Active Investigations
An AWC was issued in which Robert Allen Koestler (CRD #7023515) was barred from association with any FINRA member in all capacities. Koestler consented to the sanction without admitting or denying the findings. He also consented to the entry of finding that he “refused to appear for on-the-record testimony requested by FINRA in connection with its investigation that originated from an amended Form U5 filed by his member …
An AWC was issued in which Bruce Lavar Davis (CRD #5602776) was barred from association with any FINRA member in all capacities. While Davis neither admitted nor denied the findings, he consented to FINRA’s sanction and to the entry of findings that he “refused to provide documents and information requested by FINRA regarding his personal finances and taxes, including certain checks, in connection with its investigation of his …
An AWC was issued, which censured and fined the following firms: FSC Securities Corporation (CRD #7461, Atlanta, Georgia), Royal Alliance Associates, Inc. (CRD #23131, Jersey City, New Jersey), SagePoint Financial, Inc. (CRD #133763, Phoenix, Arizona), and Woodbury Financial Services, Inc. (CRD #421, Oakdale, Minnesota).
According to the FINRA filing: “FSC was censured, fined $50,000, and ordered to pay $$277,612.30, plus interest, in partial restitution to customers, Royal Alliance …
The Schwartz Law Firm is investigating claims against former Raymond James financial advisor, Guilford Nergard, related to losses dues to unauthorized trading. Guilford Ward Nergard was previously accused of broker misconduct when he was suspended by the Arizona Corporation Commission Securities Department from April through June 2021 over allegations that he made discretionary trades with customers without the required authorizations. The suspension by Arizona took place after Nergard was fired …
September 27, 2022 – Donnie Eugene Ingram (CRD #1416971) was named as a respondent in a FINRA complaint alleging that Ingram lacked a reasonable basis to recommend UITs and alternative investments. The complaint alleges that Ingram recommended that his customers purchase standard version units that caused those same customers to incur transactional sales charges. There were fee-based units of the same UIT available to customers that would have …
September 27, 2022 – An AWC was issued in which Michael Glenn Seymour (CRD #1597042) was fined $10,000 and was suspended from association with any FINRA member in any principal capacity for one month. Seymour was also required to attend and satisfactorily complete 20 hours of continuing education concerning supervisory responsibilities.
Without admitting to or denying FINRA’s findings, Seymour consented to the sanctions, as well as to the …
September 1, 2022 – An AWC was issued in which John Charles Barnes (CRD #862738) was fined $5,000 and suspended from association with any FINRA member in all capacities for one month. Barnes consented to the sanctions without admitting to or denying the findings. Consent also included entry of findings that he had exercised discretion in transactions under customer accounts without written consent of the customer and without …
September 23, 2022 – An AWC was issued in which Alan Zelig Appelbaum (CRD #500336) was barred from association with any FINRA member in all capacities. Without admitting to or denying the findings, Appelbaum consented to the sanction. This also included the entry of findings that Alan Zelig Appelbaum failed to provide documents and information requested by FINRA in connection to the examination of his sales of complex …
August 22, 2022 – Venturino (CRD #5872439) was named a respondent in a FINRA complaint alleging that he willfully violated Section 10(b) of the Exchange Act, Rule 10b-5 thereunder, and violated FINRA Rule 2020 by churning customer accounts. The complaint alleges that Venturino exercised de facto control of the trading in the accounts, controlling the volume and frequency of trading in the accounts, deciding what securities to buy …
August 31, 2022 – An AWC was issued in which Murillo (CRD #4875997) was fined $5,000 and suspended from association with any FINRA member in all capacities for eight months. Murillo is not required to pay restitution because his member firm has agreed to pay as restitution the commissions and other trading costs charged to the customers as a result of his conduct. Without admitting or denying the …
August 12, 2022 – An Order Accepting Offer of Settlement was issued in which Minich (CRD #6465746) was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in all capacities for four months. Without admitting or denying the allegations, Minich consented to the sanctions and to the entry of findings that he participated in private securities transactions totaling approximately $200,000 without providing prior …
August 10, 2022 – An AWC was issued in which Donahue (CRD #1206346) was fined $2,500, suspended from association with any FINRA member in all capacities for 30 days, and required to attend and satisfactorily complete 10 hours of continuing education concerning FINRA’s suitability rule. Restitution is not ordered against Donahue because the customers have settled an arbitration pertaining to his unsuitable recommendation. Without admitting or denying the …