Did Michael Kris Pina Cause You Investment Losses?
Michael Kris Pina of Coral Springs, Florida was fined $10,000, suspended from association with any FINRA member in all capacities for 16 months and ordered to pay $19,800 in restitution to customers. The sanctions were based on findings that he borrowed money from customers and provided false statements to FINRA in violation of FINRA Rules 8210, 3240 and 2010. The suspension is in effect from October 5, 2020, through February 4, 2022.
In January 2013, Michael Kris Pina joined PFS and was registered as an Investment Company and Variable Contracts Products Representative. The firm later filed a Uniform Termination Notice (Form U5) disclosing that Pina had been terminated due to the alleged misconduct. According to the FINRA findings, Pina allegedly borrowed $72,000 from four customers which was against firm policies. The findings stated that Pina had allegedly failed to document the loans and only repaid two customers after promising all four that he would repay them with interest. In addition, Pina falsely attested that he had not borrowed money from any customer on his firm’s annual compliance questionnaires and allegedly failed to disclose a loan and the amount owed to FINRA.
FINRA Rule 3240 prohibits a registered person from borrowing money from his or her customer unless: (1) the registered person’s employing member firm has written procedures permitting borrowing from customers; and (2) the borrowing arrangement meets at least one of five circumstances specified in the rule. Even if these requirements are satisfied, the registered representative must seek and obtain prior written approval of the loan from the member firm, except that the firm’s procedures may provide otherwise where the customer is a financial institution or a member of the representative’s immediate family. A violation of FINRA Rule 3240 also violates FINRA Rule 2010, which requires associated persons “to observe high standards of commercial honor and just and equitable principles of trade.”
Do you need a Florida FINRA Securities Arbitration Attorney?
Are you a Coral Springs, 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 Coral Springs, 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.
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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.
Robert Wayne Pearce
Robert Wayne Pearce of The Law Offices of Robert Wayne Pearce, P.A. has been a trial attorney for more than 40 years and has helped recover over $140 million dollars for his clients. During that time, he developed a well-respected and highly accomplished legal career representing investors and brokers in disputes with one another and the government and industry regulators. To speak with Attorney Pearce, call (800) 732-2889 or Contact Us online for a FREE INITIAL CONSULTATION with Attorney Pearce about your case.
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