Broker Misconduct - Law Offices of Robert Wayne Pearce

Dec 10, 2020

Virginia FINRA Securities Arbitration Lawyer

Did William Anthony Daly III Cause You Investment Losses? William Anthony Daly III of North Chesterfield, Virginia was fined $5,000 and suspended from association with any FINRA member for a period of 45 days for allegedly engaging in unauthorized trading. Without admitting or denying the allegations, William Anthony Daly III consented to the sanctions. The suspension was in effect from September 7, 2020, through October 21, 2020. Daly is currently associated with UBS and is therefore subject to FINRA’s jurisdiction. In June 2007, William Anthony Daly III joined UBS Financial Services Inc. (UBS) and was registered as a General Securities Representative. The FINRA findings stated that during a period of only two days, Daly allegedly engaged in unauthorized trading in several customer’s accounts. According to FINRA, the alleged placed 48 trades in the accounts of 48 firm customers to cover the $75 account fee charged by UBS. FINRA stated that each trade was allegedly placed without any knowledge or consent of the customers in violation of FINRA Rule 2010. FINRA Rule 2010 provides that “a member, in the conduct of its business, shall observe high standards of commercial honor and just equitable principles of trade.” Unauthorized trading occurs when a registered representative effects trades in a customer’s account without first obtaining the customer’s authorization or consent. Unauthorized trading is a violation of FINRA Rule 2010. Do You Need A Virginia FINRA Securities Arbitration Lawyer? Are you a Virginia investor who has suffered significant losses in your stock brokerage and investment accounts? Did your Virginia stockbroker or investment advisor misrepresent facts, fail to disclose facts making the statements made false and misleading, recommend unsuitable investments or strategies, excessively trade or churn, mismanage your investment account or engage in other kinds of stockbroker misconduct? If so, you need representation by an experienced, highly-rated and nationally recognized FINRA securities arbitration attorney—a lawyer who knows FINRA rules and procedures inside and out and how to handle these FINRA arbitration cases as well as other complex legal issues. Free Initial Consultation With Experienced FINRA Securities Arbitration Lawyers Serving Virginia Residents In FINRA Arbitration Proceedings At The Law Offices of Robert Wayne Pearce, P.A. we represent investors in all kinds of securities, commodities and investment law disputes in FINRA, AAA and JAMS arbitration and mediation proceedings. Attorney Pearce and his staff represent investors throughout Virginia, and across the United States on a CONTINGENCY FEE basis which means you pay nothing – NO FEES-NO COSTS – unless we put money in your pocket after receiving a settlement or FINRA arbitration award. Se habla español For dedicated representation by Attorney Pearce with over 40 years of experience and success in all kinds of securities, commodities and investment law disputes serving Virginia citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.

Dec 10, 2020

New Jersey Stockbroker Fraud Lawyer

Did Sylvester Knox Cause You Investment Losses? Sylvester Knox of Martinsville, New Jersey was fined $10,000 and suspended from association with any FINRA member firm for a period of nine months for allegedly executing unauthorized transactions and exercising discretionary trading in violation of NASD Rule 2510(b) and FINRA Rule 2010. Without admitting or denying the allegations, Knox consented to the sanctions imposed. The suspension is in effect from August 17, 2020, through May 16, 2021. From August 2000 until February 2017, Sylvester Knox was registered with Merrill Lynch as a General Securities Representative (GSR). According to FINRA, Knox allegedly placed 36 unauthorized transactions in three customers accounts with a principal value of approximately $1.7 million. The findings also alleged that Knox exercised discretionary trading in four different customers’ accounts and effected 36 transactions with a principal value of $2 without seeking or obtaining approval from either the customers or Merrill Lynch to treat the accounts as discretionary. Additionally, Knox is not currently registered or associated with a FINRA member firm and remains subject to FINRA’s jurisdiction. NASD Rule 2510(b) prohibits registered representatives from exercising discretion in a customer’s account unless the customer has provided prior written authorization and the account has been accepted in writing as a discretionary account by the registered representative’s member firm-employer. A violation of NASD Rule 2510(b) is also a violation of FINRA Rule 2010. Do You Need A New Jersey Stockbroker Fraud Lawyer? Are you a New Jersey investor who has suffered significant losses your stock brokerage and investment accounts? Did your New Jersey stockbroker or investment advisor, misrepresent facts about the securities, investments, or strategies they were recommending or otherwise mismanage your investment account? If so, you need representation by an experienced, highly-rated and nationally recognized FINRA arbitration attorney — an attorney who knows FINRA rules and procedures and how to handle these FINRA arbitration cases as well as other complex legal issues. Free Initial Consultation With Experienced Securities Misrepresentation and Stockbroker Fraud Lawyers Serving New Jersey Residents in FINRA Securities Arbitrations At The Law Offices of Robert Wayne Pearce, P.A. we represent investors in all kinds of securities, commodities and investment law disputes in FINRA, AAA and JAMS arbitration and mediation proceedings. Attorney Pearce and his staff represent investors throughout New Jersey, and across the United States on a CONTINGENCY FEE basis which means you pay nothing – NO FEES-NO COSTS – unless we put money in your pocket after receiving a settlement or FINRA arbitration award. Se habla español For dedicated representation by Attorney Pearce with over 40 years of experience and success in all kinds of securities, commodities and investment law disputes serving New Jersey citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.

