Waiver, and Consent states that Mr. Matalon failed to produce documents or information in response to an investigation regarding an arbitration Statement…
Our securities fraud blog has previously addressed the risks to investors regarding inverse and leveraged ETFs. A new type of ETF has emerged, however, which can carry even higher risks. The North American Securities Administrators Association recently issued an advisory to investors regarding single stock ETFs. Inverse and leveraged single…
FINRA recently suspended an Edward Jones financial advisor from Sunset Beach, California for borrowing money from a customer without firm authorization. The FINRA Letter of Acceptance, Waiver and Consent against Scott P. Smith can be found here. According to the AWC, Mr. Smith borrowed money in five different loans from…
New Jersey securities broker Carz Levinski Craffey (aka Caz Craffy) was recently barred from the securities industry by securities regulator FINRA. Mr. Craffy had been registered with Monmouth Capital Management and previously was registered with Newbridge Securities Corp. Mr. Craffy’s Brokercheck report from FINRA discloses that he was discharged by…
After being charged by the SEC with Regulation Best Interest violations relating to GWG, Western International Securities has now been censured and fined by FINRA for a different alternative investment product – non traded REITs. REITs – Real Estate Investment Trusts – are investment companies that invest in a portfolio…
FINRA censured, fined, and ordered restitution payments from Philadelphia, Pennsylvania based Janney Montgomery Scott last month. The Letter of Acceptance Waiver and Consent (AWC) discussed how two of Janney’s advisors “recommended that 11 customers unsuitably concentrate their accounts in certain energy-sector securities, including master limited partnerships focused on the exploration…