#richmond - Law Offices of Robert Wayne Pearce

Richmond, Virginia FINRA Securities Arbitration Attorney

Did Douglas W. Stopkey Cause You Investment Losses? Douglas W. Stopkey of Richmond, Virginia submitted a Letter of Acceptance, Waiver and Consent to the Financial Industry Regulatory Authority in which he was suspended from association with any FINRA member for a period of 30 days. The sanction was based on findings that Stopkey allegedly exercised discretionary trading and mismarked orders in violation of NASD Rule 2510(b) and FINRA Rules 4511 and 2010. The suspension was in effect from November 16, 2020, through December 15, 2020. In March 1992, Douglas W. Stopkey joined Merrill Lynch, Pierce, Fenner & Smith, Inc. and became registered as a General Securities Representative. The firm later filed a Uniform Termination Notice (Form U5) disclosing that Stopkey had been terminated due to alleged misconduct. According to the FINRA findings, Stopkey allegedly effected 300 trades in 7 accounts held by 4 customers without written authorization. The findings state that Stopkey had caused his firm to maintain inaccurate books by marking trade tickets as unsolicited without discussing the trades. In addition, the findings also state that Stopkey falsely attested that one of the trades was a customers idea and that he had not exercised discretionary trading without speaking with any customer first. NASD Rule 2510(b) prohibited registered representatives from “exercising any discretionary power in a customer’s account unless such customer has given prior written authorization to a stated individual or individuals and the account has been accepted by the member.”‘ A violation of NASD Rule 2510(b) violates FINRA Rule 2010. FINRA Rule 4511 requires members to “make and preserve books and records as required under the FINRA rules, the Exchange Act and the applicable Exchange Act rules.” Section 17(a) of the Securities Exchange Act of 1934 and Rule 17a-3 thereunder require firms to make and keep books and records including a “memorandum of each brokerage order.” A registered representative who mismarks an order as “unsolicited” causes a firm to create an inaccurate record. Do You Need a Virginia FINRA Securities Arbitration Attorney? Are you a Richmond, Virginia investor who has suffered significant losses in your stock brokerage and investment accounts? Did your Virginia 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 Attorney Serving Richmond, Virginia 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 Virginia, 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 Virginia citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.

Jan 29, 2021

Richmond, Virginia Securities Misrepresentation Attorney

Did James Johnson Cause You Investment Losses? James Johnson, a former broker at the Waltham Massachusetts-based Commonwealth Financial Network, submitted a Letter of Acceptance, Waiver and Consent (AWC) in which he agreed to, without admitting or denying, the described sanction and the entry of the Financial Industry Regulatory Authority’s (FINRA) allegations that he made negligent misrepresentations and omissions involving a securities investment. FINRA’s findings stated that James Michael Johnson of Richmond Virginia discussed with his member firm customers a purchase of a 10% interest in West Virginia Farm Properties, LLC, a company formed to develop rural land into a residential neighborhood in West Virginia. Mr. Johnson misrepresented to customers that all development costs were covered; that the infrastructure for building the homes was in place; that the houses were ready to be built on the property; and that the customers’ investment would allow the company to start building homes immediately. According to FINRA, Mr. Johnson gave the customers written materials, including a brochure where he handwrote “$5 to $9 million” to indicate the expected profit to the customers. FINRA also found that Mr. Johnson provided the customers another handwritten note indicating that the company would make an immediate profit of $20 million, of which their portion would be $2 million, within three years. FINRA assessed Mr. Johnson a deferred fine of $50,000 and suspended him from association with any FINRA member in any capacity for two years. Do You Need an Attorney for a Misrepresented Investment? Virginia has hundreds 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 make misrepresentations about investing in securities (stocks, bonds, options, mutual funds, REITs, Junk Bonds, Hedge Funds, Structured Products, etc.) they are selling, the strategies they are recommending (margin, short selling, option) and to engage in many other kinds of stockbroker fraud and stockbroker misconduct which violates Federal and Virginia securities laws and Financial Industry Regulatory Authority (FINRA) rules and stock brokerage firms policies and procedures. Experienced Securities Lawyers Who Represent Investors With Misrepresentation Claims In FINRA Arbitrations Throughout Virginia and Nationwide. Are you a Virginia investor who has suffered significant losses in your stock brokerage and investment accounts? Did your Virginia stockbroker or investment advisor, misrepresent facts about the securities, investments or strategies they were recommending or otherwise mismanage your investment account? If so, you need representation by experienced, highly-rated and nationally recognized FINRA arbitration attorneys who know 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 with investment misrepresentation claims 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 one of the best securities attorneys to recover your investment losses for 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 misrepresentation 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 securities misrepresentation and stockbroker fraud claims such as stockbroker breach of fiduciary duty, stockbroker negligence, failure to supervise stockbrokers, and unsuitable recommendations by stockbrokers. Attorney Pearce and his staff represent investors throughout Virginia, 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 Securities Misrepresentation and Stockbroker Fraud Lawyers Serving Virginia Residents in FINRA Arbitrations The Law Offices of Robert Wayne Pearce, P.A. are highly experienced lawyers who successfully handle securities misrepresentation, stockbroker fraud, stockbroker misconduct 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 Virginia citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.