The Financial Industry Regulatory Authority (“FINRA”) has barred financial advisor John Swon from the securities industry. Mr. Swon was expelled from the brokerage industry for refusing to cooperate with a FINRA investigation. FINRA launched the investigation after a customer complained that Mr. Swon misappropriated or mismanaged funds entrusted to him as an investment advisory representative of Focus Financial Network, Inc.
Mr. Swon was associated with both brokerage firm Royal Alliance Associates, Inc. and registered investment advisor Focus Financial in Bloomington, MN, from October 2012 until he was discharged by both firms in April 2021 for allegedly violating the firms’ policies regarding disclosure and approval of outside business activities.
Customers of Mr. Swon or Royal Alliance Associates, Inc., can contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of their legal rights.
Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as Royal Alliance Associates, Inc.
FINRA Letter of Acceptance, Waiver, and Consent No. 2021071153001
John Swon IV and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on July 6, 2021, after Mr. Swon refused to provide documents and information connected with FINRA’s investigation into whether Mr. Swon misappropriated funds.
On May 14, 2021, in connection with FINRA’s investigation, FINRA sent a request to Mr. Swon for the production of documents and information pursuant to FINRA Rule 8210. On May 27, 2021, Mr. Swon stated in an email to FINRA that he would not produce information and documents.
By refusing to cooperate with FINRA’s investigation, Mr. Swon violated FINRA Rules 8210 and 2010.
Financial Advisor John Henry Swon IV (CRD No. 5591686)
John Henry Swon IV had 11 years of experience in the securities industry. Mr. Swon was registered as a broker with Royal Alliance Associates, Inc. in Bloomington, MN, from October 2012 until he was discharged in April 2021.
Mr. Swon was also registered as an investment advisor with Focus Financial in Bloomington, MN, from October 2012 until he was discharged in April 2021.
In April 2021, Mr. Swon received a customer complaint that alleged that he “misappropriated or otherwise mismanaged funds entrusted to him” as an investment advisory representative of Focus Financial Network Inc. According to his BrokerCheck Report, at Focus Financial Network, Mr. Swon provided portfolio reviews and gave investment advice to clients.
Royal Alliance Associates, Inc. – Supervisory Duties
Brokerage firms like Royal Alliance Associates, Inc. must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.
How to Recover Financial Losses or Obtain a Free Consultation
If you have lost money with financial advisor John Swon or Royal Alliance Associates, Inc., contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your legal rights.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.
Iorio Altamirano LLP is a bilingual law firm, fluent in both English and Spanish.