Patrick M. Coogan, a former registered representative at LPL Financial, has agreed to a bar from the securities industry. On March 17, 2020, Coogan signed a letter of Acceptance, Waiver and Consent (“AWC”), agreeing to be barred from associating with any FINRA member firm in any capacity for making reckless misrepresentations in connection with loans obtained by a customer.
Former Morgan Stanley broker, Jacqueline Jacobsen, agreed to a $5,000 fine and a six-month suspension from association with any FINRA member firm in all capacities. According to FINRA Enforcement, Jacobsen used funds from her AFG account in a manner inconsistent with the Firm’s permitted use of those funds.
In response to the outbreak of COVID-19, the Financial Industry Regulatory Authority (“FINRA”) announced that all in-person arbitration and mediation proceedings scheduled through May 31, 2020 will be postponed. FINRA specified that postponing hearings would not affect other case deadlines.
Experts expect the number of investor arbitration claims filed with FINRA to increase as a result of the market disruptions that have occurred from the COVID-19 pandemic. This comes after a prolonged bull market which had seen a relatively low number of FINRA arbitration cases. However, the recent market downturn has experts predicting an increase in FINRA arbitration cases.
A broker who left JPMorgan's banking channel to join Merrill Lynch has agreed to a preliminary injunction barring him from soliciting his former clients as the parties await a FINRA arbitration proceeding.
James Blake Daughtry, a former representative at Kestra Investment Services, has agreed to a bar from the securities industry. On March 5, 2020, Daughtry signed a letter of Acceptance, Waiver and Consent (“AWC”), agreeing to be barred from associating with any FINRA member firm in any capacity for his failure to appear for an on-the-record interview (“OTR”) with FINRA.
The Securities and Exchange Commission (“SEC”) has barred Marcus Boggs. Boggs had previously been terminated from Merrill Lynch and barred by the Financial Industry Regulatory Authority (“FINRA”).
Former Morgan Stanley Manager, Ben Fujihara, agreed to a $5,000 fine and a 30-day suspension from association with any FINRA member firm, following allegations by FINRA Enforcement that Fujihara failed to notify his FINRA-member firm about the full nature of his participation in an outside business activity, in violation of FINRA Rules 3270 and 2010.
In 2019, FINRA Enforcement ordered firms and associated persons to pay $70 million in fines, restitution and disgorgement. Of the $70 million, $44 million was in the form of fines, including 9 fines of over $1 million. These 9 “supersized” fines totaled $27.9 million. Additionally, FINRA ordered roughly $24 million in restitution and $2 million in disgorgement in 2019.
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According to Barron’s, FINRA has fined Robinhood Financial and Robinhood Securities $26 million for multiple rule violations, including failures in anti-money laundering compliance, inadequate supervision of trading technology, and misleading customer communications.
A former Edward Jones advisor, James A. Bowman, has accepted an industry bar rather than cooperate with a Financial Industry Regulatory Authority (FINRA) investigation into allegations that he reimbursed clients for losses in their accounts.
A Pennsylvania investor has filed suit against Captrust Financial Advisors, alleging the firm failed to act swiftly in stopping a scam that drained her retirement savings.