Dec 10, 2020

Plantation, Florida FINRA Securities Arbitration Attorney

Did Stephen Paul Florio Cause You Investment Losses? Stephen Paul Florio of Plantation, Florida was fined $5,000 and suspended from association with any FINRA member for a period of 10 days. The sanctions were based on findings that Stephen Paul Florio allegedly exercised discretion without authorization in violation of NASD Rule 2510(b) and FINRA Rule 2010. The suspension was in effect from September 21, 2020, through October 2, 2020. From June 2015 to August 2018, Stephen Paul Florio was registered as a General Securities Representative with Raymond James. According to the FINRA findings, Florio allegedly exercised discretionary trading in a customers account without written authorization from the customer or approval from his firm. The findings stated that the customer had only given Florio an oral authorization due to his busy schedule, and the account was never approved for discretion by Raymond James. In addition, Florio allegedly answered “No” to having exercised discretion in any customers account on two of Raymond James annual compliance questionnaires. NASD Rule 2510(b) prohibits registered representatives from “exercising any discretionary power in a customer’s account unless such customer has given prior written authorization to a stated individual or individuals and the account has been accepted by the member.” Do You Need A Plantation, Florida FINRA Securities Arbitration Attorney? Are you a Florida investor who has suffered significant losses in your stock brokerage and investment accounts? Did your Florida stockbroker or investment advisor misrepresent facts, fail to disclose facts making the statements made false and misleading, recommend unsuitable investments or strategies, excessively trade or churn, mismanage your investment account or engage in other kinds of stockbroker misconduct? If so, you need representation by an experienced, highly-rated and nationally recognized FINRA securities arbitration attorney—a lawyer who knows FINRA rules and procedures inside and out and how to handle these FINRA arbitration cases as well as other complex legal issues. Free Initial Consultation With Experienced FINRA Securities Arbitration Attorneys Serving Florida Residents In FINRA Arbitration Proceedings At The Law Offices of Robert Wayne Pearce, P.A. we represent investors in all kinds of securities, commodities and investment law disputes in FINRA, AAA and JAMS arbitration and mediation proceedings. Attorney Pearce and his staff represent investors throughout Florida, and across the United States on a CONTINGENCY FEE basis which means you pay nothing – NO FEES-NO COSTS – unless we put money in your pocket after receiving a settlement or FINRA arbitration award. Se habla español For dedicated representation by Attorney Pearce with over 40 years of experience and success in all kinds of securities, commodities and investment law disputes serving Florida citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.

