Crown Capital Securities, L.P. (“Crown Capital”), a dually-registered investment adviser and broker-dealer based in California, agreed to pay $1.6 million to settle charges brought by the Securities and Exchange Commission (“SEC”) over the firm’s disclosure failures regarding investment advice it gave about mutual funds and cash sweep money market funds.…
A FINRA Dispute Resolution Services arbitration panel in Boca Raton, Florida, ordered SunTrust Investment Services, Inc. and SunTrust Advisory Services, Inc. (collectively “SunTrust”) to pay a customer $200,000 over losses in the customer’s discretionary account with the firms. Additionally, the arbitration panel denied SunTrust’s request for expungement on behalf of…
The Financial Industry Regulatory Authority (“FINRA”) has barred financial advisor John Swon from the securities industry. Mr. Swon was expelled from the brokerage industry for refusing to cooperate with a FINRA investigation. FINRA launched the investigation after a customer complained that Mr. Swon misappropriated or mismanaged funds entrusted to him…
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…
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,…