Several law firms have redoubled their efforts to solicit investors in the GPB fraud Ponzi scheme. One law firm recently filed a GPB fraud case against Pruco Securities and Kalos Capital for wrongful sale of private placements, including GPB Capital on behalf of an elderly investor who purportedly has suffered investment losses over $250000.
This is the second part of a three-part series.
As discussed in part one of this three-part series, written inquiries made pursuant to FINRA Rule 8210 are a tool used by FINRA Enforcement when investigating registered representatives for potential violations. Rule 8210 requires registered representatives to comply with FINRA’s requests for information and documents.
William J. Schnepp has agreed to a two-month suspension form association with any FINRA member firm in any capacity, as well as a deferred fine of $5,000, for violations of FINRA Rule 2010.
Ronald “Ramone” Knight has agreed to be barred from association with any FINRA member firm in any capacity after FINRA found that he falsified expense reports.
FINRA has filed proposed rule amendments with the SEC seeking to update FINRA’s expungement arbitration code. Under FINRA’s current rules, a broker seeking expungement will pay a lower fee if they include a request for nominal damages. If nominal damages are requested along with an expungement, then the case is governed by the arbitration rules for cases seeking under $50,000 in damages. The filing fee for these cases can be as little as $50. Expungement cases with no damages requested are filed under the same rules as arbitration cases seeking more than $100,000 in damages, and carry a filing fee of $1,575.
Kari Bracy, a broker who worked for NYLife Securities from 2009 until 2019, has agreed to a bar from the securities industry. On January 16, 2020, Bracy signed a letter of Acceptance, Waiver and Consent (“AWC”), agreeing to be barred from the securities industry for failing to appear for an on-the-record interview with FINRA.
Jaime Michael Westenbarger has been barred from association with any FINRA member in all capacities. On October 2, 2019, Westenbarger signed a Letter of Acceptance, Waiver and Consent (“AWC”), in which he consented to the bar, without admitting or denying FINRA’s findings detailed in the AWC.
A Financial Industry Regulatory Authority Inc. ("FINRA") arbitration panel recently concluded an arbitration case involving a former Raymond James advisor with a promissory note balance. The case is unique because the arbitrators denied the rep an opportunity to present testimony, witnesses or evidence, as a sanction for failing to file his answer in a timely manner.
A recent survey conducted by the FINRA Investor Education Foundation found that investor knowledge is “low.”
Churning allegations involving a former Bank of America’s Merrill Lynch (“Merrill Lynch”) broker have cost the wirehouse $40 million, and it still faces another costly complaint from another customer related to the same broker.
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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.
