Edmond Oklahoma Stockbroker Misconduct Attorney - Law Offices of Robert Wayne Pearce

Berthel Fisher Stockbroker Suspended for Private Transactions

John Huey Neely submitted a Letter of Acceptance Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was fined and suspended for allegedly exercising discretion in customers’ accounts violating NASD Conduct Rule 2510(b) and FINRA Rule 2010. From August 2009 until September 2018, Neely was registered with Berthel Fisher & Co. Financial Services (Berthel Fisher) as a General Securities Representative. The FINRA findings stated that between June 2014 and June 2015, Neely exercised discretion in effecting hundreds of transactions in two customers’ brokerage accounts without first obtaining written approval from the customers. FINRA further stated that although the customers did give him verbal consent, he did not seek approval from his firm to accept the accounts as discretionary.

Mar 4, 2016

WFG Investments Broker Suspended by FINRA for Unsuitable Trading

Larry Michael Crabtree, a former Edmond, Oklahoma based registered representative with WFG Investments, Inc. consented to, but did not admit to or deny, the sanction and the entry of the Financial Industry Regulatory Authority’s (FINRA) findings that he exercised discretion in a customer’s account to make unsuitable securities purchases which resulted in substantial losses to his customer. FINRA found that Larry Crabtree, of Edmond Oklahoma, exercised discretion in the IRA account of an elderly retiree with known health problems, limited income and limited liquid assets. Mr. Crabtree made purchases of securities on his customer’s behalf, one of which was a highly leveraged oil and gas exploration company, which resulted in an almost complete loss when that oil and gas company declared bankruptcy. Mr. Crabtree also exercised discretionary trades in certain customer accounts, neglecting to get the customers’ or WFG Investment’s prior written authorization as required by FINRA Rule 2010. Consequently, Mr. Crabtree was suspended from association with any FINRA member in any capacity for six months. Due to his financial status, no monetary sanctions were imposed.