Dec 10, 2020

New York FINRA Securities Arbitration Attorney

Did Michael Finn Coomes Jr. Cause You Investment Losses? Michael Finn Coomes Jr. of Phoenix, New York was fined $5,000 and suspended from association with any FINRA member for a period of 15 business days for allegedly exercising discretion without authorization. Without admitting or denying the allegations, Michael Finn Coomes Jr. consented to the sanctions. The suspension was in effect from September 21, 2020, through October 9, 2020. In March 2003, Michael Finn Coomes joined Cadaret Grant and was registered as a General Securities Representative, a General Securities Principal, and an Investment Company and Variable Contracts Products Representative. According to the FINRA findings, Coomes effected trades in 24 customers accounts without their written authorization or approval from his member firm. The findings stated that the trades were based on the customers verbal approval to exercise discretionary trading in their accounts more than three days prior to the transactions. Without the written authorization or approval from Cadaret, Mr. Coomes violated NASD Rule 2510(b) and FINRA Rule 2010. NASD Rule 2510(b) prohibits registered representatives from “exercising any discretionary power in a customer’s account” unless the customer has provided prior written authorization to the representative and the account has been accepted as a discretionary account, in writing, by the representative’s member firm. A violation of NASD Rule 2510(b) is also a violation of FINRA Rule 2010. Do You Need A New York FINRA Securities Arbitration Attorney? Are you a New York investor who has suffered significant losses in your stock brokerage and investment accounts? Did your New York stockbroker or investment advisor misrepresent facts, fail to disclose facts making the statements made false and misleading, recommend unsuitable investments or strategies, excessively trade or churn, mismanage your investment account or engage in other kinds of stockbroker misconduct? If so, you need representation by an experienced, highly-rated and nationally recognized FINRA securities arbitration attorney—a lawyer who knows FINRA rules and procedures inside and out and how to handle these FINRA arbitration cases as well as other complex legal issues. Free Initial Consultation With Experienced FINRA Securities Arbitration Attorneys Serving New York Residents In FINRA Arbitration Proceedings At The Law Offices of Robert Wayne Pearce, P.A. we represent investors in all kinds of securities, commodities and investment law disputes in FINRA, AAA and JAMS arbitration and mediation proceedings. Attorney Pearce and his staff represent investors throughout New York, and across the United States on a CONTINGENCY FEE basis which means you pay nothing – NO FEES-NO COSTS – unless we put money in your pocket after receiving a settlement or FINRA arbitration award. Se habla español For dedicated representation by Attorney Pearce with over 40 years of experience and success in all kinds of securities, commodities and investment law disputes serving New York citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.

Dec 9, 2020

Massachusetts FINRA Securities Arbitration Lawyer

Did Joseph Paul Woitkoski Cause You Investment Losses? Joseph Paul Woitkoski of Pittsburg, Massachusetts was fined $7,500 and suspended from association with any FINRA member in all capacities for a period of 15 business days. The sanctions were based on findings that Joseph Paul Woitkoski allegedly mismarked trades and exercised discretion without authorization in violation of NASD Rule 2510(b) and FINRA Rules 4511 and 2010. The suspension was in effect from September 8, 2020, through October 19, 2020. In 2010, Joseph Paul Woitkoski joined Raymond James and was registered as a General Securities Representative and General Securities Sales Supervisor. According to the FINRA findings, Woitkoski allegedly exercised discretionary trading in 17 accounts held by 12 customers without requesting or obtaining approval from Raymond James. The findings also stated that Woitkoski had received verbal authorization from each of the customers but never received their written authorization. In addition, the findings alleged that Woitkoski mismarked 120 trade orders and inaccurately stated he had not exercised discretionary trading on his firm’s annual compliance questionnaires. NASD Rule 2510(b) prohibited registered representatives from “exercising any discretionary power in a customer’s account unless such customer has given prior written authorization to a stated individual or individuals and the account has been accepted by the member.” FINRA Rule 4511 requires members to “make and preserve books and records as required under the FINRA rules, the Exchange Act and the applicable Exchange Act Rules.” Section 17(a) of the Securities Exchange Act of 1934 and Rule 17a-3 thereunder require firms to make and keep books and records including a “memorandum of each brokerage order.” A registered representative violates FINRA Rule 4511 by causing a member firm to maintain inaccurate books and records. Do You Need A Massachusetts FINRA Securities Arbitration Lawyer? Are you a Massachusetts investor who has suffered significant losses in your stock brokerage and investment accounts? Did your Massachusetts stockbroker or investment advisor misrepresent facts, fail to disclose facts making the statements made false and misleading, recommend unsuitable investments or strategies, excessively trade or churn, mismanage your investment account or engage in other kinds of stockbroker misconduct? If so, you need representation by an experienced, highly-rated and nationally recognized FINRA securities arbitration attorney—a lawyer who knows FINRA rules and procedures inside and out and how to handle these FINRA arbitration cases as well as other complex legal issues. Free Initial Consultation With Experienced FINRA Securities Arbitration Lawyers Serving Massachusetts Residents In FINRA Arbitration Proceedings At The Law Offices of Robert Wayne Pearce, P.A. we represent investors in all kinds of securities, commodities and investment law disputes in FINRA, AAA and JAMS arbitration and mediation proceedings. Attorney Pearce and his staff represent investors throughout Massachusetts, and across the United States on a CONTINGENCY FEE basis which means you pay nothing – NO FEES-NO COSTS – unless we put money in your pocket after receiving a settlement or FINRA arbitration award. Se habla español For dedicated representation by Attorney Pearce with over 40 years of experience and success in all kinds of securities, commodities and investment law disputes serving Massachusetts citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.

