#investorsrights - Law Offices of Robert Wayne Pearce

Mar 25, 2021

Cumming, Georgia Lawyer Who Sues Stockbrokers For Selling Away (Selling Unauthorized Investments)

Did Lewis Nelson Lester Sr. Cause You Investment Losses? Lewis Nelson Lester Sr. of Cumming, Georgia submitted a Letter of Acceptance, Waiver and Consent to the Financial Industry Regulatory Authority in which he was fined $5,000 and suspended from association with any FINRA member in all capacities for one year. The sanctions were based on findings that Lester allegedly participated in private securities transactions without notice or approval from his firm in violation of FINRA Rules 3280 and 2010. In August 2017, Lewis Nelson Lester Sr. joined Olden Lane Securities, LLC and became registered as a General Securities Representative and General Securities Principal. According to the FINRA findings, Lester participated in two private securities transactions facilitating additional sales of ownership units in an LLC. The findings state that Lester allegedly signed two addendums to an investor’s original subscription agreement to which they made a $1,500,000 investment and received additional ownership units in the LLC. Additionally, the findings state that although Lester disclosed his role as CEO of the LLC, the transactions were outside the regular course and scope of Olden Lane because he failed to provide prior written notice of these transactions. Although Lewis Nelson Lester Sr. is not currently registered or associated with a FINRA member firm, he remains subject to FINRA’s jurisdiction and its sanctions. FINRA Rule 3280 requires that prior to participating in a private securities transaction, a person associated with a member firm shall provide written notice to his or her firm “describing in detail the proposed transaction and the person’s proposed role therein[.]” FINRA Rule 3280 defines a private securities transaction as “any securities transaction outside the regular course or scope of an associated person’s employment with a member[.]” A violation of FINRA Rule 3280 is also a violation of FINRA Rule 2010, which requires FINRA members and associated persons to “observe high standards of commercial honor and just and equitable principles of trade.” Do You Need a Georgia FINRA Securities Arbitration Attorney? Did your Cumming, Georgia 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 Lawyers Representing Cumming, Georgia 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 Georgia, 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. Se habla español 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 Georgia citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.

Mar 23, 2021

Joliet, Illinois Securities Arbitration Attorney Who Represents Investors

Did Julian Jay Piekarczyk Cause You Investment Losses? An Office of Hearing Officers decision became final in which Julian Jay Piekarczyk of Joliet, Illinois was barred from association from any FINRA member in all capacities. The sanction was based on findings that he allegedly violated his firms policies which is in violation of FINRA Rule 2010. In May 1978, Julian Jay Piekarczyk joined Pruco Securities LLC (Pruco) and was registered as an Investment Company and Variable Contracts Products Representative. The firm later filed a Uniform Termination Notice (Form U5) in August 2018, disclosing that Piekarczyk had been terminated due to alleged misconduct. According to the FINRA findings, Piekarczyk allegedly induced a customer to make his wife beneficiary of financial products bought and personally maintained joint control of the customers bank account without approval from his firm. The findings state that Piekarczyk notified his firm that the customer intended to make him beneficiary of his life insurance policy, however, he was not family so Pruco denied the request for approval and Piekarczyk’s wife was made beneficiary instead. The FINRA findings also state that Piekarczyk allegedly recommended the customer open and deposit $76,977 into an interest-bearing joint bank account with a right of survivorship. Additionally, once the customer died, Piekarczyk withdrew $69,512 from the account and deposited them into his personal account and his wife received checks totaling $76,540 as beneficiary for the financial products. Although Julian Jay Piekarczyk is no longer registered or associated with a FINRA member, he remains subject to FINRA’s jurisdiction and sanctions. FINRA Rule 2010 provides that “[a] member, in the conduct of its business, shall observe high standards of commercial honor and just and equitable principles of trade.” FINRA Rule 2010 encompasses all unethical, business-related conduct, even if that conduct does not involve a security or a securities transaction. Conduct that reflects negatively on an associated person’s ability to comply with regulatory requirements fundamental to the securities industry is inconsistent with just and equitable principles of trade. A violation of an employer firm’s policies can violate just and equitable principles of trade. Do You Need an Illinois FINRA Securities Arbitration Attorney? Are you a Joliet, Illinois investor who has suffered significant losses in your stock brokerage and investment accounts? Did your Joliet, Illinois 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, or otherwise mismanage your investment account? Depending upon the terms of your arbitration agreement, you will need to have representation from an experienced, highly-rated and nationally recognized FINRA, AAA or JAMS arbitration securities law attorney—an attorney who knows the FINRA, AAA or JAMS rules and procedures inside and out and how to handle these FINRA, AAA or JAMS arbitration cases and other complex legal issues. Free Initial Consultation With Experienced FINRA, AAA and JAMS Securities Arbitration Attorneys Serving Joliet, Illinois Residents 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 Illinois, 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. Se habla español 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 Illinois citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.

