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Key Investor Issues Outlined in FINRA 2021 Exam Priorities – Part Two

We are continuing our discussion of FINRA’s 2021 Report on Risk Monitoring and Examination Activities. In Part Two, we will focus on FINRA’s comments and findings related to Variable Annuities, Outside Business Activities, and Private Securities Transactions and Private Placements. These are all areas of interest that directly affect retail…

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Portland Financial Advisor, Lisa Brumm, Suspended by FINRA for Unsuitable Variable Annuity Recommendations, Borrowing from a Client, and Negligent Misrepresentation  

The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Lisa Ann Brumm (also known as Lisa Am Brumm and Lisa Ann Moon) from the securities industry for six months and fined her $7,500.  Lisa Brumm was registered with Woodbury Financial Services, Inc. in Portland, Oregon, from April 2017 until…

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Somersworth, NH Financial Advisor Michael Francoeur, Formerly of Cambridge Investment Research, Inc, BARRED by FINRA

The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Michael Paul Francoeur from the securities industry.  FINRA expelled Mr. Francoeur from the brokerage industry because he refused to provide information and documents connected with FINRA’s investigation into his conduct after receiving a customer complaint. Mr. Francoeur was a financial advisor…

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Arive Capital Markets Broker, Lon Faccini, Facing Two Pending Disputes Alleging Excessive Trading, Churning, Misrepresentation, and Unsuitability

Lon Charles Faccini Jr. is a stockbroker with Arive Capital Markets LLC (“Arive Capital Markets”) in Brooklyn, NY, with a history of customer complaints and associations with disreputable broker-dealers. Mr. Faccini has been the subject of seven customer complaints, which include two pending disputes. The pending disputes are securities arbitration…

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Former J.P. Morgan Securities Broker Jasmit Singh SUSPENDED by FINRA – New York, NY

The Financial Industry Regulatory Authority (“FINRA”) has suspended former broker Jasmit Singh from the securities industry for seven months over allegations that Mr. Singh participated in private securities transactions and engaged in outside business activities without providing prior written notice to his firm. In addition to the suspension, FINRA fined…

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Key Investor Issues Outlined in FINRA 2021 Exam Priorities – Part One

Earlier this week, FINRA released its 2021 Report on Risk Monitoring and Examination Activities. The Report replaced two of FINRA’s prior publications – FINRA’s Examination Findings and Observations Report and FINRA’s Risk Monitoring and Examination Priorities Letter. The Report provided an in-depth look at FINRA’s priorities, recommended best practices for…

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Columbus, Ohio Financial Advisor Lisa Stevenson, Formerly of The Huntington Investment Company, BARRED by FINRA

FINRA has barred stockbroker Lisa Marie Stevenson (Lisa Marie Gastaldo) from the securities industry.  FINRA expelled Ms. Stevenson from the brokerage industry because she refused to provide information and documents connected with FINRA’s investigation into the circumstances given rise to her termination from The Huntington Investment Company in December 2020.…

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Arive Capital Markets’ Roy Failla Suspended by New Jersey for Engaging in Dishonest and Unethical Practices in the Securities Business, Including Excessive Trading

The State of New Jersey Bureau of Securities has suspended the registration of stockbroker Roy Joseph Failla for 45-days and fined him $15,000. The New Jersey regulator alleged that between October 27, 2014, through September 25, 2019, while employed by First Standard Financial Company in New York, NY, Roy Failla…

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Former Broker Michael August Pellegrino SUSPENDED by FINRA

FINRA has suspended former stockbroker Michael August Pellegrino from the securities industry for two months. On January 26, 2021, Mr. Pellegrino and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) over allegations that Mr. Pellegrino distributed a retail communication to approximately 80 retail investors, promoting an investment…

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Former Merrill Lynch Broker in Atlanta, Tyler Delahunt, BARRED by FINRA

The Financial Industry Regulatory Authority (“FINRA”) has barred financial advisor Tyler Dean Delahunt from the securities industry. Tyler Delahunt was registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch”) in Atlanta, Georgia, from October 2016 until August 2020.  Merrill Lynch terminated Mr. Delahunt’s employment on August 3, 2020,…

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