FINRA has suspended stockbroker Troy R. Baily (CRD #4458930) for six months from the securities industry and ordered him to pay a $5,000 fine. These sanctions arose from Mr. Baily’s solicitation of Future Income Payments, LLC. This blog has previously written about Future Income Payments, LLC. FINRA alleged that between…
FINRA has suspended stockbroker Lonna Rae Dehn Ristvedt (CRD #2277778) for four months from the securities industry and ordered her to pay a $5,000 fine. These sanctions arose from Ms. Dehn Ristvedt’s solicitation of Future Income Payments, LLC. This blog has previously written about Future Income Payments, LLC. FINRA alleged…
FINRA has suspended stockbroker John A. Westbrook (CRD #1846059) for five months from the securities industry and ordered him to pay a $5,000 fine. These sanctions arose from Mr. Wesbrook’s solicitation of Future Income Payments, LLC. This blog has previously written about Future Income Payments, LLC. FINRA alleged that between…
FINRA has sanctioned Coastal Equities, Inc. for its failure to reasonably supervise a stockbroker who recommended excessive and unsuitable trades in the accounts of customers. Coastal Equities, Inc. was censured and ordered to pay $270,320 in restitution to clients, plus $9,589 in interest. FINRA alleged that between October 2016 and…
**Update: 3/22/2021** On December 21, 2020, the state of Maryland revoked Mr. Wesselt’s registration. In addition, in December 2020, two additional customers filed complaints concerning the suitability of recommendations made by Mr. Wesselt. Original Post: Financial Advisor Richard Michael Wesselt BARRED by FINRA for Recommendations in Unsuitable Variable Annuity Investments…
FINRA has barred stockbroker Lawrence Goldstein from the securities industry. Lawrence Goldstein was a registered financial advisor with McNally Financial Services Corporation in Sparks, Nevada, from April 2010 until February 28, 2020. According to public records, Mr. Goldstein refused to cooperate with a FINRA investigation in whether he engaged in…
FINRA has suspended financial advisor Ivan Shore from the securities industry for three months and fined him $5,000. Ivan Shore has been a stockbroker at Oppenheimer & Co. Inc. since 1997. FINRA alleged that between July 1, 2011, and December 31, 2015, Ivan Shore engaged in an unsuitable pattern of…
FINRA has permanently barred stockbroker Vonna Kay Husby from the securities industry. The expulsion was handed down by FINRA because Ms. Kay Husby ceased cooperating with FINRA in connection with FINRA’s investigation into whether Husby served as a Power of Attorney and opened an undisclosed bank account that she allegedly…
FINRA has sanctioned National Securities Corporation for numerous violations, including failing to comply with reporting obligations and failing to enforce written supervisory procedures related to its reporting obligations between May 2015 and November 2018. National Securities Corporation was also sanctioned for failing to establish, maintain, and enforce written supervisory procedures…
**Update: June 2, 2021** The Securities and Exchange Commission (“SEC”) has charged James Couture with defrauding investors. The former LPL Financial broker-dealer and investment advisor allegedly defrauded his clients for about $2.9 million. According to the SEC’s complaint, from approximately 2009 to December 2019, Mr. Couture, while operating an investment…