Dec 23, 2020

St. Louis, Missouri Failure to Supervise Stockbroker Attorney

Did Stifel, Nicolaus & Company, Inc. Cause You Investment Losses? Stifel, Nicolaus & Company, Inc. (Stifel) of St. Louis Missouri submitted a Letter of Acceptance, Waiver and Consent to the Financial Regulatory Authority in which they were censured and fined $40,000. The sanctions were based on findings that they allegedly lacked a supervisory system in violation of Municipal Securities Rulemaking Board (MSRB) Rule G-27. In January 1936, Stifel became a FINRA member firm and registered with the Securities and Exchange Commission (SEC). Stifel currently has 4,950 registered representatives and 430 branch offices throughout Missouri and offers many aspects of the brokerage business. According to the FINRA findings, Stifel prohibited pre-arranged transactions but did not have a supervisory system or written supervisory procedures (WSP’s) in place to detect or prevent them. The findings stated that Stifel did not have exception reports, trade alerts, or any other supervisory mechanisms and solely relied on its supervisors to identify the transactions on their own. In addition, FINRA’s findings stated that a representative effected 56 pairs of pre-arranged transactions in several customers’ accounts which were not flagged for review. MSRB Rule G-27 (Rule G-27), entitled “Supervision,” sets forth the requirements of a municipal securities dealer to supervise its conduct regarding municipal securities activities to ensure compliance with applicable securities laws, regulations, and applicable MSRB Rules. Rule G-27(a) requires municipal securities dealers to supervise the conduct of the municipal securities activities of both the dealer and its associated persons. Rule G-27(b) requires municipal dealers to establish and maintain a supervisory system to supervise the municipal securities activities of all registered persons and associated persons. Rule G-27(c) requires municipal dealers to adopt, maintain, and enforce WSPs that are reasonably designed to ensure that the conduct of the municipal securities activities of the firm and its associated persons comply with applicable securities laws, regulations, and MSRB Rules. Do You Need a Missouri FINRA Securities Arbitration Attorney? Are you a St. Louis, Missouri investor who has suffered significant losses in your stock brokerage and investment accounts?  Did your Missouri stock brokerage or investment advisory firm where you do business fail to supervise the stockbroker who recommended bad investments and otherwise mismanage your investment account? If so, you will need to hire an experienced, highly-rated, and nationally recognized FINRA securities arbitration attorney—a lawyer who knows how to handle these failure to supervise cases as well as other complex legal issues.  Free Initial Consultation With Attorneys Experienced In Failure to Supervise Stockbroker Disputes Serving St. Louis, Missouri 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 Missouri, 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 Missouri citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail. 

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Dec 23, 2020

Las Cruces, New Mexico Attorney Who Sues Stockbrokers For Selling Away (Selling Unauthorized Investments)

Did Robert Barnard Cause You Investment Losses? Robert Barnard of Las Cruces, New Mexico was permanently barred from association with any FINRA member in all capacities. The sanction was based on findings that he allegedly refused to appear for an on-the-record testimony regarding allegations of selling outside investments and borrowing money from a customer. By refusing to appear for the testimony, Robert Barnard violated FINRA Rule 8210. In March 2008, Robert Barnard joined Principal Securities, Inc. and registered as a General Securities Representative. According to the FINRA findings, the firm filed a Uniform Termination Notice for Securities Industry Registration (Form U5) indicating the Barnard had been discharged due to evidence of misconduct with clients. Soon after, FINRA began an investigation into the allegations and sent a request to Barnard to appear for an on-the-record testimony. The FINRA findings stated that Barnard had sent an email stating he acknowledged the request and would not appear for the testimony. Although Barnard is no longer associated with any member firm, he remains subject to FINRA’s jurisdiction. FINRA Rule 8210(a)(1) states in relevant part that FINRA “requires a person associated with a member, or any other person subject to FINRA’s jurisdiction to provide information orally, in writing, or electronically and to testify at a location specified by FINRA staff, under oath or affirmation administered by a court reporter with respect to any matter involved in the investigation, complaint, examination, or proceeding.” A failure to comply with a request for information pursuant to FINRA Rule 8210 is a violation of 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 New Mexico FINRA Securities Arbitration Attorney? Did your Las Cruces, New Mexico 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 Attorneys Representing Las Cruces, New Mexico 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 Mexico, 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 Mexico citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail. 

