FINRA has barred stockbroker Gary Wayne Hammond from the securities industry. On January 19, 2021, Mr. Hammond and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) over allegations that between February 2016 and October 2016, Mr. Hammond participated in at least 14 private securities transactions totaling $1.6…
As Joe Biden takes his place as the 46th President of the United States of America, House Financial Services Committee Chairwoman Maxine Waters, D-Calif., urges the Biden Administration to rescind Regulation Best Interest (Reg BI). In a letter dated December 4, 2020, Rep. Waters outlined dozens of Trump-era regulations promulgated…
FINRA has suspended financial advisor Christian Frank Lucchetto (CRD No. 4648994) from the securities industry for three months and fined him $5,000. FINRA alleged that between January 2018 through May 2019, while employed by First Standard Financial Company in Red Bank, NJ, Frank Lucchetto excessively and unsuitably traded a customer’s…
FINRA has barred stockbroker Javelin Mikol San Nicolas from the securities industry. FINRA expelled Mr. San Nicolas from the brokerage industry because he refused to provide information and documents connected with FINRA’s investigation into the circumstances given rise to his termination from Edward Jones in August 2020. Mr. San Nicolas…
**Update: November 11, 2021** On November 8, 2021, Aegis Capital Corp agreed to pay nearly $2.7 million in sanctions for supervisory failures related to excessive and unsuitable trading by its brokers from July 2014 through December 2018. Click on the following link to read more: Aegis Capital Corp. Ordered to…
A Berthel Fisher & Company Financial Services, Inc. customer has recently filed a complaint with FINRA Dispute Resolution Services alleging that former broker Robyn D. Simons recommended unsuitable investments in real estate investment trusts (REITs) and business development companies (BDCs). The investments were reportedly purchased between 2014 and 2016. The…
The Financial Industry Regulatory Authority (“FINRA”) has barred financial advisor Ryan Ashley Raskin from the securities industry. Ryan Raskin was registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch”) in Beverly Hills, California, from May 2016 until May 2020. Merrill Lynch terminated Mr. Raskin’s employment on March 4,…
The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Arthur Obermeier from the securities industry for 60 days and fined him $5,000. Mr. Obermeier’s sanctions arise from his execution of trades without his customers’ authorization or consent. Arthur Obermeier was registered with LPL Financial LLC in Boulder, Colorado, from…
FINRA has barred stockbroker Christopher B. Black from the securities industry. FINRA handed down the expulsion because Mr. Black refused to provide information and documents connected with FINRA’s investigation into whether Mr. Black entered into undisclosed loan arrangements with a customer. Mr. Black was a financial advisor at LPL Financial…
VALIC Financial Advisors, Inc. (“VFA”) and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on January 8, 2021, over supervisory and reporting violations. Specifically, FINRA found that: Between January 1, 2017, and October 31, 2018, VFA failed to establish a supervisory system and written procedures for the…