#rhodeisland - Law Offices of Robert Wayne Pearce

Aug 21, 2021

Pawtucket, Rhode Island Securities Arbitration Attorney

Do You Need a Securities Arbitration Attorney? Keith Holcomb of Pawtucket, Rhode Island submitted a Letter of Acceptance, Waiver and Consent to the Financial Industry Regulatory Authority in which he was fined $7,500 and was suspended from association with any FINRA member in all capacities for a period of six months. The sanctions were based on findings that he borrowed money from a customer in violation of FINRA Rules 3240 and 2010. The suspension is in effect from April 5, 2021, through October 4, 2021. From September 2015 to June 2017, Keith Holcomb was registered with MML Investors Services, LLC as an Investment Company and Variable Contracts Products Representative. According to FINRA’s findings, Holcomb borrowed at least $31,420 from a customer without notifying or receiving approval from his firm. The findings state that the firm had supervisory procedures prohibited borrowing money from customers unless they were considered immediate family in which the customer was not. In addition, the findings state that Holcomb was aware that the customer suffered from serious health problems and was not financially secure at the time. Although Keith Holcomb is not currently associated with a FINRA member, he remains subject to FINRA’s jurisdiction. FINRA Rule 3240(a) states that a registered representative may not borrow money from any customer unless his member firm has written procedures that allow for such borrowing and the borrowing arrangement meets certain other conditions. FINRA Rule 3240(b) generally requires a registered representative to notify his member firm and obtain written pre-approval of his borrowing arrangement with a customer. A violation of Rule 3240 is also a violation of FINRA Rule 2010, which requires member firms and their associated persons to observe high standards of commercial honor and just and equitable principles of trade. Are you a Rhode Island investor who has suffered significant losses in your stock brokerage and investment accounts? Did your Rhode Island stockbroker or investment advisor transfer assets without your authority to the stockbroker or another party, steal, or otherwise commit theft in your investment account? If so, you will need to have representation from an experienced, highly rated, and nationally recognized FINRA securities arbitration attorney—an attorney who knows FINRA rules and procedures inside and out and how to handle these FINRA arbitration cases and other complex legal issues. Free Initial Consultation With Experienced Attorneys Handling Securities Arbitration Cases Serving Pawtucket, Rhode Island 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 Rhode Island, 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 Rhode Island citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.

May 16, 2021

Newport, Rhode Island FINRA 8210 Defense Lawyer

Do You Need a FINRA 8210 Defense Attorney? You may have read that Charles Ernest Kenahan of Newport, Rhode Island was permanently barred by the Financial Industry Regulatory Authority (“FINRA”) from working in the securities industry because he failed to comply with FINRA Rules 8210 and 2010. In December 2007, Charles Ernest Kenahan Merrill Lynch, Pierce, Fenner & Smith while registered as a general securities representative. The firm later filed a Uniform Termination Notice (Form U5), disclosing that he had been terminated due to his alleged misconduct. According to the findings, FINRA began an investigation and sent a request to Kenahan for information and documents or to appear for an on-the-record testimony regarding allegations of sales practice violations from former customers. The findings state that Kenahan initially cooperated with the investigation then ceased in doing so when he responded to FINRA during a phone call, stating that he allegedly received, acknowledged, and refused to provide the requested information or to appear for an on-the-record testimony. Although Charles Ernest Kenahan is no longer associated with any FINRA member firm, he remains subject to FINRA’s jurisdiction. FINRA Rule 8210(a)(1) states, in relevant part, that FINRA staff shall have the right to “require a member, 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 the investigation, complaint, examination, or proceeding.” A failure to comply with a request for documents and information issued 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.” Unfortunately, Charles Ernest Kenahan 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 Newport, Rhode Island 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 FINRAdefense skills are highly regarded throughout Rhode Island 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 Rhode Island citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889, or via e-mail.

