#plainview - Law Offices of Robert Wayne Pearce

Jun 19, 2021

Plainview, New York Securities Account Churning Attorney

Did Steven Luftschein Cause You Investment Losses? An Office of Hearing Officers decision became final in which Steven Robert Luftschein of Plainview, New York was barred from association from any FINRA member in all capacities. The sanction was based on findings that Luftschein allegedly churned and excessively traded in three customers’ accounts in violation of Section 10(b) of the Securities Exchange Act of 1934 (the Exchange Act) and Rule 10b-5 thereunder, and also FINRA Rules 2111, 2020 and 2010. From June 2013 through early October 2016, Steven Robert Luftschein was registered with Aegis Capital Corp. as a General Securities Representative. According to FINRA’s findings, Luftschein executed approximately 430 trades in three firm customers’ accounts resulting in high annualized turnover rates ranging from 12.5 to 96.3 and annualized cost-to-equity ratios ranging from 35.6% to 123.8%. The findings state that Luftschein did not have a reasonable basis to believe that his excessive trading was suitable and caused more than $261,000 in combined losses and approximately $136,200 in sales and commissions. The findings further state that Luftschein allegedly failed to seek or obtain approval from the customers or his firm before trading in the accounts. Although Steven Robert Luftschein is no longer registered or associated with a FINRA member, he remains subject to FINRA’s jurisdiction. Do You Need a Plainview, New York Securities Account Churning Attorney? Section 10(b) of the Exchange Act, Rule l0b-5, and FINRA Rule 2020 are anti-fraud rules. They prohibit associated persons from using manipulative, deceptive or other fraudulent devices or contrivances in connection with the purchase or sale of any security (Rule 10b-5) or to induce the purchase or sale of any security (FINRA Rule 2020). FINRA Rule 2111 requires, among other things, an associated person “who has actual or de facto control over a customer account to have a reasonable basis for believing that a series of recommended transactions, even if suitable when viewed in isolation, are not excessive and unsuitable for the customer when taken together” in light of the customer’s investment profile. A violation of FINRA Rule 2111 also constitutes a violation of FINRA Rule 2010. Are you a Plainview, New York investor who has suffered significant losses in your stock brokerage and investment accounts? Did your Plainview, New York stockbroker or investment advisor excessively trade or churn or otherwise mismanage your investment account? If so, you will need to have representation from an experienced, highly-rated and nationally recognized FINRA arbitration securities churning law attorney—an attorney 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 Securities Churning Attorneys Serving Plainview, New York 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 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.

Plainview, New York FINRA 8210 Defense Lawyers

You may have read that Cristopher Anthony Fernan of Plainview, New York 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 2015, Cristopher Anthony Fernan joined Salomon Whitney Financial and became registered as a General Securities Representative. The firm later filed a Uniform Termination Notice (Form U5) in February 2017, disclosing that he had been terminated due to alleged misconduct. According to the findings, FINRA began an investigation regarding a customer complaint disclosed by his firm stating that he might have engaged in conduct actionable under applicable statute, rule, or regulation. The findings state that FINRA sent a request to Fernan for on-the-record testimony regarding the allegations, however, he responded through email stating that he received the request but refused to appear at any time. Although Fernan is no longer registered with a FINRA member firm, he remains subject to FINRA’s jurisdiction. Do You Need a FINRA 8210 Defense Attorney? FINRA Rule 8210(a)(1) states, in relevant part, that FINRA may require any “person associated with a member, or any other person subject to FINRA’s jurisdiction … to testify at a location specified by FINRA staff … with respect to any matter involved in the investigation.” 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.” By refusing to appear for on-the-record testimony as requested pursuant to FINRA Rule 8210, Respondent violated FINRA Rules 8210 and 2010. Unfortunately, Cristopher Anthony Fernan 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 Plainview, New York 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 York 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 York citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889, or via e-mail.