Mar 21, 2021

Orlando, Florida Attorney Who Sues Stockbrokers For Selling Away (Selling Unauthorized Investments)

Did Dwight L. Dykstra Cause You Investment Losses? Dwight L. Dykstra of Orlando, Florida was fined $5,000 and suspended from association with any FINRA member for a period of one year and ordered to pay disgorgement in the amount of $67,500. The sanctions were based on findings that he participated in private securities transactions without notice or approval from his firm in violation of FINRA Rules 3280 and 2010. The suspension is in effect from October 19, 2020, through October 18, 2021. In May 2013, Dwight L. Dykstra joined Vision Brokerage and became registered as a General Securities Representative and an Investment Company and Variable Contracts Products Representative and Principal. According to the FINRA findings, Dykstra solicited 21 investors to purchase promissory notes issued by a limited liability company worth $2 million. The findings state that Dykstra personally invested an additional $100,000 and received $67,500 for the sales of the notes. In addition, Dykstra allegedly failed to seek approval or provide any prior notice to his firm of the promissory notes transactions or of his role in those transactions. FINRA Rule 3280 requires that prior to participating in a private securities transaction, a person associated with a member firm shall provide written notice to his or her firm “describing in detail the proposed transaction and the person’s proposed role therein[.]” FINRA Rule 3280 defines a private securities transaction as “any securities transaction outside the regular course or scope of an associated person’s employment with a member[1” A violation of FINRA Rule 3280 is also a violation of FINRA Rule 2010, which requires FINRA members and 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? Did your Florida 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 Attorneys Representing Orlando, Florida 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 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. Se habla español 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.

Mar 19, 2021

Richmond, Virginia FINRA Securities Arbitration Attorney

Did Douglas W. Stopkey Cause You Investment Losses? Douglas W. Stopkey of Richmond, Virginia submitted a Letter of Acceptance, Waiver and Consent to the Financial Industry Regulatory Authority in which he was suspended from association with any FINRA member for a period of 30 days. The sanction was based on findings that Stopkey allegedly exercised discretionary trading and mismarked orders in violation of NASD Rule 2510(b) and FINRA Rules 4511 and 2010. The suspension was in effect from November 16, 2020, through December 15, 2020. In March 1992, Douglas W. Stopkey 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 Stopkey had been terminated due to alleged misconduct. According to the FINRA findings, Stopkey allegedly effected 300 trades in 7 accounts held by 4 customers without written authorization. The findings state that Stopkey had caused his firm to maintain inaccurate books by marking trade tickets as unsolicited without discussing the trades. In addition, the findings also state that Stopkey falsely attested that one of the trades was a customers idea and that he had not exercised discretionary trading without speaking with any customer first. NASD Rule 2510(b) prohibited registered representatives from “exercising any discretionary power in a customer’s account unless such customer has given prior written authorization to a stated individual or individuals and the account has been accepted by the member.”‘ A violation of NASD Rule 2510(b) violates FINRA Rule 2010. FINRA Rule 4511 requires members to “make and preserve books and records as required under the FINRA rules, the Exchange Act and the applicable Exchange Act rules.” Section 17(a) of the Securities Exchange Act of 1934 and Rule 17a-3 thereunder require firms to make and keep books and records including a “memorandum of each brokerage order.” A registered representative who mismarks an order as “unsolicited” causes a firm to create an inaccurate record. Do You Need a Virginia FINRA Securities Arbitration Attorney? Are you a Richmond, Virginia investor who has suffered significant losses in your stock brokerage and investment accounts? Did your Virginia 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 Attorney Serving Richmond, Virginia 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 Virginia, 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. Se habla español 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 Virginia citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.