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Dec 23, 2020

Frisco, Texas FINRA 8210 Defense Lawyers

Did Peter Vincent Ianace Cause You Investment Losses? You may have read that Peter Vincent Ianace of Frisco, Texas 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. Peter Vincent Ianace joined Merrill Lynch, Pierce, Fenner & Smith Inc. in October 2011 and was registered as a general securities representative. On June 8, 2020, the firm filed a Uniform Termination Notice for Securities Industry Registration (Form U5) indicating Ianace voluntary resignation. According to the findings, FINRA began an investigation and sent a request for documents and information regarding Ianace alleged failure to disclose outside business activities to his firm. The findings stated that Ianace initially cooperated but ceased in doing so during a phone call with FINRA, stating that he acknowledged and refused to provide the requested documentation. Although he is no longer registered with a FINRA member firm, Peter Vincent Ianace remains subject to FINRA’s jurisdiction. FINRA Rule 8210(a) states, in relevant part, that FINRA has the right to “require a … person associated with a member, or any other person subject to FINRA’s jurisdiction to provide information in writing or electronically with respect to any matter involved in [a FINRA] investigation, complaint, examination, or proceeding.” FINRA Rule 8210(c) provides that “no member or person shall fail to provide information pursuant to this Rule.” A violation of FINRA Rule 8210 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 Texas FINRA Defense Attorney? Unfortunately, Peter Vincent Ianace 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 Frisco, Texas 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 Texas 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 Texas citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889, or via e-mail.

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Dec 23, 2020

Winter Park Florida SEC Securities Defense Law Attorney

Cameron Linton of Winter Park Florida was charged by the United States Securities and Exchange Commission (SEC) for taking part in an investment scheme that bought and sold billions of unregistered penny stock shares. Mr. Linton was a former Florida attorney who worked for Christel Scucci and her mother Karen Beach. The scheme involved Protégé Enterprise and Capital Edge that Mrs. Scucci and Mrs. Beach owned respectively. Over the course of a year, the group sold approximately 3.3 billion penny stock shares and made about $1.5 million. In the court’s final judgment, Mr. Linton was permanently barred from participating in any future offerings of penny stock, ordered to pay $13,750 plus $6,250 for disgorgement and ordered to pay a civil penalty of $7,500. Mr. Linton also agreed to a suspension from him appearing or practicing before the commission as an attorney. Do You Need an SEC Defense Attorney? The SEC has initiated many investigations and filed many SEC administrative disciplinary proceedings and Federal court actions against corporations and their officers, directors and shareholders stockbrokers, investment advisors and others it believed to have violated the Federal securities laws.  Experienced SEC Securities Law Defense Lawyer Handling Winter Park Florida Investigations and Enforcement Actions You will need a top rated SEC Securities Law Defense attorney as soon as you receive a telephone call, letter requesting voluntary cooperation or subpoena for testimony or documents in a SEC investigation because this agency acts quickly and aggressively when you appear on its radar. The next thing you know you are a defendant in an SEC administrative proceeding or a Federal court action where you have been enjoined and had all of your bank and securities accounts frozen without notice. You may only have days to persuade a Federal Court Judge why the injunction should be lifted and given back access to your bank and brokerage accounts. These investigations and enforcement actions involve complex securities laws and legal issues which only highly trained and experienced SEC securities law defense trial attorneys can handle. Attorney Pearce’sknowledge of the Federal securities laws andSEC trial lawyer defense skills are highly regarded throughout [State] and across the nation.  He began his career with the SEC at the New York Regional Office in 1980. Thereafter he moved to Florida and has expanded his SEC securities law defense practice nationwide over his 40 year career. In fact, Federal District Court Judge Janet C. Hall has opined in a public court decision about his knowledge and skills: In short, Attorney Pearce has knowledge and skill gained over [40] years of specialized training on the minutiae of broker-dealer practices and procedures and SEC enforcement proceedings which could not be obtained by a competent practicing attorney through routine research or legal experience. Attorney Pearce is one of the few attorneys who has not only single handedly beat the SEC’s team of lawyers, but recovered his clients’ attorney fees and litigation costs incurred in the defense of the government’s flawed investigation and enforcement action.   SEC v. Stephen J. Wilson, Defendant, Civil Action No. 04-cv-1331(JCH), 2009 WL 2381954 (D. Conn.). Free Initial Consultation With An Experienced SEC Securities Law Defense Lawyer Serving Winter Park Florida Residents The Law Offices of Robert Wayne Pearce, P.A. understands what is at stake in securities law matters and works tirelessly to secure the best possible result for you and your case.  Mr. Pearce provides a complete case review, identifies the strengths and weaknesses of your case, and fully explains all of your legal options. For dedicated representation by a law firm with over 40 years of experience and success in all kinds of securities law and investment disputes serving Winter Park Florida citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.