Dec 9, 2020

Arizona Lawyer Who Sues Stockbrokers For Selling Away (Selling Unauthorized Investments)

Did James Michael Rapisarda Cause You Investment Losses? James Michael Rapisarda of Scottsdale, Arizona was fined $5,000 and suspended from association with any FINRA member in all capacities for a period of 15 business days. The sanctions were based on findings that he allegedly engaged in private securities transactions which was in violation of FINRA Rules 3280 and 2010. The suspension was in effect from September 8, 2020, through September 28, 2020. Rapisarda is not currently registered or associated with any FINRA member but remains subject to FINRA’s jurisdiction. From November 2017 to December 2018, James Michael Rapisarda was registered as a General Securities Representative and General Securities Principal with LPL Financial LLC. According to the FINRA findings, Rapisarda was a minority shareholder with another company while associated with LPL Financial LLC. The findings stated that he allegedly recommended that five individuals invest in the company, three of which purchased more than $10,000 in shares. Although Rapisarda assisted the individuals with their purchases, he did not receive any compensation. In addition, FINRA alleged that Rapisarda had failed to provide prior written notice to LPL in connection with the transactions. FINRA Rule 3280 requires that prior to participating in a private securities transaction, a person associated with a member firm shall provide written notice to his or her firm “describing in detail the proposed transaction and the person’s proposed role therein[.]” FINRA Rule 3280 defines a private securities transaction as “any securities transaction outside the regular course or scope of an associated person’s employment with a member[.]” A violation of FINRA Rule 3280 is also a violation of FINRA Rule 2010. Do You Need An Arizona Lawyer Who Sues Stockbrokers For Selling Away (Selling Unauthorized Investments)? Did your Arizona stockbroker or investment advisor recommend an investment that turned out to be an investment that was never reviewed or approved by their stockbrokerage firm employer? The stockbrokers who stoop to that level are usually insolvent or uncollectible. And so, the investor’s only recourse is against the brokerage firm employer. But stockbrokerage firms always claim ignorance of the stockbroker’s activities and deny liability for the sale of unauthorized investments which they call Selling Away as if that was an absolute defense. Not so! You will definitely need an experienced attorney who knows the securities laws and how to hold the stockbrokerage firm responsible for their employees Selling Away under legal principles of actual authority, apparent authority, estoppel and failure to supervise. If your attorney knows where to look he/she can often find Red Flags of the alleged unauthorized sales that the firm did not look for, missed, or saw and just ignored. Free Initial Consultation With Experienced Ponzi Scheme Lawyers Representing Arizona Residents in FINRA Arbitrations At The Law Offices of Robert Wayne Pearce, P.A. we represent investors in all kinds of securities, commodities, and investment law disputes in FINRA, AAA and JAMS arbitration and mediation proceedings. Attorney Pearce and his staff represent investors throughout Arizona, and across the United States on a CONTINGENCY FEE basis which means you pay nothing – NO FEES-NO COSTS – unless we put money in your pocket after receiving a settlement or FINRA arbitration award. Se habla español For dedicated representation by Attorney Pearce with over 40 years of experience and success in all kinds of securities, commodities, and investment law disputes serving Arizona citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.

Dec 9, 2020

New Jersey Attorney Who Sues Stockbrokers For Unsuitable Investment Recommendations