Feb 9, 2021

Barrington, Rhode Island Attorney Who Sues Stockbrokers Who Made Unsuitable Investment Recommendations

Did Peter Orlando Cause You Investment Losses? Peter Orlando, a Barrington, Rhode Island-based registered representative formerly employed with MetLife Securities, Inc. n/k/a MML Investors Services LLC, was named a Respondent in a Financial Industry Regulatory Authority (FINRA) complaint claiming that he failed to disclose that an elderly customer had named him as account beneficiary of the customer’s will and bank account. FINRA’s findings stated that Peter Orlando utilized his position of trust with his client, an 81-year-old widow, to obtain durable power of attorney, health power of attorney, designation as the executor and primary beneficiary of the customer’s will, and beneficiary of the customer’s bank account. Mr. Orlando did not disclose these arrangements to his member firm, which bars its representatives from serving in a fiduciary capacity or being designated as an account beneficiary for anyone other than family members. According to FINRA, Mr. Orlando made an unsuitable recommendation to the above-referenced customer when he advised the client to surrender a variable annuity resulting in surrender fees and charges of almost $4,000. FINRA’s complaint alleged that Mr. Orlando stated his client needed to surrender the variable annuity so he could assist her with personal financial matters. FINRA’s findings alleged violations of FINRA Rule 2010, for unethical conduct, and violation of FINRA Rules 2111 and 2010 for the alleged unsuitable recommendation. Do You Need an Attorney for an Unsuitable Investment? Rhode Island has scores of stock brokerage firms and investment advisory offices. With so many stock brokerage firms and investment advisory offices, comes the potential for their stockbrokers, financial advisors, and other representatives to recommend unsuitable securities investments in light of the customers stated investment objectives, risk tolerance, financial condition, time horizon and other important factors and to engage in many other kinds of stockbroker fraud and stockbroker misconduct which violates Federal and Rhode Island securities laws and Financial Industry Regulatory Authority (FINRA) rules and stock brokerage firms policies and procedures. Experienced Unsuitable Investment Lawyers Who Handle FINRA Arbitrations Throughout Rhode Island and Nationwide. Are you a Rhode Island investor who has suffered significant losses in your stock brokerage and investment accounts? Did they recommend unsuitable securities transactions or strategies? Broker-Dealer attorneys always argue to the arbitration panel the securities transactions (buy, sell or hold) and/or strategies to engage in short selling, trade on margin, use securities based lending and complex option or futures trading strategies were suitable for the customer. They routinely misrepresent the customers’ investment objectives, risk tolerance and financial condition on account documents. 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. More importantly, you will need the representation of an experienced, top rated and nationally recognized FINRA arbitration attorney — a lawyer who knows FINRA rules and procedures and how to handle these FINRA arbitration cases and other complex legal issues. By hiring a top rated securities attorney like Robert Wayne Pearce with over 40 years of experience on both sides of the table in 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 securities attorneys to recover your investment losses for unsuitable recommendations and all types of stockbroker fraud and stockbroker misconduct in FINRA arbitration proceedings! At The Law Offices of Robert Wayne Pearce, P.A., we represent investors with securities breach of fiduciary duty claims and many other kinds of securities law and investment disputes in FINRA arbitration and mediation proceedings. We handle a wide range of practice areas besides breach of fiduciary duty, such as claims involving securities misrepresentation and stockbroker fraud, negligence, failure to supervise, and unsuitable recommendations by stockbrokers and investment advisors. Attorney Pearce and his staff represent investors throughout Rhode Island, 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 An Experienced Attorney Serving Rhode Island Residents in FINRA Arbitrations Involving Unsuitable Investment Claims The Law Offices of Robert Wayne Pearce, P.A. are highly experienced lawyers who successfully handle unsuitable investment claims and other investment disputes in 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 FINRA arbitrations serving Rhode Island citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.

