Cabot Lodge Securities - Law Offices of Robert Wayne Pearce

May 22, 2020

Cabot Lodge Securities Banking Manager Craig Gould Suspended and Fined

Craig Gould of Jersey City, New Jersey 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 properly supervise in connection with a firm public offering. Gould was the Investment Banking Manager (IBM) for Cabot Lodge Securities and was responsible for reviewing the firm’s offerings and ensuring its compliance with FINRA Rules. FINRA Rule 2310(b)(4)(B) prohibits excess gross proceeds on an offering. As the IBM for Cabot Lodge Securities, FINRA alleged Gould knowingly exceeded the ten percent limit in violation of NASD Rule 3010 and FINRA Rule 2010. Without admitting or denying the FINRA findings Gould agreed to the sanctions and was fined $20,000 and suspended from association with any FINRA member for ninety days.

Dec 1, 2015

Cabot Lodge Securities Registered Principal Suspended for Failure to Supervise

Paul Reid Richardson, of Temple Terrace, Florida, submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) in which he was suspended for 60 days for failing to supervise wire-transfer activity in customer accounts. Paul Richardson, a former registered principal with the Tampa, Florida branch of Cabot Lodge Securities LLC (Cabot), consented to, without admitting or denying, the sanctions and FINRA’s findings that he approved third-party wire transfers totaling nearly $89,000 from two customer accounts, which were later found to have been made by an imposter. By authorizing the wire-transfers, Mr. Richardson allegedly failed to properly review the distribution requests for funds. According to FINRA, Mr. Richardson relied on the representations of a firm broker as opposed to verbally confirming the wire instructions with the customers.