Emily Vitale of Indian Rocks Beach, Florida, submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) for allegedly falsifying documents resulting in faulty books and records.
Continue ReadingA complaint against Demitrios Hallas of New York was filed by the Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) for alleged unsuitable investment recommendations. Hallas was associated with Chase Investment Services Corp. in 2007 as a General Securities Principal during the relevant period and has not been associated with a FINRA member since May 2014. According to a Form U-5 filed by Chase Investment Services, Hallas was terminated in 2012 for “job performance, including customer complaints alleging unauthorized trades and failure to disclose fee.”
Continue ReadingDouglas Finlay Jr. of Point Pleasant Beach, New Jersey submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Department of Enforcement of the Financial Industry Regulatory Authority under the allegations that he recommended and effected an unsuitable transaction in a customer’s account.
Continue ReadingDaniel Grieco of Middletown, New Jersey submitted a Letter of Acceptance, Waiver and Consent (AWC), without admitting or denying the findings, to the Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) for allegedly recommending trades to customers without having reasonable grounds to believe the investments were suitable. Grieco entered the securities industry in 1983 and has been registered as a General Securities Representative at FINRA member First Allied Securities, Inc. since August 2010. FINRA found that between July 21, 2008 and July 19, 2013, Grieco recommended and caused to be executed transactions of various leveraged and inverse-leveraged ETFs in 15 customer accounts. The ETFs were designed to achieve their designed to achieve their objectives over the course of one day. However, the ETF were held for much longer periods, in some cases for more than five years. FINRA alleged that Grieco, in extending the holding period of the ETFs, failed to appreciate the nature of the ETFs at the time of his recommendations, to wit, that they were not designed to achieve their objectives for extended holding periods. Therefore, FINRE concluded that Grieco did not have reasonable grounds to believe his recommendations were suitable and thereby violated NASD Rules 2310 and 2010.
Continue ReadingBart Ellis of Chicago, Illinois was barred from association with any FINRA member in any capacity for making trades without a customer’s permission, falsifying customer documents and for failing to provide testimony by the Department of Enforcement of the Financial Industry Regulatory Authority (FINRA). After entering the securities industry in 2001, Ellis was a representative for Ameriprise Financial Services, Inc. from November 2007 until his termination in October 2012 for violating company policy. FINRA alleged that Ellis completed several trades in a customer’s account without discussing he trades prior to their execution. Specifically between 2009 and August 2012 Ellis allegedly made routine trades in the clients’ accounts without ever discussing the activities. While the customer allowed him access to his accounts due to trust, she never put in writing that Ellis could freely make trades in her account without any notice. FINRA found that these actions did not demonstrate high standards of commercial honor and were therefore in violation of NASD Rule 2510 and FINRA Rule 2010.
Continue ReadingDavid Harari and his wife Sian Harari of San Antonio, Texas were accused by the Department of Enforcement of the Financial Regulatory Authority (FINRA) to have provided false information to a FINRA member firm, falsely obtain customer funds and to have failed to disclose tax liens on a Form U4. David Harari entered the securities industry in 1999 when he joined Ameriprise Financial Services, Inc. Much of his services at Ameriprise as a registered investment advisor included providing clients with financial planning services for which he charged a flat fee. He also received commissions for the sale of other investment products. In July 2002, David’s wife Sian began working for him as an unregistered assistant.
Continue ReadingThe Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) alleged that Kenneth Statly of Grand Ledge, Michigan fabricated insurance claims for two customers in violation of FINRA Rule 2010. Statly entered the securities industry in 1997 when you became associated with State Farm VP Management Corp. (SFVPMC). In 1998, Statly became registered as an Investment Company Products/Variable Contracts Representative and was employed by SFVPMC through February 2014. Without admitting or denying the findings, and sole for the purpose of the proceeding, Statly agreed to the allegations that on three separate occasions in 2013, he fabricated or falsified insurance claims for the purpose of offsetting customers’ premium increases which he then settled and claimed. FINRA also alleged that on one occasion in 2013, Statly settled and paid an insurance claim that he knew to have been fraudulently inflated willfully violating FINRA Rule 2010.
Continue ReadingSylvester King Kr. of Miramar, Florida submitted a Letter of Acceptance Waiver (AWC) to the Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) for allegedly concealing loans to customers participating in undisclosed private securities transactions and providing false information to his employer. In 2009 King and his partner formed PKG, a d/b/a branch office located in Fort Lauderdale, Florida that was registered with Morgan Stanley and later Wells Fargo. PKG provided financial “concierge” services to professional athletes that played in the NFL and NBA. FINRA found that from November 14, 2011 through January 23, 2012, King assisted his partner in loaning approximately $399,500 to three professional athletes in the NFL and NBA who were also Wells Fargo customers. FINRA alleged that separate accounts were made and various wiring techniques were used to conceal the loans from Wells Fargo and its reporting requirements.
Continue ReadingJeffrey Kerr of New Milford, Pennsylvania submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) for allegedly participating in private securities transactions without his member firms approval. Kerr first became registered in the securities industry as a general securities representative (GSR) in 1996. In 2001, Kerr became a GSR at LaSalle St. Securities, LLC (LLS) and has remained there since. Without admitting or denying the FINRA finding for the sole purpose of the proceeding, Kerr agreed to the sanctions for which he allegedly participated in private securities transactions without providing prior notice to LLS.
Continue ReadingZahir Walji of Austin, Texas submitted an Acceptance, Waiver and Consent (AWC) in which he was assessed a fine by the Department of Enforcement for the Financial Regulatory Authority (FINRA) and suspended from association with any FINRA member for a period of three months for allegedly failing to provide proper written notice about his outside business activities and failing to disclose two outside business activities. Walji has been associated with two FINRA member firms since entering the industry in 2006. From January 2006 through October 2012, Walji was associated with UBS Financial Services, Inc. (UBS). On October 12, 2012, UBS filed a Form U5 terminating Walji for “engaging in unapproved outside business activities and private securities transactions with firm clients”. Walji was a representative for Oppenheimer & Co. Inc. from October, 2012 until his termination in May, 2014.
Continue Reading