Did Frederick Scott Levine Cause You Investment Losses? Frederick Scott Levine of Millburn, New Jersey was fined $5,000 and suspended from association with any FINRA member in all capacities for allegedly engaging in unsuitable investments in violation of NASD Rule 2310 and FINRA Rules 2111 and 2010. The suspension is in effect from September 21, 2020, through December 20, 2020. From January 2002 until November 17, 2014, Frederick Scott Levine was registered with Oppenheimer & Co. Inc as a General Securities Representative. According to the FINRA findings, Levine recommended his customers roll over their Unit Investment Trusts (UIT’s) more than 100 days prior to the maturity on approximately 950 occasions, 600 being “series-to-series” rollovers. The findings stated that each customer had a 24-month maturity period and recommended the sell only 260 days after holding to purchase a new UIT. FINRA stated that due to the unsuitable recommendations, Frederick Scott Levine allegedly caused his customers to incur unnecessary sales charges. Levine voluntarily resigned from Oppenheimer & Co. Inc and is currently registered as a General Securities Representative through another FINRA member firm. Do You Need A New Jersey Attorney Who Sues Stockbrokers For Unsuitable Investment Recommendations? Are you a New Jersey investor who has suffered significant losses in your stock brokerage and investment accounts? Did they recommend unsuitable securities transactions or strategies? Suitability claims can be based upon the stockbroker or investment advisor’s fiduciary duty, duty to use reasonable care, or FINRA Rule 2111. If you believe that your stockbroker or investment advisor made unsuitable recommendations, you need a skilled securities arbitration attorney who knows all the investments, investment strategies and stockbroker tricks of the trade. Free Initial Consultation With Experienced Attorneys Serving New Jersey Residents in FINRA Securities Arbitrations Involving Unsuitable Investment Claims At The Law Offices of Robert Wayne Pearce, P.A. we represent investors in all kinds of securities, commodities and investment law disputes in FINRA, AAA and JAMS arbitration and mediation proceedings. Attorney Pearce and his staff represent investors throughout Millburn, New Jersey, and across the United States on a CONTINGENCY FEE basis which means you pay nothing – NO FEES-NO COSTS – unless we put money in your pocket after receiving a settlement or FINRA arbitration award. Se habla español For dedicated representation by Attorney Pearce with over 40 years of experience and success in all kinds of securities, commodities and investment law disputes serving New York citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.

Dec 9, 2020

New York FINRA 8210 Defense Lawyers

Did Forouzan Pooladi Cause You Investment Losses? You may have read that Forouzan Pooladi of Port Washington, New York was permanently barred by the Financial Industry Regulatory Authority (“FINRA”) from working in the securities industry because she failed to comply with FINRA Rule 8210. Forouzan Pooladi joined J.P. Morgan Securities LLC in May 2016 and was registered as an Investment Company Shares and Variable Contracts Representative. On October 4, 2019, the firm filed a Uniform Termination Notice for Securities Industry Registration (Form U5) indicating that Pooladi was terminated due to an alleged violation of bank policy and unauthorized transactions. According to the findings, FINRA began an investigation regarding the misconduct and requested information and documentation from Poolandi. FINRA stated that Pooladi initially cooperated then later acknowledged that she received FINRA’s request and allegedly refused to produce the requested documents. Although she is no longer associated with a FINRA member firm, Forouzan Pooladi remains subject to FINRA’s jurisdiction. FINRA Rule 8210(a) states, in relevant part, that FINRA has the right to “require a person associated with a member, or any other person subject to FINRA’s jurisdiction to provide information in writing or electronically with respect to any matter involved in the investigation, complaint, examination or proceeding.” FINRA Rule 8210(c) similarly provides that “[n]o member or person shall fail to provide information pursuant to this Rule.” Do you need a New York FINRA 8210 Defense Lawyer? Unfortunately, Forouzan Poolandi might have avoided that FINRA 8210 bar from the securities industry with a skilled and experienced FINRA 8210 defense attorney. It is important, early on, to have a FINRA defense attorney advise you on how not to make matters worse and resolve the dispute with the least amount of sanctions which could range from censures to fines, suspensions, permanent bars, and/or referrals to federal or state prosecutors. You will need an experienced FINRA defense lawyer who not only has knowledge of FINRA rules and procedures, the securities laws and the appropriate sanction for the alleged misconduct but also has an excellent reputation and credibility with the FINRA attorneys to negotiate the best outcome. Free Initial Consultation With FINRA 8210 Defense Attorney Serving Financial Advisors Throughout New York And Nationwide The Law Offices of Robert Wayne Pearce, P.A. understands what is at stake in FINRA securities law matters and works tirelessly to secure the best possible result for you and your case. Attorney Pearce’s FINRA defense skills are highly regarded throughout New York and across the nation. For dedicated representation by an attorney with over 40 years of experience and success in all kinds of FINRA disputes serving New York citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889, or via e-mail.