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Dec 23, 2020

Hialeah Florida FINRA Securities Fraud Attorney

Four Hialeah Florida residents were charged in connection with a multi-million-dollar bank fraud scheme. Couples Gabriel and Maureen Cifuentes and Maribel and Reinaldo Roman Jr., as well as five others, were charged with conspiracy to commit bank fraud in connection with a $12 million scheme. According to the charging documents, the defendants conspired to submit false loan applications to Wells Fargo Bank to obtain upwards of $12 million in commercial lines of credit. One defendant, who was a certified public accountant, allegedly promoted herself as someone who could help borrowers obtain approval for the lines of credit by preparing their loan applications. The defendants allegedly prepared these loan applications which they falsified with faulty tax returns, bank statements, and personal financial statements. The defendants induced individuals with false claims and charged approximately 10% of each individual loan. The case is being prosecuted by Assistant U.S. Attorneys Roger Cruz and Richard Gregorie. Do You Need a Securities Fraud Lawyer? Hialeah Florida has scores of stock brokerage firms and investment advisory offices.  With so many stock brokerage firms and investment advisor offices, comes the potential for their stockbrokers, financial advisors, and other representatives to engage in all kinds of stockbroker misconduct which violates Federal and Florida securities laws and Financial Industry Regulatory Authority (FINRA) rules and stock brokerage firms policies and procedures.  Experienced Lawyers Who Handle Securities Fraud Claims In Court and FINRA Arbitrations Throughout Hialeah Florida and Nationwide. Are you a Hialeah Florida investor who has suffered significant losses in your stock brokerage and investment accounts?  Did your Hialeah 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.  By hiring a top rated attorney like Robert Wayne Pearce with over 40 years of experience practicing securities law on both sides of the table in court and FINRA arbitration proceedings, you will clearly see that Attorney Pearce doesn’t just handle cases—he aggressively represents investors and is one of the best attorneys to recover your investment losses for all types of stockbroker misconduct in FINRA arbitration proceedings! At The Law Offices of Robert Wayne Pearce, P.A., we represent investors in all kinds of securities law and investment disputes in court and FINRA arbitration and mediation proceedings. We handle a wide range of practice areassuch asfraud and misrepresentation, breach of fiduciary duty, failure to supervise, and unsuitable recommendations.  Attorney Pearce and his staff represent investors throughout Hialeah 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 Free Initial Consultation With Experienced FINRA Securities Arbitration Lawyers Serving Hialeah Florida Residents In FINRA Arbitration Proceedings The Law Offices of Robert Wayne Pearce, P.A. are highly experienced trial lawyers who successfully handle securities law matters and investment disputes in court and FINRA arbitration proceedings, and who work tirelessly to secure the best possible result for you and your case.  For dedicated representation by an attorney with over 40 years of experience and success in all kinds of securities law and investment disputes in court and FINRA arbitrations serving Hialeah Florida citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.

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Dec 23, 2020

Tampa, Florida FINRA 8210 Defense Lawyers

Did Neil James Buono Cause You Investment Losses? You may have read that Neil James Buono of Tampa, Florida 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. Neil James Buono joined Pruco Securities, LLC in March 2017, and registered as a Series 6 Investment Company and Variable Contracts Products Representative (IR). In October 2018  the firm filed a Uniform Termination Notice for Securities Industry Registration (Form U5) disclosing Buono’s voluntary resignation. According to the FINRA findings, Buono had allegedly created email accounts for two customers and signed their electronic signatures without their knowledge all while receiving unentitled compensation. FINRA then began an investigation regarding the allegations and sent multiple request to Buono to appear for on-the-record testimony. The findings stated that Buono later responded in an email that he acknowledged and received all the request and would not appear for the on-the-record testimony at any given time. Although Neil James Buono is no longer registered with any FINRA member firm, he remains subject to FINRA’s jurisdiction. FINRA Rule 8210 authorizes FINRA, for purposes of an investigation, complaint, examination, or proceeding authorized by the FINRA By-Laws or rules, to require a member, person associated with a member, or person subject to FINRA’s jurisdiction to provide information orally with respect to any matter involved in an investigation, complaint, examination or proceeding. Rule 8210 also specifies that no member or person shall fail to provide information or testimony pursuant to this rule. A violation of FINRA Rule 8210 also violates F1NRA Rule 2010. Do You Need a Florida FINRA Defense Attorney? Unfortunately, Neil James Buono 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 Tampa, Florida 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 Florida 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 Florida citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889, or via e-mail. 

