James Eastman Fined and Suspended by FINRA for Unauthorized Securities Transactions
James Clifford Eastman, a former broker with Westport, Connecticut based Westport Resources Investment Services, Inc. (Westport), submitted a letter of acceptance, waiver, and consent in which he consented to, but did not admit to or deny, the Financial Industry Regulatory Authority’s (FINRA) findings that he participated in private securities transactions without giving prior written notice to Westport and without receiving the necessary approval from his employer. FINRA found that James Eastman referred three Westport customers to invest in an oil and gas limited partnership offered by Quest Energy Management Group, Inc. (Quest). The offering interest was in the Permian Advanced Oil Recovery Investment Fund 1, LP (Permian). Mr. Eastman referred the three Westport customers to Quest, allegedly assisting the customers in obtaining the investment funds from their Westport brokerage accounts in order to effect the transactions. FINRA stated that the customers invested $875,000 in the Permian securities offering.
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