FINRA has suspended former Lakeridge Capital Inc. broker John Braddock from the securities industry for 5 months for preparing and distributing a private placement memorandum that negligently misrepresented and omitted facts relevant to an investment in a private placement. The alleged misconduct is said to have taken place between September…
FINRA has suspended Popular Securities, LLC broker Dennis Cummings from the securities industry for 45 business days for instructing his sales assistant to use pre-signed Letters of Authorization (LOA) to effect transfers between customers’ accounts. Cummings’ suspension is scheduled to start on July 19, 2021, and end on September 20,…
FINRA’s Department of Enforcement has filed a Complaint against former Allstate Financial Services, LLC broker Elizabeth Ann Sollars for failing to provide information and documents and for failing to appear and provide testimony to FINRA pursuant to FINRA Rule 8210. FINRA requested the information in connection with its investigation into…
FINRA has suspended broker Scott Niekamp from the securities industry for three months for engaging in two outside business activities without providing prior written notice to his firm, Northwestern Mutual Investment Services, LLC. Additionally, Niekamp loaned money to a firm customer in violation of the firm’s written supervisory procedures and…
The Financial Industry Regulatory Authority’s Department of Enforcement has filed a disciplinary proceeding complaint against financial advisor Marc Reda. The complaint alleges that from January 2017 to December 2019, while associated with Spartan Capital Securities, LLC, Mr. Reda recommended to all of his customers an investment strategy – actively trading…
FINRA has suspended former LPL Financial LLC broker Jason Howell Poff from the securities industry. According to an Office of Hearing Officers (“OHO”) order, Poff engaged in two outside business activities without his firm’s approval. Poff’s suspension began on June 7, 2021, and is scheduled to end on September 6,…
FINRA has fined Oppenheimer $525,000 for negligently misrepresenting cost basis information on more than 1,000 customer account statements and Forms 1099. The firm was also censured and consented to conduct a comprehensive review of the adequacy of its procedures, systems, and controls to track and report cost basis information relating…
FINRA has barred former WestPark Capital broker Gregory Walter McCloskey from the securities industry. According to an Office of Hearing Officers (“OHO”) order, McCloskey participated in two undisclosed private securities transactions involving a customer who was an elderly, retired widow and then sought to conceal these transactions from his member…
FINRA has suspended former Cetera Investment Services LLC broker Jimmie Darrel Summers from the securities industry for 45 business days for circumventing Cetera’s procedures that prohibited registered representatives from being named as a trustee, successor trustee, or executor for a firm customer, or from having power of attorney for a…
On June 8, 2021, the Financial Industry Regulatory Authority (“FINRA”) and Titan Securities entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) whereby Titan Securities consented to a censure and $20,000 fine. The sanctions are a result of Titan Securities’ failure to properly conduct an evaluation of a broker’s…