Mar 17, 2021

Laguna Beach, California Lawyer Who Sues Stockbrokers For Selling Away (Selling Unauthorized Investments)

Did David Allen Walters Cause You Investment Losses? David Allen Walters of Laguna Beach, California submitted a Letter of Acceptance, Waiver and Consent to the Financial Industry Regulatory Authority in which he was assessed a fine of $5,000 and suspended from association with any FINRA member in all capacities for a period of four months. The sanctions were based on findings that he allegedly participated in private securities transactions in violation of FINRA Rules 3280 and 2010. The suspension is in effect from November 2, 2020, through March 1, 2021. In June 2017, David Allen Walters joined Advisory Group Equity Services under multiple registrations. The firm later filed a Uniform Termination Notice (Form U5) disclosing that Walters had been discharged due to alleged misconduct. According to the FINRA findings, Walters allegedly participated in four private securities transactions worth $450,000 without providing prior notice to his firm. The findings state that Walters served as executive chairman for the company that was invested in and although he disclosed the outside business activity to his firm, he stated that the source of its capital would be from personal assets rather than from the investors. In addition, while David Allen Walters did not receive any compensation, he remains subject to FINRA’s jurisdiction and sanctions. FINRA Rule 3280 requires that prior to “participating in any manner” in a private securities transaction, a person associated with a member firm shall provide written notice to his or her firm “describing in detail the proposed transaction and the person’s proposed role therein.” FINRA Rule 3280 defines a private securities transaction as “any securities transaction outside the regular course or scope of an associated person’s employment with a member.” A violation of FINRA Rule 3280 is also a violation of FINRA Rule 2010, which requires FINRA members and associated persons to “observe high standards of commercial honor and just and equitable principles of trade.” Do You Need a California FINRA Securities Arbitration Attorney? Did your California 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 Attorneys Representing Laguna Beach, California 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 California, 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. Se habla español 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 California citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.

Mar 15, 2021

Bakersfield, California Attorney Who Sues Stockbrokers For Unsuitable Investment Recommendations

Did Cynthia Diane Cowden Cause You Investment Losses? Cynthia Diane Cowden of Bakersfield, California submitted a Letter of Acceptance, Waiver and Consent to the Financial Industry Regulatory Authority in which she was barred form association with any FINRA member in all capacities. The sanction is based on findings that she allegedly provided false testimony and recommended unsuitable high-risk, speculative investments in violation of FINRA Rules 8210, 2111 and 2010. From January 2013 through August 2020, Cynthia Diane Cowden was associated with NPB Financial Group under multiple registrations. According to the FINRA findings, Cowden allegedly recommended unsuitable investments to three senior customers totaling $481,200. The findings state that the investments were unsuitable given the customers investment objective, circumstances, financial needs and the illiquidity and high-risk level exceeded their risk tolerance. In addition, the findings also state that Cowden allegedly provided false testimony regarding the investments during an on-the-record testimony to FINRA. Although Cynthia Diane Cowden is not currently registered or associated with a FINRA member firm, she remains subject to FINRA’s jurisdiction. FINRA Rule 2111(a) requires that firms and associated persons have a “reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the [firm] or associated person to ascertain the customer’s investment profile,” which includes “the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, [and] risk tolerance.” A recommendation may also be unsuitable if it results in an undue concentration in a particular security or category of securities. FINRA Rule 2010 requires associated persons to observe “high standards of commercial honor and just and equitable principles of trade” in the conduct of their business. A violation of FINRA Rule 2111 is also a violation of Rule 2010. FINRA Rule 8210 requires member firms and associated persons to provide information and documents to FINRA during the course of an investigation. Do You Need a California FINRA Securities Arbitration Attorney? Are you a Bakersfield, California investor who has suffered significant losses in your stock brokerage and investment accounts? Did they recommend unsuitable securities transactions or strategies? Suitability claims can be based upon the stockbroker or investment advisor’s fiduciary duty, duty to use reasonable care, or FINRA Rule 2111. If you believe that your stockbroker or investment advisor made unsuitable recommendations, you need a skilled securities arbitration attorney who knows all the investments, investment strategies and stockbroker tricks of the trade. Free Initial Consultation With Experienced Attorneys Serving Bakersfield, California Residents in FINRA Securities Arbitrations Involving Unsuitable Investment Claims 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 California, 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. Se habla español 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 California citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.

