Milwaukee Wisconsin Stockbroker Misconduct Attorney - Law Offices of Robert Wayne Pearce

Apr 8, 2020

Foresters Equity Services Stockbroker John Dale Ernst Suspended for Engaging in Private Transactions

John Dale Ernst of Milwaukee, Wisconsin 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 unapproved private transactions in violation of FINRA Rules 3280 and 2010. From January 4, 2011 through March 12, 2018, John Dale Ernst was registered with Foresters Equity Services as an Investment Company Products/Variable Contracts Representative. According to FINRA’s findings, John Dale Ernst engaged in unapproved private securities transactions totaling $509,000 in Woodbridge promissory notes to four investors, three of whom were customers of his firm. The findings stated that Ernst received $35,252 in commissions in connection with the transactions. In addition to those FINRA findings, Ernst allegedly stated on his annual compliance questionnaires for 2015, 2016, and 2017 that he had not sold promissory notes or participated in any private securities activities without approval from his firm.

Jan 9, 2019

Former Freedom and Calton Stockbroker Barred for Theft

Chris Raymond Kubiak, of Milwaukee, Wisconsin, a former registered representative with Freedom and Calton, submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) without admitting or denying allegations that he violated FINRA Rules 2150(a) and 2010. From February 1989 to July 2017, Kubiak was registered with Freedom Investors Corp. (Freedom) as a General Securities Representative. On July 2017, Kubiak left Freedom and joined another firm, Calton & Associates, Inc., as a (GSR) and as an Investment Company and Variable Contracts Products Representative. According to FINRA, between June 2015 and August 2018, Kubiak converted customer funds in violation of FINRA Rules 2150(a) and 2010. The findings stated that a total of seven customers from Freedom and Calton, gave $270,000 in funds to invest on their behalf. Kobiak, however, allegedly deposited the funds in his own bank account and used it for his own personal use, including to gamble and pay medical bills.