Articles Posted in Broker Discipline

FINRA Fails To Identify Non-Traded REIT That Violated Reg. BI
Banks Law Office

In the complex world of financial regulation, transparency is paramount to maintaining trust and confidence in the market. Investors rely on regulatory bodies like FINRA (Financial Industry Regulatory Authority) to hold financial professionals accountable for any misconduct and to ensure a fair and transparent marketplace. However, a recent disciplinary action against a financial professional raises…

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Due Diligence Failures at Haywood Securities
Banks Law Office

Introduction FINRA has fined Haywood Securities for violations of FINRA rules, including Haywood’s failure to adequately conduct due diligence on certain private placement investments. In the ever-evolving landscape of financial investments, due diligence is the bedrock of responsible and informed decision-making. The recent revelations surrounding Haywood Securities (USA) Inc. have brought to light significant failures…

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FINRA Expels BrokerBank Securities
Banks Law Office

In a recent regulatory development, BrokerBank Securities, Inc. and its CEO, Philip Paul Wright, faced severe sanctions from the Financial Industry Regulatory Authority (FINRA). This case shines a spotlight on the consequences of non-compliance in the financial industry, revealing how the firm and its CEO allowed an unregistered person to operate in a registered capacity.…

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FINRA Sanctions Kalos’s Arni J. Diamond For Selling GPB
Banks Law Office

FINRA (The Financial Industry Regulatory Authority Inc.) has been penalizing broker-dealers for their involvement in selling high-risk GPB private placements, which were limited partnerships investing in income-producing businesses. GPB raised $1.8 billion from retail investors, but their failure to file required financial statements with the SEC led to problems. Now, FINRA is increasingly focusing on…

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FINRA Accuses Coastal Equities Broker Luke Michael Johnson Of Unsuitable Trading
Banks Law Office

On July 12, 2023, an individual named Luke Michael Johnson was accused in a FINRA (Financial Industry Regulatory Authority) complaint of making unsuitable recommendations to customers. These recommendations involved advising customers to invest over $2.35 million in illiquid alternative investments. The complaint alleges that these recommendations were unsuitable based on the customers’ financial profiles, including…

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FINRA Sanctions Merrill Lynch Broker Robert Spencer Gerstein
Banks Law Office

On July 20, 2023, Robert Spencer Gerstein, based in Boca Raton, Florida, was subject to an AWC (Acceptance, Waiver, and Consent) by FINRA (Financial Industry Regulatory Authority). As part of this agreement, Gerstein faced several sanctions: The allegations against Gerstein revolved around his engagement in short-term trading of securities that were meant to be held…

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FINRA Suspends Kingswood Capital’s Broker Daniel King For Unsuitable Trading
Banks Law Office

On July 17, 2023, Daniel M. King of Venice, California, was issued an AWC (Acceptance, Waiver, and Consent) by FINRA. In this disciplinary action, King was fined $10,000, suspended from associating with any FINRA member for two months, and ordered to pay $33,374.31 plus interest in restitution to a customer. This restitution is related to…

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FINRA Fines American Trust Investment Services Broker John James Hoidas
Banks Law Office

On July 7, 2023, FINRA issued an AWC (Acceptance, Waiver, and Consent) sanctioning American Trust Investment Services’ broker John James Hoidas. Hoidas was assessed a deferred fine of $40,000 and suspended from association with any FINRA member in all capacities for 18 months. He did not admit or deny the findings but consented to the…

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Laidlaw Broker Chris Harrington Fined For Unsuitable Trading
Banks Law Office

On July 7, 2023, an AWC (Acceptance, Waiver, and Consent) was issued against Laidlaw broker Christopher Harrington, resulting in a deferred fine of $11,500 and a suspension from being a broker for nine months. Harrington consented to these sanctions without admitting or denying the findings, which revealed that he engaged in misconduct that harmed a…

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