Dec 9, 2020

New Jersey FINRA Securities Arbitration Attorney

Did Christopher A. Reid Cause You Investment Losses? Christopher A. Reid of Mount Laurel, New Jersey was fined $5,000 and suspended from association with any FINRA member firm for a period of four months for allegedly participating in private securities transaction in violation of FINRA Rules 3280 and 2010. Without admitting or denying the allegations, Reid consented to the sanctions. The suspension is in effect from August 17, 2020, through December 16, 2020. Reid is not currently registered or associated with a FINRA member firm and remains subject to FINRA’s jurisdiction. In 2011, Cristopher A. Reid joined Morgan Stanley and was registered as General Securities Representative (Series 7). Morgan Stanley later filed a Form U5 stating Reid voluntarily resigned while under review as to whether he participated in private transactions in a third-party’s account. The findings stated an individual had come to Mr. Reid seeking assistance to open a brokerage account and was later rejected by Morgan Stanley. The customer then opened an account with another firm and deposited a total of $100,000. According to FINRA, Reid allegedly agreed to assist, place, and advise certain trades through the other FINRA members website. In addition, Reid had allegedly failed to inform Morgan Stanley of his participation in the account which eventually lost approximately 90% of its value. FINRA Rule 3280 prohibits any person associated with a FINRA member from participating in any manner in a private securities transaction without first providing written notice to the member with which he is associated describing in detail the proposed transaction and the person’s proposed role therein. Violations of FINRA Rule 3280 are also violations of FINRA Rule 2010. Do you need a New Jersey FINRA Securities Arbitration Attorney? Are you a New Jersey investor who has suffered significant losses in your stock brokerage and investment accounts? Did your New Jersey stockbroker or investment advisor misrepresent facts, fail to disclose facts making the statements made false and misleading, recommend unsuitable investments or strategies, excessively trade or churn, mismanage your investment account or engage in other kinds of stockbroker misconduct? If so, you need representation by an experienced, highly-rated and nationally recognized FINRA securities arbitration attorney—a lawyer who knows FINRA rules and procedures inside and out and how to handle these FINRA arbitration cases as well as other complex legal issues. Free Initial Consultation With Experienced FINRA Securities Arbitration Attorneys Serving New Jersey Residents In FINRA Arbitration Proceedings At The Law Offices of Robert Wayne Pearce, P.A. we represent investors in all kinds of securities, commodities and investment law disputes in FINRA, AAA and JAMS arbitration and mediation proceedings. Attorney Pearce and his staff represent investors throughout New Jersey, and across the United States on a CONTINGENCY FEE basis which means you pay nothing – NO FEES-NO COSTS – unless we put money in your pocket after receiving a settlement or FINRA arbitration award. Se habla español For dedicated representation by Attorney Pearce with over 40 years of experience and success in all kinds of securities, commodities and investment law disputes serving New Jersey citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.

Nov 12, 2020

Former NMS Capital Advisors Stockbroker Jeffrey Hall Heely Suspended for Engaging in Outside Business Activities

Jeffrey Hall Heely of Tiburon, California submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he allegedly engaged in an undisclosed outside business activity in violation of FINRA Rules 3270 and 2010. From June 2018 until May 2019, Jeffrey Hall Heely was registered with NMS Capital Advisors as a General Securities Principal and a General Securities Representative. According to FINRA, between January and May 2019, Heely entered into a contract with another company and solicited fourteen potential investors to invest in a private placement offering of senior secured notes. The findings stated that Heely allegedly conducted the activities through a personal email address and received $17,000 as compensation. In addition, Heely allegedly denied having engaged in any outside business activities to his firm. Heely is not currently registered or associated with a member but remains subject to FINRA’s jurisdiction pursuant to Article V, Section 4 of FINRA’s By-Laws. FINRA Rule 3270 provides that “no registered person may be an employee, independent contractor, sole proprietor, officer, director or partner of another person, or be compensated, or have the reasonable expectation of compensation, from any other person as a result of any business activity outside the scope of the relationship with his or her member firm, unless he or she has provided prior written notice to the member, in such form as specified by the member.” A violation of FINRA Rule 3270 also constitutes a violation of FINRA Rule 2010. Without admitting or denying FINRA’s findings, Jeffrey Hall Heely was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in all capacities for two months. The suspension was in effect from May 4, 2020, through July 3, 2020. Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker-dealers and/or their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from outside business activities, and/or other misconduct by their broker can file claims to recover damages against broker-dealers, like NMS Capital Advisors, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct. Have you suffered losses in your NMS Capital Advisors account due to misconduct by your broker? Was Jeffrey Hall Heely your stockbroker? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against NMS Capital Advisors stockbrokers who may have engaged in broker misconduct and caused investors’ losses. The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 40 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.