Active Investigations
August 3, 2022 – An AWC was issued in which Mehlin (CRD #736694) was fined $7,500 and suspended from association with any FINRA member in all capacities for three months. Without admitting or denying the findings, Mehlin consented to the sanctions and to the entry of findings that he exercised discretion in customer accounts without prior written authorization. The findings stated that Mehlin effected trades across the customers’ …
August 2, 2022 – An AWC was issued in which Wilkie (CRD #467130) was assessed a deferred fine of $10,000 and suspended from association with any FINRA member in all capacities for six months. Without admitting or denying the findings, Wilkie consented to the sanctions and to the entry of findings that he circumvented his member firm’s policies requiring disclosure and approval of his beneficiary status on a …
August 22, 2022 – An SEC decision became final in which Ottimo (CRD #2606438) was barred from association with any FINRA member in all capacities. The SEC affirmed the sanctions imposed by the National Adjudicatory Counsel (NAC). The bar was based on findings that Ottimo fraudulently omitted material information from his biography in a private placement memorandum, in violation of Exchange Act Section 10(b), Exchange Act Rule 10b-5, …
August 16, 2022 – An OHO decision became final in which Velten (CRD #2291911) was barred from association with any FINRA member in all capacities. The sanction was based on the findings that Velten failed to produce information and documents requested by FINRA in connection with its investigation into an allegation that he had churned and flipped customer accounts by encouraging his elderly customers to surrender their annuities, …
August 12, 2022 – An AWC was issued in which Kavanaugh (CRD #5784000) was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Kavanaugh consented to the sanction and to the entry of findings that he refused to provide information and documents requested by FINRA in connection with its investigation into the circumstances giving rise to a Form U5 filed by …
August 8, 2022 – An AWC was issued in which Farshi (CRD #4661462) was barred from association with any FINRA member in all capacities Without admitting or denying the findings, Farshi consented to the sanction and to the entry of findings that she refused to provide information and documents requested by FINRA in connection with its investigation into the circumstances giving rise to a Form U5 filed by …
From 2012 until 2021, Dallas-based GWG Holdings sold what it called L Bonds. These were a form of privately issued alternative investment. The financial services firm intended L Bonds as an alternative to existing life insurance policies. These bonds promised to pay holders of the bonds more than the surrender values of their life insurance packages.
The L Bonds sold by GWG Holdings were illiquid and highly speculative. Customers found …
July 20, 2022 – David Thomas Hixon (CRD #4707468) was named a respondent in a FINRA complaint alleging that he failed to provide a complete response to FINRA’s requests for information in connection to an investigation. This includes documents related to an investigation into the circumstances of Hixon’s termination from his member firm, in order to determine whether violations of federal securities laws or FINRA rules occurred.
Note: …
July 13, 2022 – An AWC was issued in which Franz Helmut Lambert (CRD #4463792) was suspended from association with any FINRA member in all capacities for five (5) months. He was also assessed a deferred fine of $5,000. Without admission or denial of the findings, Lambert consented to the sanction, as well as the entry of findings that he had engaged in excessive and quantitatively unsuitable trading …
July 21, 2022 – An AWC was issued in which Adam Thomas Marquardt (CRD #5307192) was barred from association with any FINRA member in all capacities. Marquardt consented to the sanction without admitting to or denying FINRA’s findings. He also consented to the entry of findings for which he refused to provide on-the-record testimony requested by FINRA in connection to an investigation into allegations in a Form U5 …
July 7, 2022 – An AWC was issued in which William Edward Torriente Jr. (CRD #4255814) was barred from association with any FINRA member in all capacities. Without admission of or denial of FINRA’s findings, Torriente Jr. consented to the sanction. He also consented to the entry of findings for which he refused to appear or provide FINRA-requested on-the-record testimony in connection to FINRA’s investigation into allegations contained …
May 3, 2022 – Peter James Fetherston (CRD #2108610, Garden City, New York) was named a respondent in a FINRA complaint alleging that he converted and misused customer funds. The complaint alleges that Fetherston induced two customers, a married couple, to write him three checks totaling $89,000. This was accomplished by falsely representing to them that they owed him commissions and that he would use a portion of …