Dec 22, 2020

Cheshire, Connecticut FINRA 8210 Defense Lawyers

Did Matthew O. Clason Cause You Investment Losses? You may have read that Matthew O. Clason of Cheshire, Connecticut 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. In October 2016, Matthew O. Clason joined LPL Financial LLC and was registered as a General Securities Representative and Investment Company and Variable Contracts Products Representative. On September 11, 2020, the firm filed a Uniform Termination Notice for Securities Industry Registration (Form U5) indicating that Clason was terminated because he allegedly liquidated shares in a bank account he maintained and shared with a customer. According to the findings, FINRA sent a request to Clason requesting information regarding the allegations that led to his termination. FINRA stated that Clason acknowledged and ultimately refused to produce the requested documents during a counsel phone call. Although Clason is no longer registered with any FINRA member firm, he remains subject to FINRA’s jurisdiction. FINRA Rule 8210(a)(1) states, in relevant part, that FINRA may “require 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 with respect to any matter involved in [a FINRA] investigation.” FINRA Rule 8210(c) states that “no person shall fail to provide information or testimony pursuant to this Rule.” A violation of FINRA Rule 8210 is also a violation of FINRA Rule 2010. Do You Need a Connecticut FINRA Defense Attorney? Unfortunately, Matthew O. Clason 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 Cheshire, Connecticut 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 Connecticut 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 Connecticut 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 9, 2020

Arizona Lawyer Who Sues Stockbrokers For Selling Away (Selling Unauthorized Investments)

Did James Michael Rapisarda Cause You Investment Losses? James Michael Rapisarda of Scottsdale, Arizona was fined $5,000 and suspended from association with any FINRA member in all capacities for a period of 15 business days. The sanctions were based on findings that he allegedly engaged in private securities transactions which was in violation of FINRA Rules 3280 and 2010. The suspension was in effect from September 8, 2020, through September 28, 2020. Rapisarda is not currently registered or associated with any FINRA member but remains subject to FINRA’s jurisdiction. From November 2017 to December 2018, James Michael Rapisarda was registered as a General Securities Representative and General Securities Principal with LPL Financial LLC. According to the FINRA findings, Rapisarda was a minority shareholder with another company while associated with LPL Financial LLC. The findings stated that he allegedly recommended that five individuals invest in the company, three of which purchased more than $10,000 in shares. Although Rapisarda assisted the individuals with their purchases, he did not receive any compensation. In addition, FINRA alleged that Rapisarda had failed to provide prior written notice to LPL in connection with the 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[.]” A violation of FINRA Rule 3280 is also a violation of FINRA Rule 2010. Do You Need An Arizona Lawyer Who Sues Stockbrokers For Selling Away (Selling Unauthorized Investments)? Did your Arizona 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 Arizona 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 Arizona, 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 Arizona citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail. 

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Nov 11, 2020

LPL Financial LLC Stockbroker William Andrew Wimberly Suspended for Misconduct

William Andrew Wimberly of Madison, Mississippi 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 engaging in outside business activity and private transactions all in violation of NASD Rule 3040 and FINRA Rules 3280 and 2010. In November 2008, William Andrew Wimberly joined LPL Financial LLC as a General Securities Representative and a General Securities Principal. According to the FINRA findings, from November 2012 until August 2018, Wimberly allegedly engaged in an outside business activity and participated in private securities transactions without approval from his firm. The FINRA findings stated that during the relevant period, Wimberly created a limited liability company and served as the officer, director, and manager. The findings also stated that Wimberly contributed a total of $70,000 and purchased multiple shares of the company. In addition, FINRA found that Wimberly allegedly signed and submitted LPL Financial LLC annual compliance questionnaires where he failed to disclose his participation in the company and transactions.   FINRA Rule 3270 states, in relevant part, that “no registered person may be an employee, independent contractor, sole proprietor, officer, director or partner of another person, or be compensated, or have the reasonable expectation of compensation, from any other person as a result of any business activity outside the scope of the relationship with his or her member firm, unless he or she has provided prior written notice to the member, in such form as specified by the member.” A violation of FINRA Rule 3270 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.” NASD Rule 3040, 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[.]” Without admitting or denying FINRA’s findings, William Andrew Wimberly was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in all capacities for three months. The suspension was in effect from April 20, 2020, through July 19, 2020. Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures.  In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system.  The implementation of these industry rules requires supervisors to monitor their employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures.  If broker-dealers and/or their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from unauthorized outside business activity, private transaction, and/or other misconduct by their broker can file claims to recover damages against broker-dealers, like LPL Financial LLC, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct.  Have you suffered losses in your LPL Financial LLC account due to unauthorized outside business activity or private transaction by your broker?  Was William Andrew Wimberly your stockbroker?  If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.  Mr. Pearce is accepting clients with valid claims against LPL Financial LLC stockbrokers who may have engaged in broker misconduct and caused investors’ losses. The most important of investors’ rights is the right to be informed!  This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida.  For over 40 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues.  The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally!  Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.

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Nov 11, 2020

Former LPL Financial LLC Stockbroker Patrick M. Coogan Barred for Misrepresentation & Unauthorized Transactions

Patrick M. Coogan of Baton Rouge, Louisiana submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was barred for misrepresentations in violation of FINRA Rule 2010. In 2009, Patrick M. Coogan joined LPL Financial LLC as a General Securities Representative and a General Securities Principal. According to FINRA findings, a Form U5 was filed reporting Patrick M. Coogan’s termination due to unauthorized signatures on LPL agreements. The FINRA findings stated that during the duration of September 2013 through May 2016, Coogan allegedly signed seven control agreements from three banks in connection with a customer’s loan without authorization or approval from his firm. FINRA stated that in order for the customer to obtain these loans, he over pledged his assets in his LPL brokerage account. In addition, FINRA found that Coogan allegedly was aware of the seven agreements containing material misrepresentations. FINRA Rule 2010 requires members and associated persons to observe “high standards of commercial honor and just equitable principles of trade.” A registered representative who makes reckless misrepresentations violates FINRA Rule 2010. Without admitting or denying FINRA findings, Patrick M. Coogan was barred from association with any FINRA member in all capacities and remains under FINRA’s jurisdiction pursuant to Article V, Section 4 of FINRA’s By-Laws. Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker-dealers and/or their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from misrepresentations, unauthorized transactions, or other misconduct by their broker can file claims to recover damages against broker-dealers, like LPL Financial LLC, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct. Have you suffered losses in your LPL Financial LLC account due to misrepresentations or unauthorized transactions by your broker? Was Patrick M. Coogan your stockbroker? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against LPL Financial LLC stockbrokers who may have engaged in broker misconduct and caused investors’ losses. The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 40 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.

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