Feb 9, 2021

Warwick, Rhode Island Securities Account Forgery Attorney

Did Thomas Vigil Cause You Investment Losses? Thomas Vigil, a General Securities Representative formerly employed with the Warwick, Rhode Island branch of Signator Investors, Inc. (Signator) and the Westboro, Massachusetts branch of MetLife Securities, Inc. (MetLife), submitted a Letter of Acceptance, Waiver, and Consent in which he consented to, but did not admit to or deny, the Financial Industry Regulatory Authority’s (FINRA) findings that he impersonated a customer to obtain an annuity surrender form, falsified account documents, and forged a customer’s signature all without the customers’ knowledge or consent. Mr. Vigil was fined $7,500 for violating FINRA Rule 2010 and suspended from association with any FINRA member in any capacity for six months. Do You Need an Attorney for Securities Account Forgery? Rhode Island has scores of stock brokerage firms and investment advisory offices. With so many stock brokerage firms and investment advisory offices, comes the potential for their stockbrokers, financial advisors, and other representatives to engage in forgery in opening your account and/or transferring cash and/or securities out of your account and all kinds of other stockbroker misconduct which violates Federal and Rhode Island securities laws and Financial Industry Regulatory Authority (FINRA) rules and stock brokerage firms policies and procedures. Experienced Lawyers With Securities Account Forgery Claims In FINRA Arbitrations Throughout Rhode Island and Nationwide. Are you a Rhode Island investor who has suffered significant losses in your stock brokerage and investment accounts? Did your Rhode Island stockbroker or investment advisor forge your signature or alter information on account opening documents about your investment objectives, risk tolerance or financial condition to make unsuitable recommendations 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 forgery law attorney—an attorney who knows FINRA rules and procedures inside and out and how to handle these FINRA arbitration forgery cases and other complex legal issues. By hiring a top rated attorney like Robert Wayne Pearce with over 40 years of experience in forgery cases by practicing securities law on both sides of the table and handling forgery cases in FINRA arbitration proceedings, you will clearly see that Attorney Pearce doesn’t just handle forgery cases—he aggressively represents investors and is one of the best attorneys to recover your investment losses resulting from forged documents to withdraw funds, allow unauthorized persons to access your accounts, to make unsuitable recommendations to appear suitable and 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 forgery disputes in FINRA arbitration and mediation proceedings. We also handle a wide range of practice areas such as fraud and misrepresentation, breach of fiduciary duty, failure to supervise, and unsuitable recommendations. Attorney Pearce and his staff represent investors throughout Rhode Island, 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 An Experienced Securities Account Forgery Attorneys Serving Rhode Island Residents In FINRA Arbitrations The Law Offices of Robert Wayne Pearce, P.A. are highly experienced attorneys who successfully handle securities account forgery cases and other securities law matters and investment disputes in FINRA arbitration proceedings, and who work tirelessly to secure the best possible result for you and your case. For dedicated representation by a lawyer with over 40 years of experience and success in securities account related forgeries and all kinds of securities law and investment disputes serving Rhode Island citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.

Nov 10, 2020

Former TD Ameritrade Stockbroker Kwasi Mensah Aggor Barred for Misconduct

Kwasi Mensah Aggor of Coventry, Rhode Island submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was barred for failing to appear for on-the-record and provide testimony in violation of FINRA Rules 8210 and 2010. In 2008, Kwasi Mensah Aggor joined TD Ameritrade Inc. as a General Securities Representative. According to FINRA’s findings, a form U5 termination notice was received from TD Ameritrade, Inc. disclosing his termination due to Kwasi Mensah Aggor allegedly engaging in private security transactions with a customer through an outside business that was not disclosed to his firm. In February of 2020, FINRA enforcement sent Kwasi Mensah Aggor an appeal for him to appear and issue an on-the-record testimony in relation to the violation of FINRA Rule 8210. The FINRA findings stated Mr. Aggor acknowledged that he obtained the request but ultimately refused to appear and provide on-the-record testimony. In addition, Kwasi Mensah Aggor is no longer associated with any FINRA member firm, but remains under FINRA’s jurisdiction. FINRA Rule 8210(a)(1) states, in relevant part, that FINRA may “require a person subject to FINRA’s jurisdiction to testify at a location specified by FINRA staff, under oath or affirmation with respect to any matter” concerting a FINRA investigation. FINRA Rule 8210(c) provides that “[n]o person shall fail to provide testimony pursuant to this Rule.” A failure to comply with a request for testimony pursuant to FINRA Rule 8210 is also a violation of FINRA Rule 2010, which requires associated persons to “observe high standards of commercial honor and just and equitable principles of trade.” Without admitting or denying FINRA’s findings, Kwasi Mensah Aggor was barred from association with any FINRA member in all capacities. 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 misconduct by their broker can file claims to recover damages against broker-dealers, like TD Ameritrade which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct. Have you suffered losses in your TD Ameritrade account due to misconduct by your broker? Was Kwasi Mensah Aggor 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 TD Ameritrade 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.