Mar 13, 2021

Summit, New Jersey Lawyer Who Sues Stockbrokers For Selling Away (Selling Unauthorized Investments)

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. Se habla español 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.

Mar 11, 2021

Omaha, Nebraska Lawyer Who Sues Stockbrokers For Selling Away (Selling Unauthorized Investments)

Did Troy Robert Baily Cause You Investment Losses? Troy Robert Baily of Omaha, Nebraska submitted a Letter of Acceptance, Waiver and Consent to the Financial Industry Regulatory Authority in which he was fined $5,000 and suspended from association with any FINRA member in all capacities for a period of six months. The sanctions were based on findings that he engaged in undisclosed and unapproved private securities transactions in violation of FINRA Rules 3280 and 2010. The suspension is in effect from October 19, 2020, through April 18, 2021. In November 2016, Troy Robert Baily joined SagePoint Financial, Inc. and was registered as an Investment Company and Variable Contracts Products Representative (“IR”). The firm later filed a Uniform Termination Notice (Form U5) disclosing that Baily had been terminated due to alleged misconduct. According to FINRA’s findings, Bailey allegedly solicited four investors to purchase securities in Future Income Payments, LLC (FIP) in the amount of $408,000 and promised a 7% to 8% rate of return. The findings state that Bailey received $8,900 in commission and never sought or obtained approval from his firm to participate in the private transactions. In addition to FINRA’s findings, FIP ceased business and owed $300 million in unpaid investor payments. Although Baily is not currently registered or associated with a FINRA member, he remains subject to FINRA’s jurisdiction. FINRA Rule 3280(e) generally defines a private securities transaction as any securities transaction outside the regular scope of an associated person’s employment with a member. FINRA Rule 3280(b) states that “prior to participating in any private securities transaction, an associated person shall provide written notice to the member with which he is associated describing in detail the proposed transaction and the person’s proposed role therein and stating whether he has received or may receive selling compensation in connection with the transaction.” Rule 3280(c) states that when an associated person has received or may receive selling compensation, the member firm shall provide written approval or disapproval of the associated person’s participation in the proposed private securities transaction. A violation of Rule 3280 is also a violation of FINRA Rule 2010, which requires associated persons, in the conduct of their business, to observe high standards of commercial honor and just and equitable principles of trade. Do You Need a Nebraska Attorney for an Unauthorized Investment? Did your Nebraska 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 Ponzi Scheme Lawyers Representing Omaha, Nebraska 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 Nebraska, 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. Se habla español 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 Nebraska citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.

