The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Juan Ceja from the securities industry. Mr. Ceja was expelled from the brokerage industry for refusing to cooperate with a FINRA investigation. FINRA launched the investigation after PFS Investments, Inc. discharged Mr. Ceja in February 2021 and alleged that he “submitted…
The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Stuart Pearl from the securities industry for three months. Mr. Pearl consented to the suspension after FINRA alleged that from March 2017 and August 2018, while associated with David A. Noyes & Company (now Sanctuary Securities, Inc.) in Indianapolis, Indiana,…
FINRA has barred former NYLIFE Securities LLC broker Daniel Jossen from the securities industry. Mr. Jossen was expelled from the brokerage industry for failing to the provide information requested by FINRA pursuant to Rule 8210, in violation of Rules 8210 and 2010. If you have lost money with Daniel Jossen,…
FINRA has barred former NTB Financial Corporation (“NTB”) broker George Louis McCaffrey III from the securities industry. Mr. McCaffrey was expelled from the brokerage industry for providing false information to FINRA during a prior investigation and for participating in $270,000 of private securities transactions without prior written disclosure to and…
On July 1, 2021, the Financial Industry Regulatory Authority (“FINRA”) and broker Christopher Orlando entered into a Letter of Acceptance, Waiver, and Consent No. 2017056432603 after FINRA alleged that from October 2015 through December 2018, Mr. Orlando excessively traded 13 accounts of 12 customers in violation of Rules 2111 and…
On July 1, 2021, a day after incurring a record-breaking $70 million from its regulator, FINRA, Robinhood filed a registration statement with the U.S. Securities and Exchange Commission (“SEC”) indicating its intention to go public. The IPO filing reveals that the company plans to list its share on the Nasdaq…
During the week of January 21, 2021, the Securities and Exchange Commission (“SEC”) awarded approximately $6.3 million to five whistleblowers. First, on June 21, 2021, the SEC announced awards of nearly $4 million to an informant whose information led to the initiation of an SEC investigation that resulted in a…
On June 30, 2021, the Financial Industry Regulatory Authority (“FINRA”) announced that it ordered Robinhood Financial LLC to pay approximately $70 million for systemic supervisory failures and significant harm suffered by millions of customers. The sanctions included an order to pay a $57 million fine and $12.6 million in restitution,…
On June 29, 2021, the Financial Industry Regulatory Authority (“FINRA”) and a Joseph Stone Capital L.L.C. stockbroker entered into a Letter of Acceptance, Waiver, and Consent No. 2020066888001 whereby the broker consented to a three-month suspension, $5,000 fine, and to pay $7,653.21 in restitution to a customer. The broker consented…
FINRA has barred former Gentem Capital broker Cesar Gabriel Hernandez from the securities industry. Mr. Hernandez was expelled from the brokerage industry for refusing FINRA’s request to appear for on-the-record testimony pursuant to FINRA Rule 8210. Previously, on October 19, 2010, FINRA had accepted AWC No. 2009016158801, in which Mr.…