The Financial Industry Regulatory Authority (“FINRA”) has barred a former Cambridge Investment Research, Inc. stockbroker from the securities industry for refusing to cooperate with a FINRA investigation into whether he, among other things, exercised discretion without written authorization in a customer’s account. The investigation was launched after Cambridge Investment Research,…
FINRA has barred former Cambridge Investment Research, Inc. broker William Michero from the securities industry. Mr. Michero consented to the sanction and to the entry of findings that from April 2018 through February 9, 2021, while associated with his firm and serving as the trustee for a senior beneficiary’s accounts…
FINRA has suspended former Cambridge Investment Research, Inc. broker Keith Holcomb from the securities industry for 6 months for borrowing money from a customer without notifying or receiving approval from his firm. Holcomb was also fined $7,500. The conduct is alleged to have taken place while Holcomb was registered with…
The Financial Industry Regulatory Authority (“FINRA”) has sanctioned Cambridge Investment Research, Inc. (“Cambridge”) for failing to reasonably supervise brokers’ recommendations of the LJM Preservation & Growth Fund. On March 29, 2021, FINRA and Cambridge entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) whereby Cambridge accepted the following sanctions:…
The Financial Industry Regulatory Authority (“FINRA”) has suspended stockbroker Victor A. Rigoni, III from the securities industry for three months. FINRA accepted an Offer of Settlement submitted by Mr. Rigoni after FINRA’s Department of Enforcement filed a disciplinary complaint against Mr. Rigoni in August 2020. The complaint alleged that from…
**Update: 3/29/2021** On March 29, 2021, FINRA and Cambridge Investment Research, Inc. entered into a Letter of Acceptance, Waiver, and Consent (AWC) whereby Cambridge accepted sanctions including a censure, $400,000 fine, and over $3.1 million in restitution. FINRA alleged that Cambridge failed to reasonably supervise representatives’ recommendations of the LJM…
FINRA has suspended James Alan Schumaker from the securities industry for nine months for allowing a former registered representative, who had been barred from the securities industry in 2014, to conduct a securities business. The barred registered representative was identified as Mr. Schumaker’s father. In addition to his suspension, Mr.…