Mar 9, 2021

Collingswood, New Jersey FINRA 8210 Defense Lawyer

You may have read that Sean Michael Refsnider of Collingswood, New Jersey was permanently barred by the Financial Industry Regulatory Authority (“FINRA”) from working in the securities industry because he failed to comply with FINRA Rule 8210 and 2010. Do You Need a FINRA 8210 Defense Attorney? In February 2004, Sean Michael Refsnider joined Ameriprise and became registered as a General Securities Representative. Ameriprise later filed a Uniform Termination Notice (Form U5) disclosing that he had been terminated due to alleged misconduct. According to the findings, FINRA began an investigation into whether Refsnider had converted an elderly customers funds in the amount of $42,000 and used the funds for his personal expenses. The findings state that on three separate occasions, FINRA sent a request to Refsnider for documents and information in connection with the investigation, however, he failed to timely respond or request an extension to the deadline. Although Refsnider is no longer registered or associated with a FINRA member firm, he remains subject to FINRA’s jurisdiction. FINRA Rule 8210(a) requires a “person associated with a member, or any other person subject to FINRA’s jurisdiction to provide information orally, in writing, or electronically with respect to any matter involved in [an] investigation” FINRA Rule 8210(c) similarly provides that “[n]o member or person shall fail to provide information or testimony pursuant to this Rule.” A failure to comply with a request for information pursuant to FINRA Rule 8210 is also a violation of FINRA Rule 2010. Unfortunately, Sean Michael Refsnider might have avoided that FINRA 8210 bar from the securities industry with a skilled and experienced FINRA 8210 defense attorney. It is important, early on, to have a FINRA defense attorney advise you on how not to make matters worse and resolve the dispute with the least amount of sanctions which could range from censures to fines, suspensions, permanent bars, and/or referrals to federal or state prosecutors. You will need an experienced FINRA defense lawyer who not only has knowledge of FINRA rules and procedures, the securities laws and the appropriate sanction for the alleged misconduct but also has an excellent reputation and credibility with the FINRA attorneys to negotiate the best outcome. Free Initial Consultation With FINRA 8210 Defense Attorney Serving Financial Advisors Throughout Collingswood, New Jersey And Nationwide The Law Offices of Robert Wayne Pearce, P.A. understands what is at stake in FINRA securities law matters and works tirelessly to secure the best possible result for you and your case. Attorney Pearce’s FINRA defense skills are highly regarded throughout New Jersey and across the nation. For dedicated representation by an attorney with over 40 years of experience and success in all kinds of FINRA disputes serving New Jersey citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889, or via e-mail.

Mar 7, 2021

Midlothian, Virginia Attorney Who Sues Stockbrokers For Selling Away (Selling Unauthorized Investments)

Did Neemit Mukesh Shah Cause You Investment Losses? Neemit Mukesh Shah of Midlothian, Virginia was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in all capacities for a period of six months. The sanctions were based on findings that he engaged in undisclosed and unapproved private transactions in violation of FINRA Rules 3280 and 2010. The suspension is in effect from October 19, 2020, through April 18, 2021. From January 2009 through November 2016, Neemit Mukesh was registered with NYLife Securities LLC as a General Securities Representative. According to FINRA’s findings, Shah had allegedly solicited investors to purchase securities in Future Income Payments, LLC (FIP) in the amount of $408,000 and promised a 7% to 8% rate of return. The findings state that Shah received $8,160 in commissions and never gave notice or received approval from his firm to participate in the private transactions. In addition to FINRA’s findings, FIP ceased business and owed $300 million in unpaid investor payments. Although Shah is not currently registered or associated with a FINRA member, he remains subject to FINRA’s jurisdiction. FINRA Rule 3280(e) generally defines a private securities transaction as any securities transaction outside the regular scope of an associated person’s employment with a member. FINRA Rule 3280(b) states that “prior to participating in any private securities transaction, an associated person shall provide written notice to the member with which he is associated describing in detail the proposed transaction and the person’s proposed role therein and stating whether he has received or may receive selling compensation in connection with the transaction.” Rule 3280(c) states that when an associated person has received or may receive selling compensation, the member firm shall provide written approval or disapproval of the associated person’s participation in the proposed private securities transaction. A violation of Rule 3280 is also a violation of FINRA Rule 2010, which requires associated persons, in the conduct of their business, to observe high standards of commercial honor and just and equitable principles of trade. Do you need a Virginia FINRA Securities Arbitration Attorney? Did your Virginia 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 Ponzi Scheme Attorneys Representing Midlothian, Virginia 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 Virginia, 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. Se habla español 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 Virginia citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.