Securities Arbitration Lawyer Blog
The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker George Marshall Warner from the securities industry. Mr. Warner, who has a history of customer complaints and disciplinary action, was expelled from the brokerage industry for refusing to cooperate with a FINRA investigation in whether Mr. Warner participated in an undisclosed private securities transaction.
Mr. Warner has recently been associated with the following financial institutions: Chelsea Financial Services (2017 – 2019), Dominion Investor Services, Inc (2017), IFS Securities (2014 – 2017), NFP Advisor Services, LLC (2013 – 2014), and LPL Financial, LLC (2003 – 2013).
If you have lost money with broker George Warner, Chelsea Financial Services, Dominion Investor Services, Inc, or IFS Securities, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.
FINRA Letter of Acceptance, Waiver, and Consent No. 2020067463101
George Marshall Warner, Jr. and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on March 9, 2021, after Mr. Warner refused to provide information and documents in connection with FINRA’s investigation into whether Mr. Warner participated in an undisclosed private securities transaction.
On December 28, 2020, in connection with FINRA’s investigation, FINRA sent a letter to Mr. Warner to produce information and documents pursuant to FINRA Rule 8210. On February 15, 2021, Mr. Warner, through counsel, stated in an email that he would not provide the requested information or documents at any time.
By refusing to provide the information or documents, Mr. Warner violated FINRA Rules 8210 and 2010. Accordingly, FINRA barred him from associating with any broker-dealer in all capacities.
Financial Advisor George Marshall Warner (CRD No. 2300570)
George Warner had 24 years of experience in the securities industry and has a history of customer complaints and disciplinary actions.
In 2017, Mr. Warner was suspended for thirty days by FINRA for allegedly alternating various customer documents on at least five occasions after the customers had already signed the documents. The findings stated that Mr. Warner corrected or included the customer’s anticipated liquidity needs, net worth, liquid net worth, and/or annual income on new account forms, alternative investment disclosure forms, and an IRA Application. FINRA also fined Mr. Warner $5,000 for his conduct.
According to his public disclosure report, Mr. Warner has been discharged or permitted to resign three times in his career after allegations of wrongdoing. First, in 2013, LPL Financial LLC in Rockwall, Texas, terminated Mr. Warner’s employment, alleging that he obtained client signatures on blank account transfer forms. Then, in 2014, he was “permitted to resign” from NFP Advisor Services, LLC in Rockwall, Texas, after allegedly making alterations to a client’s new account form after the client had signed the document. Finally, in October 2019, Chelsea Financial in Staten Island, New York, “permitted him to resign” after Mr. Warner allegedly participated in a private securities transaction.
Finally, Mr. Warner has been the subject of two customer complaints:
- Customer Dispute (2020): A customer alleged $100,000 in damages arising out of a private securities transaction (aka “selling away”). Chelsea Financial Services employed Mr. Warner at the time of the alleged conduct. The dispute is still pending.
- Customer Complaint (2009): A customer alleged that Mr. Warner, while associated with LPL Financial, made an error in connection with the purchase of CIT bonds versus Citi Corp. bonds. The customer alleged $329,426 in damages. The matter was settled for $225,000, including a $30,000 contribution from Mr. Warner.
Chelsea Financial Services, Dominion Investor Services, Inc, and IFS Securities: A Duty to Supervise
Financial institutions, like Chelsea Financial Services, Dominion Investor Services, Inc, and IFS Securities, must properly supervise financial advisors and customer accounts. Brokerage firms are required to establish and maintain a reasonably designed system to oversee account activity, such as private securities transactions, to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to supervise its financial advisors or the investment account activity sufficiently, it may be liable for investment losses sustained by customers.
How to Recover Losses or Obtain a Free Consultation
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. We pursue FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by financial advisors and brokerage firms.
If you have lost money with George Warner, Chelsea Financial Services, Dominion Investor Services, Inc, or IFS Securities, contact New York securities arbitration lawyers August Iorio and Jorge Altamirano of Iorio Altamirano LLP at august@ia-law.com, jorge@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.