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Dec 23, 2020

Homestead Florida CFTC Commodities Law Defense Lawyer

Jeremy Globe of Homestead Florida was charged by the U.S. Commodity Futures Trading Commission (CFTC) for making false statements to the National Futures Association (NFA). Mr. Globe told clients at Globe FX Club Inc. that their funds would be pooled and he would manage their accounts. These statements were found to be false by the CFTC and it was determined that Mr. Globe made false or fraudulent statements to the NFA while the NFA was investigating Globe FX Club Inc. In the court’s final judgment, Mr. Globe and his company were ordered by the CFTC to pay a $350,000 civil monetary penalty for concealing material facts and making false statements or misrepresentations to the National Futures Association. Mr. Globe and Globe FX Club Inc. were also permanently prohibited from violating the Commodity Exchange Act. Do You Need a CFTC Defense Attorney? The CFTC has filed many administrative proceedings actions against Homestead Florida-based Futures Commission Merchants (FCMs), Introducing Brokers (IBs), Commodity Pool Operators (CPOs), and Commodity Trading Advisors (CTAs) or filed Federal court actions against those industry members and others not registered with the agency for allegedly engaged in violation of the Commodity Exchange Act (CEA) through alleged market manipulation schemes or fraudulent cash and/or leveraged coin and/or bullion transactions. CFTC Defense Trial Lawyer Serving All of Homestead Florida Attorney Pearce’strial lawyer defense skills are highly regarded throughout Homestead Florida and across the nation.  He began his career with Florida and expanded his nationwide SEC securities law defense practice to include commodities law and the defense of CFTC investigations and enforcement proceedings. Free Initial Consultation With Securities, Commodities and Investment Dispute Lawyers Serving Homestead Florida Residents The Law Offices of Robert Wayne Pearce, P.A. understands what is at stake in commodities law matters and investment disputes, and works tirelessly to secure the best possible result for you and your case.  Mr. Pearce provides a complete case review, identifies the strengths and weaknesses of your case, and fully explains all of your legal options.  For dedicated representation by a law firm with over 40 years of experience and success in all kinds of commodities law disputes serving Homestead Florida citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.

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Dec 23, 2020

Purchase, New York FINRA Securities Arbitration Lawyer

Did Morgan Stanley Cause You Investment Losses? Morgan Stanley submitted a Letter of Acceptance, Waiver and Consent to the Financial Industry Regulatory Authority for allegedly failing to reasonably supervise a registered representative in violation of NASD Rule 3010 and FINRA Rules 3110 and 2010. Due to the misconduct, the firm was censured and fined $175,000. Since 2009, Morgan Stanley has been a FINRA member firm and has more than 23,000 registered representatives. According to FINRA, between January 2012 through December 2017, Morgan Stanley had allegedly failed to supervise a representative who had been accused of  recommending unsuitable short-term trades and securities in 10 customers’ accounts. During the relevant period, Morgan Stanley had automated alerts set up to identify trading activity in accounts that needed to be reviewed by a supervisor and which accounts exceeded certain turnover and cost-to-equity ratios. The findings stated that the trading conducted in the customers’ accounts generated multiple red flags and Morgan Stanley allegedly failed to take reasonable steps to ensure the recommendations were suitable. As a result of the unsuitable trading, the customers suffered losses of more than $900,000 and Morgan Stanley was ordered to pay $774,574.08 in restitution. FINRA Rule 3110 and its predecessor, NASD Rule 3010, require that each member firm take reasonable steps to ensure that the activities of each associated person comply with applicable securities laws and regulations, investigate red flags of potential misconduct, and take appropriate action when misconduct has occurred. A violation of FINRA Rule 3110 or NASD Rule 3010 also constitutes a violation of FINRA Rule 2010. Do You Need a New York FINRA Securities Arbitration Attorney? Are you a Purchase, New York investor who has suffered significant losses in your stock brokerage and investment accounts?  Did your New York 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 Lawyers Serving Purchase, New York 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 New York, 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 York citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail. 

