Broker Misconduct - Law Offices of Robert Wayne Pearce

Sep 23, 2015

Huntington Investment Representative Barred for Misappropriating Client Funds

Bryan Carnahan of Gahanna, Ohio submitted a Letter of Acceptance, Waiver and Consent (AWC) to The Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) for allegedly misappropriating and converting client funds for which he later used for his own personal use. Carnahan first became registered in the securities industry as an Investment Company Products/Variable Contracts Representative through a FINRA-registered firm in August 1998. In December 1998, Carnahan became registered though The Huntington Investment Company (Huntington) and remained there until his termination in March 2015.

Sep 21, 2015

B.B. Graham & Company General Sales Representative Barred by FINRA

Thomas Hogle of Houston, Texas submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) for allegedly failing to provide documents and information requested by FINRA in connection to an investigation claiming unsuitable investment recommendations. Hogle entered the securities when he became associated with a FINRA member in 1988 as a General Sales Representative. In October 2011, Hogle joined B.B. Graham & Company, Inc. (B.B. Graham) and became registered as a General Sales Representative.

Sep 18, 2015

Former Edward Jones Representative Barred for Converting Client Funds

Adam Bollinger of Chandler, Arizona submitted a Letter of Acceptance, Waiver and Consent (AWC) to The Department of Enforcement of the Financial Industry Regulatory Authority for allegedly converting client funds for his own personal use. Bollinger became registered through a FINRA member firm in August 2012. From August 2012 through December 2014, Bollinger was registered with Edward D. Jones & Co., L.P. (Edward Jones) as a General Securities Representative. On December 23, 2014 his registration was terminated as a result of his alleged actions. FINRA found, between February and December 2014, Bollinger converted $17,525 from seven individuals, six of whom were Edward Jones clients. FINRA alleged that Bollinger, sometimes under the guise of soliciting charitable contributions, requested individuals make out checks payable to him. Instead of using charitable contributions to his claimed cause, Bollinger allegedly converted and used the monies for his own personal use.

Sep 17, 2015

The Law Offices of Robert Wayne Pearce P.A. Wins $600,000 Plus Interest Award Against UBS Puerto Rico

In an arbitration proceeding against UBS Financial Services, Inc. of Puerto Rico (UBS-PR), the Law Offices of Robert Wayne Pearce, P. A. won a $600,000 plus interest award for one of the firm’s clients this week. The case arose out of the alleged misrepresentations and unsuitable recommendations by a UBS PR financial advisor to our client that he purchase and then hold an excessive concentration of UBS-PR closed-end bond funds in his investment account. UBS-PR, through its representatives, made false representations and misleading statements to our client about both the nature and risk of the closed-end bond fund and investment strategy.

Sep 16, 2015

Tallahassee Florida Edward Jones Representative Barred for Misusing Customer Funds

William Hardy of Tallahassee, Florida submitted a Letter of Acceptance, Waiver and Consent (AWC) to The Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) for allegedly misusing customer insurance premium funds. Hardy became registered in December 1985 and in 2002 became registered with NYLife Securities LLC (NYLife). Hardy was terminated from NYLife on March 12, 2014. FINRA found that from May 5, 2013 through July 17, 2013, while still associated with NYLife, Hardy misused customer insurance premium funds causing the clients policies to lapse.

Sep 14, 2015

Wells Fargo Representative Suspended for Unauthorized Trades

William Campbell of Florence, South Carolina submitted a Letter of Acceptance, Waiver and Consent (AWC) to The Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) for allegedly making several trades for clients without written authorization. Campbell entered the securities industry in 2012 when he became associated with FINRA Member Frim Wells Fargo Advisors, LLC (Wells Fargo) and within a year became a General Securities Representative (GSR). On July 17, 2014 Wells Fargo filed a Uniform Termination Notice for Securities Industry Registration (Form U5) terminating Campbell’s registration.

Sep 11, 2015

New York Chase Investment Services Corporation Representative Suspended for Falsifying Signatures

Andres Rubert of New York submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) for allegedly falsifying several client signatures. Rubert entered the securities industry in 2006 and became associated with a FINRA-member firm. Between June 2010 and March 2012, Rubert was registered with Chase Investment Services Corporation (CISC).

Sep 9, 2015

LPL Financial Fined for MSRB and FINRA Rule Violations

The Department of Market Regulation of the Financial Industry Regulatory Authority (FINRA) received a Letter of Acceptance, Waiver and Consent (AWC) from LPL Financial LLC (LPL Financial) for allegedly purchasing from and selling municipal securities to customers at prices that were not fair or reasonable. The Department of Market Regulation conducted two reviews of LPL Financial related to the firm’s compliance with municipal bond fair pricing requirements and corporate bond fair pricing requirements. During the municipal bond review between January and March 2009, FINRA found that for twelve transactions. LPL Financial purchased municipal securities for its own account from a customer and/or sold municipal securities for its own account to a customer at an aggregate price that included and commissions or service charges. FINRA alleged that such actions were not fair or reasonable and did not represent the best judgment of the broker as they didn’t express the fair market value of the securities.

Sep 7, 2015

LPL Financial Fined for Trade Order and Execution Violations

The Department of Market Regulation of the Financial Industry Regulatory Authority (FINRA) received a Letter of Acceptance, Waiver and Consent (AWC) from LPL Financial LLC (LPL Financial) for allegedly failing to execute several trade orders fully and promptly, reporting improper data and failing to properly supervise. The Department of Market Regulation conducted two reviews of LPL Financial in 2012 to examine its trading and reporting methods. During its Trading and Market Making Surveillance (TMMS) review, FINRA found that in four instances, LPL Financial failed to execute orders fully and promptly. During the review, FINRA also found that LPL Financial transmitted to OATS eights reports that contained inaccurate, incomplete, or improperly formatted data. Additionally, the TMMS review found that LPL Financial failed to transmit two Reportable Order Events to OATS and failed to show the correct order receipt time on the memorandum of ten brokerage firms.

Sep 4, 2015

LPL Financial Fined for Failing to Comply with MSRB and TRACE Requirements

The Department of Market Regulation of the Financial Industry Regulatory Authority (FINRA) received a Letter of Acceptance, Waiver and Consent (AWC) from LPL Financial LLC (LPL Financial) for allegedly failing to report securities transactions and failing to show the correct time of execution of several brokerage orders. The Department of Market Regulation conducted two reviews on LPL Financial in 2010 regarding the firm’s compliance with Municipal Securities Rulemaking Board (MSRB) and Trade Reporting and Compliance Engine (TRACE) requirements.