Did Andrew Joseph LeBlanc Cause You Investment Losses?
Andrew Joseph LeBlanc II of Summit, New Jersey was fined $20,000 and suspended from association with any FINRA member for a period of six months. The sanctions were based on findings that he participated in private securities transactions without notice or approval from his firm in violation of NASD Rule 3040 and FINRA Rule 2010. The suspension is in effect from November 16, 2020, through May 15, 2021.
In 1995, Andrew Joseph LeBlanc II joined Merrill Lynch, Pierce, Fenner & Smith, Inc. and became registered as a General Securities Representative. The firm later filed a Uniform Termination Notice (Form U5) disclosing that LeBlanc had been terminated due to alleged misconduct. According to the FINRA findings, LeBlanc allegedly participated in two private transactions totaling $1.75 million without notifying his firm. The findings state that LeBlanc did not receive compensation for participating in the transactions and the customers are unlikely to receive any return. In addition, LeBlanc allegedly failed to report the private transactions on his firm’s annual compliance questionnaires.
NASD Rule 3040 prohibits any person associated with a member from “participating in any manner in a private securities transaction” without first providing written notice to his member firm.1 NASD Rule 3040(e) defines a private securities transaction as any securities transaction outside of the regular course or scope of an associated person’s employment with a member. Participation in a private securities transaction includes not only making the sale, but also, for example, “referring customers, introducing customers to the issuer, [and] arranging and/or participating in meetings between customers and the issuer.”2 A violation of NASD Rule 3040 is also a violation of FINRA Rule 2010.
Do You Need a New Jersey FINRA Securities Arbitration Attorney?
Did your New Jersey 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 Selling Away Lawyers Representing Summit, New Jersey 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 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.
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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 New Jersey 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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