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Dec 23, 2020

Margate Florida FINRA 8210 Defense Lawyers

John Pena of Margate Florida was sanctioned by the Financial Industry Regulatory Authority (FINRA) for accepting a client loan without his firm’s permission. Mr. Pena first became registered at the Concord Equity Group, LLC (CEG) as a General Securities Representative. FINRA found that Mr. Pena borrowed $20,000 from two customers without his firm’s approval. This was a direct violation of his employer member firm’s written procedures and NASD Rule 8210, NASD Conduct Rule 8210, and FINRA Conduct Rule 2010. According to FINRA, Mr. Pena failed to repay the loan, and when asked to provide documentation, Mr. Pena failed to timely and completely fulfill FINRA’s request. Mr. Pena agreed to settle the FINRA sanctions, without admitting or denying them, and was permanently barred from any association with any FINRA member. Do You Need a FINRA 8210 Attorney? You may have read that John Pena of Margate Florida was permanently barred by FINRA from working in the securities industry because he violated FINRA Rule 8210. He could have avoided that FINRA 8210 bar from the securities industry with a skilled and experienced FINRA 8210 defense attorney. My guess is that you are reading this article because you probably just received a letter from FINRA via certified mail that states: You are notified that the FINRA office is conducting an inquiry to determine whether violations of the federal securities laws or FINRA, NASD, NYSE, or MSRB rules have occurred. In the next paragraph, you are being requested, “Pursuant to FINRA Rule 8210,” to provide a slew of documents and/or to appear at a FINRA office to give “On-the-Record” testimony and then you read the warning: Under FINRA Rule 8210, you are obligated to respond to this request fully, promptly and without qualification.  You are also obligated to supplement or correct any response that you later learned to have been incomplete or inaccurate.  If you withhold any responsive documents or information, you must specifically identify what you are withholding and state the basis for your doing so.  Any failure on your part to satisfy these obligations could expose you to sanctions, including a permanent bar from the securities industry. To a FINRA registered representative, who has never received such a letter in their career, it can be intimidating and cause a great deal of anxiety.  You are probably asking yourself: Why did I get this letter? What does it mean to my career? What should I do or not do? First, you must not ignore the letter because if you do and are currently registered and still working with a broker dealer, you will be suspended, and if you still do not comply with the request, you will be permanently barred from working in the securities industry just like John Pena, above. Second, if you are still working for a brokerage firm, you must notify the firm and provide a copy of the FINRA letter to your immediate supervisor and/or compliance officer. Third, you will need advice from an experienced FINRA defense lawyer on how to respond to the FINRA inquiry and protect you from sanctions. If your employer is not going to supply legal counsel free of any conflict of interest or you are no longer registered and working for any firm, you will need to hire your own FINRA defense attorney. This FINRA letter marks the first stage and hopefully the last of any FINRA inquiry into a particular matter. At this point, you have not been accused of any violation of the law or any securities industry rule, and there will be no black marks on your FINRA record in the Central Record Depository (“CRD”) or on the FINRA BrokerCheck website. You want to keep it that way! As your FINRA defense lawyers, we will immediately reach out to FINRA, obtain a reasonable extension of time to comply with request for documents and/or date of your On-the-Record testimony to investigate the issue, and gather and review the information requested. We will determine the trigger event and/or nature of the inquiry, such as the following: Automated Surveillance Program flagging of potential insider trading, layering, algorithm gaming, wash sales, marking-the-close and open, front running, etc. Form U4 or U5 filing disclosing: customer complaints; arrests, criminal charges and convictions; Liens, Bankruptcies, and compromises with creditors; and/or outside business activities. Customer Complaints made directly to FINRA through its Hotline. Actions by or referrals from other regulatory agencies, like the SEC or state securities regulators. The less interaction you have with the FINRA investigator, and the more interaction your FINRA defense attorney has with the investigator the less harm you will inflict upon yourself. Sometimes the list of documents requested and/or questions asked are numerous and burdensome. Unfortunately, you simply cannot refuse to comply with the FINRA 8210 request and expose yourself to sanctions for non-compliance. As your FINRA defense lawyers, we will make sure that the FINRA investigator is not over-reaching and making unreasonable requests for documents, which you will have to supply; not only documents in your possession and custody, but you will also be required to supply documents within your “control,” such as bank statements and other records and/or tax returns in the files of your bank or accountant. As your FINRA defense attorneys, we will negotiate the scope of the document production with the investigator to ensure you are not being harassed by the regulator and producing only what is necessary for them to conduct their investigation. If you are being scheduled for an On-the-Record (“OTR”) examination, FINRA’s equivalent to a deposition without any rules, we will prepare you for the examination and advise you on your limited rights and how to answer the questions truthfully to lessen the consequences of your testimony. In the end, it is our goal as your FINRA defense lawyer to end the inquiry after the OTR in the shortest amount of time and at the least expense. Unfortunately, in many cases, the FINRA investigators and attorneys already have the evidence they need and determined that a...

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Dec 23, 2020

Sea Ranch Lakes Florida SEC Securities Law Defense Lawyer

Zachariah P. Zachariah of Sea Ranch Lakes Florida was accused by the United States Securities and Exchange Commission (SEC) of illegally buying and selling stocks in an insider trading scheme that included his brother and close friend. Dr. Zachariah, a cardiologist and former member of IVAX’s board of directors allegedly used confidential information about the pharmaceutical company for his personal gain, making nearly $540,000 in ill-gotten gains. According to the complaint, on several occasions, Mr. Zachariah personally not only took advantage of his position to make gains in stock, but tipped off his brother and close friend. According to Mr. Zachariah, the insider trading scheme began minutes after IVAX’s chairman announced in confidence that there was a strong likelihood that there was going to be an acquisition of IVAX by another pharmaceutical company. Minutes after the news, Mr. Zachariah allegedly bought $730,000 in IVAX stock. Mr. Zachariah was also accused of tipping off his brother and close friend in the pending deal. The SEC however, was unable to prove its allegations and after trial Mr. Zachariah was dismissed. Do You Need an SEC Defense Lawyer? The SEC has initiated many investigations and filed many SEC administrative disciplinary proceedings and Federal court actions against corporations and their officers, directors and shareholders stockbrokers, investment advisors and others it believed to have violated the Federal securities laws.  Experienced SEC Securities Law Defense Attorney Handling Sea Ranch Lakes Florida Investigations and Enforcement Actions You will need a top rated SEC Securities Law Defense attorney as soon as you receive a telephone call, letter requesting voluntary cooperation or subpoena for testimony or documents in a SEC investigation because this agency acts quickly and aggressively when you appear on its radar. The next thing you know you are a defendant in an SEC administrative proceeding or a Federal court action where you have been enjoined and had all of your bank and securities accounts frozen without notice. You may only have days to persuade a Federal Court Judge why the injunction should be lifted and given back access to your bank and brokerage accounts. These investigations and enforcement actions involve complex securities laws and legal issues which only highly trained and experienced SEC securities law defense trial attorneys can handle. Attorney Pearce’sknowledge of the Federal securities laws andSEC trial lawyer defense skills are highly regarded throughout Sea Ranch Lakes Florida and across the nation.  He began his career with the SEC at the New York Regional Office in 1980. Thereafter he moved to Florida and has expanded his SEC securities law defense practice nationwide over his 40 year career. In fact, Federal District Court Judge Janet C. Hall has opined in a public court decision about his knowledge and skills: In short, Attorney Pearce has knowledge and skill gained over [40] years of specialized training on the minutiae of broker-dealer practices and procedures and SEC enforcement proceedings which could not be obtained by a competent practicing attorney through routine research or legal experience. Attorney Pearce is one of the few attorneys who has not only single handedly beat the SEC’s team of lawyers, but recovered his clients’ attorney fees and litigation costs incurred in the defense of the government’s flawed investigation and enforcement action.   SEC v. Stephen J. Wilson, Defendant, Civil Action No. 04-cv-1331(JCH), 2009 WL 2381954 (D. Conn.). Free Initial Consultation With An Experienced SEC Securities Law Defense Attorney Serving Sea Ranch Lakes Florida Residents The Law Offices of Robert Wayne Pearce, P.A. understands what is at stake in securities law matters and works tirelessly to secure the best possible result for you and your case.  Mr. Pearce provides a complete case review, identifies the strengths and weaknesses of your case, and fully explains all of your legal options. For dedicated representation by a law firm with over 40 years of experience and success in all kinds of securities law and investment disputes serving Sea Ranch Lakes Florida citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.

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